# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001193125-25-297362
**Filing Date:** 2025-11
**Character Count:** 3594414
**Document Hash:** 1eb18b06675b45a13605a24b5cb4fa18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-297362.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-297362

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 251521908

**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 Conservative Allocation Fund (Series ID: S000068120)

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

## Nport-Ex

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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) | 131465 | 3588993 |
| Total Investment Companies (cost $3,226,578) | Total Investment Companies (cost $3,226,578) | 3588993 |
| **Total Investments 100.0% (cost $3,226,578)** | **Total Investments 100.0% (cost $3,226,578)** | **3588993** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1115)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3587878** |

---

(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 | 49512 | 483234 |
| Total Investment Companies (cost $474,518) | Total Investment Companies (cost $474,518) | 483234 |
| **Total Investments 100.0% (cost $474,518)** | **Total Investments 100.0% (cost $474,518)** | **483234** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (144) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **483090** |

---

---

| | | |
|:---|:---|:---|
| **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) | 38342 | 546375 |
| Total Investment Companies (cost $437,573) | Total Investment Companies (cost $437,573) | 546375 |
| **Total Investments 100.0% (cost $437,573)** | **Total Investments 100.0% (cost $437,573)** | **546375** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (199) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **546176** |

---

(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) | 30214 | 316946 |
| Total Investment Companies (cost $352,129) | Total Investment Companies (cost $352,129) | 316946 |
| **Total Investments 100.0% (cost $352,129)** | **Total Investments 100.0% (cost $352,129)** | **316946** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (112) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **316834** |

---

(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) | 29198 | 1113910 |
| Total Investment Companies (cost $1,022,592) | Total Investment Companies (cost $1,022,592) | 1113910 |
| **Total Investments 100.0% (cost $1,022,592)** | **Total Investments 100.0% (cost $1,022,592)** | **1113910** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (382) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1113528** |

---

(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) | 30514 | 607220 |
| Total Investment Companies (cost $649,263) | Total Investment Companies (cost $649,263) | 607220 |
| **Total Investments 100.0% (cost $649,263)** | **Total Investments 100.0% (cost $649,263)** | **607220** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (202) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **607018** |

---

(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) | 61665 | 8563401 |
| Total Investment Companies (cost $6,271,685) | Total Investment Companies (cost $6,271,685) | 8563401 |
| **Total Investments 100.0% (cost $6,271,685)** | **Total Investments 100.0% (cost $6,271,685)** | **8563401** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(2236)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8561165** |

---

(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) | 188888 | 12606371 |
| Total Investment Companies (cost $9,858,026) | Total Investment Companies (cost $9,858,026) | 12606371 |
| **Total Investments 100.0% (cost $9,858,026)** | **Total Investments 100.0% (cost $9,858,026)** | **12606371** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(4247)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **12602124** |

---

(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) | 66575 | 1446014 |
| Total Investment Companies (cost $1,301,993) | Total Investment Companies (cost $1,301,993) | 1446014 |
| **Total Investments 100.0% (cost $1,301,993)** | **Total Investments 100.0% (cost $1,301,993)** | **1446014** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (532) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1445482** |

---

(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) | 47217 | 1487802 |
| Total Investment Companies (cost $1,178,025) | Total Investment Companies (cost $1,178,025) | 1487802 |
| **Total Investments 100.0% (cost $1,178,025)** | **Total Investments 100.0% (cost $1,178,025)** | **1487802** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (597) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1487205** |

---

(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) | 239109 | 4301572 |
| Total Investment Companies (cost $3,311,023) | Total Investment Companies (cost $3,311,023) | 4301572 |
| **Total Investments 100.0% (cost $3,311,023)** | **Total Investments 100.0% (cost $3,311,023)** | **4301572** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1596)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4299976** |

---

(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 (98.0%) (a) | 102880 | 1019538 |
| Total Investment Companies (cost $1,018,116) | Total Investment Companies (cost $1,018,116) | 1019538 |
| **Total Investments 100.0% (cost $1,018,116)** | **Total Investments 100.0% (cost $1,018,116)** | **1019538** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (210) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1019328** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | |
|:---|:---|
| **Shares** | **Value ($)** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 (99.7%) (a) | 79191 | 875065 |
| Total Investment Companies (cost $771,468) | Total Investment Companies (cost $771,468) | 875065 |
| **Total Investments 100.0% (cost $771,468)** | **Total Investments 100.0% (cost $771,468)** | **875065** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (238) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **874827** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 (99.5%) (a) | 245929 | 3017553 |
| Total Investment Companies (cost $2,490,683) | Total Investment Companies (cost $2,490,683) | 3017553 |
| **Total Investments 100.0% (cost $2,490,683)** | **Total Investments 100.0% (cost $2,490,683)** | **3017553** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (648) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3016905** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 (99.6%) (a) | 260814 | 3309724 |
| Total Investment Companies (cost $2,610,471) | Total Investment Companies (cost $2,610,471) | 3309724 |
| **Total Investments 100.0% (cost $2,610,471)** | **Total Investments 100.0% (cost $2,610,471)** | **3309724** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (594) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3309130** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 (99.6%) (a) | 208155 | 2397945 |
| Total Investment Companies (cost $2,075,144) | Total Investment Companies (cost $2,075,144) | 2397945 |
| **Total Investments 100.0% (cost $2,075,144)** | **Total Investments 100.0% (cost $2,075,144)** | **2397945** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (438) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2397507** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 58.4%** | **Domestic Equity 58.4%** | **Domestic Equity 58.4%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.3%) (a) | 4231 | 89193 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a) | 921 | 44290 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.4%) (a) | 1986 | 44426 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (13.7%) (a) | 10497 | 198816 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.7%) (a) | 317 | 25907 |
| JNL/JPMorgan U.S. Value Fund - Class I (2.0%) (a) | 1441 | 30023 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (31.8%) (a) | 2260 | 25542 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar Wide Moat Index Fund - Class I (3.7%) (a) | 2167 | 29920 |
| JNL/Newton Equity Income Fund - Class I (2.7%) (a) | 2520 | 98033 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (9.6%) (a) | 8090 | 90683 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.7%) (a) | 705 | 78298 |
| JNL/T. Rowe Price Value Fund - Class I (2.0%) (a) | 2721 | 90219 |
| JNL/WMC Equity Income Fund - Class I (3.2%) (a) | 1331 | 29484 |
|  |  | 874834 |
| **International Equity 21.5%** | **International Equity 21.5%** | **International Equity 21.5%** |
| JNL Multi-Manager International Small Cap Fund - Class I (11.2%) (a) | 5763 | 81603 |
| JNL/Causeway International Value Select Fund - Class I (4.5%) (a) | 4838 | 120900 |
| JNL/WCM Focused International Equity Fund - Class I (5.3%) (a) | 6395 | 120415 |
|  |  | 322918 |
| **Emerging Markets Equity 7.7%** | **Emerging Markets Equity 7.7%** | **Emerging Markets Equity 7.7%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (6.3%) (a) | 7669 | 81901 |
| JNL/GQG Emerging Markets Equity Fund - Class I (4.1%) (a) | 2080 | 33590 |
|  |  | 115491 |
| **Global Equity 6.9%** | **Global Equity 6.9%** | **Global Equity 6.9%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (10.1%) (a) | 4488 | 103543 |
| **Alternative 3.0%** | **Alternative 3.0%** | **Alternative 3.0%** |
| Jackson Real Assets Fund - Class I (4.3%) (a) | 1425 | 15476 |
| JNL Multi-Manager Alternative Fund - Class I (3.1%) (a) | 2091 | 30033 |
|  |  | 45509 |
| **Domestic Fixed Income 2.5%** | **Domestic Fixed Income 2.5%** | **Domestic Fixed Income 2.5%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (1.3%) (a) | 2453 | 37082 |
| Total Investment Companies (cost $1,174,950) | Total Investment Companies (cost $1,174,950) | 1499377 |
| **Total Investments 100.0% (cost $1,174,950)** | **Total Investments 100.0% (cost $1,174,950)** | **1499377** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (321) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1499056** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 60.4%** | **Domestic Fixed Income 60.4%** | **Domestic Fixed Income 60.4%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 3865 | 58436 |
| JNL/DoubleLine Total Return Fund - Class I (3.5%) (a) | 5479 | 64156 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.9%) (a) | 4245 | 56889 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (2.7%) (a) | 1894 | 19911 |
| JNL/PIMCO Income Fund - Class I (2.7%) (a) | 3485 | 45449 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.4%) (a) | 849 | 11433 |
| JNL/PIMCO Real Return Fund - Class I (1.3%) (a) | 1226 | 15662 |
| JNL/PPM America High Yield Bond Fund - Class I (0.2%) (a) | 134 | 2845 |
| JNL/PPM America Investment Grade Credit Fund - Class I (1.8%) (a) | 381 | 4245 |
| JNL/PPM America Total Return Fund - Class I (3.8%) (a) | 3875 | 53936 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (2.7%) (a) | 841 | 11311 |
|  |  | 344273 |
| **Alternative 12.3%** | **Alternative 12.3%** | **Alternative 12.3%** |
| Jackson Credit Opportunities Fund - Class I (5.0%) (a) | 2700 | 28567 |
| Jackson Real Assets Fund - Class I (3.6%) (a) | 1182 | 12834 |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 1984 | 28491 |
|  |  | 69892 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Domestic Equity 10.2%** | **Domestic Equity 10.2%** | **Domestic Equity 10.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.7%) (a) | 403 | 8498 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 254 | 5682 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (1.6%) (a) | 1235 | 23395 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 217 | 8430 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.0%) (a) | 40 | 4474 |
| JNL/T. Rowe Price Value Fund - Class I (0.2%) (a) | 220 | 7303 |
|  |  | 57782 |
| **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.2%) (a) | 1091 | 34391 |
| **International Equity 5.1%** | **International Equity 5.1%** | **International Equity 5.1%** |
| JNL/Causeway International Value Select Fund - Class I (0.5%) (a) | 581 | 14521 |
| JNL/WCM Focused International Equity Fund - Class I (0.6%) (a) | 769 | 14474 |
|  |  | 28995 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (7.0%) (a) | 1714 | 22773 |
| **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.9%) (a) | 1087 | 11604 |
| Total Investment Companies (cost $513,782) | Total Investment Companies (cost $513,782) | 569710 |
| **Total Investments 100.0% (cost $513,782)** | **Total Investments 100.0% (cost $513,782)** | **569710** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (132) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **569578** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 49.3%** | **Domestic Equity 49.3%** | **Domestic Equity 49.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.7%) (a) | 6772 | 142750 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.8%) (a) | 1473 | 70869 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.9%) (a) | 3168 | 70875 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (22.8%) (a) | 17446 | 330426 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a) | 522 | 42625 |
| JNL/JPMorgan U.S. Value Fund - Class I (2.9%) (a) | 2075 | 43217 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (52.3%) (a) | 3725 | 42095 |
| JNL/Morningstar Wide Moat Index Fund - Class I (6.2%) (a) | 3638 | 50246 |
| JNL/Newton Equity Income Fund - Class I (4.4%) (a) | 4065 | 158142 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (15.3%) (a) | 12950 | 145170 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.2%) (a) | 1114 | 123618 |
| JNL/T. Rowe Price Value Fund - Class I (3.1%) (a) | 4332 | 143634 |
| JNL/WMC Equity Income Fund - Class I (6.1%) (a) | 2552 | 56530 |
|  |  | 1420197 |
| **International Equity 19.1%** | **International Equity 19.1%** | **International Equity 19.1%** |
| JNL Multi-Manager International Small Cap Fund - Class I (15.6%) (a) | 8044 | 113899 |
| JNL/Causeway International Value Select Fund - Class I (8.2%) (a) | 8731 | 218177 |
| JNL/WCM Focused International Equity Fund - Class I (9.6%) (a) | 11663 | 219611 |
|  |  | 551687 |
| **Domestic Fixed Income 10.9%** | **Domestic Fixed Income 10.9%** | **Domestic Fixed Income 10.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (3.4%) (a) | 6131 | 92707 |
| JNL/DoubleLine Total Return Fund - Class I (5.1%) (a) | 7930 | 92866 |
|  | **Shares** | **Value ($)** |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.4%) (a) | 4760 | 63790 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.8%) (a) | 2661 | 27964 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.7%) (a) | 1066 | 14348 |
| JNL/PPM America High Yield Bond Fund - Class I (0.4%) (a) | 329 | 6985 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (3.3%) (a) | 1049 | 14114 |
|  |  | 312774 |
| **Alternative 8.1%** | **Alternative 8.1%** | **Alternative 8.1%** |
| Jackson Credit Opportunities Fund - Class I (16.1%) (a) | 8680 | 91830 |
| Jackson Real Assets Fund - Class I (13.4%) (a) | 4400 | 47784 |
| JNL Multi-Manager Alternative Fund - Class I (9.8%) (a) | 6544 | 93965 |
|  |  | 233579 |
| **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (10.4%) (a) | 12720 | 135848 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.0%) (a) | 3551 | 57348 |
|  |  | 193196 |
| **Global Equity 4.9%** | **Global Equity 4.9%** | **Global Equity 4.9%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (13.8%) (a) | 6125 | 141305 |
| **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 (8.8%) (a) | 2150 | 28579 |
| Total Investment Companies (cost $2,354,372) | Total Investment Companies (cost $2,354,372) | 2881317 |
| **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 Inter RAO UES (b) (c) (d) | 4795 | - |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (b) (c) (d) | 175 | - |
| Public Joint Stock Company Novolipetsk Metallurgical Plant (b) (c) (d) | 193 | - |
| Public Joint Stock Company Phosagro (b) (c) (d) | - | - |
| Public Joint Stock Company Phosagro (b) (c) (d) | 18 | - |
| Public Joint Stock Company Severstal (b) (c) (d) | 27 | - |
| Total Common Stocks (cost $2,242) | Total Common Stocks (cost $2,242) |  |
| **Total Investments 100.0% (cost $2,356,614)** | **Total Investments 100.0% (cost $2,356,614)** | **2881317** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (675) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2880642** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 Restricted Securities table following the Schedules of Investments.

(c) Non-income producing security.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

---

| | | |
|:---|:---|:---|
| **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 42.3%** | **Domestic Fixed Income 42.3%** | **Domestic Fixed Income 42.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.8%) (a) | 8786 | 132850 |
| JNL/DoubleLine Total Return Fund - Class I (7.7%) (a) | 12071 | 141351 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (9.1%) (a) | 9895 | 132594 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (8.4%) (a) | 5877 | 61767 |
| JNL/PIMCO Income Fund - Class I (6.3%) (a) | 7968 | 103902 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.4%) (a) | 2114 | 28456 |
| JNL/PIMCO Real Return Fund - Class I (2.9%) (a) | 2601 | 33244 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/PPM America High Yield Bond Fund - Class I (0.6%) (a) | 444 | 9446 |
| JNL/PPM America Investment Grade Credit Fund - Class I (4.1%) (a) | 854 | 9513 |
| JNL/PPM America Total Return Fund - Class I (7.9%) (a) | 8134 | 113232 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (8.9%) (a) | 2786 | 37467 |
| | | 803822 |
| **Domestic Equity 21.6%** | **Domestic Equity 21.6%** | **Domestic Equity 21.6%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.6%) (a) | 2685 | 56600 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.0%) (a) | 498 | 23941 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.3%) (a) | 1051 | 23502 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (9.7%) (a) | 7420 | 140533 |
| JNL/Morningstar Wide Moat Index Fund - Class I (2.3%) (a) | 1375 | 18985 |
| JNL/Newton Equity Income Fund - Class I (1.6%) (a) | 1476 | 57419 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.1%) (a) | 131 | 14504 |
| JNL/T. Rowe Price Value Fund - Class I (0.8%) (a) | 1151 | 38154 |
| JNL/WMC Equity Income Fund - Class I (4.1%) (a) | 1729 | 38294 |
|  |  | 411932 |
| **Alternative 12.1%** | **Alternative 12.1%** | **Alternative 12.1%** |
| Jackson Credit Opportunities Fund - Class I (16.7%) (a) | 9024 | 95476 |
| Jackson Real Assets Fund - Class I (12.1%) (a) | 3997 | 43410 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6305 | 90534 |
|  |  | 229420 |
| **International Equity 8.8%** | **International Equity 8.8%** | **International Equity 8.8%** |
| JNL Multi-Manager International Small Cap Fund - Class I (3.2%) (a) | 1668 | 23617 |
| JNL/Causeway International Value Select Fund - Class I (2.7%) (a) | 2893 | 72307 |
| JNL/WCM Focused International Equity Fund - Class I (3.1%) (a) | 3816 | 71860 |
|  |  | 167784 |
| **Domestic Balanced 5.8%** | **Domestic Balanced 5.8%** | **Domestic Balanced 5.8%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.7%) (a) | 3480 | 109652 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (3.6%) (a) | 4423 | 47242 |
| JNL/GQG Emerging Markets Equity Fund - Class I (2.3%) (a) | 1176 | 18997 |
|  |  | 66239 |
| **Emerging Markets Fixed Income 3.2%** | **Emerging Markets Fixed Income 3.2%** | **Emerging Markets Fixed Income 3.2%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (19.1%) (a) | 4660 | 61926 |
| **Global Equity 2.7%** | **Global Equity 2.7%** | **Global Equity 2.7%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (5.1%) (a) | 2255 | 52019 |
| Total Investment Companies (cost $1,628,687) | Total Investment Companies (cost $1,628,687) | 1902794 |
| **Total Investments 100.0% (cost $1,628,687)** | **Total Investments 100.0% (cost $1,628,687)** | **1902794** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (551) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1902243** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 Equity 37.9%** | **Domestic Equity 37.9%** | **Domestic Equity 37.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.4%) (a) | 6607 | 139267 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.4%) (a) | 1263 | 60736 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.3%) (a) | 2712 | 60661 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (22.2%) (a) | 16981 | 321627 |
|  | **Shares** | **Value ($)** |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.9%) (a) | 424 | 34584 |
| JNL/JPMorgan U.S. Value Fund - Class I (2.3%) (a) | 1687 | 35143 |
| JNL/Morningstar Wide Moat Index Fund - Class I (6.4%) (a) | 3806 | 52560 |
| JNL/Newton Equity Income Fund - Class I (4.2%) (a) | 3856 | 149997 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (18.7%) (a) | 15792 | 177025 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.1%) (a) | 1041 | 115570 |
| JNL/T. Rowe Price Value Fund - Class I (2.7%) (a) | 3717 | 123252 |
| JNL/WMC Equity Income Fund - Class I (6.6%) (a) | 2788 | 61766 |
|  |  | 1332188 |
| **Domestic Fixed Income 26.1%** | **Domestic Fixed Income 26.1%** | **Domestic Fixed Income 26.1%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (6.3%) (a) | 11569 | 174922 |
| JNL/DoubleLine Total Return Fund - Class I (10.0%) (a) | 15681 | 183624 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (11.9%) (a) | 13036 | 174679 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (13.1%) (a) | 9173 | 96406 |
| JNL/PIMCO Income Fund - Class I (4.8%) (a) | 6031 | 78640 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (2.1%) (a) | 1298 | 17467 |
| JNL/PIMCO Real Return Fund - Class I (3.8%) (a) | 3427 | 43803 |
| JNL/PPM America High Yield Bond Fund - Class I (0.5%) (a) | 407 | 8658 |
| JNL/PPM America Total Return Fund - Class I (7.9%) (a) | 8136 | 113256 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (6.2%) (a) | 1933 | 25999 |
|  |  | 917454 |
| **International Equity 13.6%** | **International Equity 13.6%** | **International Equity 13.6%** |
| JNL Multi-Manager International Small Cap Fund - Class I (9.5%) (a) | 4903 | 69425 |
| JNL/Causeway International Value Select Fund - Class I (7.6%) (a) | 8146 | 203576 |
| JNL/WCM Focused International Equity Fund - Class I (8.9%) (a) | 10779 | 202975 |
|  |  | 475976 |
| **Alternative 11.0%** | **Alternative 11.0%** | **Alternative 11.0%** |
| Jackson Credit Opportunities Fund - Class I (26.1%) (a) | 14064 | 148799 |
| Jackson Real Assets Fund - Class I (22.4%) (a) | 7380 | 80145 |
| JNL Multi-Manager Alternative Fund - Class I (16.5%) (a) | 11031 | 158404 |
|  |  | 387348 |
| **Emerging Markets Equity 5.0%** | **Emerging Markets Equity 5.0%** | **Emerging Markets Equity 5.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.3%) (a) | 11433 | 122102 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.4%) (a) | 3245 | 52415 |
|  |  | 174517 |
| **Global Equity 4.2%** | **Global Equity 4.2%** | **Global Equity 4.2%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (14.4%) (a) | 6374 | 147044 |
| **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (24.4%) (a) | 5945 | 79017 |
| Total Investment Companies (cost $2,914,126) | Total Investment Companies (cost $2,914,126) | 3513544 |
| **Total Investments 100.0% (cost $2,914,126)** | **Total Investments 100.0% (cost $2,914,126)** | **3513544** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (870) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3512674** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 63.2%** | **Domestic Equity 63.2%** | **Domestic Equity 63.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (5.9%) (a) | 3429 | 72288 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.6%) (a) | 1344 | 64633 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.4%) (a) | 2797 | 62578 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (5.6%) (a) | 4283 | 81114 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (2.7%) (a) | 1202 | 132976 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (10.2%) (a) | 5088 | 160281 |
| JNL/Invesco Diversified Dividend Fund - Class I (12.3%) (a) | 5501 | 103478 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.0%) (a) | 467 | 38113 |
| JNL/JPMorgan U.S. Value Fund - Class I (5.0%) (a) | 3616 | 75330 |
| JNL/MFS Mid Cap Value Fund - Class I (1.3%) (a) | 1186 | 26563 |
| JNL/Newton Equity Income Fund - Class I (1.8%) (a) | 1673 | 65063 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (4.7%) (a) | 3937 | 44128 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.5%) (a) | 1422 | 157876 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.2%) (a) | 119 | 10424 |
| JNL/T. Rowe Price Value Fund - Class I (4.7%) (a) | 6423 | 212989 |
| JNL/WMC Value Fund - Class I (5.5%) (a) | 1458 | 59170 |
| | | 1367004 |
| **International Equity 21.6%** | **International Equity 21.6%** | **International Equity 21.6%** |
| JNL/Causeway International Value Select Fund - Class I (6.7%) (a) | 7145 | 178561 |
| JNL/Lazard International Quality Growth Fund - Class I (16.8%) (a) | 4581 | 78618 |
| JNL/WCM Focused International Equity Fund - Class I (5.2%) (a) | 6295 | 118534 |
| JNL/William Blair International Leaders Fund - Class I (8.8%) (a) | 6527 | 91764 |
|  |  | 467477 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.1%) (a) | 6230 | 66531 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.4%) (a) | 3243 | 52374 |
|  |  | 118905 |
| **Domestic Fixed Income 5.0%** | **Domestic Fixed Income 5.0%** | **Domestic Fixed Income 5.0%** |
| JNL/DoubleLine Total Return Fund - Class I (2.4%) (a) | 3785 | 44319 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.2%) (a) | 769 | 10356 |
| JNL/PPM America Investment Grade Credit Fund - Class I (4.5%) (a) | 923 | 10280 |
| JNL/PPM America Total Return Fund - Class I (3.1%) (a) | 3191 | 44423 |
|  |  | 109378 |
| **Alternative 4.7%** | **Alternative 4.7%** | **Alternative 4.7%** |
| Jackson Credit Opportunities Fund - Class I (5.4%) (a) | 2917 | 30864 |
| Jackson Real Assets Fund - Class I (6.6%) (a) | 2188 | 23762 |
| JNL Multi-Manager Alternative Fund - Class I (4.9%) (a) | 3250 | 46664 |
|  |  | 101290 |
| Total Investment Companies (cost $1,553,975) | Total Investment Companies (cost $1,553,975) | 2164054 |
| **Total Investments 100.0% (cost $1,553,975)** | **Total Investments 100.0% (cost $1,553,975)** | **2164054** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (477) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2163577** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 68.9%** | **Domestic Fixed Income 68.9%** | **Domestic Fixed Income 68.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.3%) (a) | 4155 | 62825 |
| JNL/DoubleLine Total Return Fund - Class I (3.5%) (a) | 5527 | 64716 |
|  | **Shares** | **Value ($)** |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (2.7%) (a) | 2922 | 39155 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (4.4%) (a) | 3863 | 57598 |
| JNL/PIMCO Income Fund - Class I (2.0%) (a) | 2571 | 33522 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.9%) (a) | 2410 | 32443 |
| JNL/PIMCO Real Return Fund - Class I (2.9%) (a) | 2619 | 33467 |
| JNL/PPM America High Yield Bond Fund - Class I (1.8%) (a) | 1336 | 28398 |
| JNL/PPM America Investment Grade Credit Fund - Class I (11.6%) (a) | 2407 | 26814 |
| JNL/PPM America Total Return Fund - Class I (4.5%) (a) | 4592 | 63928 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (4.7%) (a) | 1488 | 20013 |
|  |  | 462879 |
| **Domestic Equity 14.4%** | **Domestic Equity 14.4%** | **Domestic Equity 14.4%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.8%) (a) | 460 | 9700 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.2%) (a) | 106 | 5119 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 224 | 5005 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (0.8%) (a) | 576 | 10917 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (0.7%) (a) | 332 | 10458 |
| JNL/Invesco Diversified Dividend Fund - Class I (1.0%) (a) | 452 | 8495 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.3%) (a) | 242 | 5037 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 191 | 7442 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (1.3%) (a) | 1103 | 12362 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.1%) (a) | 98 | 10875 |
| JNL/T. Rowe Price Value Fund - Class I (0.3%) (a) | 354 | 11742 |
|  |  | 97152 |
| **Alternative 7.8%** | **Alternative 7.8%** | **Alternative 7.8%** |
| Jackson Credit Opportunities Fund - Class I (2.4%) (a) | 1271 | 13447 |
| Jackson Real Assets Fund - Class I (2.8%) (a) | 922 | 10018 |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 2025 | 29082 |
|  |  | 52547 |
| **International Equity 4.6%** | **International Equity 4.6%** | **International Equity 4.6%** |
| JNL/Causeway International Value Select Fund - Class I (0.5%) (a) | 488 | 12199 |
| JNL/Lazard International Quality Growth Fund - Class I (1.1%) (a) | 289 | 4953 |
| JNL/WCM Focused International Equity Fund - Class I (0.4%) (a) | 447 | 8425 |
| JNL/William Blair International Leaders Fund - Class I (0.5%) (a) | 360 | 5062 |
|  |  | 30639 |
| **Global Fixed Income 3.1%** | **Global Fixed Income 3.1%** | **Global Fixed Income 3.1%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (1.9%) (a) | 1466 | 20741 |
| **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.6%) (a) | 777 | 8294 |
| Total Investment Companies (cost $596,699) | Total Investment Companies (cost $596,699) | 672252 |
| **Total Investments 100.0% (cost $596,699)** | **Total Investments 100.0% (cost $596,699)** | **672252** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (218) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **672034** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 56.5%** | **Domestic Equity 56.5%** | **Domestic Equity 56.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (10.3%) (a) | 5960 | 125634 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (4.3%) (a) | 2230 | 107274 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager Small Cap Value Fund - Class I (5.7%) (a) | 4669 | 104453 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (7.3%) (a) | 5613 | 106301 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (4.6%) (a) | 2075 | 229450 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (16.8%) (a) | 8420 | 265234 |
| JNL/Invesco Diversified Dividend Fund - Class I (19.6%) (a) | 8736 | 164326 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.7%) (a) | 756 | 61716 |
| JNL/JPMorgan U.S. Value Fund - Class I (9.5%) (a) | 6835 | 142365 |
| JNL/MFS Mid Cap Value Fund - Class I (2.0%) (a) | 1802 | 40358 |
| JNL/Newton Equity Income Fund - Class I (2.3%) (a) | 2107 | 81970 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (7.7%) (a) | 6483 | 72679 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.8%) (a) | 2679 | 297351 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.4%) (a) | 248 | 21739 |
| JNL/T. Rowe Price Value Fund - Class I (7.8%) (a) | 10693 | 354592 |
| JNL/WMC Value Fund - Class I (11.3%) (a) | 3023 | 122683 |
| | | 2298125 |
| **International Equity 19.4%** | **International Equity 19.4%** | **International Equity 19.4%** |
| JNL/Causeway International Value Select Fund - Class I (11.0%) (a) | 11803 | 294949 |
| JNL/Lazard International Quality Growth Fund - Class I (25.4%) (a) | 6942 | 119121 |
| JNL/WCM Focused International Equity Fund - Class I (8.4%) (a) | 10226 | 192562 |
| JNL/William Blair International Leaders Fund - Class I (17.6%) (a) | 13023 | 183103 |
|  |  | 789735 |
| **Domestic Fixed Income 14.6%** | **Domestic Fixed Income 14.6%** | **Domestic Fixed Income 14.6%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.4%) (a) | 8002 | 120989 |
| JNL/DoubleLine Total Return Fund - Class I (9.0%) (a) | 14093 | 165034 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (6.3%) (a) | 3958 | 53279 |
| JNL/PPM America High Yield Bond Fund - Class I (2.5%) (a) | 1873 | 39827 |
| JNL/PPM America Investment Grade Credit Fund - Class I (19.3%) (a) | 3996 | 44514 |
| JNL/PPM America Total Return Fund - Class I (10.7%) (a) | 10990 | 152982 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (4.7%) (a) | 1476 | 19853 |
|  |  | 596478 |
| **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (8.8%) (a) | 10731 | 114608 |
| JNL/GQG Emerging Markets Equity Fund - Class I (9.6%) (a) | 4912 | 79323 |
|  |  | 193931 |
| **Alternative 4.7%** | **Alternative 4.7%** | **Alternative 4.7%** |
| Jackson Credit Opportunities Fund - Class I (10.1%) (a) | 5468 | 57852 |
| Jackson Real Assets Fund - Class I (12.6%) (a) | 4146 | 45029 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6273 | 90083 |
|  |  | 192964 |
| Total Investment Companies (cost $2,944,984) | Total Investment Companies (cost $2,944,984) | 4071233 |
| **Total Investments 100.0% (cost $2,944,984)** | **Total Investments 100.0% (cost $2,944,984)** | **4071233** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (954) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4070279** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 50.6%** | **Domestic Fixed Income 50.6%** | **Domestic Fixed Income 50.6%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (3.9%) (a) | 7204 | 108926 |
| JNL/DoubleLine Total Return Fund - Class I (7.1%) (a) | 11058 | 129491 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.7%) (a) | 5099 | 68321 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.7%) (a) | 6812 | 101571 |
| JNL/PIMCO Income Fund - Class I (4.0%) (a) | 5123 | 66800 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.6%) (a) | 5396 | 72633 |
| JNL/PIMCO Real Return Fund - Class I (4.2%) (a) | 3845 | 49141 |
| JNL/PPM America High Yield Bond Fund - Class I (3.3%) (a) | 2503 | 53207 |
| JNL/PPM America Investment Grade Credit Fund - Class I (15.8%) (a) | 3272 | 36454 |
| JNL/PPM America Total Return Fund - Class I (8.2%) (a) | 8438 | 117451 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (7.7%) (a) | 2424 | 32605 |
|  |  | 836600 |
| **Domestic Equity 28.3%** | **Domestic Equity 28.3%** | **Domestic Equity 28.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (2.1%) (a) | 1210 | 25495 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 478 | 23001 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.2%) (a) | 1011 | 22619 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (3.0%) (a) | 2273 | 43049 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (0.6%) (a) | 268 | 29681 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (3.2%) (a) | 1581 | 49790 |
| JNL/Invesco Diversified Dividend Fund - Class I (4.5%) (a) | 1998 | 37585 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.3%) (a) | 133 | 10885 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.6%) (a) | 398 | 8290 |
| JNL/MFS Mid Cap Value Fund - Class I (0.4%) (a) | 369 | 8259 |
| JNL/Newton Equity Income Fund - Class I (0.6%) (a) | 533 | 20740 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (3.1%) (a) | 2646 | 29655 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.5%) (a) | 506 | 56185 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.1%) (a) | 45 | 3972 |
| JNL/T. Rowe Price Value Fund - Class I (1.7%) (a) | 2359 | 78220 |
| JNL/WMC Value Fund - Class I (1.9%) (a) | 511 | 20756 |
|  |  | 468182 |
| **International Equity 9.6%** | **International Equity 9.6%** | **International Equity 9.6%** |
| JNL/Causeway International Value Select Fund - Class I (2.3%) (a) | 2407 | 60155 |
| JNL/Lazard International Quality Growth Fund - Class I (6.9%) (a) | 1893 | 32483 |
| JNL/WCM Focused International Equity Fund - Class I (0.9%) (a) | 1084 | 20418 |
| JNL/William Blair International Leaders Fund - Class I (4.3%) (a) | 3220 | 45267 |
|  |  | 158323 |
| **Alternative 6.8%** | **Alternative 6.8%** | **Alternative 6.8%** |
| Jackson Credit Opportunities Fund - Class I (5.7%) (a) | 3101 | 32802 |
| Jackson Real Assets Fund - Class I (6.9%) (a) | 2261 | 24556 |
| JNL Multi-Manager Alternative Fund - Class I (5.8%) (a) | 3852 | 55319 |
|  |  | 112677 |
| **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (1.9%) (a) | 2378 | 25401 |
| JNL/GQG Emerging Markets Equity Fund - Class I (2.0%) (a) | 999 | 16139 |
|  |  | 41540 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Global Fixed Income 2.2%** | **Global Fixed Income 2.2%** | **Global Fixed Income 2.2%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (3.4%) (a) | 2612 | 36959 |
| Total Investment Companies (cost $1,357,471) | Total Investment Companies (cost $1,357,471) | 1654281 |
| **Total Investments 100.0% (cost $1,357,471)** | **Total Investments 100.0% (cost $1,357,471)** | **1654281** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (470) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1653811** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 42.4%** | **Domestic Equity 42.4%** | **Domestic Equity 42.4%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.3%) (a) | 4236 | 89302 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (3.0%) (a) | 1557 | 74882 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.0%) (a) | 3254 | 72786 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (6.7%) (a) | 5095 | 96495 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (1.9%) (a) | 859 | 95045 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (12.4%) (a) | 6195 | 195146 |
| JNL/Invesco Diversified Dividend Fund - Class I (13.4%) (a) | 5974 | 112376 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.0%) (a) | 460 | 37538 |
| JNL/JPMorgan U.S. Value Fund - Class I (7.4%) (a) | 5344 | 111316 |
| JNL/MFS Mid Cap Value Fund - Class I (1.4%) (a) | 1235 | 27658 |
| JNL/Newton Equity Income Fund - Class I (1.3%) (a) | 1195 | 46477 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (6.0%) (a) | 5078 | 56924 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.2%) (a) | 2091 | 232171 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.4%) (a) | 207 | 18153 |
| JNL/T. Rowe Price Value Fund - Class I (5.0%) (a) | 6952 | 230514 |
| JNL/WMC Value Fund - Class I (6.9%) (a) | 1831 | 74303 |
|  |  | 1571086 |
| **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (5.8%) (a) | 10640 | 160880 |
| JNL/DoubleLine Total Return Fund - Class I (11.3%) (a) | 17650 | 206681 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.6%) (a) | 7223 | 96795 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (13.0%) (a) | 11465 | 170948 |
| JNL/PIMCO Income Fund - Class I (5.3%) (a) | 6689 | 87223 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (12.5%) (a) | 7830 | 105397 |
| JNL/PPM America High Yield Bond Fund - Class I (3.8%) (a) | 2917 | 62020 |
| JNL/PPM America Investment Grade Credit Fund - Class I (36.8%) (a) | 7616 | 84838 |
| JNL/PPM America Total Return Fund - Class I (12.9%) (a) | 13248 | 184413 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (12.6%) (a) | 3950 | 53122 |
|  |  | 1212317 |
| **International Equity 14.6%** | **International Equity 14.6%** | **International Equity 14.6%** |
| JNL/Causeway International Value Select Fund - Class I (7.2%) (a) | 7683 | 192004 |
| JNL/Lazard International Quality Growth Fund - Class I (19.4%) (a) | 5284 | 90678 |
| JNL/WCM Focused International Equity Fund - Class I (6.0%) (a) | 7323 | 137898 |
| JNL/William Blair International Leaders Fund - Class I (11.5%) (a) | 8536 | 120015 |
|  |  | 540595 |
| **Alternative 6.7%** | **Alternative 6.7%** | **Alternative 6.7%** |
| Jackson Credit Opportunities Fund - Class I (12.5%) (a) | 6726 | 71161 |
|  | **Shares** | **Value ($)** |
| Jackson Real Assets Fund - Class I (15.3%) (a) | 5042 | 54753 |
| JNL Multi-Manager Alternative Fund - Class I (12.9%) (a) | 8613 | 123676 |
|  |  | 249590 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.8%) (a) | 7112 | 75955 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.6%) (a) | 3337 | 53888 |
|  |  | 129843 |
| Total Investment Companies (cost $2,844,610) | Total Investment Companies (cost $2,844,610) | 3703431 |
| **Total Investments 100.0% (cost $2,844,610)** | **Total Investments 100.0% (cost $2,844,610)** | **3703431** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (954) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3702477** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at September 30, 2025 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 46.8%** | **Domestic Equity 46.8%** | **Domestic Equity 46.8%** |
| American Funds American Mutual Fund - Class R-6 | 5560 | 346560 |
| American Funds Insurance Series - Growth Fund - Class 1 | 3261 | 452866 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 8447 | 566086 |
| American Funds Investment Company of America Fund - Class R-6 | 9594 | 640903 |
|  |  | 2006415 |
| **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 3851 | 37742 |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 (a) | 1757 | 16985 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 8116 | 79129 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 29433 | 287270 |
| American Funds Mortgage Fund - Class R-6 | 14979 | 133616 |
| American Funds Strategic Bond Fund - Class R-6 | 14333 | 134299 |
|  |  | 689041 |
| **International Equity 15.8%** | **International Equity 15.8%** | **International Equity 15.8%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 5266 | 339827 |
| American Funds International Growth and Income Fund - Class R-6 | 7460 | 335105 |
|  |  | 674932 |
| **Global Equity 13.2%** | **Global Equity 13.2%** | **Global Equity 13.2%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 10406 | 396990 |
| American Funds SMALLCAP World Fund - Class R-6 | 2164 | 169183 |
|  |  | 566173 |
| **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** |
| American Funds New World Fund - Class R-6 | 3021 | 286810 |
| **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 7436 | 60308 |
| Total Investment Companies (cost $3,649,370) | Total Investment Companies (cost $3,649,370) | 4283679 |
| **Total Investments 100.0% (cost $3,649,370)** | **Total Investments 100.0% (cost $3,649,370)** | **4283679** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (604) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4283075** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 54.1%** | **Domestic Fixed Income 54.1%** | **Domestic Fixed Income 54.1%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 122 | 1199 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 247 | 2408 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 1008 | 9834 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| American Funds Mortgage Fund - Class R-6 | 473 | 4218 |
| American Funds Strategic Bond Fund - Class R-6 | 449 | 4209 |
| | | 21868 |
| **Domestic Equity 23.7%** | **Domestic Equity 23.7%** | **Domestic Equity 23.7%** |
| American Funds American Mutual Fund - Class R-6 | 28 | 1719 |
| American Funds Insurance Series - Growth Fund - Class 1 | 15 | 2065 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 42 | 2836 |
| American Funds Investment Company of America Fund - Class R-6 | 44 | 2955 |
|  |  | 9575 |
| **International Equity 7.6%** | **International Equity 7.6%** | **International Equity 7.6%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 24 | 1546 |
| American Funds International Growth and Income Fund - Class R-6 | 34 | 1530 |
|  |  | 3076 |
| **Global Equity 6.8%** | **Global Equity 6.8%** | **Global Equity 6.8%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 51 | 1954 |
| American Funds SMALLCAP World Fund - Class R-6 | 10 | 802 |
|  |  | 2756 |
| **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 224 | 1813 |
| **Emerging Markets Equity 3.3%** | **Emerging Markets Equity 3.3%** | **Emerging Markets Equity 3.3%** |
| American Funds New World Fund - Class R-6 | 14 | 1343 |
| Total Investment Companies (cost $38,348) | Total Investment Companies (cost $38,348) | 40431 |
| **Total Investments 100.0% (cost $38,348)** | **Total Investments 100.0% (cost $38,348)** | **40431** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **11** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **40442** |

---

---

| | | |
|:---|:---|:---|
| **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 Equity 36.4%** | **Domestic Equity 36.4%** | **Domestic Equity 36.4%** |
| American Funds American Mutual Fund - Class R-6 | 2562 | 159667 |
| American Funds Insurance Series - Growth Fund - Class 1 | 1460 | 202782 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 3843 | 257524 |
| American Funds Investment Company of America Fund - Class R-6 | 4356 | 290976 |
|  |  | 910949 |
| **Domestic Fixed Income 33.3%** | **Domestic Fixed Income 33.3%** | **Domestic Fixed Income 33.3%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 4685 | 45909 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 9928 | 96802 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 37763 | 368562 |
| American Funds Mortgage Fund - Class R-6 | 18082 | 161295 |
| American Funds Strategic Bond Fund - Class R-6 | 17220 | 161356 |
|  |  | 833924 |
| **International Equity 11.9%** | **International Equity 11.9%** | **International Equity 11.9%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 2333 | 150550 |
| American Funds International Growth and Income Fund - Class R-6 | 3312 | 148759 |
|  |  | 299309 |
| **Global Equity 10.2%** | **Global Equity 10.2%** | **Global Equity 10.2%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 4673 | 178262 |
| American Funds SMALLCAP World Fund - Class R-6 | 977 | 76404 |
|  |  | 254666 |
| **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** |
| American Funds New World Fund - Class R-6 | 1389 | 131924 |
|  | **Shares** | **Value ($)** |
| **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 9091 | 73730 |
| Total Investment Companies (cost $2,281,808) | Total Investment Companies (cost $2,281,808) | 2504502 |
| **Total Investments 100.0% (cost $2,281,808)** | **Total Investments 100.0% (cost $2,281,808)** | **2504502** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **111** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2504613** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 55.9%** | **Domestic Equity 55.9%** | **Domestic Equity 55.9%** |
| Capital Group Dividend Value ETF | 649 | 27263 |
| iShares Core Dividend Growth ETF (a) | 356 | 24243 |
| iShares Core S&P 500 ETF | 54 | 35794 |
| iShares Core S&P Mid-Cap ETF | 566 | 36937 |
| iShares Core S&P U.S. Growth ETF | 76 | 12458 |
| iShares Select U.S. REIT ETF (a) | 124 | 7644 |
| JPMorgan Active Growth ETF (a) | 265 | 24800 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | 192 | 12199 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 861 | 32442 |
| VanEck Morningstar Wide Moat ETF | 101 | 10026 |
|  |  | 223806 |
| **International Equity 17.5%** | **International Equity 17.5%** | **International Equity 17.5%** |
| iShares Core MSCI EAFE ETF | 318 | 27783 |
| JPMorgan International Research Enhanced Equity ETF (a) | 576 | 42392 |
|  |  | 70175 |
| **Domestic Fixed Income 15.3%** | **Domestic Fixed Income 15.3%** | **Domestic Fixed Income 15.3%** |
| ALPS Smith Core Plus Bond ETF (a) | 587 | 15369 |
| DoubleLine Mortgage ETF | 135 | 6720 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 264 | 11427 |
| iShares Core U.S. Aggregate Bond ETF | 210 | 21090 |
| iShares MBS ETF | 71 | 6732 |
|  |  | 61338 |
| **Emerging Markets Equity 10.3%** | **Emerging Markets Equity 10.3%** | **Emerging Markets Equity 10.3%** |
| Capital Group New Geography Equity ETF (a) | 528 | 16314 |
| iShares Core MSCI Emerging Markets ETF | 379 | 25003 |
|  |  | 41317 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 41 | 3878 |
| Total Investment Companies (cost $339,971) | Total Investment Companies (cost $339,971) | 400514 |
| **SHORT TERM INVESTMENTS 6.5%** | **SHORT TERM INVESTMENTS 6.5%** | **SHORT TERM INVESTMENTS 6.5%** |
| **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (c) | 26098 | 26098 |
| Total Short Term Investments (cost $26,098) | Total Short Term Investments (cost $26,098) | 26098 |
| **Total Investments 106.5% (cost $366,069)** | **Total Investments 106.5% (cost $366,069)** | **426612** |
| **Other Assets and Liabilities, Net (6.5)%** | **Other Assets and Liabilities, Net (6.5)%** | **(25971)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **400641** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** |
| **Domestic Fixed Income 53.2%** | **Domestic Fixed Income 53.2%** | **Domestic Fixed Income 53.2%** |
| ALPS Smith Core Plus Bond ETF (a) | 735 | 19214 |
| DoubleLine Mortgage ETF (a) | 279 | 13881 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 269 | 11644 |
| iShares 0-5 Year TIPS Bond ETF | 20 | 2089 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 356 | 19270 |
| iShares Core U.S. Aggregate Bond ETF | 362 | 36243 |
| iShares MBS ETF | 146 | 13895 |
|  |  | 116236 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Domestic Equity 30.1%** | **Domestic Equity 30.1%** | **Domestic Equity 30.1%** |
| Capital Group Dividend Value ETF | 160 | 6738 |
| iShares Core Dividend Growth ETF (a) | 99 | 6741 |
| iShares Core S&P 500 ETF | 18 | 11936 |
| iShares Core S&P Mid-Cap ETF | 153 | 9983 |
| iShares Core S&P U.S. Growth ETF | 28 | 4618 |
| iShares Select U.S. REIT ETF | 43 | 2658 |
| JPMorgan Active Growth ETF | 67 | 6321 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | 54 | 3391 |
| T. Rowe Price Capital Appreciation Equity ETF | 284 | 10705 |
| VanEck Morningstar Wide Moat ETF | 28 | 2761 |
|  |  | 65852 |
| **International Equity 8.3%** | **International Equity 8.3%** | **International Equity 8.3%** |
| iShares Core MSCI EAFE ETF | 76 | 6622 |
| JPMorgan International Research Enhanced Equity ETF (a) | 156 | 11496 |
|  |  | 18118 |
| **Emerging Markets Equity 6.3%** | **Emerging Markets Equity 6.3%** | **Emerging Markets Equity 6.3%** |
| Capital Group New Geography Equity ETF (a) | 185 | 5727 |
| iShares Core MSCI Emerging Markets ETF | 123 | 8111 |
|  |  | 13838 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | 46 | 4337 |
| Total Investment Companies (cost $203,144) | Total Investment Companies (cost $203,144) | 218381 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (c) | 1342 | 1342 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (c) | 89 | 89 |
| Total Short Term Investments (cost $1,431) | Total Short Term Investments (cost $1,431) | 1431 |
| **Total Investments 100.6% (cost $204,575)** | **Total Investments 100.6% (cost $204,575)** | **219812** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(1262)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **218550** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 43.6%** | **Domestic Equity 43.6%** | **Domestic Equity 43.6%** |
| Capital Group Dividend Value ETF (a) | 384 | 16131 |
| iShares Core Dividend Growth ETF (a) | 263 | 17931 |
| iShares Core S&P 500 ETF | 43 | 29046 |
| iShares Core S&P Mid-Cap ETF | 367 | 23923 |
| iShares Core S&P U.S. Growth ETF | 56 | 9210 |
| iShares Select U.S. REIT ETF (a) | 83 | 5095 |
| JPMorgan Active Growth ETF (a) | 157 | 14675 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | 114 | 7223 |
| T. Rowe Price Capital Appreciation Equity ETF | 644 | 24294 |
| VanEck Morningstar Wide Moat ETF | 63 | 6228 |
|  |  | 153756 |
| **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** |
| ALPS Smith Core Plus Bond ETF | 782 | 20451 |
| DoubleLine Mortgage ETF | 292 | 14492 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 332 | 14368 |
| iShares 0-5 Year TIPS Bond ETF | 24 | 2495 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 253 | 13675 |
| iShares Core U.S. Aggregate Bond ETF | 390 | 39143 |
| iShares MBS ETF | 152 | 14507 |
|  |  | 119131 |
| **International Equity 13.0%** | **International Equity 13.0%** | **International Equity 13.0%** |
| iShares Core MSCI EAFE ETF | 212 | 18494 |
| JPMorgan International Research Enhanced Equity ETF (a) | 369 | 27125 |
|  |  | 45619 |
|  | **Shares** | **Value ($)** |
| **Emerging Markets Equity 8.4%** | **Emerging Markets Equity 8.4%** | **Emerging Markets Equity 8.4%** |
| Capital Group New Geography Equity ETF | 353 | 10896 |
| iShares Core MSCI Emerging Markets ETF | 281 | 18493 |
|  |  | 29389 |
| **Emerging Markets Fixed Income 1.2%** | **Emerging Markets Fixed Income 1.2%** | **Emerging Markets Fixed Income 1.2%** |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 45 | 4311 |
| Total Investment Companies (cost $310,578) | Total Investment Companies (cost $310,578) | 352206 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (c) | 9101 | 9101 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (c) | 90 | 90 |
| Total Short Term Investments (cost $9,191) | Total Short Term Investments (cost $9,191) | 9191 |
| **Total Investments 102.6% (cost $319,769)** | **Total Investments 102.6% (cost $319,769)** | **361397** |
| **Other Assets and Liabilities, Net (2.6)%** | **Other Assets and Liabilities, Net (2.6)%** | **(9073)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **352324** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **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 58.1%** | **Domestic Equity 58.1%** | **Domestic Equity 58.1%** |
| Vanguard Dividend Appreciation ETF | 580 | 125215 |
| Vanguard Growth ETF | 487 | 233792 |
| Vanguard Mid-Cap ETF | 519 | 152321 |
| Vanguard Real Estate ETF (a) | 432 | 39475 |
| Vanguard Small-Cap ETF | 380 | 96501 |
| Vanguard Total Stock Market ETF (a) | 1146 | 376116 |
| Vanguard Value ETF | 1191 | 222076 |
|  |  | 1245496 |
| **International Equity 17.8%** | **International Equity 17.8%** | **International Equity 17.8%** |
| Vanguard FTSE Developed Markets ETF | 4344 | 260301 |
| Vanguard International Dividend Appreciation ETF (a) | 1350 | 120937 |
|  |  | 381238 |
| **Domestic Fixed Income 15.0%** | **Domestic Fixed Income 15.0%** | **Domestic Fixed Income 15.0%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 369 | 31024 |
| Vanguard Intermediate-Term Treasury ETF | 512 | 30741 |
| Vanguard Mortgage-Backed Securities ETF | 1959 | 91997 |
| Vanguard Short-Term Corporate Bond ETF | 444 | 35462 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 303 | 15340 |
| Vanguard Total Bond Market ETF | 1577 | 117319 |
|  |  | 321883 |
| **Emerging Markets Equity 7.4%** | **Emerging Markets Equity 7.4%** | **Emerging Markets Equity 7.4%** |
| Vanguard FTSE Emerging Markets ETF | 2915 | 157931 |
| **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** |
| Vanguard Emerging Markets Government Bond ETF | 541 | 36215 |
| Total Investment Companies (cost $1,771,092) | Total Investment Companies (cost $1,771,092) | 2142763 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (c) | 66777 | 66777 |
| Total Short Term Investments (cost $66,777) | Total Short Term Investments (cost $66,777) | 66777 |
| **Total Investments 103.1% (cost $1,837,869)** | **Total Investments 103.1% (cost $1,837,869)** | **2209540** |
| **Other Assets and Liabilities, Net (3.1)%** | **Other Assets and Liabilities, Net (3.1)%** | **(66089)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2143451** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.3%** | **INVESTMENT COMPANIES 100.3%** | **INVESTMENT COMPANIES 100.3%** |
| **Domestic Fixed Income 51.4%** | **Domestic Fixed Income 51.4%** | **Domestic Fixed Income 51.4%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 253 | 21315 |
| Vanguard Intermediate-Term Treasury ETF | 516 | 30953 |
| Vanguard Mortgage-Backed Securities ETF (a) | 1975 | 92753 |
| Vanguard Short-Term Corporate Bond ETF | 435 | 34790 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 306 | 15496 |
| Vanguard Total Bond Market ETF | 1339 | 99582 |
|  |  | 294889 |
| **Domestic Equity 33.4%** | **Domestic Equity 33.4%** | **Domestic Equity 33.4%** |
| Vanguard Dividend Appreciation ETF (a) | 93 | 20084 |
| Vanguard Growth ETF | 70 | 33667 |
| Vanguard Mid-Cap ETF | 74 | 21673 |
| Vanguard Real Estate ETF (a) | 119 | 10849 |
| Vanguard Small-Cap ETF | 55 | 13954 |
| Vanguard Total Stock Market ETF | 180 | 59097 |
| Vanguard Value ETF (a) | 175 | 32655 |
|  |  | 191979 |
| **International Equity 7.6%** | **International Equity 7.6%** | **International Equity 7.6%** |
| Vanguard FTSE Developed Markets ETF | 531 | 31804 |
| Vanguard International Dividend Appreciation ETF (a) | 129 | 11577 |
|  |  | 43381 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| Vanguard Emerging Markets Government Bond ETF | 340 | 22771 |
| **Emerging Markets Equity 3.9%** | **Emerging Markets Equity 3.9%** | **Emerging Markets Equity 3.9%** |
| Vanguard FTSE Emerging Markets ETF (a) | 416 | 22528 |
| Total Investment Companies (cost $527,159) | Total Investment Companies (cost $527,159) | 575548 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (c) | 12914 | 12914 |
| Total Short Term Investments (cost $12,914) | Total Short Term Investments (cost $12,914) | 12914 |
| **Total Investments 102.5% (cost $540,073)** | **Total Investments 102.5% (cost $540,073)** | **588462** |
| **Other Assets and Liabilities, Net (2.5)%** | **Other Assets and Liabilities, Net (2.5)%** | **(14413)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **574049** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **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 46.7%** | **Domestic Equity 46.7%** | **Domestic Equity 46.7%** |
| Vanguard Dividend Appreciation ETF (a) | 226 | 48690 |
| Vanguard Growth ETF | 179 | 85648 |
| Vanguard Mid-Cap ETF | 184 | 53904 |
| Vanguard Real Estate ETF | 201 | 18391 |
| Vanguard Small-Cap ETF | 130 | 33150 |
| Vanguard Total Stock Market ETF | 428 | 140296 |
| Vanguard Value ETF | 439 | 81870 |
|  |  | 461949 |
| **Domestic Fixed Income 31.8%** | **Domestic Fixed Income 31.8%** | **Domestic Fixed Income 31.8%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 315 | 26502 |
| Vanguard Intermediate-Term Treasury ETF | 557 | 33407 |
| Vanguard Mortgage-Backed Securities ETF (a) | 2131 | 100089 |
| Vanguard Short-Term Corporate Bond ETF | 413 | 33038 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 330 | 16713 |
| Vanguard Total Bond Market ETF | 1407 | 104646 |
|  |  | 314395 |
| **International Equity 13.1%** | **International Equity 13.1%** | **International Equity 13.1%** |
| Vanguard FTSE Developed Markets ETF | 1666 | 99793 |
| Vanguard International Dividend Appreciation ETF | 328 | 29408 |
|  |  | 129201 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| Vanguard FTSE Emerging Markets ETF (a) | 1007 | 54573 |
| **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** |
| Vanguard Emerging Markets Government Bond ETF | 432 | 28925 |
| Total Investment Companies (cost $855,662) | Total Investment Companies (cost $855,662) | 989043 |
| **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 Government Money Market Fund - Class SL, 4.14% (b) (c) | 7411 | 7411 |
| Total Short Term Investments (cost $7,411) | Total Short Term Investments (cost $7,411) | 7411 |
| **Total Investments 100.8% (cost $863,073)** | **Total Investments 100.8% (cost $863,073)** | **996454** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(7477)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **988977** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**Long Term Investments in Affiliates** 

The Funds of Funds, except for JNL/American Funds Funds of Funds, JNL ETF Allocation Funds and JNL/Vanguard ETF Allocation 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 ("1940 Act"), 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 period ended September 30, 2025, 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 1940 Act. The following table details each Fund's long term investments in affiliates held during the period ended September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3270770 | 308210 | 163553 | 250380 | 20845 | 152721 | 3588993 | 100.0 |
|  | **3270770** | **308210** | **163553** | **250380** | **20845** | **152721** | **3588993** | 100.0 |
| **JNL/American Funds Capital Income Builder Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 | 434944 | 61309 | 18199 | 8862 | 4259 | 64062 | 546375 | 100.0 |
|  | **434944** | **61309** | **18199** | **8862** | **4259** | **64062** | **546375** | 100.0 |
| **JNL/American Funds Capital World Bond Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 | 301999 | 20954 | 32541 | 863 | (5417) | 31951 | 316946 | 100.0 |
|  | **301999** | **20954** | **32541** | **863** | **(5417)** | **31951** | **316946** | 100.0 |
| **JNL/American Funds Global Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 1029704 | 145568 | 109061 | 131148 | 25079 | 22620 | 1113910 | 100.0 |
|  | **1029704** | **145568** | **109061** | **131148** | **25079** | **22620** | **1113910** | 100.0 |
| **JNL/American Funds Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 | 614732 | 17641 | 79618 | 12432 | (14704) | 69169 | 607220 | 100.0 |
|  | **614732** | **17641** | **79618** | **12432** | **(14704)** | **69169** | **607220** | 100.0 |
| **JNL/American Funds Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund - Class 1 | 6868698 | 1248139 | 256735 | 595310 | 100819 | 602480 | 8563401 | 100.0 |
|  | **6868698** | **1248139** | **256735** | **595310** | **100819** | **602480** | **8563401** | 100.0 |
| **JNL/American Funds Growth-Income Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth-Income Fund - Class 1 | 11702453 | 2032074 | 876377 | 1990584 | 265450 | (517229) | 12606371 | 100.0 |
|  | **11702453** | **2032074** | **876377** | **1990584** | **265450** | **(517229)** | **12606371** | 100.0 |
| **JNL/American Funds International Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - International Fund - Class 1 | 1306267 | 11130 | 138887 | 877 | 12617 | 254887 | 1446014 | 100.0 |
|  | **1306267** | **11130** | **138887** | **877** | **12617** | **254887** | **1446014** | 100.0 |
| **JNL/American Funds New World Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - New World Fund - Class 1 | 1321843 | 82052 | 147382 | 58053 | 46081 | 185208 | 1487802 | 100.0 |
|  | **1321843** | **82052** | **147382** | **58053** | **46081** | **185208** | **1487802** | 100.0 |
| **JNL/American Funds Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 4000794 | 324330 | 304082 | 288416 | 84059 | 196471 | 4301572 | 100.0 |
|  | **4000794** | **324330** | **304082** | **288416** | **84059** | **196471** | **4301572** | 100.0 |
| **JNL/Mellon Bond Index Fund** |  |  |  |  |  |  |  |  |
| JNL Bond Index Fund - Class I | 1018592 | 25718 | 84594 |  | (3851) | 63673 | 1019538 | 100.0 |
|  | **1018592** | **25718** | **84594** | **—** | **(3851)** | **63673** | **1019538** | 100.0 |
| **JNL/Mellon Emerging Markets Index Fund** |  |  |  |  |  |  |  |  |
| JNL Emerging Markets Index Fund - Class I | 778459 | 21348 | 115000 |  | (4969) | 195227 | 875065 | 100.0 |
|  | **778459** | **21348** | **115000** | **—** | **(4969)** | **195227** | **875065** | 100.0 |
| **JNL/Mellon International Index Fund** |  |  |  |  |  |  |  |  |
| JNL International Index Fund - Class I | 2069729 | 692506 | 341020 |  | 34946 | 561392 | 3017553 | 100.0 |
|  | **2069729** | **692506** | **341020** | **—** | **34946** | **561392** | **3017553** | 100.0 |
| **JNL/Mellon S&P 400 MidCap Index Fund** |  |  |  |  |  |  |  |  |
| JNL Mid Cap Index Fund - Class I | 3434158 | 19639 | 322823 |  | 55474 | 123276 | 3309724 | 100.0 |
|  | **3434158** | **19639** | **322823** | **—** | **55474** | **123276** | **3309724** | 100.0 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2524728 | 11567 | 231141 |  | 16650 | 76141 | 2397945 | 100.0 |
|  | **2524728** | **11567** | **231141** | **—** | **16650** | **76141** | **2397945** | 100.0 |
| **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Real Assets Fund - Class I | 14749 |  |  | 110 |  | 727 | 15476 | 1.0 |
| JNL Multi-Manager Alternative Fund - Class I |  | 28790 | 348 |  | 21 | 1570 | 30033 | 2.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 58278 | 18949 | 8615 |  | 1826 | 11463 | 81901 | 5.5 |
| JNL Multi-Manager International Small Cap Fund - Class I | 66239 | 11606 | 12622 |  | 2309 | 14071 | 81603 | 5.4 |
| JNL Multi-Manager Mid Cap Fund - Class I | 79367 | 17922 | 9727 |  | 3966 | (2335) | 89193 | 6.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 46809 | 6619 | 11913 |  | 4717 | (1942) | 44290 | 3.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 46729 | 5931 | 9140 |  | 3432 | (2526) | 44426 | 3.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 133744 | 56833 | 14931 |  | 6323 | 16847 | 198816 | 13.3 |
| JNL/Causeway International Value Select Fund - Class I | 100477 | 10714 | 21214 |  | 5534 | 25389 | 120900 | 8.1 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 39556 | 6519 | 11371 |  | 815 | 1563 | 37082 | 2.5 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 32510 | 8 | 34311 |  | 15991 | (14198) |  |  |
| JNL/GQG Emerging Markets Equity Fund - Class I | 49187 | 1168 | 19641 |  | 4461 | (1585) | 33590 | 2.2 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 28865 | 25 | 31145 |  | 3488 | (1233) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 27017 | 1842 |  | (45) | 777 | 25907 | 1.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 57094 | 324 | 31736 |  | 8354 | (4013) | 30023 | 2.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 77952 | 22196 | 12653 |  | 5528 | 10520 | 103543 | 6.9 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 38961 | 2560 | 17902 |  | 1838 | 85 | 25542 | 1.7 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 117114 | 2559 | 94207 |  | 8133 | (3679) | 29920 | 2.0 |
| JNL/Newton Equity Income Fund - Class I | 60961 | 40558 | 13528 |  | 2393 | 7649 | 98033 | 6.5 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 43714 | 46379 | 8905 |  | 317 | 9178 | 90683 | 6.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 88132 | 5830 | 27059 |  | 14571 | (3176) | 78298 | 5.2 |
| JNL/T. Rowe Price Value Fund - Class I | 96640 | 3500 | 19389 |  | 8755 | 713 | 90219 | 6.0 |
| JNL/WCM Focused International Equity Fund - Class I | 101644 | 9434 | 17750 |  | 3350 | 23737 | 120415 | 8.0 |
| JNL/WMC Equity Income Fund - Class I | 58023 | 11316 | 45761 |  | 12836 | (6930) | 29484 | 2.0 |
|  | **1436745** | **336757** | **475710** | **110** | **118913** | **82672** | **1499377** | 100.0 |
| **JNL Conservative Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25660 | 2230 |  | 1199 |  | 677 | 28567 | 5.0 |
| Jackson Real Assets Fund - Class I | 8772 | 3540 |  | 82 |  | 522 | 12834 | 2.3 |
| JNL Multi-Manager Alternative Fund - Class I | 24701 | 4716 | 3014 |  | 305 | 1783 | 28491 | 5.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8287 | 3788 | 2559 |  | 46 | 2042 | 11604 | 2.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 5976 | 6864 | 4482 |  | 602 | (462) | 8498 | 1.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 5403 | 1021 | 887 |  | 165 | (20) | 5682 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 19102 | 8672 | 7414 |  | 1681 | 1354 | 23395 | 4.1 |
| JNL/Causeway International Value Select Fund - Class I | 7181 | 7642 | 3142 |  | 554 | 2286 | 14521 | 2.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 58748 | 3223 | 7162 |  | 337 | 3290 | 58436 | 10.3 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 19576 | 3962 | 2596 |  | 235 | 1596 | 22773 | 4.0 |
| JNL/DoubleLine Total Return Fund - Class I | 64337 | 3729 | 8027 |  | (63) | 4180 | 64156 | 11.3 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 61459 | 2614 | 10930 |  | 908 | 2838 | 56889 | 10.0 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 5516 | 628 | 6334 |  | 356 | (166) |  |  |
| JNL/JPMorgan U.S. Value Fund - Class I | 7103 | 113 | 7590 |  | 1779 | (1405) |  |  |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 19651 | 1390 | 2061 |  |  | 931 | 19911 | 3.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 14265 | 794 | 14984 |  | 964 | (1039) |  |  |
| JNL/Newton Equity Income Fund - Class I |  | 12067 | 4272 |  | 156 | 479 | 8430 | 1.5 |
| JNL/PIMCO Income Fund - Class I | 44762 | 1963 | 5039 |  | 1028 | 2735 | 45449 | 8.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 11168 | 547 | 1098 |  | (38) | 854 | 11433 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 8403 | 7621 | 1165 |  | 115 | 688 | 15662 | 2.7 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 2954 | 185 |  | 2 | 74 | 2845 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 11166 | 553 | 8117 |  | 715 | (72) | 4245 | 0.7 |
| JNL/PPM America Total Return Fund - Class I | 53062 | 2765 | 5180 |  | 60 | 3229 | 53936 | 9.5 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 33785 | 2257 | 5059 |  | 1857 | 1551 | 34391 | 6.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I |  | 4356 | 8 |  |  | 126 | 4474 | 0.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 15414 | 2143 | 7142 |  | 939 | (43) | 11311 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 9607 | 959 | 4244 |  | 485 | 496 | 7303 | 1.3 |
| JNL/WCM Focused International Equity Fund - Class I | 7002 | 7969 | 2795 |  | 69 | 2229 | 14474 | 2.5 |
| JNL/WMC Equity Income Fund - Class I | 7189 | 101 | 7670 |  | 1797 | (1417) |  |  |
|  | **557295** | **101181** | **133156** | **1281** | **15054** | **29336** | **569710** | 100.0 |
| **JNL Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 76147 | 13500 |  | 3766 |  | 2183 | 91830 | 3.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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(%)** |
| Jackson Real Assets Fund - Class I | 45540 |  |  | 339 |  | 2244 | 47784 | 1.6 |
| JNL Multi-Manager Alternative Fund - Class I | 45398 | 43731 | 1139 |  | 178 | 5797 | 93965 | 3.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79090 | 56040 | 19921 |  | 4157 | 16482 | 135848 | 4.7 |
| JNL Multi-Manager International Small Cap Fund - Class I | 102754 | 20771 | 32006 |  | 6738 | 15642 | 113899 | 3.9 |
| JNL Multi-Manager Mid Cap Fund - Class I | 147902 | 7278 | 15365 |  | 5882 | (2947) | 142750 | 4.9 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 64906 | 14703 | 12088 |  | 4930 | (1582) | 70869 | 2.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 71763 | 9461 | 11439 |  | 4898 | (3808) | 70875 | 2.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 250392 | 67162 | 27156 |  | 11664 | 28364 | 330426 | 11.5 |
| JNL/Causeway International Value Select Fund - Class I | 200812 | 14721 | 57282 |  | 18036 | 41890 | 218177 | 7.6 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 110690 | 2443 | 26458 |  | 2544 | 3488 | 92707 | 3.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 36798 | 1802 | 12535 |  | 1159 | 1355 | 28579 | 1.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 43482 | 20 | 45913 |  | 9784 | (7373) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 103393 | 3123 | 19879 |  | (130) | 6359 | 92866 | 3.2 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 78027 | 1138 | 19785 |  | 1456 | 2954 | 63790 | 2.2 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 71179 | 3450 | 21588 |  | 6844 | (2537) | 57348 | 2.0 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 36437 |  | 39273 |  | 3218 | (382) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 43905 | 1677 |  | 1 | 396 | 42625 | 1.5 |
| JNL/JPMorgan U.S. Value Fund - Class I | 104676 | 280 | 69357 |  | 17989 | (10371) | 43217 | 1.5 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 116305 | 22310 | 20303 |  | 5698 | 17295 | 141305 | 4.9 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 29578 | 2158 | 5114 |  | 33 | 1309 | 27964 | 1.0 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 50586 | 322 | 10987 |  | 1032 | 1142 | 42095 | 1.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 161500 | 27 | 118603 |  | 6185 | 1137 | 50246 | 1.7 |
| JNL/Newton Equity Income Fund - Class I | 115524 | 54408 | 29153 |  | 4999 | 12364 | 158142 | 5.5 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 22049 | 1271 | 10511 |  | 914 | 625 | 14348 | 0.5 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 7102 | 307 |  | 6 | 184 | 6985 | 0.2 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 87949 | 67574 | 26549 |  | 1337 | 14859 | 145170 | 5.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 146445 | 6764 | 46980 |  | 18372 | (983) | 123618 | 4.3 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 22212 | 7750 | 17027 |  | 2346 | (1167) | 14114 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 172792 | 427 | 45847 |  | 22989 | (6727) | 143634 | 5.0 |
| JNL/WCM Focused International Equity Fund - Class I | 204775 | 13383 | 50867 |  | 2165 | 50155 | 219611 | 7.6 |
| JNL/WMC Equity Income Fund - Class I | 106721 | 14860 | 75437 |  | 20384 | (9998) | 56530 | 2.0 |
|  | **2905822** | **501884** | **890546** | **4105** | **185808** | **178349** | **2881317** | 100.0 |
| **JNL Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 86388 | 6825 |  | 4015 |  | 2263 | 95476 | 5.0 |
| Jackson Real Assets Fund - Class I | 36086 | 5420 |  | 288 |  | 1904 | 43410 | 2.3 |
| JNL Multi-Manager Alternative Fund - Class I | 79194 | 7049 | 2727 |  | 693 | 6325 | 90534 | 4.8 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 38407 | 8468 | 7883 |  | 1726 | 6524 | 47242 | 2.5 |
| JNL Multi-Manager International Small Cap Fund - Class I | 14667 | 9348 | 3973 |  | 1217 | 2358 | 23617 | 1.2 |
| JNL Multi-Manager Mid Cap Fund - Class I | 48444 | 11930 | 4796 |  | 2181 | (1159) | 56600 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 23521 | 922 | 1955 |  | (10) | 1463 | 23941 | 1.3 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 32954 | 457 | 10492 |  | 3473 | (2890) | 23502 | 1.2 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 119748 | 27519 | 25782 |  | 10967 | 8081 | 140533 | 7.4 |
| JNL/Causeway International Value Select Fund - Class I | 47397 | 23679 | 14183 |  | 6148 | 9266 | 72307 | 3.8 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 137862 | 7513 | 20986 |  | 976 | 7485 | 132850 | 7.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 58932 | 5087 | 7189 |  | 1072 | 4024 | 61926 | 3.2 |
| JNL/DoubleLine Total Return Fund - Class I | 137888 | 12811 | 18386 |  | 191 | 8847 | 141351 | 7.4 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 157356 | 229 | 33924 |  | 2126 | 6807 | 132594 | 7.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 23902 | 992 | 7358 |  | 1828 | (367) | 18997 | 1.0 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 19465 | 173 | 20498 |  | 1445 | (585) |  |  |
| JNL/JPMorgan U.S. Value Fund - Class I | 47330 | 200 | 50246 |  | 13201 | (10485) |  |  |
| JNL/Loomis Sayles Global Growth Fund - Class I | 28752 | 22016 | 6252 |  | 1940 | 5563 | 52019 | 2.7 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 64073 | 2346 | 7590 |  | (224) | 3162 | 61767 | 3.2 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 78055 | 635 | 62116 |  | 4526 | (2115) | 18985 | 1.0 |
| JNL/Newton Equity Income Fund - Class I |  | 59353 | 5437 |  | 102 | 3401 | 57419 | 3.0 |
| JNL/PIMCO Income Fund - Class I | 98102 | 10366 | 13181 |  | 2156 | 6459 | 103902 | 5.5 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 29518 | 295 | 3436 |  | 107 | 1972 | 28456 | 1.5 |
| JNL/PIMCO Real Return Fund - Class I | 29556 | 10117 | 8341 |  | 760 | 1152 | 33244 | 1.7 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 9502 | 309 |  | 5 | 248 | 9446 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 29511 | 145 | 21703 |  | 1840 | (280) | 9513 | 0.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/PPM America Total Return Fund - Class I | 117892 | 1664 | 13365 |  | 283 | 6758 | 113232 | 5.9 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 116985 | 1969 | 20540 |  | 9286 | 1952 | 109652 | 5.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 43433 | 15006 | 46811 |  | 12289 | (9413) | 14504 | 0.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 49340 | 96 | 14710 |  | 3603 | (862) | 37467 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 56996 | 375 | 24598 |  | 2704 | 2677 | 38154 | 2.0 |
| JNL/WCM Focused International Equity Fund - Class I | 49345 | 24521 | 15148 |  | 1762 | 11380 | 71860 | 3.8 |
| JNL/WMC Equity Income Fund - Class I | 48511 | 19651 | 35046 |  | 9786 | (4608) | 38294 | 2.0 |
|  | **1949610** | **306679** | **528961** | **4303** | **98159** | **77307** | **1902794** | 100.0 |
| **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 139878 | 5400 |  | 6331 |  | 3521 | 148799 | 4.2 |
| Jackson Real Assets Fund - Class I | 72989 | 3500 |  | 543 |  | 3656 | 80145 | 2.3 |
| JNL Multi-Manager Alternative Fund - Class I | 127481 | 20267 | 1288 |  | 102 | 11842 | 158404 | 4.5 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79241 | 40195 | 17065 |  | 3728 | 16003 | 122102 | 3.5 |
| JNL Multi-Manager International Small Cap Fund - Class I | 62847 | 8033 | 16055 |  | 4863 | 9737 | 69425 | 2.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 123111 | 45776 | 31890 |  | 15459 | (13189) | 139267 | 4.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 69829 | 7692 | 19990 |  | 8312 | (5107) | 60736 | 1.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 69881 | 8342 | 18581 |  | 8013 | (6994) | 60661 | 1.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 256761 | 55136 | 30562 |  | 13255 | 27037 | 321627 | 9.2 |
| JNL/Causeway International Value Select Fund - Class I | 167243 | 29419 | 44580 |  | 14552 | 36942 | 203576 | 5.8 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 199530 | 5800 | 41880 |  | 2664 | 8808 | 174922 | 5.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 90432 | 1240 | 19455 |  | 2199 | 4601 | 79017 | 2.3 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 35222 |  | 37173 |  | 19962 | (18011) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 199569 | 7313 | 35634 |  | 2126 | 10250 | 183624 | 5.2 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 198821 | 1250 | 37015 |  | 2341 | 9282 | 174679 | 5.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 61309 | 2948 | 15571 |  | 6492 | (2763) | 52415 | 1.5 |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 35193 | 120 |  | (2) | (487) | 34584 | 1.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 95864 |  | 68300 |  | 18346 | (10767) | 35143 | 1.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 70518 | 72180 | 14531 |  | 4571 | 14306 | 147044 | 4.2 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 100228 | 4952 | 13354 |  | 99 | 4481 | 96406 | 2.7 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 35225 | 169 | 36766 |  | 3942 | (2570) |  |  |
| JNL/Morningstar Wide Moat Index Fund - Class I | 151116 |  | 105471 |  | 11766 | (4851) | 52560 | 1.5 |
| JNL/Newton Equity Income Fund - Class I | 105340 | 56114 | 28111 |  | 5099 | 11555 | 149997 | 4.3 |
| JNL/PIMCO Income Fund - Class I | 81742 | 1678 | 11417 |  | 1797 | 4840 | 78640 | 2.2 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 18053 | 500 | 2359 |  | 75 | 1198 | 17467 | 0.5 |
| JNL/PIMCO Real Return Fund - Class I | 18068 | 27540 | 3653 |  | 748 | 1100 | 43803 | 1.2 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 9540 | 1116 |  | 6 | 228 | 8658 | 0.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 18045 |  | 18637 |  | 1347 | (755) |  |  |
| JNL/PPM America Total Return Fund - Class I | 123170 | 3187 | 20177 |  | 2269 | 4807 | 113256 | 3.2 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 107161 | 73021 | 22436 |  | 949 | 18330 | 177025 | 5.0 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 111406 |  | 114191 |  | 47076 | (44291) |  |  |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 124280 | 17044 | 41502 |  | 24836 | (9088) | 115570 | 3.3 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 45616 | 8950 | 30854 |  | 5028 | (2741) | 25999 | 0.7 |
| JNL/T. Rowe Price Value Fund - Class I | 140217 | 17914 | 49046 |  | 25721 | (11554) | 123252 | 3.5 |
| JNL/WCM Focused International Equity Fund - Class I | 173275 | 27710 | 43019 |  | 8258 | 36751 | 202975 | 5.8 |
| JNL/WMC Equity Income Fund - Class I | 98028 | 1192 | 47739 |  | 13446 | (3161) | 61766 | 1.8 |
|  | **3571496** | **599195** | **1039538** | **6874** | **279445** | **102946** | **3513544** | 100.0 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 28846 | 1295 |  | 1290 |  | 723 | 30864 | 1.4 |
| Jackson Real Assets Fund - Class I | 17928 | 4865 |  | 136 |  | 969 | 23762 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I | 43497 |  | 673 |  | 123 | 3717 | 46664 | 2.2 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 64038 | 23 | 10296 |  | 1717 | 11049 | 66531 | 3.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 73972 | 330 | 3541 |  | 1198 | 329 | 72288 | 3.3 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 62680 | 805 | 2545 |  | 1183 | 2510 | 64633 | 3.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 62842 | 726 | 2247 |  | 1272 | (15) | 62578 | 2.9 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 76417 | 297 | 7220 |  | 728 | 10892 | 81114 | 3.8 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 128542 | 1087 | 13422 |  | 8644 | 8125 | 132976 | 6.1 |
| JNL/Causeway International Value Select Fund - Class I | 171907 | 16 | 42753 |  | 9946 | 39445 | 178561 | 8.3 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 157533 | 620 | 13000 |  | 6988 | 8140 | 160281 | 7.4 |
| JNL/DoubleLine Total Return Fund - Class I | 52286 | 221 | 11271 |  | 737 | 2346 | 44319 | 2.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 53341 | 96 | 4375 |  | 137 | 3175 | 52374 | 2.4 |
| JNL/Invesco Diversified Dividend Fund - Class I | 101182 | 25 | 9118 |  | 3548 | 7841 | 103478 | 4.8 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36657 | 352 | 3167 |  | 1096 | 3175 | 38113 | 1.8 |
| JNL/JPMorgan U.S. Value Fund - Class I | 73174 | 104 | 4787 |  | 2436 | 4403 | 75330 | 3.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Lazard International Quality Growth Fund - Class I | 80073 | 62 | 11537 |  | 2212 | 7808 | 78618 | 3.6 |
| JNL/MFS Mid Cap Value Fund - Class I | 26170 | 134 | 1064 |  | (6) | 1329 | 26563 | 1.2 |
| JNL/Newton Equity Income Fund - Class I | 63008 | 22 | 6190 |  | 1802 | 6421 | 65063 | 3.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 10667 | 43 | 1114 |  | 72 | 688 | 10356 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 10681 | 45 | 1123 |  | 78 | 599 | 10280 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 52233 | 205 | 10973 |  | 365 | 2593 | 44423 | 2.1 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 42687 | 12 | 3855 |  | 176 | 5108 | 44128 | 2.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 149459 | 945 | 13546 |  | 7951 | 13067 | 157876 | 7.3 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 10578 | 71 | 516 |  | 237 | 54 | 10424 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 209627 | 452 | 18014 |  | 8310 | 12614 | 212989 | 9.8 |
| JNL/WCM Focused International Equity Fund - Class I | 115232 | 12 | 26160 |  | 1775 | 27675 | 118534 | 5.5 |
| JNL/William Blair International Leaders Fund - Class I | 89982 | 20 | 14555 |  | (1879) | 18196 | 91764 | 4.2 |
| JNL/WMC Value Fund - Class I | 57707 | 80 | 4074 |  | 1520 | 3937 | 59170 | 2.7 |
|  | **2122946** | **12965** | **241136** | **1426** | **62366** | **206913** | **2164054** | 100.0 |
| **JNL/JPMorgan Managed Conservative Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 11073 | 2030 |  | 528 |  | 344 | 13447 | 2.0 |
| Jackson Real Assets Fund - Class I | 1990 | 7695 |  | 61 |  | 333 | 10018 | 1.5 |
| JNL Multi-Manager Alternative Fund - Class I | 27529 | 1 | 857 |  | 181 | 2228 | 29082 | 4.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8161 | 77 | 1564 |  | (398) | 2018 | 8294 | 1.2 |
| JNL Multi-Manager Mid Cap Fund - Class I | 9966 | 824 | 1328 |  | 682 | (444) | 9700 | 1.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 4919 | 701 | 832 |  | 164 | 167 | 5119 | 0.8 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 4933 | 603 | 658 |  | 32 | 95 | 5005 | 0.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 10396 | 1092 | 2217 |  | 196 | 1450 | 10917 | 1.6 |
| JNL/Causeway International Value Select Fund - Class I | 11938 | 136 | 3282 |  | 369 | 3038 | 12199 | 1.8 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 10420 | 1000 | 2026 |  | 811 | 253 | 10458 | 1.6 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 66689 | 2721 | 10512 |  | 15 | 3912 | 62825 | 9.4 |
| JNL/DoubleLine Total Return Fund - Class I | 68409 | 1120 | 8986 |  | (77) | 4250 | 64716 | 9.6 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 44747 | 1874 | 10177 |  | 416 | 2295 | 39155 | 5.8 |
| JNL/Invesco Diversified Dividend Fund - Class I | 8442 | 457 | 1375 |  | 653 | 318 | 8495 | 1.3 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 61987 | 1098 | 8780 |  | (322) | 3615 | 57598 | 8.6 |
| JNL/JPMorgan U.S. Value Fund - Class I | 4943 | 291 | 671 |  | 3 | 471 | 5037 | 0.8 |
| JNL/Lazard International Quality Growth Fund - Class I | 5074 | 66 | 832 |  | 94 | 551 | 4953 | 0.7 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 22402 | 290 | 3612 |  | 562 | 1099 | 20741 | 3.1 |
| JNL/Newton Equity Income Fund - Class I | 7321 | 381 | 1232 |  | 43 | 929 | 7442 | 1.1 |
| JNL/PIMCO Income Fund - Class I | 34470 | 455 | 4245 |  | 600 | 2242 | 33522 | 5.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 34053 | 539 | 4523 |  | (126) | 2500 | 32443 | 4.8 |
| JNL/PIMCO Real Return Fund - Class I | 34506 | 579 | 4188 |  | 805 | 1765 | 33467 | 5.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 29262 | 520 | 3396 |  | 112 | 1900 | 28398 | 4.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 27546 | 441 | 2929 |  | 203 | 1553 | 26814 | 4.0 |
| JNL/PPM America Total Return Fund - Class I | 66647 | 1017 | 7714 |  | 983 | 2995 | 63928 | 9.5 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 12206 | 643 | 2011 |  | 69 | 1455 | 12362 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 10395 | 1139 | 2191 |  | 682 | 850 | 10875 | 1.6 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 20696 | 414 | 2403 |  | 403 | 903 | 20013 | 3.0 |
| JNL/T. Rowe Price Value Fund - Class I | 11620 | 540 | 1604 |  | 824 | 362 | 11742 | 1.7 |
| JNL/WCM Focused International Equity Fund - Class I | 8248 | 89 | 2037 |  | 72 | 2053 | 8425 | 1.3 |
| JNL/William Blair International Leaders Fund - Class I | 5035 | 52 | 942 |  | 54 | 863 | 5062 | 0.8 |
|  | **686023** | **28885** | **97124** | **589** | **8105** | **46363** | **672252** | 100.0 |
| **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 54069 | 2428 |  | 2418 |  | 1355 | 57852 | 1.4 |
| Jackson Real Assets Fund - Class I | 31399 | 11816 |  | 264 |  | 1814 | 45029 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I | 84050 |  | 1380 |  | 332 | 7081 | 90083 | 2.2 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 114159 |  | 21853 |  | (2324) | 24626 | 114608 | 2.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 130574 | 145 | 7756 |  | 1255 | 1416 | 125634 | 3.1 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 104943 | 275 | 3934 |  | 1840 | 4150 | 107274 | 2.6 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 105699 | 520 | 3813 |  | 2147 | (100) | 104453 | 2.6 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 102412 | 37 | 11518 |  | 1179 | 14191 | 106301 | 2.6 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 228069 | 130 | 27540 |  | 17698 | 11093 | 229450 | 5.6 |
| JNL/Causeway International Value Select Fund - Class I | 292004 |  | 79776 |  | 19155 | 63566 | 294949 | 7.3 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 268068 | 104 | 28067 |  | 14901 | 10228 | 265234 | 6.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 131182 | 458 | 18306 |  | 565 | 7090 | 120989 | 3.0 |
| JNL/DoubleLine Total Return Fund - Class I | 197173 | 677 | 44155 |  | 877 | 10462 | 165034 | 4.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/GQG Emerging Markets Equity Fund - Class I | 83266 |  | 8990 |  | 2588 | 2459 | 79323 | 2.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 165050 |  | 19072 |  | 6659 | 11689 | 164326 | 4.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 60599 | 42 | 5826 |  | 3234 | 3667 | 61716 | 1.5 |
| JNL/JPMorgan U.S. Value Fund - Class I | 141162 | 4 | 11889 |  | 6062 | 7026 | 142365 | 3.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 124210 | 128 | 20650 |  | 4007 | 11426 | 119121 | 2.9 |
| JNL/MFS Mid Cap Value Fund - Class I | 40549 | 29 | 2239 |  | (21) | 2040 | 40358 | 1.0 |
| JNL/Newton Equity Income Fund - Class I | 81117 |  | 9639 |  | 2816 | 7676 | 81970 | 2.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 56691 | 167 | 7535 |  | 475 | 3481 | 53279 | 1.3 |
| JNL/PPM America High Yield Bond Fund - Class I | 42055 | 70 | 5103 |  | 1178 | 1627 | 39827 | 1.0 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 56560 | 176 | 15479 |  | 1099 | 2158 | 44514 | 1.1 |
| JNL/PPM America Total Return Fund - Class I | 167997 | 535 | 25327 |  | 1313 | 8464 | 152982 | 3.8 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 72783 |  | 8870 |  | 333 | 8433 | 72679 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 289283 | 140 | 31559 |  | 18490 | 20997 | 297351 | 7.3 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 22481 | 16 | 1360 |  | 625 | (23) | 21739 | 0.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 21084 | 35 | 2549 |  | 216 | 1067 | 19853 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 354415 | 290 | 35360 |  | 16380 | 18867 | 354592 | 8.7 |
| JNL/WCM Focused International Equity Fund - Class I | 192057 |  | 48195 |  | 910 | 47790 | 192562 | 4.7 |
| JNL/William Blair International Leaders Fund - Class I | 184991 |  | 34964 |  | (4989) | 38065 | 183103 | 4.5 |
| JNL/WMC Value Fund - Class I | 122251 | 63 | 11088 |  | 4149 | 7308 | 122683 | 3.0 |
|  | **4122402** | **18285** | **553792** | **2682** | **123149** | **361189** | **4071233** | 100.0 |
| **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25675 | 6261 |  | 1256 |  | 866 | 32802 | 2.0 |
| Jackson Real Assets Fund - Class I | 5250 | 18485 |  | 151 |  | 821 | 24556 | 1.5 |
| JNL Multi-Manager Alternative Fund - Class I | 52087 |  | 1338 |  | 332 | 4238 | 55319 | 3.4 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 25635 | 31 | 5280 |  | (80) | 5095 | 25401 | 1.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 26822 | 212 | 2091 |  | 336 | 216 | 25495 | 1.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 22675 | 229 | 1194 |  | 526 | 765 | 23001 | 1.4 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 23032 | 209 | 1063 |  | 204 | 237 | 22619 | 1.4 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 42395 | 177 | 5830 |  | 597 | 5710 | 43049 | 2.6 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 29855 | 154 | 4077 |  | 1279 | 2470 | 29681 | 1.8 |
| JNL/Causeway International Value Select Fund - Class I | 60297 | 76 | 17255 |  | 3578 | 13459 | 60155 | 3.6 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 50983 | 185 | 6137 |  | 3385 | 1374 | 49790 | 3.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 124842 | 22 | 22969 |  | 187 | 6844 | 108926 | 6.6 |
| JNL/DoubleLine Total Return Fund - Class I | 150216 | 15 | 29414 |  | 1273 | 7401 | 129491 | 7.8 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 69285 | 97 | 5489 |  | 240 | 4188 | 68321 | 4.1 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 17075 | 19 | 2012 |  | 89 | 968 | 16139 | 1.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 38350 | 55 | 5080 |  | 1778 | 2482 | 37585 | 2.3 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 10800 | 86 | 1229 |  | 197 | 1031 | 10885 | 0.7 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 108308 | 11 | 12625 |  | 97 | 5780 | 101571 | 6.1 |
| JNL/JPMorgan U.S. Value Fund - Class I | 8401 | 35 | 920 |  | 7 | 767 | 8290 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 34257 | 119 | 6193 |  | 482 | 3818 | 32483 | 2.0 |
| JNL/MFS Mid Cap Value Fund - Class I | 8405 | 54 | 614 |  | (10) | 424 | 8259 | 0.5 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 38998 | 4 | 4947 |  | 875 | 2029 | 36959 | 2.2 |
| JNL/Newton Equity Income Fund - Class I | 21017 | 71 | 3043 |  | 114 | 2581 | 20740 | 1.3 |
| JNL/PIMCO Income Fund - Class I | 77308 | 7 | 16433 |  | 2486 | 3432 | 66800 | 4.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 77204 | 9 | 9980 |  | (204) | 5604 | 72633 | 4.4 |
| JNL/PIMCO Real Return Fund - Class I | 52004 | 5 | 6703 |  | 1272 | 2563 | 49141 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 56326 | 10 | 6876 |  | 1636 | 2111 | 53207 | 3.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 38946 | 5 | 4937 |  | 352 | 2088 | 36454 | 2.2 |
| JNL/PPM America Total Return Fund - Class I | 132400 | 12 | 22527 |  | 2501 | 5065 | 117451 | 7.1 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 30033 | 25 | 4006 |  | 159 | 3444 | 29655 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 55299 | 255 | 6857 |  | 4111 | 3377 | 56185 | 3.4 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 4167 | 20 | 326 |  | 14 | 97 | 3972 | 0.2 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 34721 | 5 | 4229 |  | 682 | 1426 | 32605 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 79465 | 390 | 9550 |  | 4510 | 3405 | 78220 | 4.7 |
| JNL/WCM Focused International Equity Fund - Class I | 20834 | 90 | 5818 |  | (1914) | 7226 | 20418 | 1.2 |
| JNL/William Blair International Leaders Fund - Class I | 46679 | 136 | 9920 |  | 351 | 8021 | 45267 | 2.7 |
| JNL/WMC Value Fund - Class I | 21120 | 63 | 2396 |  | 1039 | 930 | 20756 | 1.3 |
|  | **1721166** | **27639** | **249358** | **1407** | **32481** | **122353** | **1654281** | 100.0 |
| **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 56543 | 12756 |  | 2745 |  | 1862 | 71161 | 1.9 |
| Jackson Real Assets Fund - Class I | 11694 | 41255 |  | 323 |  | 1804 | 54753 | 1.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Alternative Fund - Class I | 116006 |  | 2538 |  | 629 | 9579 | 123676 | 3.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 76342 |  | 15269 |  | (2502) | 17384 | 75955 | 2.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 93565 | 16 | 6173 |  | 983 | 911 | 89302 | 2.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 73860 | 41 | 3199 |  | 1489 | 2691 | 74882 | 2.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 73999 | 53 | 2675 |  | 1167 | 242 | 72786 | 2.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 94384 |  | 11944 |  | 1218 | 12837 | 96495 | 2.6 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 95339 |  | 12238 |  | 3846 | 8098 | 95045 | 2.6 |
| JNL/Causeway International Value Select Fund - Class I | 191779 | 7 | 54068 |  | 11712 | 42574 | 192004 | 5.2 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 199360 |  | 22778 |  | 11557 | 7007 | 195146 | 5.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 190715 | 38 | 40515 |  | 1013 | 9629 | 160880 | 4.3 |
| JNL/DoubleLine Total Return Fund - Class I | 248479 | 60 | 55926 |  | 129 | 13939 | 206681 | 5.6 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 96174 | 18 | 5609 |  | 505 | 5707 | 96795 | 2.6 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 57490 |  | 7073 |  | 2291 | 1180 | 53888 | 1.5 |
| JNL/Invesco Diversified Dividend Fund - Class I | 113646 | 1 | 13907 |  | 4886 | 7750 | 112376 | 3.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36954 | 7 | 3617 |  | 2129 | 2065 | 37538 | 1.0 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 192411 | 26 | 31686 |  | 627 | 9570 | 170948 | 4.6 |
| JNL/JPMorgan U.S. Value Fund - Class I | 111075 | 32 | 10056 |  | 4737 | 5528 | 111316 | 3.0 |
| JNL/Lazard International Quality Growth Fund - Class I | 95358 | 6 | 16567 |  | 2083 | 9798 | 90678 | 2.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 27915 | 6 | 1641 |  | (24) | 1402 | 27658 | 0.7 |
| JNL/Newton Equity Income Fund - Class I | 46755 | 7 | 6288 |  | 1837 | 4166 | 46477 | 1.3 |
| JNL/PIMCO Income Fund - Class I | 94413 | 2 | 14689 |  | 2249 | 5248 | 87223 | 2.4 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 113306 | 8 | 15742 |  | 494 | 7331 | 105397 | 2.8 |
| JNL/PPM America High Yield Bond Fund - Class I | 67422 | 23 | 9768 |  | 2202 | 2141 | 62020 | 1.7 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 101880 | 6 | 22747 |  | 1311 | 4388 | 84838 | 2.3 |
| JNL/PPM America Total Return Fund - Class I | 200867 | 14 | 28057 |  | 2173 | 9416 | 184413 | 5.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 57280 |  | 7262 |  | 300 | 6606 | 56924 | 1.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 228165 |  | 26888 |  | 16149 | 14745 | 232171 | 6.3 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 18932 | 2 | 1283 |  | 179 | 323 | 18153 | 0.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 57909 | 17 | 8199 |  | 1643 | 1752 | 53122 | 1.4 |
| JNL/T. Rowe Price Value Fund - Class I | 232467 | 60 | 25117 |  | 11672 | 11432 | 230514 | 6.2 |
| JNL/WCM Focused International Equity Fund - Class I | 139148 | 32 | 36646 |  | (257) | 35621 | 137898 | 3.7 |
| JNL/William Blair International Leaders Fund - Class I | 122834 | 14 | 24785 |  | (2212) | 24164 | 120015 | 3.2 |
| JNL/WMC Value Fund - Class I | 74772 | 18 | 7474 |  | 2730 | 4257 | 74303 | 2.0 |
|  | **3809238** | **54525** | **552424** | **3068** | **88945** | **303147** | **3703431** | 100.0 |
| **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 | 15819 | 133 |  | 133 |  | 1033 | 16985 | 0.4 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 78522 | 2918 | 6834 | 851 | (788) | 5311 | 79129 | 1.8 |
|  | **94341** | **3051** | **6834** | **984** | **(788)** | **6344** | **96114** | 2.2 |
| **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 73631 | 22717 | 5647 | 1075 | (554) | 6655 | 96802 | 3.9 |
|  | **73631** | **22717** | **5647** | **1075** | **(554)** | **6655** | **96802** | 3.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 10 | 31397 | 31407 | 8 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 21112 | 498416 | 493430 | 401 |  |  | 26098 | 6.5 |
|  | 21122 | 529813 | 524837 | 409 |  |  | 26098 | 6.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 127 | 36121 | 36159 | 11 |  |  | 89 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1626 | 245747 | 246031 | 189 |  |  | 1342 | 0.6 |
|  | 1753 | 281868 | 282190 | 200 |  |  | 1431 | 0.7 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 166 | 37610 | 37686 | 12 |  |  | 90 |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 1001 | 382510 | 374410 | 434 |  |  | 9101 | 2.6 |
|  | 1167 | 420120 | 412096 | 446 |  |  | 9191 | 2.6 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I |  | 43865 | 43865 | 11 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 170988 | 1352012 | 1456223 | 1420 |  |  | 66777 | 3.1 |
|  | 170988 | 1395877 | 1500088 | 1431 |  |  | 66777 | 3.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 200 | 25976 | 26176 | 8 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 53185 | 459239 | 499510 | 746 |  |  | 12914 | 2.2 |
|  | 53385 | 485215 | 525686 | 754 |  |  | 12914 | 2.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 102 | 35245 | 35347 | 9 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 30103 | 642523 | 665215 | 1058 |  |  | 7411 | 0.7 |
|  | 30205 | 677768 | 700562 | 1067 |  |  | 7411 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Inter RAO UES | 10/07/21 | 331 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 04/21/17 | 522 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant | 06/19/17 | 658 |  |  |
| Public Joint Stock Company Phosagro | 06/30/21 | 2 |  |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Public Joint Stock Company Phosagro | 06/30/21 | 266 |  |  |
| Public Joint Stock Company Severstal | 06/25/21 | 463 |  |  |
|  |  | 2242 |  |  |

---

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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** |
| **U.S. Treasury Note 35.5%** | **U.S. Treasury Note 35.5%** | **U.S. Treasury Note 35.5%** |
| Treasury, United States Department of |  |  |
| 1.13%, 10/31/26 - 02/15/31 | 17300 | 15880 |
| 1.63%, 10/31/26 - 05/15/31 | 3712 | 3514 |
| 4.13%, 10/31/26 - 11/15/32 | 36005 | 36421 |
| 2.00%, 11/15/26 | 2260 | 2217 |
| 4.63%, 11/15/26 - 02/15/35 | 20935 | 21601 |
| 1.25%, 11/30/26 - 08/15/31 | 11290 | 10621 |
| 4.25%, 11/30/26 - 05/15/35 | 29800 | 30225 |
| 4.38%, 12/15/26 - 05/15/34 | 13905 | 14201 |
| 1.75%, 12/31/26 - 11/15/29 | 7395 | 6917 |
| 4.00%, 01/15/27 - 02/15/34 | 27925 | 28162 |
| 1.50%, 01/31/27 - 02/15/30 | 8180 | 7714 |
| 2.25%, 02/15/27 - 11/15/27 | 5375 | 5248 |
| 1.88%, 02/28/27 - 02/15/32 | 9320 | 8521 |
| 0.63%, 03/31/27 - 08/15/30 | 11435 | 10058 |
| 2.50%, 03/31/27 | 155 | 152 |
| 3.88%, 03/31/27 - 08/15/34 | 38160 | 38182 |
| 4.50%, 04/15/27 - 11/15/33 | 9320 | 9532 |
| 0.50%, 04/30/27 - 10/31/27 | 4385 | 4147 |
| 2.75%, 04/30/27 - 08/15/32 | 12145 | 11668 |
| 3.75%, 04/30/27 - 12/31/30 | 13170 | 13192 |
| 2.38%, 05/15/27 - 03/31/29 | 5470 | 5274 |
| 2.63%, 05/31/27 - 02/15/29 | 6460 | 6271 |
| 3.25%, 06/30/27 - 06/30/29 | 1745 | 1733 |
| 0.38%, 07/31/27 - 09/30/27 | 4635 | 4356 |
| 3.13%, 08/31/27 - 11/15/28 | 5625 | 5548 |
| 3.63%, 08/31/27 - 09/30/31 | 19105 | 19035 |
| 3.38%, 09/15/27 - 05/15/33 | 6560 | 6421 |
| 3.50%, 09/30/27 - 02/15/33 | 14000 | 13888 |
| 0.75%, 01/31/28 | 1640 | 1536 |
| 2.88%, 05/15/28 - 05/15/32 | 9872 | 9443 |
| 1.00%, 07/31/28 | 1835 | 1706 |
| 1.38%, 10/31/28 - 11/15/31 | 5590 | 5131 |
| 4.88%, 10/31/28 - 10/31/30 | 2825 | 2946 |
| 0.88%, 11/15/30 | 5005 | 4339 |
| 4.25%, 08/15/35 (a) | 3555 | 3584 |
|  |  | 369384 |
| **Mortgage-Backed Securities 25.1%** | **Mortgage-Backed Securities 25.1%** | **Mortgage-Backed Securities 25.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/25 - 05/01/52 | 4872 | 4573 |
| 5.00%, 03/01/26 - 02/01/55 | 4158 | 4153 |
| 4.00%, 05/01/26 - 04/01/53 | 4559 | 4380 |
| 3.00%, 01/01/27 - 04/01/52 | 6616 | 6026 |
| 2.50%, 08/01/27 - 05/01/52 | 14138 | 12183 |
| 6.50%, 07/01/28 - 12/01/53 | 866 | 899 |
| 5.50%, 11/01/28 - 06/01/55 | 6095 | 6171 |
| 2.00%, 01/01/29 - 03/01/52 | 22692 | 18863 |
| 6.00%, 02/01/29 - 01/01/55 | 2265 | 2324 |
| 4.50%, 08/01/30 - 07/01/53 | 2859 | 2812 |
| 1.50%, 02/01/36 - 03/01/52 | 5529 | 4545 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 10/01/25 - 06/01/52 | 9313 | 8733 |
| 4.00%, 11/01/25 - 09/01/52 | 6635 | 6403 |
| 4.50%, 05/01/26 - 07/01/53 | 2649 | 2625 |
| 3.00%, 11/01/26 - 03/01/52 | 15239 | 13821 |
| 2.50%, 03/01/27 - 05/01/52 | 27586 | 23641 |
| 2.00%, 09/01/28 - 06/01/52 | 32810 | 27224 |
| 5.00%, 09/01/29 - 11/01/53 | 3439 | 3447 |
| 6.00%, 11/01/31 - 05/01/55 | 4045 | 4166 |
| 5.50%, 01/01/32 - 04/01/55 | 5719 | 5804 |
| 6.50%, 07/01/32 - 12/01/38 | 88 | 93 |
| 1.50%, 09/01/35 - 09/01/51 | 6677 | 5588 |
| 7.00%, 12/01/35 - 02/01/38 | 8 | 10 |
| TBA, 3.50%, 10/15/40 - 11/15/40 (b) | 225 | 218 |
| TBA, 4.00%, 10/15/40 (b) | 275 | 270 |
| TBA, 4.50%, 10/15/40 - 10/15/55 (b) | 3050 | 2970 |
| TBA, 5.00%, 10/15/40 - 11/15/55 (b) | 3850 | 3830 |
| TBA, 5.50%, 10/15/40 - 11/15/55 (b) | 4325 | 4366 |
| TBA, 6.00%, 10/15/40 - 11/15/55 (b) | 9700 | 9911 |
| TBA, 6.50%, 10/15/55 - 11/15/55 (b) | 6050 | 6252 |
| TBA, 7.00%, 10/15/55 (b) | 1575 | 1647 |
| Government National Mortgage Association |  |  |
| 4.50%, 04/20/26 - 12/20/54 | 2406 | 2372 |
| 3.50%, 05/15/26 - 09/20/52 | 6621 | 6192 |
| 3.00%, 01/20/27 - 06/20/52 | 9268 | 8379 |
| 2.50%, 08/20/27 - 07/20/52 | 12112 | 10455 |
| 8.50%, 06/15/30 |  |  |
| 6.00%, 05/15/32 - 12/20/40 | 28 | 29 |
| 5.00%, 03/15/33 - 01/20/55 | 1505 | 1509 |
| 5.50%, 08/15/33 - 05/20/54 | 1851 | 1872 |
| 6.50%, 07/15/38 | 3 | 3 |
| 4.00%, 06/15/39 - 09/20/52 | 3263 | 3148 |
| 2.00%, 11/20/50 - 05/20/52 | 8720 | 7220 |
| TBA, 2.00%, 10/15/55 (b) | 1625 | 1344 |
| TBA, 4.00%, 10/15/55 (b) | 1025 | 964 |
| TBA, 4.50%, 10/15/55 (b) | 2450 | 2376 |
| TBA, 5.00%, 10/15/55 (b) | 4700 | 4675 |
| TBA, 5.50%, 10/15/55 - 11/15/55 (b) | 5650 | 5692 |
| TBA, 6.00%, 10/15/55 - 11/15/55 (b) | 4775 | 4856 |
| TBA, 6.50%, 10/15/55 (b) | 1750 | 1798 |
| TBA, 7.00%, 10/15/55 (b) | 400 | 411 |
|  |  | 261243 |
| **U.S. Treasury Bond 9.2%** | **U.S. Treasury Bond 9.2%** | **U.S. Treasury Bond 9.2%** |
| Treasury, United States Department of |  |  |
| 6.50%, 11/15/26 | 465 | 479 |
| 5.25%, 11/15/28 | 150 | 157 |
| 6.25%, 05/15/30 | 250 | 276 |
| 5.38%, 02/15/31 | 360 | 387 |
| 4.50%, 02/15/36 - 11/15/54 | 3765 | 3689 |
| 5.00%, 05/15/37 - 05/15/45 | 755 | 790 |
| 4.25%, 05/15/39 - 08/15/54 | 6000 | 5587 |
| 4.38%, 11/15/39 - 08/15/43 | 1680 | 1644 |
| 1.13%, 05/15/40 - 08/15/40 | 4580 | 2906 |
| 3.88%, 08/15/40 - 05/15/43 | 1370 | 1246 |
| 1.38%, 11/15/40 - 08/15/50 | 5196 | 3025 |
| 1.88%, 02/15/41 - 11/15/51 | 6210 | 3755 |
| 4.75%, 02/15/41 - 08/15/55 | 9685 | 9768 |
| 2.25%, 05/15/41 - 02/15/52 | 7380 | 4866 |
| 1.75%, 08/15/41 | 1075 | 729 |
| 3.75%, 08/15/41 - 11/15/43 | 1505 | 1347 |
| 3.13%, 11/15/41 - 05/15/48 | 7387 | 5898 |
| 2.38%, 02/15/42 - 05/15/51 | 7240 | 4915 |
| 3.00%, 05/15/42 - 08/15/52 | 6737 | 5109 |
| 3.25%, 05/15/42 | 2450 | 2058 |
| 2.75%, 08/15/42 - 11/15/47 | 2619 | 1964 |
| 3.38%, 08/15/42 - 05/15/44 | 4577 | 3842 |
| 4.00%, 11/15/42 - 11/15/52 | 1055 | 941 |
| 2.88%, 05/15/43 - 05/15/52 | 5357 | 4008 |
| 3.63%, 08/15/43 - 05/15/53 | 10436 | 8802 |
| 4.63%, 05/15/44 - 02/15/55 | 4885 | 4811 |
| 4.13%, 08/15/44 - 08/15/53 | 4620 | 4190 |
| 2.50%, 02/15/45 - 05/15/46 | 3585 | 2522 |
| 4.88%, 08/15/45 | 550 | 562 |
| 2.00%, 02/15/50 - 08/15/51 | 5304 | 3143 |
| 1.25%, 05/15/50 | 1497 | 734 |
| 1.63%, 11/15/50 | 2960 | 1587 |
|  |  | 95737 |
| **Sovereign 1.2%** | **Sovereign 1.2%** | **Sovereign 1.2%** |
| Aktiebolaget Svensk Exportkredit |  |  |
| 4.13%, 06/14/28 | 300 | 303 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.55%, 03/14/37 | 250 | 278 |
| 5.88%, 08/08/54 | 200 | 201 |
| Export Development Canada |  |  |
| 4.75%, 06/05/34 | 400 | 418 |
| Export-Import Bank of Korea, The |  |  |
| 4.63%, 01/11/27 | 500 | 504 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 4.38%, 10/27/27 | 190 | 191 |
| 4.13%, 11/20/45 | 200 | 176 |
| 5.10%, 06/18/50 | 100 | 95 |
| 4.98%, 04/20/55 | 100 | 91 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 400 | 396 |
| 5.00%, 05/07/29 - 04/27/51 | 500 | 451 |
| 8.30%, 08/15/31 | 300 | 361 |
| 4.75%, 04/27/32 - 03/08/44 | 856 | 757 |
| 5.63%, 09/22/35 | 200 | 199 |
| 4.60%, 01/23/46 | 250 | 201 |
| 6.40%, 05/07/54 | 200 | 196 |
| 5.75%, 10/12/10 | 100 | 86 |
| Gouvernement de la Province de Quebec |  |  |
| 3.63%, 04/13/28 | 300 | 299 |
| Government of the Province of British Columbia |  |  |
| 4.80%, 06/11/35 | 200 | 205 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 200 | 208 |
| 6.70%, 01/26/36 | 400 | 423 |
| 4.50%, 04/16/50 | 600 | 453 |
| Korea Development Bank |  |  |
| 4.63%, 02/15/27 | 250 | 252 |
| Ministry of Defence State of Israel |  |  |
| 2.75%, 07/03/30 | 400 | 368 |
| 3.38%, 01/15/50 | 200 | 132 |
| 4.50%, 04/03/20 | 300 | 217 |
| Ontario, Government of |  |  |
| 4.85%, 06/11/35 | 200 | 206 |
| Presidencia de la Republica de Chile |  |  |
| 3.24%, 02/06/28 | 400 | 393 |
| 3.25%, 09/21/71 | 600 | 374 |
| Republic of Indonesia, The Government of, The |  |  |
| 2.85%, 02/14/30 | 600 | 565 |
| 5.35%, 02/11/49 (a) | 200 | 198 |
| Sandor-Palota |  |  |
| 7.63%, 03/29/41 | 250 | 295 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 5.38%, 06/15/33 | 200 | 211 |
| The Philippines, Government of |  |  |
| 9.50%, 02/02/30 | 400 | 481 |
| 1.65%, 06/10/31 | 300 | 261 |
| 6.38%, 01/15/32 | 500 | 553 |
| 5.25%, 05/14/34 | 200 | 209 |
| 3.70%, 03/01/41 | 300 | 254 |
| 5.95%, 10/13/47 | 200 | 214 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 11/16/27 - 03/18/54 | 435 | 440 |
| 4.88%, 02/12/30 | 200 | 205 |
| 5.75%, 11/16/32 | 300 | 320 |
| 5.13%, 09/18/34 | 115 | 117 |
| | | 12757 |
| **Commercial Mortgage-Backed Securities 0.8%** | **Commercial Mortgage-Backed Securities 0.8%** | **Commercial Mortgage-Backed Securities 0.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K062, REMIC, 3.41%, 12/25/26 | 500 | 496 |
| Series A2-K082, REMIC, 3.92%, 09/25/28 (c) | 750 | 750 |
| Series A2-K087, REMIC, 3.77%, 12/25/28 | 500 | 497 |
| Series A2-K092, REMIC, 3.30%, 04/25/29 | 400 | 392 |
| Series A1-K099, REMIC, 2.26%, 06/25/29 | 261 | 251 |
| Series A1-K106, REMIC, 1.78%, 10/25/29 | 251 | 238 |
| Series A2-K103, REMIC, 2.65%, 11/25/29 | 300 | 284 |
| Series A2-K117, REMIC, 1.41%, 08/25/30 | 500 | 442 |
| Series A2-K126, REMIC, 2.07%, 01/25/31 | 400 | 362 |
| Series AM-K138, REMIC, 1.89%, 01/25/32 | 300 | 259 |
| Series K-A2-157, REMIC, 4.20%, 05/25/33 | 150 | 149 |
| Series K-A2-1516, REMIC, 1.72%, 05/25/35 | 750 | 583 |
| Series K-A2-1521, REMIC, 2.18%, 08/25/36 | 750 | 585 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M1, REMIC, 3.08%, 12/25/27 (c) | 312 | 305 |
| Series 2018-A2-M14, REMIC, 3.70%, 08/25/28 (c) | 455 | 446 |
| Series 2019-A2-M5, REMIC, 3.27%, 02/25/29 | 278 | 271 |
| Series 2019-A2-M12, REMIC, 2.89%, 06/25/29 | 479 | 459 |
| Series 2020-A2-M1, REMIC, 2.44%, 10/25/29 | 200 | 187 |
| Series 2020-A2-M8, REMIC, 1.82%, 02/25/30 | 279 | 253 |
| Series 2020-A2-M14, REMIC, 1.78%, 05/25/30 | 308 | 277 |
| Series 2022-A2-M1, REMIC, 1.72%, 10/25/31 (c) | 300 | 257 |
|  |  | 7743 |
| **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.13%, 02/12/27 (d) | 175 | 176 |
| 4.75%, 05/06/27 (d) | 175 | 178 |
| 1.10%, 08/10/29 (d) | 500 | 452 |
| 1.23%, 09/10/29 (d) | 500 | 453 |
| 1.65%, 07/23/35 (d) | 225 | 174 |
| 5.31%, 09/25/35 (d) | 400 | 400 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.75%, 04/09/27 (d) | 800 | 813 |
| Federal Home Loan Mortgage Corporation |  |  |
| 0.80%, 10/27/26 (d) | 200 | 194 |
| 6.75%, 09/15/29 - 03/15/31 (d) | 930 | 1037 |
| 6.25%, 07/15/32 (d) | 205 | 233 |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 12/18/26 (d) | 225 | 217 |
| 7.25%, 05/15/30 (d) | 540 | 620 |
| 6.63%, 11/15/30 (d) | 331 | 374 |
| FHLBanks Office of Finance |  |  |
| 3.25%, 11/16/28 (d) | 550 | 543 |
| 5.50%, 07/15/36 (d) | 400 | 437 |
| Tennessee Valley Authority |  |  |
| 5.25%, 09/15/39 (d) | 200 | 212 |
| 5.38%, 04/01/56 (d) | 300 | 305 |
|  |  | 6818 |
| **Municipal 0.6%** | **Municipal 0.6%** | **Municipal 0.6%** |
| Atlanta, City of |  |  |
| 2.26%, 11/01/35 | 400 | 335 |
| Bay Area Toll Authority |  |  |
| 6.26%, 04/01/49 | 200 | 211 |
| California, State of |  |  |
| 3.50%, 04/01/28 | 80 | 80 |
| 6.00%, 03/01/33 | 100 | 110 |
| 7.55%, 04/01/39 | 300 | 366 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 183 | 204 |
| Connecticut, State of |  |  |
| 5.85%, 03/15/32 | 125 | 134 |
| County of Cook |  |  |
| 6.23%, 11/15/34 | 100 | 106 |
| Dallas Convention Center Hotel Development Corporation |  |  |
| 7.09%, 01/01/42 | 200 | 225 |
| Dallas County Hospital District |  |  |
| 5.62%, 08/15/44 | 300 | 302 |
| Dallas Independent School District |  |  |
| 6.45%, 02/15/35 | 300 | 304 |
| Florida Department of Management Services |  |  |
| 1.71%, 07/01/27 | 300 | 289 |
| Illinois, State of |  |  |
| 7.35%, 07/01/35 | 286 | 312 |
| Maryland Economic Development Corporation |  |  |
| 5.43%, 05/31/56 | 200 | 194 |
| Massachusetts, Commonwealth of |  |  |
| 4.91%, 05/01/29 | 300 | 307 |
| Municipal Electric Authority of Georgia |  |  |
| 7.06%, 04/01/57 | 184 | 207 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 200 | 210 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 290 |
| New York City Municipal Water Finance Authority |  |  |
| 6.01%, 06/15/42 | 235 | 247 |
| New York, City of |  |  |
| 5.83%, 10/01/53 | 200 | 209 |
| Ohio State University, The |  |  |
| 4.91%, 06/01/40 | 200 | 199 |
| Pennsylvania Turnpike Commission |  |  |
| 5.51%, 12/01/45 | 300 | 299 |
| Port Authority of New York And New Jersey, The |  |  |
| 6.04%, 12/01/29 | 200 | 216 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rector & Visitors of The University of Virginia |  |  |
| 2.26%, 09/01/50 | 300 | 177 |
| San Diego County Water Authority |  |  |
| 6.14%, 05/01/49 | 260 | 272 |
| Texas A&M University |  |  |
| 3.66%, 07/01/47 | 100 | 82 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 200 | 208 |
| Transportation, Texas Department of |  |  |
| 5.18%, 04/01/30 | 400 | 408 |
| University of Pittsburgh-Of The Commonwealth System of Higher Education |  |  |
| 3.56%, 09/15/19 | 300 | 195 |
| | | 6698 |
| Total Government And Agency Obligations (cost $799,663) | Total Government And Agency Obligations (cost $799,663) | 760380 |
| **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** |
| **Financials 9.2%** | **Financials 9.2%** | **Financials 9.2%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 300 | 298 |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | 400 | 396 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 200 | 211 |
| 6.85%, 01/03/30 | 200 | 212 |
| American Express Company |  |  |
| 3.30%, 05/03/27 | 300 | 297 |
| 5.10%, 02/16/28 | 250 | 253 |
| 4.73%, 04/25/29 | 300 | 305 |
| 4.35%, 07/20/29 | 400 | 402 |
| 4.05%, 12/03/42 | 200 | 173 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 400 | 403 |
| 5.65%, 11/15/28 | 50 | 52 |
| 5.05%, 07/10/31 | 400 | 410 |
| American International Group, Inc. |  |  |
| 4.75%, 04/01/48 | 60 | 54 |
| 4.38%, 06/30/50 | 350 | 297 |
| Ameriprise Financial, Inc. |  |  |
| 5.15%, 05/15/33 | 100 | 104 |
| Aon Corporation |  |  |
| 3.75%, 05/02/29 | 300 | 296 |
| 2.80%, 05/15/30 | 350 | 329 |
| Apollo Global Management, Inc. |  |  |
| 5.15%, 08/12/35 | 300 | 301 |
| 6.00%, 12/15/54 | 250 | 249 |
| Arch Capital Group (U.S.) Inc. |  |  |
| 5.14%, 11/01/43 | 150 | 143 |
| Arthur J. Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 200 | 202 |
| 3.50%, 05/20/51 | 45 | 32 |
| Asian Development Bank |  |  |
| 4.13%, 01/12/27 | 200 | 201 |
| 1.50%, 01/20/27 | 750 | 729 |
| 2.38%, 08/10/27 | 300 | 293 |
| 4.38%, 01/14/28 | 300 | 305 |
| 2.75%, 01/19/28 | 400 | 392 |
| 6.38%, 10/01/28 | 210 | 223 |
| 1.88%, 01/24/30 | 200 | 185 |
| 4.00%, 01/12/33 | 300 | 299 |
| Asian Infrastructure Investment Bank |  |  |
| 4.25%, 03/13/34 | 300 | 303 |
| 4.50%, 05/21/35 | 200 | 205 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 300 | 315 |
| Athene Holding Ltd |  |  |
| 3.95%, 05/25/51 | 300 | 218 |
| Australia and New Zealand Banking Group Limited |  |  |
| 4.62%, 12/16/29 | 400 | 409 |
| Banco De Desarrollo Para America Latina |  |  |
| 4.13%, 01/07/28 | 400 | 401 |
| Banco Santander, S.A. |  |  |
| 3.80%, 02/23/28 | 400 | 396 |
| 5.54%, 03/14/30 | 200 | 207 |
| Bank of America Corporation |  |  |
| 3.59%, 07/21/28 | 350 | 347 |
| 6.20%, 11/10/28 | 400 | 417 |
| 4.98%, 01/24/29 | 90 | 92 |
| 3.97%, 03/05/29 | 150 | 149 |
| 4.27%, 07/23/29 | 170 | 170 |
| 3.19%, 07/23/30 | 300 | 289 |
| 2.88%, 10/22/30 (a) | 400 | 380 |
| 5.16%, 01/24/31 | 100 | 103 |
| 2.50%, 02/13/31 | 185 | 171 |
| 2.59%, 04/29/31 | 250 | 232 |
| 1.90%, 07/23/31 | 150 | 134 |
| 1.92%, 10/24/31 | 300 | 266 |
| 2.69%, 04/22/32 | 255 | 232 |
| 2.30%, 07/21/32 | 200 | 177 |
| 2.57%, 10/20/32 | 300 | 269 |
| 2.97%, 02/04/33 - 07/21/52 | 500 | 406 |
| 5.87%, 09/15/34 | 250 | 268 |
| 5.51%, 01/24/36 | 130 | 136 |
| 5.74%, 02/12/36 | 300 | 312 |
| 5.46%, 05/09/36 | 200 | 209 |
| 3.85%, 03/08/37 | 200 | 187 |
| 4.24%, 04/24/38 | 120 | 112 |
| 4.44%, 01/20/48 | 120 | 105 |
| 3.95%, 01/23/49 | 75 | 61 |
| 4.33%, 03/15/50 | 300 | 256 |
| 2.83%, 10/24/51 | 200 | 129 |
| 3.48%, 03/13/52 | 55 | 40 |
| Bank of Montreal |  |  |
| 4.70%, 09/14/27 | 100 | 101 |
| 4.06%, 09/22/28 | 200 | 200 |
| Banque Developpt Conseil Europe 9 |  |  |
| 3.63%, 05/08/28 | 200 | 200 |
| 4.50%, 01/15/30 | 200 | 206 |
| Barclays PLC |  |  |
| 4.84%, 05/09/28 | 300 | 302 |
| 4.48%, 11/11/29 | 200 | 200 |
| 2.89%, 11/24/32 (e) | 200 | 180 |
| 6.22%, 05/09/34 | 300 | 323 |
| 5.25%, 08/17/45 | 250 | 241 |
| 5.86%, 08/11/46 | 300 | 308 |
| 6.04%, 03/12/55 (e) | 200 | 210 |
| Barings BDC, Inc. |  |  |
| 7.00%, 02/15/29 | 300 | 312 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.30%, 05/15/43 | 200 | 180 |
| 4.20%, 08/15/48 | 135 | 115 |
| 2.85%, 10/15/50 | 200 | 131 |
| BlackRock Finance, Inc. |  |  |
| 2.40%, 04/30/30 | 200 | 186 |
| Blackstone Private Credit Fund |  |  |
| 5.60%, 11/22/29 | 200 | 203 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 300 | 307 |
| 5.35%, 04/13/28 | 300 | 304 |
| Blue Owl Credit Income Corp. |  |  |
| 7.95%, 06/13/28 | 200 | 214 |
| 6.60%, 09/15/29 | 300 | 313 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 200 | 215 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 150 | 149 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 300 | 303 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 400 | 432 |
| 5.20%, 09/11/36 | 200 | 198 |
| Carlyle Secured Lending, Inc. |  |  |
| 6.75%, 02/18/30 | 300 | 312 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 300 | 305 |
| 4.60%, 11/15/27 | 300 | 304 |
| Charles Schwab Corporation, The |  |  |
| 1.65%, 03/11/31 | 300 | 261 |
| 6.14%, 08/24/34 | 200 | 218 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chubb Ina Holdings LLC |  |  |
| 1.38%, 09/15/30 | 400 | 351 |
| 4.35%, 11/03/45 | 150 | 132 |
| Cincinnati Financial Corporation |  |  |
| 6.13%, 11/01/34 | 100 | 108 |
| Citigroup Inc. |  |  |
| 3.20%, 10/21/26 | 780 | 773 |
| 4.88%, 11/19/27 | 300 | 302 |
| 3.89%, 01/10/28 | 160 | 159 |
| 4.64%, 05/07/28 | 200 | 201 |
| 3.67%, 07/24/28 | 450 | 446 |
| 4.13%, 07/25/28 | 250 | 250 |
| 4.08%, 04/23/29 | 115 | 115 |
| 6.63%, 06/15/32 | 300 | 333 |
| 3.06%, 01/25/33 | 300 | 273 |
| 3.79%, 03/17/33 | 200 | 190 |
| 6.27%, 11/17/33 | 300 | 327 |
| 5.59%, 11/19/34 | 300 | 307 |
| 5.83%, 02/13/35 | 95 | 98 |
| 5.33%, 03/27/36 | 300 | 307 |
| 5.88%, 01/30/42 | 489 | 519 |
| 4.75%, 05/18/46 | 200 | 177 |
| 4.28%, 04/24/48 | 60 | 51 |
| 4.65%, 07/23/48 | 140 | 125 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/32 | 300 | 256 |
| Commonwealth Bank of Australia |  |  |
| 4.42%, 03/14/28 | 250 | 253 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 200 | 198 |
| 3.90%, 04/05/32 | 200 | 191 |
| 4.40%, 04/05/52 | 200 | 166 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.55%, 01/07/28 | 300 | 293 |
| 3.55%, 09/18/31 | 300 | 284 |
| 3.73%, 01/14/32 (e) | 400 | 375 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 300 | 311 |
| Discover Bank |  |  |
| 2.70%, 02/06/30 | 250 | 234 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 29 | 29 |
| 5.59%, 01/11/33 | 300 | 316 |
| 5.00%, 04/20/48 | 68 | 63 |
| European Bank for Reconstruction and Development |  |  |
| 4.25%, 03/13/34 | 300 | 303 |
| European Investment Bank |  |  |
| 1.38%, 03/15/27 | 800 | 774 |
| 4.38%, 03/19/27 - 10/10/31 | 700 | 713 |
| 3.88%, 03/15/28 | 210 | 211 |
| 4.13%, 02/13/34 | 500 | 503 |
| Fairfax Financial Holdings Limited |  |  |
| 6.35%, 03/22/54 | 200 | 212 |
| Fifth Third Bancorp |  |  |
| 8.25%, 03/01/38 | 300 | 371 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 200 | 203 |
| Fiserv, Inc. |  |  |
| 3.50%, 07/01/29 | 190 | 185 |
| 4.75%, 03/15/30 | 150 | 152 |
| 4.55%, 02/15/31 | 200 | 201 |
| 4.40%, 07/01/49 | 100 | 82 |
| Ford Motor Credit Company LLC |  |  |
| 5.85%, 05/17/27 | 300 | 304 |
| 7.35%, 11/04/27 | 300 | 313 |
| 4.00%, 11/13/30 | 300 | 280 |
| FS KKR Capital Corp. |  |  |
| 6.13%, 01/15/30 | 200 | 199 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 05/08/27 | 250 | 254 |
| 2.40%, 04/10/28 | 300 | 286 |
| 5.80%, 01/07/29 | 300 | 312 |
| 2.35%, 01/08/31 | 400 | 354 |
| 2.70%, 06/10/31 | 400 | 358 |
| 5.45%, 09/06/34 | 300 | 302 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 110 | 110 |
| 1.95%, 10/21/27 | 170 | 166 |
| 2.64%, 02/24/28 | 300 | 294 |
| 4.94%, 04/23/28 | 300 | 304 |
| 3.81%, 04/23/29 | 150 | 149 |
| 5.21%, 01/28/31 | 100 | 103 |
| 2.62%, 04/22/32 | 205 | 186 |
| 2.38%, 07/21/32 | 200 | 178 |
| 2.65%, 10/21/32 (a) | 160 | 144 |
| 3.10%, 02/24/33 | 300 | 275 |
| 5.02%, 10/23/35 | 300 | 302 |
| 5.54%, 01/28/36 | 110 | 115 |
| 6.75%, 10/01/37 | 350 | 392 |
| 4.41%, 04/23/39 | 90 | 83 |
| 3.21%, 04/22/42 | 125 | 97 |
| 4.75%, 10/21/45 | 230 | 210 |
| 5.56%, 11/19/45 | 300 | 304 |
| 5.73%, 01/28/56 | 110 | 114 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (f) | 400 | 402 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 200 | 205 |
| Hartford Insurance Group, Inc., The |  |  |
| 6.10%, 10/01/41 | 75 | 80 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 300 | 306 |
| 5.21%, 08/11/28 | 300 | 305 |
| 2.21%, 08/17/29 (e) | 400 | 377 |
| 3.97%, 05/22/30 | 300 | 295 |
| 5.40%, 08/11/33 | 500 | 519 |
| 6.25%, 03/09/34 | 200 | 218 |
| 6.55%, 06/20/34 (e) | 200 | 216 |
| 7.40%, 11/13/34 | 250 | 285 |
| Huntington Bancshares Incorporated |  |  |
| 6.21%, 08/21/29 | 300 | 316 |
| Huntington National Bank, The |  |  |
| 4.87%, 04/12/28 | 300 | 303 |
| ING Groep N.V. |  |  |
| 4.25%, 03/28/33 | 200 | 196 |
| 5.53%, 03/25/36 (e) | 300 | 310 |
| Inter-American Development Bank |  |  |
| 1.50%, 01/13/27 | 750 | 729 |
| 4.00%, 01/12/28 | 300 | 302 |
| 4.50%, 02/15/30 | 200 | 206 |
| 3.75%, 06/14/30 | 200 | 200 |
| 1.13%, 01/13/31 | 300 | 262 |
| 3.50%, 04/12/33 | 95 | 90 |
| 4.38%, 07/16/35 - 01/24/44 | 600 | 602 |
| Inter-American Investment Corporation |  |  |
| 4.25%, 02/14/29 | 400 | 406 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 400 | 363 |
| 4.60%, 03/15/33 | 250 | 252 |
| 4.25%, 09/21/48 | 75 | 63 |
| 3.00%, 09/15/60 | 85 | 53 |
| International Bank for Reconstruction and Development |  |  |
| 3.13%, 06/15/27 | 400 | 396 |
| 2.50%, 11/22/27 - 03/29/32 | 1300 | 1252 |
| 1.38%, 04/20/28 | 300 | 283 |
| 4.50%, 06/26/28 - 04/10/31 | 500 | 511 |
| 3.50%, 07/12/28 | 205 | 204 |
| 3.88%, 02/14/30 | 210 | 211 |
| 4.00%, 01/10/31 | 500 | 504 |
| 1.25%, 02/10/31 | 195 | 171 |
| 4.63%, 01/15/32 | 220 | 229 |
| 4.75%, 11/14/33 | 200 | 209 |
| Japan Bank For International Cooperation |  |  |
| 2.25%, 11/04/26 | 400 | 393 |
| 2.00%, 10/17/29 | 400 | 371 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 | 150 | 148 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| John Deere Capital Corporation |  |  |
| 2.35%, 03/08/27 | 300 | 294 |
| 3.45%, 03/07/29 | 115 | 113 |
| 1.45%, 01/15/31 | 200 | 175 |
| 4.40%, 09/08/31 | 300 | 302 |
| JPMorgan Chase & Co. |  |  |
| 8.00%, 04/29/27 | 200 | 212 |
| 3.54%, 05/01/28 | 300 | 297 |
| 2.18%, 06/01/28 | 500 | 484 |
| 4.85%, 07/25/28 | 150 | 152 |
| 3.51%, 01/23/29 | 200 | 197 |
| 4.92%, 01/24/29 | 100 | 102 |
| 4.01%, 04/23/29 | 150 | 150 |
| 4.20%, 07/23/29 | 640 | 641 |
| 2.74%, 10/15/30 | 220 | 208 |
| 5.14%, 01/24/31 | 90 | 93 |
| 2.52%, 04/22/31 | 405 | 376 |
| 2.96%, 05/13/31 | 350 | 328 |
| 1.76%, 11/19/31 | 85 | 75 |
| 2.58%, 04/22/32 | 200 | 182 |
| 2.96%, 01/25/33 | 300 | 275 |
| 4.91%, 07/25/33 | 200 | 204 |
| 5.72%, 09/14/33 | 100 | 106 |
| 5.35%, 06/01/34 | 500 | 520 |
| 5.34%, 01/23/35 | 250 | 260 |
| 5.77%, 04/22/35 | 115 | 123 |
| 5.29%, 07/22/35 | 200 | 206 |
| 5.50%, 01/24/36 | 100 | 105 |
| 4.85%, 02/01/44 | 300 | 287 |
| 3.96%, 11/15/48 | 200 | 164 |
| 3.90%, 01/23/49 | 105 | 85 |
| 3.11%, 04/22/51 | 370 | 256 |
| 3.33%, 04/22/52 | 195 | 140 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | 250 | 243 |
| KfW |  |  |
| 4.38%, 03/01/27 | 300 | 303 |
| 3.75%, 02/15/28 | 300 | 301 |
| 4.13%, 07/15/33 | 700 | 704 |
| 0.00%, 06/29/37 (g) | 374 | 227 |
| Landwirtschaftliche Rentenbank |  |  |
| 2.50%, 11/15/27 | 400 | 390 |
| 3.88%, 06/14/28 | 200 | 201 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | 300 | 299 |
| Lloyds Banking Group PLC |  |  |
| 3.75%, 03/18/28 (e) | 300 | 298 |
| 4.82%, 06/13/29 | 300 | 304 |
| 4.34%, 01/09/48 | 250 | 205 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 300 | 303 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 300 | 304 |
| Markel Group Inc. |  |  |
| 4.15%, 09/17/50 | 300 | 236 |
| 6.00%, 05/16/54 | 200 | 205 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.15%, 03/15/34 | 250 | 259 |
| 4.90%, 03/15/49 | 65 | 60 |
| 5.45%, 03/15/53 | 100 | 99 |
| MasterCard Incorporated |  |  |
| 4.85%, 03/09/33 | 100 | 103 |
| 3.85%, 03/26/50 | 300 | 241 |
| MetLife, Inc. |  |  |
| 5.70%, 06/15/35 | 100 | 107 |
| 6.40%, 12/15/36 | 100 | 105 |
| 5.25%, 01/15/54 | 300 | 292 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.02%, 07/20/28 | 300 | 305 |
| 5.35%, 09/13/28 | 300 | 307 |
| 4.32%, 04/19/33 | 300 | 295 |
| 5.41%, 04/19/34 (a) | 200 | 210 |
| 5.19%, 09/12/36 | 200 | 203 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02%, 03/05/28 (e) | 500 | 500 |
| 2.20%, 07/10/31 (e) | 200 | 180 |
| 5.42%, 05/13/36 | 200 | 207 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 (a) | 400 | 352 |
| Morgan Stanley |  |  |
| 3.63%, 01/20/27 | 600 | 598 |
| 5.12%, 02/01/29 | 300 | 306 |
| 2.70%, 01/22/31 | 435 | 406 |
| 2.24%, 07/21/32 | 200 | 177 |
| 2.51%, 10/20/32 | 130 | 116 |
| 2.94%, 01/21/33 | 600 | 546 |
| 4.89%, 07/20/33 | 500 | 508 |
| 6.34%, 10/18/33 | 130 | 143 |
| 5.47%, 01/18/35 | 250 | 260 |
| 5.66%, 04/17/36 | 300 | 317 |
| 5.94%, 02/07/39 | 250 | 262 |
| 3.22%, 04/22/42 | 110 | 86 |
| 4.38%, 01/22/47 | 200 | 175 |
| Morgan Stanley Bank, N.A. |  |  |
| 4.45%, 10/15/27 | 400 | 401 |
| Nasdaq, Inc. |  |  |
| 1.65%, 01/15/31 (h) | 300 | 262 |
| 2.50%, 12/21/40 (h) | 100 | 71 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 200 | 203 |
| 5.15%, 06/15/29 | 200 | 207 |
| NatWest Group PLC |  |  |
| 5.81%, 09/13/29 | 200 | 209 |
| Nomura Holdings, Inc. |  |  |
| 5.59%, 07/02/27 | 300 | 307 |
| 5.78%, 07/03/34 | 300 | 318 |
| ORIX Corporation |  |  |
| 3.70%, 07/18/27 | 200 | 198 |
| Owl Rock Capital Advisors LLC |  |  |
| 8.45%, 11/15/26 | 50 | 52 |
| PACCAR Financial Corp. |  |  |
| 4.60%, 01/10/28 | 250 | 254 |
| 4.00%, 08/08/28 | 200 | 200 |
| PayPal Holdings, Inc. |  |  |
| 2.85%, 10/01/29 | 100 | 95 |
| 3.25%, 06/01/50 | 200 | 141 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.70%, 02/16/34 | 250 | 251 |
| Principal Financial Group, Inc. |  |  |
| 5.38%, 03/15/33 | 200 | 208 |
| 5.50%, 03/15/53 | 100 | 99 |
| Progressive Corporation, The |  |  |
| 4.35%, 04/25/44 | 200 | 175 |
| 4.13%, 04/15/47 | 50 | 42 |
| Prudential Financial, Inc. |  |  |
| 3.91%, 12/07/47 | 313 | 251 |
| 3.70%, 03/13/51 | 300 | 228 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 | 300 | 299 |
| 4.51%, 10/18/27 (e) | 500 | 502 |
| 4.52%, 10/18/28 (e) | 400 | 403 |
| 3.88%, 05/04/32 (a) | 300 | 291 |
| 5.00%, 02/01/33 (e) | 150 | 155 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 | 200 | 196 |
| 4.75%, 08/01/28 | 100 | 102 |
| 2.90%, 03/01/32 | 200 | 183 |
| Santander Holdings USA, Inc. |  |  |
| 6.50%, 03/09/29 | 200 | 209 |
| 5.47%, 03/20/29 | 300 | 306 |
| Southstate Corporation |  |  |
| 7.00%, 06/13/35 | 200 | 208 |
| State Street Corporation |  |  |
| 4.53%, 02/20/29 | 200 | 202 |
| 4.68%, 10/22/32 | 500 | 506 |
| 5.16%, 05/18/34 | 300 | 311 |
| 3.03%, 11/01/34 | 230 | 216 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.45%, 01/11/27 | 150 | 149 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.52%, 01/13/28 | 300 | 309 |
| 3.54%, 01/17/28 | 200 | 198 |
| 3.04%, 07/16/29 | 300 | 287 |
| 5.56%, 07/09/34 | 300 | 317 |
| 5.80%, 07/08/46 | 400 | 408 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (i) | 400 | 409 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.45%, 04/23/29 | 200 | 196 |
| 4.81%, 10/21/32 | 400 | 406 |
| 5.94%, 08/18/34 | 400 | 429 |
| 5.68%, 01/22/35 | 250 | 264 |
| 5.37%, 07/21/36 | 300 | 308 |
| Toronto-Dominion Bank, The |  |  |
| 5.26%, 12/11/26 | 200 | 203 |
| 3.20%, 03/10/32 (e) | 200 | 185 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 200 | 200 |
| 2.15%, 02/13/30 | 500 | 461 |
| 1.65%, 01/10/31 | 100 | 88 |
| 4.70%, 01/12/33 | 100 | 101 |
| Travelers Companies, Inc., The |  |  |
| 6.38%, 03/15/33 | 200 | 225 |
| 4.00%, 05/30/47 | 100 | 82 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 400 | 433 |
| 5.71%, 01/24/35 | 250 | 262 |
| U.S. Bancorp |  |  |
| 4.65%, 02/01/29 | 500 | 505 |
| 1.38%, 07/22/30 (a) | 100 | 88 |
| 5.42%, 02/12/36 | 200 | 207 |
| U.S. Bank National Association |  |  |
| 4.51%, 10/22/27 (i) | 500 | 501 |
| UBS Group AG |  |  |
| 4.88%, 05/15/45 (e) | 350 | 329 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | 300 | 246 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31 | 300 | 259 |
| 2.70%, 04/15/40 | 200 | 153 |
| 3.65%, 09/15/47 | 45 | 36 |
| Wells Fargo & Company |  |  |
| 3.00%, 10/23/26 | 500 | 495 |
| 3.58%, 05/22/28 | 250 | 248 |
| 4.15%, 01/24/29 | 130 | 130 |
| 4.08%, 09/15/29 | 200 | 199 |
| 2.57%, 02/11/31 | 360 | 334 |
| 5.15%, 04/23/31 | 300 | 309 |
| 4.90%, 07/25/33 | 400 | 406 |
| 5.50%, 01/23/35 | 250 | 261 |
| 3.07%, 04/30/41 | 150 | 116 |
| 5.61%, 01/15/44 | 350 | 350 |
| 4.90%, 11/17/45 | 250 | 228 |
| 4.75%, 12/07/46 | 200 | 178 |
| 4.61%, 04/25/53 | 250 | 220 |
| Wells Fargo Bank, National Association |  |  |
| 5.25%, 12/11/26 | 250 | 254 |
| Westpac Banking Corporation |  |  |
| 5.54%, 11/17/28 | 200 | 209 |
| 4.11%, 07/24/34 (e) | 500 | 490 |
| 5.62%, 11/20/35 (e) | 300 | 309 |
| 3.02%, 11/18/36 | 85 | 76 |
| 4.42%, 07/24/39 (e) | 50 | 46 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | 300 | 228 |
| | | 96187 |
| **Health Care 2.7%** | **Health Care 2.7%** | **Health Care 2.7%** |
| Abbott Laboratories |  |  |
| 1.40%, 06/30/30 | 100 | 89 |
| 6.00%, 04/01/39 | 100 | 111 |
| 4.75%, 04/15/43 | 200 | 192 |
| AbbVie Inc. |  |  |
| 4.65%, 03/15/28 | 200 | 203 |
| 4.25%, 11/14/28 | 100 | 101 |
| 3.20%, 11/21/29 | 350 | 338 |
| 4.30%, 05/14/36 | 115 | 110 |
| 4.05%, 11/21/39 | 400 | 358 |
| 4.45%, 05/14/46 | 140 | 124 |
| 4.88%, 11/14/48 | 100 | 93 |
| Aetna Inc. |  |  |
| 6.63%, 06/15/36 | 150 | 165 |
| Amgen Inc. |  |  |
| 2.45%, 02/21/30 | 80 | 74 |
| 5.25%, 03/02/30 | 400 | 414 |
| 2.30%, 02/25/31 | 350 | 315 |
| 3.15%, 02/21/40 | 265 | 209 |
| 3.38%, 02/21/50 | 265 | 191 |
| 4.66%, 06/15/51 | 408 | 356 |
| 3.00%, 01/15/52 | 200 | 133 |
| AstraZeneca Finance LLC |  |  |
| 4.80%, 02/26/27 | 250 | 253 |
| 4.90%, 03/03/30 | 200 | 206 |
| 5.00%, 02/26/34 | 250 | 258 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | 80 | 70 |
| 6.45%, 09/15/37 | 250 | 285 |
| 4.38%, 11/16/45 - 08/17/48 | 130 | 116 |
| Baxalta Incorporated |  |  |
| 5.25%, 06/23/45 | 60 | 58 |
| Baxter International Inc. |  |  |
| 1.92%, 02/01/27 | 145 | 141 |
| 2.54%, 02/01/32 | 100 | 88 |
| Becton, Dickinson and Company |  |  |
| 3.70%, 06/06/27 | 300 | 298 |
| Biogen Inc. |  |  |
| 6.45%, 05/15/55 | 200 | 214 |
| Bristol-Myers Squibb Company |  |  |
| 4.90%, 02/22/27 | 250 | 253 |
| 3.90%, 02/20/28 | 200 | 200 |
| 3.40%, 07/26/29 | 75 | 73 |
| 1.45%, 11/13/30 | 90 | 79 |
| 2.95%, 03/15/32 | 85 | 78 |
| 4.13%, 06/15/39 | 100 | 91 |
| 3.55%, 03/15/42 | 60 | 49 |
| 4.35%, 11/15/47 | 70 | 60 |
| 4.55%, 02/20/48 | 70 | 61 |
| 4.25%, 10/26/49 | 190 | 157 |
| 2.55%, 11/13/50 | 85 | 51 |
| 5.55%, 02/22/54 | 135 | 135 |
| Cardinal Health, Inc. |  |  |
| 3.41%, 06/15/27 | 200 | 198 |
| 5.00%, 11/15/29 | 300 | 308 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 200 | 204 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 365 | 339 |
| 2.63%, 08/01/31 | 305 | 262 |
| Cigna Group, The |  |  |
| 4.38%, 10/15/28 | 210 | 211 |
| 4.88%, 09/15/32 | 500 | 505 |
| 4.80%, 08/15/38 | 320 | 306 |
| 3.88%, 10/15/47 | 60 | 46 |
| 4.90%, 12/15/48 | 160 | 144 |
| CommonSpirit Health |  |  |
| 5.32%, 12/01/34 | 200 | 203 |
| Cottage Health |  |  |
| 3.30%, 11/01/49 | 300 | 213 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 620 | 620 |
| 5.40%, 06/01/29 (a) | 300 | 310 |
| 3.25%, 08/15/29 | 300 | 287 |
| 1.75%, 08/21/30 | 95 | 83 |
| 6.00%, 06/01/44 | 300 | 304 |
| 5.13%, 07/20/45 | 200 | 182 |
| 5.05%, 03/25/48 | 470 | 418 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/30 | 350 | 319 |
| 4.38%, 12/01/47 | 80 | 67 |
| 3.60%, 03/15/51 | 70 | 50 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eli Lilly and Company |  |  |
| 4.50%, 02/09/27 | 250 | 252 |
| 4.55%, 02/12/28 | 200 | 203 |
| 3.38%, 03/15/29 | 250 | 246 |
| 4.90%, 02/12/32 | 200 | 207 |
| 4.70%, 02/09/34 | 250 | 253 |
| 2.50%, 09/15/60 | 300 | 170 |
| 5.60%, 02/12/65 | 200 | 205 |
| GE HealthCare Technologies Inc. |  |  |
| 5.65%, 11/15/27 | 130 | 134 |
| 4.80%, 08/14/29 | 150 | 153 |
| 5.91%, 11/22/32 | 100 | 108 |
| Gilead Sciences, Inc. |  |  |
| 2.95%, 03/01/27 | 300 | 296 |
| 1.65%, 10/01/30 | 400 | 355 |
| 2.60%, 10/01/40 | 100 | 74 |
| 4.15%, 03/01/47 | 150 | 126 |
| 5.60%, 11/15/64 | 150 | 152 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | 120 | 120 |
| HCA Inc. |  |  |
| 4.13%, 06/15/29 (a) | 100 | 99 |
| 5.45%, 09/15/34 | 200 | 205 |
| 5.13%, 06/15/39 | 50 | 48 |
| 5.50%, 06/15/47 | 300 | 286 |
| 5.25%, 06/15/49 | 100 | 92 |
| 5.90%, 06/01/53 | 200 | 197 |
| 6.20%, 03/01/55 | 200 | 207 |
| Hoag Memorial Hospital Presbyterian |  |  |
| 3.80%, 07/15/52 | 200 | 154 |
| Humana Inc. |  |  |
| 5.38%, 04/15/31 | 200 | 206 |
| 5.95%, 03/15/34 | 250 | 263 |
| 5.75%, 04/15/54 | 200 | 191 |
| Johnson & Johnson |  |  |
| 4.80%, 06/01/29 | 300 | 309 |
| 4.70%, 03/01/30 | 200 | 206 |
| 3.63%, 03/03/37 | 100 | 91 |
| 5.95%, 08/15/37 | 250 | 280 |
| 3.50%, 01/15/48 | 50 | 39 |
| 2.45%, 09/01/60 | 200 | 114 |
| McKesson Corporation |  |  |
| 5.10%, 07/15/33 | 200 | 207 |
| MedStar Health, Inc. |  |  |
| 3.63%, 08/15/49 | 200 | 147 |
| Medtronic Global Holdings S.C.A. |  |  |
| 4.50%, 03/30/33 | 100 | 100 |
| Medtronic, Inc. |  |  |
| 4.63%, 03/15/45 | 284 | 261 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | 150 | 123 |
| 4.20%, 07/01/55 | 250 | 204 |
| Merck & Co., Inc. |  |  |
| 3.85%, 09/15/27 | 500 | 501 |
| 2.15%, 12/10/31 | 120 | 106 |
| 3.90%, 03/07/39 | 50 | 45 |
| 2.35%, 06/24/40 | 55 | 40 |
| 4.00%, 03/07/49 | 80 | 65 |
| 2.45%, 06/24/50 | 70 | 42 |
| 5.00%, 05/17/53 | 200 | 188 |
| 5.70%, 09/15/55 | 500 | 516 |
| 5.15%, 05/17/63 | 100 | 94 |
| Mylan II B.V. |  |  |
| 5.25%, 06/15/46 | 85 | 71 |
| New York and Presbyterian Hospital, The |  |  |
| 4.06%, 08/01/56 | 150 | 119 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 300 | 237 |
| Novartis Capital Corporation |  |  |
| 2.00%, 02/14/27 | 400 | 391 |
| 2.20%, 08/14/30 | 95 | 87 |
| 4.40%, 05/06/44 | 200 | 181 |
| 2.75%, 08/14/50 | 65 | 43 |
| Pfizer Inc. |  |  |
| 6.60%, 12/01/28 (j) | 50 | 54 |
| 4.20%, 09/15/48 | 50 | 42 |
| 4.00%, 03/15/49 | 65 | 53 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 4.65%, 05/19/30 | 300 | 305 |
| 5.34%, 05/19/63 | 300 | 285 |
| Providence St. Joseph Health |  |  |
| 3.74%, 10/01/47 | 350 | 267 |
| Smith & Nephew PLC |  |  |
| 5.40%, 03/20/34 | 200 | 207 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 200 | 205 |
| 4.10%, 04/01/43 | 200 | 170 |
| Thermo Fisher Scientific Inc. |  |  |
| 5.30%, 02/01/44 | 200 | 200 |
| Trinity Health Group, Ltd. |  |  |
| 4.13%, 12/01/45 | 250 | 212 |
| UnitedHealth Group Incorporated |  |  |
| 5.25%, 02/15/28 | 200 | 205 |
| 3.88%, 12/15/28 (a) | 200 | 199 |
| 4.25%, 01/15/29 - 06/15/48 | 180 | 166 |
| 5.30%, 02/15/30 | 200 | 208 |
| 4.90%, 04/15/31 | 200 | 205 |
| 2.30%, 05/15/31 | 80 | 72 |
| 4.95%, 01/15/32 | 400 | 410 |
| 4.20%, 05/15/32 - 01/15/47 | 400 | 370 |
| 5.35%, 02/15/33 | 200 | 209 |
| 5.80%, 03/15/36 | 150 | 161 |
| 3.50%, 08/15/39 | 250 | 208 |
| 3.05%, 05/15/41 | 80 | 61 |
| 3.75%, 10/15/47 | 60 | 46 |
| 4.45%, 12/15/48 | 60 | 51 |
| 5.88%, 02/15/53 | 100 | 103 |
| 6.05%, 02/15/63 | 100 | 104 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 (a) | 90 | 81 |
| 3.85%, 06/22/40 | 80 | 61 |
| 4.00%, 06/22/50 | 110 | 75 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 (a) | 250 | 271 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 200 | 202 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 200 | 182 |
| 5.60%, 11/16/32 | 200 | 213 |
| | | 28101 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AEP Texas Inc. |  |  |
| 3.45%, 01/15/50 | 10 | 7 |
| AEP Transmission Company, LLC |  |  |
| 5.40%, 03/15/53 | 100 | 99 |
| Alabama Power Company |  |  |
| 6.00%, 03/01/39 | 250 | 271 |
| 3.70%, 12/01/47 | 200 | 155 |
| 3.13%, 07/15/51 | 200 | 136 |
| Ameren Corporation |  |  |
| 5.00%, 01/15/29 | 200 | 205 |
| American Water Capital Corp. |  |  |
| 5.15%, 03/01/34 | 250 | 258 |
| 3.75%, 09/01/47 | 100 | 78 |
| Appalachian Power Company |  |  |
| 5.65%, 04/01/34 | 200 | 209 |
| 3.70%, 05/01/50 | 200 | 146 |
| Arizona Public Service Company |  |  |
| 4.50%, 04/01/42 | 100 | 88 |
| Atmos Energy Corporation |  |  |
| 1.50%, 01/15/31 | 300 | 260 |
| 5.90%, 11/15/33 | 100 | 108 |
| 6.20%, 11/15/53 | 200 | 220 |
| Baltimore Gas and Electric Company |  |  |
| 2.25%, 06/15/31 | 300 | 269 |
| Berkshire Hathaway Energy Company |  |  |
| 3.25%, 04/15/28 | 200 | 196 |
| 6.13%, 04/01/36 | 400 | 435 |
| 3.80%, 07/15/48 | 100 | 77 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.45%, 10/01/32 | 100 | 99 |
| CenterPoint Energy, Inc. |  |  |
| 2.95%, 03/01/30 | 200 | 189 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 300 | 293 |
| Commonwealth Edison Company |  |  |
| 5.65%, 06/01/54 | 200 | 203 |
| 5.95%, 06/01/55 | 200 | 213 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.50%, 03/15/34 | 100 | 105 |
| 5.38%, 05/15/34 | 300 | 313 |
| 5.13%, 03/15/35 | 150 | 154 |
| 5.70%, 06/15/40 | 100 | 104 |
| 3.88%, 06/15/47 | 300 | 237 |
| Constellation Energy Generation, LLC |  |  |
| 5.75%, 03/15/54 | 200 | 203 |
| Consumers Energy Company |  |  |
| 4.63%, 05/15/33 | 300 | 300 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28 | 300 | 303 |
| 3.38%, 04/01/30 | 250 | 240 |
| 5.00%, 06/15/30 | 200 | 205 |
| 6.88%, 02/01/55 | 300 | 314 |
| 6.20%, 02/15/56 | 200 | 202 |
| DTE Electric Company |  |  |
| 2.63%, 03/01/31 | 250 | 230 |
| 5.85%, 05/15/55 | 200 | 210 |
| Duke Energy Corporation |  |  |
| 2.45%, 02/01/30 - 06/01/30 | 550 | 509 |
| 5.30%, 02/15/40 | 300 | 304 |
| 3.20%, 08/15/49 | 250 | 175 |
| Duke Energy Florida, LLC |  |  |
| 3.40%, 10/01/46 | 60 | 44 |
| Duke Energy Indiana, LLC |  |  |
| 6.12%, 10/15/35 | 250 | 273 |
| 5.90%, 05/15/55 | 200 | 209 |
| Duke Energy Progress NC Storm Funding LLC |  |  |
| 2.39%, 07/01/37 | 100 | 86 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 200 | 203 |
| 4.20%, 08/15/45 | 250 | 212 |
| 5.35%, 03/15/53 | 100 | 97 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 200 | 212 |
| Entergy Utility Assets, LLC |  |  |
| 5.35%, 03/15/34 | 200 | 207 |
| 5.15%, 09/15/34 | 150 | 153 |
| Entergy Utility Enterprises, Inc. |  |  |
| 5.00%, 09/01/33 | 400 | 408 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 200 | 202 |
| Eversource Energy |  |  |
| 3.30%, 01/15/28 | 200 | 196 |
| Exelon Corporation |  |  |
| 4.95%, 06/15/35 | 250 | 247 |
| 5.88%, 03/15/55 | 200 | 204 |
| Florida Power & Light Company |  |  |
| 5.05%, 04/01/28 | 100 | 103 |
| 3.70%, 12/01/47 | 40 | 31 |
| 4.13%, 06/01/48 | 300 | 249 |
| 5.70%, 03/15/55 | 200 | 207 |
| Iberdrola International B.V. |  |  |
| 6.75%, 07/15/36 | 150 | 170 |
| Idaho Power Company |  |  |
| 5.70%, 03/15/55 | 200 | 203 |
| Jersey Central Power & Light Company |  |  |
| 4.15%, 01/15/29 (f) | 200 | 200 |
| Kentucky Utilities Company |  |  |
| 5.13%, 11/01/40 | 150 | 147 |
| MidAmerican Energy Company |  |  |
| 6.75%, 12/30/31 | 50 | 56 |
| 3.15%, 04/15/50 | 125 | 86 |
| National Fuel Gas Company |  |  |
| 3.95%, 09/15/27 (h) | 301 | 299 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 02/28/28 | 200 | 204 |
| 5.00%, 02/28/30 | 200 | 206 |
| 2.25%, 06/01/30 | 400 | 365 |
| 5.05%, 02/28/33 | 200 | 204 |
| 5.25%, 02/28/53 | 200 | 189 |
| NiSource Finance Corp. |  |  |
| 3.49%, 05/15/27 | 200 | 198 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 100 | 103 |
| 1.70%, 02/15/31 | 500 | 434 |
| Northern States Power Company |  |  |
| 4.13%, 05/15/44 | 250 | 215 |
| 5.10%, 05/15/53 | 200 | 190 |
| NorthWestern Corporation |  |  |
| 4.18%, 11/15/44 | 150 | 126 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 200 | 197 |
| 4.95%, 09/15/52 | 100 | 92 |
| Ohio Power Company |  |  |
| 2.60%, 04/01/30 | 200 | 186 |
| Oncor Electric Delivery Company LLC |  |  |
| 5.75%, 03/15/29 | 150 | 157 |
| 5.25%, 09/30/40 | 200 | 200 |
| 3.80%, 09/30/47 | 200 | 156 |
| One Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 200 | 206 |
| PacifiCorp |  |  |
| 6.25%, 10/15/37 | 200 | 214 |
| 5.50%, 05/15/54 | 200 | 189 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 250 | 161 |
| PG&E Corporation |  |  |
| 4.55%, 07/01/30 | 235 | 234 |
| 6.95%, 03/15/34 | 200 | 222 |
| 6.00%, 08/15/35 | 200 | 209 |
| 4.50%, 07/01/40 | 240 | 209 |
| 4.95%, 07/01/50 | 275 | 237 |
| 3.50%, 08/01/50 | 105 | 72 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.26%, 06/01/36 | 200 | 193 |
| 5.21%, 12/01/47 | 100 | 97 |
| 5.10%, 06/01/52 | 225 | 211 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 250 | 247 |
| PPL Electric Utilities Corporation |  |  |
| 3.00%, 10/01/49 | 250 | 168 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 300 | 346 |
| Public Service Company of Colorado |  |  |
| 5.85%, 05/15/55 | 200 | 206 |
| Public Service Electric And Gas Company |  |  |
| 3.00%, 05/15/27 | 200 | 197 |
| 2.05%, 08/01/50 | 300 | 163 |
| 5.30%, 08/01/54 | 200 | 196 |
| Public Service Enterprise Group Incorporated |  |  |
| 1.60%, 08/15/30 | 200 | 175 |
| Puget Sound Energy, Inc. |  |  |
| 5.76%, 10/01/39 | 200 | 209 |
| 3.25%, 09/15/49 | 170 | 118 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 | 200 | 177 |
| 5.55%, 04/15/54 | 200 | 197 |
| Sempra |  |  |
| 5.50%, 08/01/33 | 200 | 208 |
| 4.00%, 02/01/48 | 50 | 39 |
| Southern California Edison Company |  |  |
| 5.95%, 11/01/32 - 02/01/38 | 400 | 418 |
| 6.00%, 01/15/34 | 75 | 78 |
| 5.63%, 02/01/36 | 195 | 197 |
| 4.05%, 03/15/42 | 200 | 160 |
| Southern Company Gas Capital Corporation |  |  |
| 4.40%, 05/30/47 | 200 | 168 |
| 3.15%, 09/30/51 | 200 | 131 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 250 | 249 |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 100 | 103 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 100 | 104 |
| 5.30%, 12/15/34 | 200 | 201 |
| The Cleveland Electric Illuminating Company |  |  |
| 5.95%, 12/15/36 | 250 | 266 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (e) | 250 | 244 |
| 4.40%, 07/01/46 | 200 | 170 |
| Union Electric Company |  |  |
| 3.65%, 04/15/45 | 350 | 274 |
| Virginia Electric and Power Company |  |  |
| 6.00%, 05/15/37 | 200 | 215 |
| 4.45%, 02/15/44 | 100 | 88 |
| 4.00%, 11/15/46 | 300 | 242 |
| Washington Gas Light Company |  |  |
| 3.80%, 09/15/46 | 200 | 154 |
| Wisconsin Electric Power Company |  |  |
| 4.75%, 09/30/32 | 100 | 102 |
| XCEL Energy Inc. |  |  |
| 2.60%, 12/01/29 | 300 | 280 |
| | | 25392 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | 400 | 401 |
| 4.50%, 10/04/34 | 400 | 395 |
| Adobe Inc. |  |  |
| 4.75%, 01/17/28 | 500 | 510 |
| 2.30%, 02/01/30 | 200 | 186 |
| Apple Inc. |  |  |
| 3.20%, 05/11/27 | 150 | 149 |
| 3.00%, 11/13/27 | 620 | 612 |
| 4.00%, 05/10/28 - 05/12/28 | 500 | 503 |
| 2.20%, 09/11/29 | 300 | 281 |
| 4.20%, 05/12/30 | 200 | 202 |
| 3.35%, 08/08/32 | 75 | 72 |
| 4.30%, 05/10/33 | 200 | 203 |
| 4.75%, 05/12/35 | 200 | 205 |
| 2.38%, 02/08/41 | 90 | 65 |
| 4.25%, 02/09/47 (a) | 60 | 53 |
| 3.75%, 09/12/47 | 60 | 48 |
| 2.95%, 09/11/49 | 300 | 205 |
| 2.65%, 05/11/50 | 250 | 160 |
| 4.85%, 05/10/53 (a) | 100 | 97 |
| 2.80%, 02/08/61 | 240 | 145 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 300 | 309 |
| Autodesk, Inc. |  |  |
| 5.30%, 06/15/35 | 200 | 206 |
| Broadcom Corporation |  |  |
| 3.50%, 01/15/28 | 300 | 297 |
| Broadcom Inc. |  |  |
| 4.75%, 04/15/29 | 200 | 204 |
| 5.00%, 04/15/30 | 250 | 258 |
| 4.15%, 11/15/30 | 100 | 100 |
| 5.15%, 11/15/31 | 300 | 311 |
| 4.90%, 07/15/32 | 400 | 409 |
| 3.47%, 04/15/34 (f) | 255 | 233 |
| 4.80%, 02/15/36 | 590 | 589 |
| 3.50%, 02/15/41 (f) | 300 | 247 |
| 3.75%, 02/15/51 (f) | 300 | 234 |
| Cisco Systems, Inc. |  |  |
| 4.80%, 02/26/27 | 250 | 253 |
| 5.05%, 02/26/34 | 250 | 259 |
| Corning Incorporated |  |  |
| 5.75%, 08/15/40 | 95 | 99 |
| 3.90%, 11/15/49 | 300 | 236 |
| 4.38%, 11/15/57 | 40 | 33 |
| Dell International L.L.C. |  |  |
| 6.20%, 07/15/30 (h) | 250 | 268 |
| 8.10%, 07/15/36 (h) | 79 | 96 |
| 8.35%, 07/15/46 (h) | 13 | 17 |
| 3.45%, 12/15/51 | 22 | 15 |
| DXC Technology Company |  |  |
| 2.38%, 09/15/28 | 300 | 283 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 100 | 99 |
| 6.35%, 10/15/45 (j) | 90 | 95 |
| HP, Inc. |  |  |
| 6.10%, 04/25/35 | 300 | 319 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 150 | 148 |
| 4.88%, 02/10/28 | 130 | 132 |
| 5.20%, 02/10/33 | 115 | 118 |
| 2.80%, 08/12/41 | 300 | 210 |
| 4.10%, 05/11/47 | 150 | 117 |
| 3.73%, 12/08/47 | 120 | 88 |
| 3.25%, 11/15/49 | 80 | 53 |
| 5.05%, 08/05/62 | 105 | 90 |
| 5.90%, 02/10/63 | 125 | 122 |
| International Business Machines Corporation |  |  |
| 3.50%, 05/15/29 | 210 | 206 |
| 5.88%, 11/29/32 | 100 | 108 |
| 4.00%, 06/20/42 | 200 | 170 |
| 4.25%, 05/15/49 | 150 | 124 |
| 5.70%, 02/10/55 | 200 | 203 |
| Intuit Inc. |  |  |
| 5.20%, 09/15/33 | 100 | 105 |
| 5.50%, 09/15/53 | 300 | 303 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 300 | 312 |
| 4.95%, 10/15/34 | 400 | 402 |
| KLA Corporation |  |  |
| 3.30%, 03/01/50 | 300 | 215 |
| Micron Technology, Inc. |  |  |
| 5.38%, 04/15/28 | 200 | 206 |
| Microsoft Corporation |  |  |
| 3.40%, 06/15/27 | 200 | 199 |
| 2.53%, 06/01/50 | 377 | 239 |
| 2.92%, 03/17/52 | 210 | 143 |
| 2.68%, 06/01/60 | 179 | 107 |
| 3.04%, 03/17/62 | 220 | 143 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 300 | 303 |
| NVIDIA Corporation |  |  |
| 1.55%, 06/15/28 | 300 | 283 |
| 3.50%, 04/01/40 | 300 | 257 |
| Oracle Corporation |  |  |
| 3.25%, 11/15/27 | 210 | 206 |
| 2.88%, 03/25/31 (a) | 230 | 211 |
| 6.25%, 11/09/32 | 110 | 120 |
| 3.90%, 05/15/35 | 350 | 319 |
| 3.80%, 11/15/37 | 200 | 173 |
| 3.60%, 04/01/40 | 200 | 161 |
| 4.50%, 07/08/44 | 200 | 171 |
| 4.13%, 05/15/45 | 200 | 161 |
| 6.90%, 11/09/52 | 105 | 117 |
| 5.55%, 02/06/53 | 95 | 90 |
| 4.38%, 05/15/55 | 310 | 243 |
| 4.10%, 03/25/61 | 235 | 170 |
| Qualcomm Incorporated |  |  |
| 5.40%, 05/20/33 | 200 | 213 |
| 4.65%, 05/20/35 | 60 | 60 |
| 4.50%, 05/20/52 | 250 | 217 |
| 6.00%, 05/20/53 | 100 | 108 |
| Roper Technologies, Inc. |  |  |
| 1.40%, 09/15/27 | 300 | 285 |
| 4.25%, 09/15/28 | 200 | 201 |
| 5.10%, 09/15/35 | 300 | 302 |
| TD SYNNEX Corporation |  |  |
| 2.65%, 08/09/31 (h) | 200 | 179 |
| Texas Instruments Incorporated |  |  |
| 4.90%, 03/14/33 | 100 | 103 |
| 4.85%, 02/08/34 | 250 | 257 |
| 4.15%, 05/15/48 | 75 | 63 |
| 5.00%, 03/14/53 | 200 | 188 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (h) | 250 | 253 |
| | | 19638 |
| **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** |
| 3M Company |  |  |
| 2.38%, 08/26/29 | 690 | 646 |
| Air Lease Corporation |  |  |
| 2.20%, 01/15/27 | 200 | 195 |
| 5.30%, 02/01/28 | 300 | 305 |
| Allegion US Holding Company Inc. |  |  |
| 3.55%, 10/01/27 | 300 | 296 |
| Boeing Company, The |  |  |
| 2.70%, 02/01/27 | 125 | 123 |
| 5.04%, 05/01/27 (h) | 100 | 101 |
| 2.95%, 02/01/30 | 125 | 118 |
| 5.15%, 05/01/30 (h) | 285 | 293 |
| 6.53%, 05/01/34 (h) | 400 | 443 |
| 5.88%, 02/15/40 | 25 | 26 |
| 5.71%, 05/01/40 (h) | 500 | 511 |
| 3.90%, 05/01/49 | 40 | 30 |
| 3.95%, 08/01/59 | 125 | 90 |
| Burlington Northern Santa Fe, LLC |  |  |
| 6.15%, 05/01/37 | 100 | 111 |
| 5.75%, 05/01/40 | 400 | 424 |
| Canadian National Railway Company |  |  |
| 3.65%, 02/03/48 | 300 | 233 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.50%, 05/01/50 | 300 | 220 |
| 6.13%, 09/15/15 | 90 | 93 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 (a) | 125 | 117 |
| 5.90%, 03/15/34 | 208 | 223 |
| 3.58%, 04/05/50 | 104 | 78 |
| Caterpillar Inc. |  |  |
| 3.25%, 04/09/50 | 250 | 180 |
| 5.50%, 05/15/55 | 200 | 205 |
| CSX Corporation |  |  |
| 3.80%, 03/01/28 | 300 | 299 |
| 5.50%, 04/15/41 | 205 | 211 |
| 4.30%, 03/01/48 | 50 | 43 |
| 3.95%, 05/01/50 | 300 | 239 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | 300 | 265 |
| 2.60%, 09/01/50 | 200 | 123 |
| Deere & Company |  |  |
| 3.90%, 06/09/42 | 200 | 173 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 200 | 202 |
| Dover Corporation |  |  |
| 5.38%, 03/01/41 | 150 | 150 |
| Eaton Corporation |  |  |
| 4.15%, 11/02/42 | 100 | 88 |
| Equifax Inc. |  |  |
| 3.10%, 05/15/30 | 250 | 237 |
| FedEx Corporation |  |  |
| 4.25%, 05/15/30 | 300 | 300 |
| 0.00%, 08/01/42 | 200 | 157 |
| 5.25%, 05/15/50 | 100 | 92 |
| Fortune Brands Innovations, Inc. |  |  |
| 5.88%, 06/01/33 (a) | 200 | 212 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 200 | 225 |
| General Dynamics Corporation |  |  |
| 3.75%, 05/15/28 | 300 | 299 |
| General Electric Company |  |  |
| 4.90%, 01/29/36 | 200 | 203 |
| 6.88%, 01/10/39 | 300 | 356 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 (a) | 300 | 288 |
| 1.75%, 09/01/31 | 250 | 217 |
| 3.81%, 11/21/47 | 300 | 236 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | 300 | 290 |
| Kennametal Inc. |  |  |
| 4.63%, 06/15/28 | 100 | 101 |
| L3Harris Technologies, Inc. |  |  |
| 2.90%, 12/15/29 | 300 | 285 |
| 5.05%, 04/27/45 | 250 | 242 |
| Lockheed Martin Corporation |  |  |
| 4.40%, 08/15/30 | 300 | 303 |
| 4.50%, 05/15/36 | 105 | 103 |
| 4.07%, 12/15/42 | 243 | 210 |
| 4.09%, 09/15/52 | 107 | 87 |
| Norfolk Southern Corporation |  |  |
| 2.30%, 05/15/31 | 300 | 271 |
| 2.90%, 08/25/51 | 250 | 162 |
| 5.95%, 03/15/64 | 100 | 106 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 150 | 148 |
| 3.85%, 04/15/45 | 250 | 203 |
| Otis Worldwide Corporation |  |  |
| 3.11%, 02/15/40 | 100 | 78 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | 200 | 193 |
| Parker-Hannifin Corporation |  |  |
| 4.00%, 06/14/49 | 40 | 33 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 | 300 | 314 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 200 | 202 |
| 4.30%, 08/09/28 | 200 | 201 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 102 |
| 5.00%, 12/15/33 - 04/01/34 | 300 | 309 |
| RTX Corporation |  |  |
| 3.13%, 05/04/27 | 400 | 394 |
| 6.10%, 03/15/34 | 250 | 274 |
| 4.50%, 06/01/42 | 150 | 136 |
| 4.80%, 12/15/43 | 25 | 23 |
| 4.05%, 05/04/47 | 200 | 163 |
| 4.63%, 11/16/48 | 90 | 80 |
| 6.40%, 03/15/54 | 200 | 224 |
| Snap-on Incorporated |  |  |
| 3.25%, 03/01/27 | 250 | 247 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 200 | 202 |
| 2.63%, 02/10/30 | 300 | 277 |
| Textron Inc. |  |  |
| 6.10%, 11/15/33 | 200 | 216 |
| Trane Technologies Financing Limited |  |  |
| 4.50%, 03/21/49 | 200 | 173 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 200 | 198 |
| 4.80%, 09/15/34 | 300 | 300 |
| Union Pacific Corporation |  |  |
| 3.95%, 09/10/28 | 300 | 300 |
| 4.50%, 01/20/33 | 100 | 101 |
| 3.84%, 03/20/60 | 445 | 330 |
| 3.80%, 04/06/71 | 50 | 35 |
| 3.85%, 02/14/72 | 80 | 57 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 350 | 386 |
| 3.75%, 11/15/47 | 70 | 55 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 300 | 310 |
| Verisk Analytics, Inc. |  |  |
| 5.75%, 04/01/33 | 200 | 212 |
| W.W. Grainger, Inc. |  |  |
| 4.60%, 06/15/45 | 200 | 182 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 250 | 255 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28 | 300 | 281 |
| 4.15%, 07/15/49 | 50 | 42 |
|  |  | 19072 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Apa Corp. |  |  |
| 4.25%, 01/15/30 (a) | 200 | 195 |
| Baker Hughes Holdings LLC |  |  |
| 4.49%, 05/01/30 | 250 | 252 |
| BP Capital Markets America Inc. |  |  |
| 3.63%, 04/06/30 | 350 | 343 |
| 4.81%, 02/13/33 | 95 | 96 |
| 2.94%, 06/04/51 | 85 | 55 |
| BP Capital Markets P.L.C. |  |  |
| 3.28%, 09/19/27 | 90 | 89 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 100 | 114 |
| Canadian Natural Resources Limited |  |  |
| 5.85%, 02/01/35 | 150 | 157 |
| 6.25%, 03/15/38 | 150 | 160 |
| Cenovus Energy Inc. |  |  |
| 6.75%, 11/15/39 | 87 | 96 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.95%, 06/30/33 | 200 | 212 |
| 5.75%, 08/15/34 | 300 | 312 |
| Chevron Corporation |  |  |
| 2.24%, 05/11/30 (a) | 180 | 166 |
| Chevron U.S.A. Inc. |  |  |
| 2.34%, 08/12/50 | 40 | 24 |
| Columbia Pipeline Group, Inc. |  |  |
| 5.80%, 06/01/45 | 100 | 100 |
| ConocoPhillips Company |  |  |
| 5.05%, 09/15/33 | 300 | 309 |
| 3.76%, 03/15/42 | 300 | 247 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/34 | 200 | 204 |
| Enable Midstream Partners, LP |  |  |
| 4.95%, 05/15/28 | 300 | 305 |
| Enbridge Energy Partners, L.P. |  |  |
| 7.50%, 04/15/38 | 200 | 236 |
| Enbridge Inc. |  |  |
| 5.55%, 06/20/35 | 300 | 309 |
| 6.70%, 11/15/53 | 50 | 56 |
| Energy Transfer LP |  |  |
| 4.95%, 06/15/28 (a) | 300 | 305 |
| 3.75%, 05/15/30 | 250 | 243 |
| 6.55%, 12/01/33 | 75 | 82 |
| 7.50%, 07/01/38 | 200 | 233 |
| 6.50%, 02/01/42 | 150 | 159 |
| 5.00%, 05/15/50 | 200 | 171 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 (a) | 250 | 236 |
| 6.88%, 03/01/33 | 25 | 28 |
| 5.20%, 01/15/36 | 200 | 203 |
| 6.45%, 09/01/40 | 100 | 111 |
| 4.45%, 02/15/43 | 150 | 133 |
| 4.95%, 10/15/54 | 300 | 270 |
| 5.55%, 02/16/55 | 150 | 148 |
| 3.95%, 01/31/60 | 100 | 75 |
| EOG Resources, Inc. |  |  |
| 5.65%, 12/01/54 | 200 | 200 |
| 5.95%, 07/15/55 | 200 | 209 |
| EQT Corporation |  |  |
| 4.75%, 01/15/31 | 300 | 300 |
| Equinor ASA |  |  |
| 3.13%, 04/06/30 | 300 | 287 |
| 3.95%, 05/15/43 | 300 | 256 |
| Exxon Mobil Corporation |  |  |
| 2.61%, 10/15/30 (a) | 360 | 336 |
| 4.11%, 03/01/46 | 205 | 174 |
| 3.10%, 08/16/49 | 200 | 139 |
| Halliburton Company |  |  |
| 7.45%, 09/15/39 | 250 | 299 |
| 5.00%, 11/15/45 (a) | 120 | 109 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 23 | 26 |
| 5.60%, 02/15/41 | 200 | 208 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 5.00%, 03/01/43 | 300 | 275 |
| 5.40%, 09/01/44 | 250 | 239 |
| Kinder Morgan, Inc. |  |  |
| 5.30%, 12/01/34 | 350 | 357 |
| 3.60%, 02/15/51 | 300 | 212 |
| Marathon Petroleum Corporation |  |  |
| 6.50%, 03/01/41 | 300 | 323 |
| MPLX LP |  |  |
| 5.00%, 01/15/33 | 200 | 199 |
| 4.50%, 04/15/38 | 105 | 95 |
| 5.50%, 02/15/49 | 80 | 75 |
| 6.20%, 09/15/55 | 300 | 303 |
| 4.90%, 04/15/58 | 110 | 92 |
| ONEOK, Inc. |  |  |
| 4.00%, 07/13/27 | 200 | 199 |
| 4.55%, 07/15/28 | 50 | 50 |
| 5.65%, 11/01/28 | 150 | 156 |
| 4.40%, 10/15/29 | 300 | 300 |
| 3.25%, 06/01/30 | 250 | 237 |
| 4.95%, 10/15/32 | 200 | 200 |
| 6.65%, 10/01/36 | 150 | 164 |
| 5.70%, 11/01/54 | 300 | 283 |
| Ovintiv Canada ULC |  |  |
| 7.20%, 11/01/31 | 130 | 143 |
| Phillips 66 |  |  |
| 4.65%, 11/15/34 | 250 | 244 |
| 4.90%, 10/01/46 | 150 | 132 |
| Plains All American Pipeline, L.P. |  |  |
| 4.30%, 01/31/43 | 200 | 163 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 100 | 101 |
| 4.20%, 03/15/28 | 300 | 300 |
| 4.50%, 05/15/30 | 250 | 251 |
| Shell Finance US Inc. |  |  |
| 2.75%, 04/06/30 | 250 | 236 |
| 4.00%, 05/10/46 | 155 | 128 |
| 3.25%, 04/06/50 | 250 | 177 |
| Shell International Finance B.V. |  |  |
| 6.38%, 12/15/38 | 200 | 226 |
| 3.13%, 11/07/49 (a) | 200 | 138 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 200 | 202 |
| 5.03%, 10/01/29 | 200 | 202 |
| 5.58%, 10/01/34 | 200 | 201 |
| Suncor Energy Inc. |  |  |
| 4.00%, 11/15/47 | 340 | 259 |
| Targa Resources Corp. |  |  |
| 6.50%, 03/30/34 | 200 | 218 |
| 5.65%, 02/15/36 | 200 | 205 |
| TotalEnergies Capital International |  |  |
| 3.46%, 07/12/49 | 50 | 37 |
| TransCanada PipeLines Limited |  |  |
| 4.10%, 04/15/30 | 250 | 246 |
| 6.20%, 10/15/37 | 100 | 107 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 250 | 239 |
| Valero Energy Corporation |  |  |
| 2.80%, 12/01/31 | 750 | 682 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 100 | 101 |
| Williams Companies, Inc., The |  |  |
| 3.50%, 11/15/30 | 250 | 239 |
| 5.80%, 11/15/54 | 200 | 201 |
| Williams Partners L.P. |  |  |
| 3.75%, 06/15/27 | 300 | 298 |
| 6.30%, 04/15/40 | 200 | 216 |
|  |  | 18628 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Alphabet Inc. |  |  |
| 1.10%, 08/15/30 | 280 | 245 |
| 2.25%, 08/15/60 | 225 | 122 |
| America Movil, S.A.B. De C.V. |  |  |
| 5.00%, 01/20/33 | 200 | 203 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.38%, 03/01/35 | 100 | 110 |
| 4.38%, 07/16/42 | 200 | 175 |
| AT&T Inc. |  |  |
| 2.30%, 06/01/27 | 500 | 485 |
| 4.35%, 03/01/29 - 06/15/45 | 255 | 240 |
| 2.25%, 02/01/32 | 250 | 219 |
| 2.55%, 12/01/33 | 751 | 640 |
| 4.50%, 05/15/35 - 03/09/48 | 1206 | 1134 |
| 5.55%, 11/01/45 | 100 | 99 |
| 3.65%, 06/01/51 - 09/15/59 | 706 | 503 |
| 5.70%, 11/01/54 | 200 | 199 |
| British Telecommunications Public Limited Company |  |  |
| 9.63%, 12/15/30 (h) (j) | 250 | 308 |
| Charter Communications Operating, LLC |  |  |
| 6.65%, 02/01/34 | 250 | 267 |
| 6.55%, 06/01/34 | 300 | 320 |
| 6.48%, 10/23/45 | 210 | 208 |
| 5.75%, 04/01/48 | 100 | 90 |
| 5.25%, 04/01/53 | 200 | 167 |
| 4.40%, 12/01/61 | 75 | 52 |
| 5.50%, 04/01/63 | 300 | 251 |
| Comcast Corporation |  |  |
| 4.15%, 10/15/28 | 650 | 652 |
| 4.55%, 01/15/29 | 100 | 101 |
| 6.50%, 11/15/35 | 100 | 112 |
| 6.95%, 08/15/37 | 250 | 289 |
| 3.90%, 03/01/38 | 70 | 62 |
| 4.00%, 08/15/47 - 03/01/48 | 410 | 321 |
| 4.70%, 10/15/48 | 365 | 318 |
| 2.45%, 08/15/52 | 450 | 249 |
| 6.05%, 05/15/55 (a) | 200 | 206 |
| 5.50%, 05/15/64 | 120 | 113 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (h) (j) | 300 | 347 |
| Electronic Arts Inc. |  |  |
| 2.95%, 02/15/51 | 300 | 260 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 200 | 220 |
| 5.48%, 01/25/39 | 65 | 65 |
| 5.58%, 01/25/49 | 80 | 78 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 | 100 | 103 |
| 4.55%, 08/15/31 | 200 | 204 |
| 4.95%, 05/15/33 | 85 | 88 |
| 5.60%, 05/15/53 | 200 | 203 |
| 5.75%, 05/15/63 | 365 | 375 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 | 375 | 338 |
| Orange |  |  |
| 5.38%, 01/13/42 | 100 | 100 |
| 5.50%, 02/06/44 | 300 | 300 |
| Paramount Global |  |  |
| 7.88%, 07/30/30 | 125 | 140 |
| Rogers Communications Inc. |  |  |
| 4.55%, 03/15/52 | 300 | 248 |
| Telefonica Emisiones SA |  |  |
| 5.52%, 03/01/49 | 300 | 279 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 250 | 289 |
| T-Mobile USA, Inc. |  |  |
| 2.05%, 02/15/28 (a) | 900 | 858 |
| 3.88%, 04/15/30 | 435 | 426 |
| 2.55%, 02/15/31 | 400 | 364 |
| 6.70%, 12/15/33 | 300 | 336 |
| 4.50%, 04/15/50 | 160 | 134 |
| 5.75%, 01/15/54 | 200 | 200 |
| 3.60%, 11/15/60 | 100 | 68 |
| 5.80%, 09/15/62 | 100 | 100 |
| TWDC Enterprises 18 Corp. |  |  |
| 7.00%, 03/01/32 | 50 | 57 |
| Verizon Communications Inc. |  |  |
| 4.13%, 03/16/27 | 300 | 300 |
| 4.33%, 09/21/28 | 400 | 403 |
| 1.75%, 01/20/31 | 130 | 114 |
| 2.36%, 03/15/32 | 250 | 219 |
| 3.40%, 03/22/41 | 215 | 170 |
| 3.70%, 03/22/61 | 405 | 286 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 02/10/63 | 50 | 49 |
| Walt Disney Company, The |  |  |
| 2.00%, 09/01/29 | 625 | 580 |
| 6.20%, 12/15/34 | 50 | 56 |
| 2.75%, 09/01/49 | 225 | 146 |
| 3.80%, 05/13/60 | 350 | 263 |
| | | 17226 |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 180 | 183 |
| 5.80%, 02/14/39 | 110 | 114 |
| 4.50%, 05/02/43 | 200 | 173 |
| 5.95%, 02/14/49 | 400 | 410 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 482 | 476 |
| 4.90%, 02/01/46 | 300 | 281 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | 110 | 107 |
| 5.45%, 01/23/39 | 250 | 258 |
| 4.44%, 10/06/48 | 362 | 315 |
| B.A.T Capital Corporation |  |  |
| 2.73%, 03/25/31 | 300 | 274 |
| 4.39%, 08/15/37 | 150 | 137 |
| 4.54%, 08/15/47 | 100 | 84 |
| Brown-Forman Corporation |  |  |
| 4.75%, 04/15/33 (a) | 100 | 101 |
| California Institute of Technology |  |  |
| 4.32%, 08/01/45 | 40 | 35 |
| Campbell's Company, The |  |  |
| 4.15%, 03/15/28 | 300 | 300 |
| 5.40%, 03/21/34 | 200 | 205 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 200 | 197 |
| 3.95%, 08/01/47 | 200 | 160 |
| Coca-Cola Company, The |  |  |
| 2.13%, 09/06/29 | 250 | 234 |
| 2.25%, 01/05/32 | 300 | 268 |
| 3.00%, 03/05/51 | 300 | 205 |
| 5.30%, 05/13/54 | 300 | 299 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 | 300 | 283 |
| 5.00%, 08/01/30 | 400 | 404 |
| 5.30%, 11/01/38 | 55 | 53 |
| 5.40%, 11/01/48 (a) | 55 | 50 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 400 | 384 |
| Costco Wholesale Corporation |  |  |
| 3.00%, 05/18/27 | 80 | 79 |
| 1.38%, 06/20/27 | 300 | 288 |
| Dollar General Corporation |  |  |
| 5.45%, 07/05/33 | 200 | 207 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 90 | 90 |
| Estee Lauder Companies Inc., The |  |  |
| 5.00%, 02/14/34 | 250 | 254 |
| 3.13%, 12/01/49 | 225 | 150 |
| General Mills, Inc. |  |  |
| 4.20%, 04/17/28 | 105 | 105 |
| Haleon US Capital LLC |  |  |
| 4.00%, 03/24/52 | 250 | 199 |
| Hershey Company, The |  |  |
| 4.55%, 02/24/28 | 500 | 508 |
| 4.95%, 02/24/32 | 400 | 412 |
| J. M. Smucker Company, The |  |  |
| 3.38%, 12/15/27 | 250 | 247 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 | 200 | 205 |
| 4.90%, 03/22/33 | 100 | 102 |
| 5.20%, 03/22/63 | 100 | 93 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Keurig Dr Pepper Inc. |  |  |
| 5.10%, 03/15/27 | 200 | 202 |
| 5.20%, 03/15/31 | 200 | 204 |
| 4.50%, 04/15/52 (a) | 100 | 81 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 200 | 199 |
| 5.20%, 03/15/32 | 200 | 205 |
| 5.00%, 06/04/42 | 400 | 369 |
| 4.38%, 06/01/46 (a) | 200 | 167 |
| Kroger Co., The |  |  |
| 4.50%, 01/15/29 | 300 | 305 |
| 7.50%, 04/01/31 | 150 | 172 |
| 4.45%, 02/01/47 | 300 | 256 |
| McCormick & Company, Incorporated |  |  |
| 1.85%, 02/15/31 | 300 | 263 |
| Mead Johnson Nutrition Company |  |  |
| 4.60%, 06/01/44 | 200 | 181 |
| Mondelez International, Inc. |  |  |
| 4.25%, 05/06/28 | 300 | 301 |
| PepsiCo, Inc. |  |  |
| 3.00%, 10/15/27 | 500 | 492 |
| 4.30%, 07/23/30 | 300 | 302 |
| 3.45%, 10/06/46 | 90 | 69 |
| 2.75%, 10/21/51 | 50 | 32 |
| 3.88%, 03/19/60 | 400 | 312 |
| Philip Morris International Inc. |  |  |
| 4.75%, 02/12/27 | 250 | 252 |
| 4.38%, 11/15/41 | 300 | 269 |
| RELX Capital Inc. |  |  |
| 4.00%, 03/18/29 | 300 | 299 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | 100 | 104 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (h) | 266 | 282 |
| 6.00%, 01/17/34 | 200 | 217 |
| 6.60%, 04/01/50 (h) | 300 | 334 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 | 200 | 188 |
| Unilever Capital Corporation |  |  |
| 1.38%, 09/14/30 | 500 | 441 |
| Walmart Inc. |  |  |
| 3.90%, 04/15/28 | 200 | 201 |
| 3.70%, 06/26/28 | 185 | 185 |
| 3.63%, 12/15/47 | 300 | 238 |
| 4.50%, 09/09/52 - 04/15/53 | 300 | 269 |
| | | 16320 |
| **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 165 | 164 |
| 3.15%, 08/22/27 | 740 | 732 |
| 1.65%, 05/12/28 | 400 | 379 |
| 1.50%, 06/03/30 | 130 | 117 |
| 3.60%, 04/13/32 | 135 | 131 |
| 3.88%, 08/22/37 | 170 | 156 |
| 2.50%, 06/03/50 | 200 | 124 |
| 2.70%, 06/03/60 | 55 | 33 |
| 3.25%, 05/12/61 | 240 | 161 |
| 4.10%, 04/13/62 | 160 | 129 |
| Aptiv PLC |  |  |
| 5.75%, 09/13/54 | 300 | 286 |
| AutoZone, Inc. |  |  |
| 3.75%, 06/01/27 | 200 | 199 |
| 5.13%, 06/15/30 | 200 | 207 |
| Board of Trustees of the Leland Stanford Junior University, The |  |  |
| 3.65%, 05/01/48 | 20 | 16 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | 15 | 11 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/35 | 200 | 205 |
| Ford Motor Company |  |  |
| 7.40%, 11/01/46 | 300 | 325 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 200 | 205 |
| 5.00%, 04/01/35 | 200 | 195 |
| 5.15%, 04/01/38 | 70 | 67 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 300 | 314 |
| Home Depot, Inc., The |  |  |
| 3.75%, 09/15/28 | 200 | 199 |
| 1.38%, 03/15/31 (a) | 300 | 258 |
| 4.50%, 09/15/32 | 200 | 203 |
| 4.65%, 09/15/35 | 200 | 198 |
| 5.88%, 12/16/36 | 600 | 652 |
| 3.13%, 12/15/49 | 200 | 139 |
| 4.95%, 09/15/52 | 150 | 140 |
| 3.50%, 09/15/56 | 200 | 142 |
| Leggett & Platt, Incorporated |  |  |
| 4.40%, 03/15/29 | 200 | 197 |
| Lowe`s Companies, Inc. |  |  |
| 1.70%, 09/15/28 - 10/15/30 | 700 | 632 |
| 4.00%, 10/15/28 | 550 | 549 |
| 3.65%, 04/05/29 | 75 | 74 |
| 3.00%, 10/15/50 | 300 | 194 |
| 5.80%, 09/15/62 | 105 | 105 |
| Marriott International, Inc. |  |  |
| 5.30%, 05/15/34 | 250 | 257 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/11 | 100 | 101 |
| 4.68%, 07/01/14 | 250 | 213 |
| McDonald's Corporation |  |  |
| 4.88%, 12/09/45 (a) | 165 | 152 |
| 3.63%, 09/01/49 | 200 | 150 |
| 5.45%, 08/14/53 | 300 | 296 |
| Nike, Inc. |  |  |
| 2.85%, 03/27/30 | 400 | 380 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 100 | 102 |
| 1.75%, 03/15/31 | 300 | 261 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 200 | 201 |
| Southern California, University of |  |  |
| 3.03%, 10/01/39 | 450 | 374 |
| 5.25%, 10/01/11 | 20 | 19 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 300 | 313 |
| Starbucks Corporation |  |  |
| 4.50%, 05/15/28 - 11/15/48 | 400 | 373 |
| 4.00%, 11/15/28 | 200 | 200 |
| 2.55%, 11/15/30 | 200 | 183 |
| 5.00%, 02/15/34 | 250 | 255 |
| 4.45%, 08/15/49 | 50 | 42 |
| Toyota Motor Corporation |  |  |
| 3.67%, 07/20/28 | 200 | 199 |
| University of Notre Dame du Lac |  |  |
| 3.44%, 02/15/45 | 250 | 196 |
| University of Washington |  |  |
| 3.52%, 04/15/54 | 100 | 73 |
|  |  | 12178 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 4.50%, 07/30/29 | 250 | 251 |
| 4.85%, 04/15/49 | 300 | 261 |
| 5.63%, 05/15/54 | 300 | 290 |
| American Tower Corporation |  |  |
| 1.50%, 01/31/28 | 500 | 471 |
| 3.80%, 08/15/29 | 90 | 88 |
| 2.70%, 04/15/31 | 375 | 342 |
| 5.65%, 03/15/33 | 200 | 211 |
| AvalonBay Communities, Inc. |  |  |
| 2.45%, 01/15/31 | 350 | 318 |
| 5.35%, 06/01/34 | 200 | 208 |
| Boston Properties Limited Partnership |  |  |
| 2.90%, 03/15/30 | 200 | 186 |
| COPT Defense Properties |  |  |
| 2.00%, 01/15/29 | 450 | 417 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 80 | 79 |
| 5.80%, 03/01/34 | 300 | 316 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.25%, 01/15/51 | 50 | 34 |
| Equinix, Inc. |  |  |
| 3.40%, 02/15/52 | 300 | 210 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 (a) | 200 | 187 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 309 |
| 6.75%, 12/01/33 | 200 | 217 |
| Healthpeak OP, LLC |  |  |
| 5.25%, 12/15/32 | 150 | 154 |
| 6.75%, 02/01/41 | 200 | 222 |
| Kimco Realty OP, LLC |  |  |
| 2.70%, 10/01/30 | 200 | 185 |
| Mid-America Apartments, L.P. |  |  |
| 4.95%, 03/01/35 (a) | 200 | 202 |
| NNN REIT, Inc. |  |  |
| 3.10%, 04/15/50 | 200 | 131 |
| ProLogis, L.P. |  |  |
| 2.13%, 04/15/27 | 100 | 97 |
| 2.25%, 04/15/30 (a) | 175 | 161 |
| 4.63%, 01/15/33 | 100 | 101 |
| 4.75%, 06/15/33 | 100 | 101 |
| 3.00%, 04/15/50 | 35 | 23 |
| Public Storage, Inc. |  |  |
| 1.85%, 05/01/28 | 300 | 285 |
| Realty Income Corporation |  |  |
| 4.13%, 10/15/26 | 250 | 250 |
| 4.85%, 03/15/30 | 300 | 307 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.15%, 09/01/31 | 300 | 260 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 200 | 204 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 07/15/30 | 200 | 186 |
| 5.50%, 03/08/33 | 100 | 105 |
| 3.25%, 09/13/49 | 65 | 46 |
| 5.85%, 03/08/53 | 100 | 104 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | 200 | 200 |
| Tanger Properties Limited Partnership |  |  |
| 2.75%, 09/01/31 | 200 | 180 |
| UDR, Inc. |  |  |
| 2.10%, 08/01/32 | 200 | 170 |
| Ventas Realty, Limited Partnership |  |  |
| 3.00%, 01/15/30 | 200 | 189 |
| Welltower Inc. |  |  |
| 4.95%, 09/01/48 | 150 | 141 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 57 | 65 |
| | | 8464 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Air Products and Chemicals, Inc. |  |  |
| 4.60%, 02/08/29 | 150 | 153 |
| 4.85%, 02/08/34 (a) | 250 | 254 |
| Albemarle Corporation |  |  |
| 5.45%, 12/01/44 | 150 | 135 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 200 | 211 |
| BHP Billiton Finance (USA) Limited |  |  |
| 5.00%, 02/21/30 | 200 | 206 |
| 5.25%, 09/08/33 | 75 | 78 |
| 5.75%, 09/05/55 | 200 | 208 |
| Dow Chemical Company, The |  |  |
| 4.63%, 10/01/44 | 250 | 207 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 | 200 | 201 |
| 5.32%, 11/15/38 | 54 | 56 |
| 5.42%, 11/15/48 | 115 | 114 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | 300 | 258 |
| 2.13%, 08/15/50 | 200 | 112 |
| 2.75%, 08/18/55 | 75 | 46 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 300 | 276 |
| FMC Corporation |  |  |
| 4.50%, 10/01/49 | 150 | 115 |
| 6.38%, 05/18/53 | 200 | 198 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 300 | 289 |
| LYB International Finance B.V. |  |  |
| 5.25%, 07/15/43 | 300 | 269 |
| Martin Marietta Materials, Inc. |  |  |
| 3.50%, 12/15/27 | 300 | 296 |
| 5.50%, 12/01/54 | 200 | 199 |
| Mosaic Company, The |  |  |
| 4.88%, 11/15/41 | 20 | 18 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 400 | 363 |
| Newmont Corporation |  |  |
| 5.88%, 04/01/35 | 200 | 217 |
| Nucor Corporation |  |  |
| 2.98%, 12/15/55 | 200 | 127 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 100 | 102 |
| 2.95%, 05/13/30 | 300 | 283 |
| 3.95%, 05/13/50 | 150 | 116 |
| 5.80%, 03/27/53 | 100 | 102 |
| PPG Industries, Inc. |  |  |
| 2.80%, 08/15/29 | 200 | 190 |
| 2.55%, 06/15/30 | 300 | 278 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | 250 | 268 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.00%, 03/09/33 | 100 | 103 |
| Sherwin-Williams Company, The |  |  |
| 3.45%, 06/01/27 | 350 | 347 |
| 4.30%, 08/15/28 | 200 | 201 |
| 5.15%, 08/15/35 | 300 | 305 |
| 4.50%, 06/01/47 | 70 | 61 |
| Sonoco Products Company |  |  |
| 5.00%, 09/01/34 | 300 | 297 |
| Southern Copper Corporation |  |  |
| 7.50%, 07/27/35 | 150 | 178 |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 115 | 79 |
| Vale Overseas Ltd |  |  |
| 3.75%, 07/08/30 | 100 | 96 |
| Westlake Corporation |  |  |
| 3.38%, 08/15/61 | 200 | 121 |
|  |  | 7733 |
| Total Corporate Bonds And Notes (cost $292,260) | Total Corporate Bonds And Notes (cost $292,260) | 268939 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** |
| American Express Credit Account Master Trust |  |  |
| Series 2023-A-2, 4.80%, 05/15/28 | 300 | 307 |
| BA Credit Card Trust |  |  |
| Series 2023-A2-A2, 4.98%, 11/16/26 | 150 | 152 |
| Bank 2017-BNK8 |  |  |
| Series 2017-A3-BNK8, REMIC, 3.23%, 10/15/27 | 137 | 134 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 500 | 470 |
| BBCMS Mortgage Trust 2022-C15 |  |  |
| Series 2022-A5-C15, REMIC, 3.66%, 03/17/32 (c) | 200 | 186 |
| BBCMS Mortgage Trust 2023-C21 |  |  |
| Series 2023-A5-C21, REMIC, 6.00%, 06/17/33 (c) | 200 | 215 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-A4-B10, REMIC, 3.72%, 03/16/29 | 800 | 779 |
| Benchmark 2021-B25 Mortgage Trust |  |  |
| Series 2021-A5-B25, REMIC, 2.58%, 04/17/31 | 300 | 268 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Series 2021-A5-B29, REMIC, 2.39%, 08/15/31 | 300 | 265 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-A5-B32, REMIC, 3.00%, 01/16/32 (c) | 400 | 356 |
| BMO 2023-C5 Mortgage Trust |  |  |
| Series 2023-A5-C5, REMIC, 5.77%, 05/17/33 | 350 | 368 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BMO 2025-5C9 Mortgage Trust |  |  |
| Series 2025-A3-5C9, REMIC, 5.78%, 03/15/30 (c) | 500 | 524 |
| BMW Vehicle Lease Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.43%, 10/25/27 | 250 | 252 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2021-A2-A2, 1.39%, 07/15/30 | 300 | 280 |
| CD 2017-CD5 Mortgage Trust |  |  |
| Series 2017-AS-CD5, REMIC, 3.68%, 07/16/27 (c) | 300 | 289 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A4-C8, REMIC, 3.57%, 05/17/27 | 750 | 739 |
| Chase Issuance Trust |  |  |
| Series 2024-A-A2, 4.63%, 01/16/29 | 200 | 204 |
| Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
| Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 300 | 284 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-AS-GC46, REMIC, 2.92%, 02/15/30 (c) | 500 | 451 |
| Ford Credit Auto Lease Trust 2024-B |  |  |
| Series 2024-A4-B, 4.99%, 01/15/27 | 200 | 203 |
| GM Financial Consumer Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.62%, 06/16/28 | 200 | 202 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-A4-GC42, REMIC, 3.00%, 09/12/29 | 200 | 188 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 100 | 95 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-AS-GC45, REMIC, 3.17%, 12/14/29 | 300 | 277 |
| Hyundai Auto Receivables Trust 2024-A |  |  |
| Series 2024-A3-A, 4.99%, 02/15/29 | 200 | 202 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A3-B, 4.84%, 11/15/27 | 200 | 202 |
| Series 2024-A4-B, 4.74%, 04/17/28 | 200 | 203 |
| Mercedes-Benz Auto Lease Trust 2025-A |  |  |
| Series 2025-A4-A, 4.69%, 05/15/28 | 200 | 203 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 500 | 493 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-A3-H4, REMIC, 4.04%, 10/17/28 | 265 | 263 |
| Santander Drive Auto Receivables Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.38%, 08/15/28 | 200 | 201 |
| Synchrony Card Issuance Trust |  |  |
| Series 2025-A-A2, 4.49%, 05/15/28 | 100 | 101 |
| Toyota Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A4-A, 4.77%, 04/16/29 | 300 | 303 |
| Verizon Master Trust |  |  |
| Series 2024-A1A-6, 4.17%, 08/20/27 | 350 | 352 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A4-1, 4.61%, 07/21/31 | 225 | 228 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  |  |
| Series 2018-A5-C44, REMIC, 4.21%, 04/17/28 | 1000 | 994 |
| WF Card Issuance Trust |  |  |
| Series 2024-A-A1, 4.94%, 02/16/27 | 100 | 101 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A4-A, 4.86%, 12/15/28 | 100 | 102 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,843) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,843) | 11436 |
| **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** |
| **Investment Companies 4.4%** | **Investment Companies 4.4%** | **Investment Companies 4.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (k) (l) | 46251 | 46251 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 4.14% (k) (l) | 2645 | 2645 |
| Total Short Term Investments (cost $48,896) | Total Short Term Investments (cost $48,896) | 48896 |
| **Total Investments 104.7% (cost $1,152,662)** | **Total Investments 104.7% (cost $1,152,662)** | **1089651** |
| **Total Forward Sales Commitments (0.8)% (proceeds $8,731)** | **Total Forward Sales Commitments (0.8)% (proceeds $8,731)** | **(8692)** |
| **Other Assets and Liabilities, Net (3.9)%** | **Other Assets and Liabilities, Net (3.9)%** | **(40328)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1040631** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $51,784.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) The security is a direct debt of the agency and not collateralized by mortgages.

(e) Convertible security.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $1,316 and 0.1% of the Fund.

(g) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(h) 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 September 30, 2025.

(i) 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.

(j) 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 September 30, 2025.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.8%)** | **FORWARD SALES COMMITMENTS (0.8%)** | **FORWARD SALES COMMITMENTS (0.8%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.8%)** |
| **Mortgage-Backed Securities (0.8%)** | **Mortgage-Backed Securities (0.8%)** | **Mortgage-Backed Securities (0.8%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 2.00%, 10/15/40 (a) | (50) | (46) |
| TBA, 2.50%, 10/15/40 (a) | (325) | (306) |
| TBA, 1.50%, 11/15/40 (a) | (75) | (67) |
| TBA, 2.00%, 11/15/40 (a) | (75) | (69) |
| TBA, 3.00%, 11/15/40 (a) | (25) | (24) |
| TBA, 1.50%, 10/15/55 (a) | (50) | (38) |
| TBA, 2.50%, 10/15/55 (a) | (4275) | (3604) |
| TBA, 3.00%, 10/15/55 (a) | (900) | (791) |
| TBA, 3.50%, 10/15/55 (a) | (375) | (343) |
| TBA, 1.50%, 11/15/55 (a) | (50) | (38) |
| TBA, 2.00%, 11/15/55 (a) | (50) | (40) |
| TBA, 2.50%, 11/15/55 (a) | (300) | (253) |
| TBA, 3.00%, 11/15/55 (a) | (150) | (132) |
| TBA, 3.50%, 11/15/55 (a) | (100) | (91) |
| TBA, 4.00%, 11/15/55 (a) | (75) | (71) |
| Government National Mortgage Association |  |  |
| TBA, 2.50%, 10/15/55 (a) | (1250) | (1077) |
| TBA, 3.00%, 10/15/55 (a) | (1350) | (1207) |
| TBA, 3.50%, 10/15/55 (a) | (350) | (319) |
| TBA, 2.50%, 11/15/55 (a) | (100) | (86) |
| TBA, 3.00%, 11/15/55 (a) | (75) | (67) |
| TBA, 3.50%, 11/15/55 (a) | (25) | (23) |
| Total Government And Agency Obligations (proceeds $8,731) | Total Government And Agency Obligations (proceeds $8,731) | (8692) |
| **Total Forward Sales Commitments (0.8%) (proceeds $8,731)** | **Total Forward Sales Commitments (0.8%) (proceeds $8,731)** | **(8692)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2025, the total proceeds for investments sold on a delayed

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

delivery basis was $8,731.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Synchrony Bank, 5.63%, 08/23/27 | 08/12/24 | 402 | 409 |  |
| U.S. Bank National Association, 4.51%, 10/22/27 | 10/28/24 | 499 | 501 | 0.1 |
|  |  | 901 | 910 | 0.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 49934 | 84690 | 88373 | 1381 |  |  | 46251 | 4.4 |
| JNL Government Money Market Fund, 4.14% - Class SL | 6474 | 23253 | 27082 | 102 |  |  | 2645 | 0.3 |
|  | 56408 | 107943 | 115455 | 1483 |  |  | 48896 | 4.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 760380 |  | 760380 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 268939 |  | 268939 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 11436 |  | 11436 |
| &nbsp;&nbsp;Short Term Investments | 48896 |  |  | 48896 |
|  | 48896 | 1040755 |  | 1089651 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (8692) |  | (8692) |
|  |  | (8692) |  | (8692) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **COMMON STOCKS 98.5%** | **COMMON STOCKS 98.5%** | **COMMON STOCKS 98.5%** |
| **China 30.2%** | **China 30.2%** | **China 30.2%** |
| 360 Security Technology Inc. - Class A | 50 | 80 |
| 37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 7 | 23 |
| AAC Technologies Holdings Inc. | 60 | 353 |
| ACM Research (Shanghai), Inc. - Class A | 2 | 57 |
| AECC Aero-Engine Control Co., Ltd. - Class A | 11 | 30 |
| Agricultural Bank of China Limited - Class A | 1077 | 1008 |
| Agricultural Bank of China Limited - Class H | 2556 | 1721 |
| AIMA Technology Group Co., Ltd. - Class A | 6 | 29 |
| Akeso Inc. (a) | 46 | 838 |
| Alibaba Group Holding Limited (b) | 1593 | 35820 |
| Alibaba Health Information Technology Limited (a) | 420 | 359 |
| Aluminum Corporation of China Limited - Class A | 64 | 74 |
| Aluminum Corporation of China Limited - Class H | 318 | 330 |
| Amlogic (Shanghai) Co., Ltd. - Class A (a) | 3 | 53 |
| Andon Health Co., Ltd. - Class A | 5 | 25 |
| Angel Yeast Co., Ltd. - Class A | 9 | 48 |
| Anhui Conch Cement Company Limited - Class A | 28 | 90 |
| Anhui Conch Cement Company Limited - Class H | 108 | 325 |
| Anhui Gujing Distillery Company Limited - Class A | 3 | 63 |
| Anhui Gujing Distillery Company Limited - Class B | 10 | 140 |
| Anhui Jianghuai Automobile Group Co., Ltd. - Class A (a) | 12 | 87 |
| Anhui Kouzi Distillery Co., Ltd. - Class A | 7 | 31 |
| Anhui Yingjia Gongjiu Co. Ltd. - Class A | 6 | 33 |
| Anjing Food Group Co., Ltd. - Class A | 3 | 26 |
| Anta Sports Products Limited | 117 | 1407 |
| Aojie Technology Co., Ltd. - Class A (a) | 3 | 46 |
| APT Medical Inc. - Class A | 1 | 58 |
| Asia-Potash International Investment (Guangzhou)Co., Ltd. - Class A (a) | 10 | 55 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A |  | 6 |
| Atour Lifestyle Holdings Limited - ADR | 7 | 281 |
| Autobio Diagnostics Co., Ltd. - Class A | 5 | 30 |
| Avary Holding (Shenzhen) Co., Ltd - Class A | 12 | 93 |
| AviChina Industry & Technology Company Limited - Class H (c) | 183 | 103 |
| Avicopter PLC - Class A | 6 | 33 |
| Baic Bluepark New Energy Technology Co., Ltd. - Class A (a) | 27 | 31 |
| Baidu, Inc. - Class A (a) (b) | 189 | 3148 |
| Baiyin Nonferrous Group Co., Ltd. - Class A | 45 | 27 |
| Bank of Beijing Co., Ltd. - Class A | 152 | 118 |
| Bank of Changsha Co., Ltd. - Class A | 34 | 42 |
| Bank of Chengdu Co., Ltd. - Class A | 23 | 55 |
| Bank of China Limited - Class H | 6904 | 3773 |
| Bank of Communications Co., Ltd. - Class A | 131 | 124 |
| Bank of Communications Co., Ltd. - Class H | 652 | 546 |
| Bank of Jiangsu Co., Ltd. - Class A | 121 | 171 |
| Bank of Nanjing Co., Ltd. - Class A | 74 | 114 |
| Bank of Ningbo Co., Ltd. - Class A | 40 | 148 |
| Bank of Shanghai Co., Ltd. - Class A | 89 | 112 |
| Bank of Suzhou Co., Ltd. - Class A | 29 | 34 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 161 | 160 |
| Baotou Iron&Steel (Group) Co., Ltd. - Class A | 306 | 102 |
| Beijing Dabeinong Technology Group Co., Ltd. - Class A | 46 | 27 |
| Beijing Enterprises Holdings Limited | 34 | 146 |
| Beijing Enterprises Water Group Limited | 356 | 109 |
| Beijing Huaer Company Limited - Class A | 48 | 62 |
| Beijing Jingneng Power Co., Ltd. - Class A | 47 | 27 |
| Beijing Kingsoft Office Software Co., Ltd - Class A | 3 | 128 |
| Beijing New Building Material (Group) Co., Ltd. - Class A | 7 | 22 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 16 | 28 |
| Beijing Roborock Technology Co., Ltd. - Class A | 1 | 44 |
| Beijing Shiji Information Technology Co., Ltd. - Class A | 5 | 7 |
| Beijing Shougang Co., Ltd. - Class A | 34 | 20 |
| Beijing Tiantan Biological Products Corporation Limited - Class A | 12 | 32 |
| Beijing Tongrentang Co., Ltd. - Class A | 13 | 60 |
| Beijing United Information Technology Co., Ltd. - Class A | 6 | 24 |
| Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A (a) | 6 | 48 |
| Beijing Yanjing Brewery Co., Ltd. - Class A | 1 | 1 |
| Beijing Zhonggong Education Technology Co., Ltd. - Class A (a) | 49 | 19 |
| Beiqi Foton Motor Co., Ltd. - Class A (a) | 65 | 25 |
| Bestechnic (Shanghai) Co., Ltd. - Class A | 1 | 47 |
| Bethel Automotive Safety Systems Co., Ltd - Class A | 5 | 38 |
| Bicycle Club Joint Venture, L.P. - Class A (a) | 23 | 51 |
| Bilibili Inc (a) | 21 | 597 |
| Bloks Group Limited (a) (c) | 7 | 84 |
| Bloomage Biotechnology Corporation Limited - Class A | 2 | 19 |
| Bluestar Adisseo Company - Class A | 24 | 32 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH - Class A | 12 | 21 |
| BOC International (China) Co., Ltd. - Class A | 25 | 51 |
| BOE Technology Group Co., Ltd. - Class A | 193 | 113 |
| Bosideng International Holdings Limited | 402 | 240 |
| BYD Company Limited - Class A | 36 | 548 |
| BYD Company Limited - Class H | 321 | 4549 |
| BYD Electronic (International) Company Limited | 64 | 344 |
| Caida Securities Co., Ltd. - Class A | 33 | 33 |
| Caitong Securities Co., Ltd. - Class A | 50 | 59 |
| Cambricon Technologies Corporation Limited - Class A (a) | 3 | 488 |
| Cathay Biotech, Inc. - Class A | 2 | 15 |
| CGN Power Co., Ltd. - Class A | 122 | 62 |
| CGN Power Co., Ltd. - Class H (b) | 845 | 314 |
| Chagee Holdings Ltd. - ADR (a) (c) | 2 | 28 |
| Changchun High-Tech Industries (Group) Inc. - Class A | 2 | 29 |
| Changjiang Securities Co., Ltd. - Class A | 59 | 69 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 3 | 55 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class A | 11 | 46 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H (b) | 16 | 61 |
| China Aviation Power Co., Ltd. - Class A | 18 | 105 |
| China Baoan Group Co., Ltd. - Class A | 31 | 55 |
| China CITIC Bank Corporation Limited - Class H | 723 | 622 |
| China Coal Energy Company Limited - Class A | 19 | 31 |
| China Coal Energy Company Limited - Class H | 195 | 233 |
| China Construction Bank Corporation - Class A | 68 | 82 |
| China Construction Bank Corporation - Class H | 8569 | 8224 |
| China CSSC Holdings Limited - Class A | 32 | 156 |
| China Eastern Airlines Corporation Limited - Class A (a) | 77 | 45 |
| China Eastern Airlines Corporation Limited - Class H (a) (c) | 162 | 69 |
| China Energy Engineering Corporation Limited - Class A | 139 | 47 |
| China Energy Engineering Corporation Limited - Class H (c) | 406 | 62 |
| China Everbright Bank Company Limited - Class A | 319 | 150 |
| China Everbright Bank Company Limited - Class H | 326 | 136 |
| China Everbright Environment Group Limited | 307 | 175 |
| China Feihe Limited (b) | 350 | 180 |
| China Film Group Co., Ltd. - Class A | 18 | 40 |
| China First Heavy Industries - Class A (a) | 53 | 22 |
| China Galaxy Securities Co., Ltd. - Class A | 36 | 90 |
| China Galaxy Securities Co., Ltd. - Class H | 307 | 466 |
| China Gas Holdings Limited | 229 | 225 |
| China Hainan Rubber Industry Group Co., Ltd. - Class A | 33 | 25 |
| China Hongqiao Group Limited | 243 | 826 |
| China Huishan Dairy Holdings Company Limited (a) (d) | 946 |  |
| China International Capital Corporation Limited - Class A | 17 | 89 |
| China International Capital Corporation Limited - Class H (b) | 145 | 399 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| China International Marine Containers (Group) Co., Ltd. - Class A | 30 | 34 |
| China International Marine Containers (Group) Co., Ltd. - Class H (c) | 44 | 47 |
| China Jushi Co., Ltd. - Class A | 16 | 40 |
| China Life Insurance Company Limited - Class H | 658 | 1865 |
| China Literature Limited (a) (b) (c) | 35 | 179 |
| China Longyuan Power Group Corporation Limited - Class H | 256 | 273 |
| China Medical System Holdings Limited | 108 | 194 |
| China Mengniu Dairy Company Limited | 253 | 488 |
| China Merchants Bank Co., Ltd. - Class A | 131 | 745 |
| China Merchants Bank Co., Ltd. - Class H | 332 | 1989 |
| China Merchants Energy Shipping Co., Ltd. - Class A | 22 | 27 |
| China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A | 43 | 58 |
| China Merchants Port Holdings Company Limited | 108 | 203 |
| China Merchants Securities Co., Ltd. - Class A | 46 | 111 |
| China Merchants Securities Co., Ltd. - Class H (b) (c) | 27 | 61 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. - Class A | 70 | 100 |
| China Minsheng Banking Corp., Ltd. - Class A | 226 | 126 |
| China Minsheng Banking Corp., Ltd. - Class H | 654 | 345 |
| China National Medicines Corporation Ltd. - Class A | 7 | 28 |
| China National Nuclear Power Co Ltd - Class A | 144 | 177 |
| China National Software and Service Company Limited - Class A (a) | 8 | 53 |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A | 19 | 131 |
| China Oilfield Services Limited - Class A |  | 1 |
| China Oilfield Services Limited - Class H | 170 | 146 |
| China Overseas Land & Investment Limited | 316 | 581 |
| China Pacific Insurance (Group) Co., Ltd. - Class A | 44 | 216 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 227 | 902 |
| China Petroleum & Chemical Corporation - Class A | 245 | 182 |
| China Petroleum & Chemical Corporation - Class H | 2046 | 1064 |
| China Petroleum Engineering Corporation - Class A | 45 | 21 |
| China Power International Development Limited | 446 | 185 |
| China Railway Construction Group Co., Ltd. - Class A | 32 | 24 |
| China Railway Group Limited - Class A | 124 | 96 |
| China Railway Group Limited - Class H | 315 | 159 |
| China Railway Signal & Communication Corporation Limited - Class A | 45 | 34 |
| China Railway Signal & Communication Corporation Limited - Class H | 66 | 30 |
| China Rare Earth Resources and Technology Co., Ltd. - Class A (a) | 1 | 10 |
| China Resources Beverage (Holdings) Company Limited (c) | 39 | 55 |
| China Resources Gas Group Limited | 77 | 197 |
| China Resources Land Limited | 263 | 1024 |
| China Resources Microelectronics Limited - Class A | 10 | 78 |
| China Resources Mixc Lifestyle Services Limited (b) | 51 | 273 |
| China Resources Pharmaceutical Group Limited (b) | 161 | 100 |
| China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | 6 | 23 |
| China Securities Co., Ltd. - Class A | 22 | 84 |
| China Shandong Hi-Speed Financial Group Limited (a) (c) | 71 | 40 |
| China Shenhua Energy Company Limited - Class A | 45 | 244 |
| China Shenhua Energy Company Limited - Class H | 292 | 1394 |
| China Southern Airlines Company Limited - Class A (a) | 130 | 110 |
| China Southern Airlines Company Limited - Class H (a) (c) | 108 | 58 |
| China Southern Power Grid Energy Storage Co., Ltd - Class A | 11 | 19 |
| China Suntien Green Energy Corporation Limited - Class A | 8 | 9 |
| China Suntien Green Energy Corporation Limited - Class H | 123 | 67 |
| China Taiping Insurance Holdings Company Limited | 117 | 229 |
| China Three Gorges New Energy (Group) Co., Ltd. - Class A | 178 | 106 |
| China Tourism Group Duty Free Corporation Limited - Class A | 15 | 149 |
| China Tourism Group Duty Free Corporation Limited - Class H | 6 | 50 |
| China Tower Corporation Limited - Class H | 381 | 562 |
| China Vanke Co., Ltd. - Class A (a) | 75 | 72 |
| China Vanke Co., Ltd. - Class H (a) (c) | 159 | 114 |
| China XD Electric Co., Ltd. - Class A | 46 | 43 |
| China Yangtze Power Co., Ltd. - Class A | 167 | 640 |
| China Zhenhua (Group) Science & Technology Co., Ltd. - Class A |  | 3 |
| China Zheshang Bank Co., Ltd. - Class A | 151 | 63 |
| China Zheshang Bank Co., Ltd. - Class H (b) | 134 | 44 |
| Chongqing Brewery Co., Ltd. - Class A | 5 | 39 |
| Chongqing Changan Automobile Company Limited - Class A | 52 | 89 |
| Chongqing Changan Automobile Company Limited - Class B | 102 | 57 |
| Chongqing Qianli Technology Co., Ltd. - Class A (a) | 33 | 58 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class A | 60 | 55 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class H | 207 | 160 |
| Chongqing Water Conservancy Investment (Group) Co., Ltd. - Class A | 11 | 7 |
| Chongqing Zongshen Power Machinery Co., Ltd. - Class A | 6 | 21 |
| CITIC Limited | 442 | 647 |
| CITIC Securities Company Limited - Class A | 88 | 372 |
| CITIC Securities Company Limited - Class H | 131 | 519 |
| CMOC Group Limited - Class A | 116 | 255 |
| CMOC Group Limited - Class H | 305 | 617 |
| CNOOC Energy Development Co., Ltd. - Class A | 52 | 28 |
| CNPC Capital Company Limited - Class A | 44 | 65 |
| COFCO Capital Holdings Co., Ltd. - Class A | 9 | 17 |
| COFCO Sugar Holding Co., Ltd - Class A | 15 | 33 |
| Copper Sub Corporation, Inc. - Class A | 29 | 30 |
| COSCO SHIPPING Development Co., Ltd. - Class A | 121 | 43 |
| COSCO SHIPPING Development Co., Ltd. - Class H | 270 | 40 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class A | 35 | 60 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class H (c) | 106 | 123 |
| COSCO Shipping Holdings Co., Ltd. - Class A | 77 | 155 |
| COSCO Shipping Holdings Co., Ltd. - Class H (c) | 244 | 380 |
| Country Garden Services Holdings Company Limited | 191 | 162 |
| CSPC Pharmaceutical Group Limited | 681 | 804 |
| Daqin Railway Co., Ltd. - Class A | 114 | 94 |
| DaShenLin Pharmaceutical Group Co., Ltd. - Class A | 8 | 19 |
| Datang International Power Generation Co., Ltd. - Class A | 46 | 22 |
| Datang International Power Generation Co., Ltd. - Class H | 364 | 105 |
| DHC Software Co., Ltd. - Class A | 11 | 17 |
| Dong'e Ejiao Co., Ltd. - Class A | 6 | 37 |
| Dongfang Electric Co., Ltd. - Class A | 21 | 57 |
| Dongfang Electric Co., Ltd. - Class H (c) | 14 | 29 |
| Dongxing Securities Co., Ltd. - Class A | 31 | 50 |
| Eastern Air Logistics Co., Ltd. - Class A | 12 | 26 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 3 | 148 |
| Easyhome New Retail Group Corporation Limited - Class A (a) | 2 | 1 |
| Ecovacs Robotics Co., Ltd. - Class A | 1 | 8 |
| ENN Energy Holdings Limited | 65 | 537 |
| ENN Natural Gas Co., Ltd. - Class A | 14 | 36 |
| Everbright Securities Company Limited - Class A | 27 | 72 |
| EverDisplay Optronics (Shanghai) Co., Ltd. - Class A (a) | 104 | 42 |
| Far East Horizon Limited | 145 | 128 |
| Faw Jiefang Group Co., Ltd - Class A | 33 | 32 |
| Flat Glass Group Co., Ltd. - Class A | 12 | 30 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flat Glass Group Co., Ltd. - Class H | 24 | 35 |
| Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 31 | 167 |
| Fosun International Limited | 172 | 122 |
| Founder Securities Co., Ltd. - Class A | 43 | 49 |
| Foxconn Industrial Internet Co., Ltd. - Class A | 69 | 646 |
| Fujian Sunner Development Co., Ltd. - Class A | 14 | 34 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 69 | 892 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 11 | 112 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (b) | 52 | 523 |
| Fuzhou Tianyu Electric Co., Ltd. - Class A (a) | 45 | 30 |
| Galaxycore Inc. - Class A | 15 | 38 |
| Gan & Lee Pharmaceuticals - Class A | 4 | 42 |
| Ganfeng Lithium Group Co., Ltd. - Class A | 3 | 29 |
| Ganfeng Lithium Group Co., Ltd. - Class H (b) | 35 | 196 |
| GCL Technology Holdings Limited (a) | 1925 | 324 |
| GD Power Development Co., Ltd. - Class A | 113 | 79 |
| Geely Automobile Holdings Limited | 497 | 1247 |
| GEM Co., Ltd. - Class A | 46 | 54 |
| Gemdale Corporation - Class A (a) | 41 | 25 |
| GenScript Biotech Corporation (a) (c) | 106 | 228 |
| GF Securities Co., Ltd. - Class A | 40 | 125 |
| GF Securities Co., Ltd. - Class H (c) | 71 | 184 |
| Giant Network Group Co., Ltd. - Class A | 6 | 38 |
| GigaDevice Semiconductor Inc. - Class A | 3 | 102 |
| Glodon Company Limited - Class A | 8 | 17 |
| Goertek Inc. - Class A | 21 | 112 |
| Goldwind Science & Technology Co., Ltd. - Class A | 25 | 53 |
| Goldwind Science & Technology Co., Ltd. - Class H | 60 | 109 |
| Gongniu Group Co., Ltd. - Class A | 5 | 32 |
| Great Wall Motor Company Limited - Class A | 18 | 61 |
| Great Wall Motor Company Limited - Class H | 202 | 435 |
| Greatwall Securities Co., Ltd. Beijing Haiying Road Stock Exchange - Class A | 31 | 50 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 33 | 186 |
| Greenland Holding Group Co., Ltd. - Class A (a) | 99 | 26 |
| GRG Banking Equipment Co., Ltd. - Class A | 25 | 50 |
| Guangdong Electric Power Development Co., Ltd - Class A | 34 | 22 |
| Guangdong Haid Group Co., Ltd. - Class A | 9 | 81 |
| Guangdong Yangzhiguang Industrial Co., Ltd. - Class A (a) | 9 | 30 |
| Guangxi Guiguan Electric Power Co., Ltd. - Class A | 17 | 15 |
| Guangzhou Automobile Group Co., Ltd. - Class A | 29 | 32 |
| Guangzhou Automobile Group Co., Ltd. - Class H (c) | 140 | 61 |
| Guangzhou Baiyun International Airport Xianglong Restaurant - Class A | 21 | 27 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 5 | 19 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class H (c) | 20 | 47 |
| Guangzhou Development Group Incorporated - Class A | 24 | 23 |
| Guangzhou Haige Communications Group Incorporated Company - Class A | 29 | 53 |
| Guangzhou Port Co., Ltd. - Class A | 18 | 8 |
| Guangzhou Shiyuan Electronic Technology Co., Ltd. - Class A | 7 | 40 |
| Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 5 | 26 |
| Guangzhou Yuexiu Capital Holdings Group Co., Ltd. - Class A | 40 | 44 |
| Guming Holdings Limited (a) (c) | 58 | 167 |
| Guolian Minsheng Securities Company Limited - Class A | 20 | 31 |
| Guosen Securities Co., Ltd - Class A | 65 | 124 |
| Guotai Haitong Financial Holdings Limited - Class A | 112 | 298 |
| Guotai Haitong Financial Holdings Limited - Class H (b) | 201 | 416 |
| Guoxuan High-Tech Co., Ltd. - Class A | 14 | 89 |
| H World Group Limited | 147 | 579 |
| Haidilao International Holding Ltd. (b) (c) | 130 | 224 |
| Haier Smart Home Co., Ltd. - Class A | 40 | 143 |
| Haier Smart Home Co., Ltd. - Class H | 209 | 678 |
| Hainan Airlines Holding Co., Ltd. - Class A (a) | 141 | 32 |
| Hainan Airport Infrastructure Co., Ltd - Class A | 28 | 16 |
| Haisco Pharmaceutical Group Co., Ltd. - Class A | 7 | 49 |
| Haitian International Holdings Limited | 93 | 257 |
| Hangzhou Bank Co., Ltd. - Class A | 40 | 85 |
| Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 30 | 53 |
| Hangzhou First Applied Material Co., Ltd. - Class A | 12 | 27 |
| Hangzhou Lion Microelectronics Co., Ltd. - Class A (a) | 6 | 27 |
| Hangzhou Oxygen Plant Group Co., Ltd. - Class A | 8 | 27 |
| Hangzhou Robam Appliances Co., Ltd. - Class A | 10 | 26 |
| Hangzhou Silan Microelectronics Co., Ltd. - Class A | 14 | 60 |
| Han's Laser Technology Industry Group Co., Ltd. - Class A | 11 | 62 |
| Hansoh Pharmaceutical Group Company Limited (b) | 92 | 425 |
| Haohua Chemical Science & Technology Corp., Ltd. - Class A | 7 | 30 |
| Harris County School District - Class A | 334 | 241 |
| Hebei Sinopack Electronic Technology Co., Ltd. - Class A | 2 | 18 |
| Hebei Yangyuan Zhihui Beverage Co., Ltd. - Class A | 11 | 45 |
| Hedy Holding Co., Ltd. - Class A | 105 | 119 |
| Heilan Home Co., Ltd. - Class A | 35 | 32 |
| Heilongjiang Agriculture Company Limited - Class A | 1 | 1 |
| Henan Shenhuo Coal & Power Co., Ltd. - Class A | 21 | 58 |
| Henan Shuanghui Investment & Development Co., Ltd. - Class A | 21 | 73 |
| Hengan International Group Company Limited | 62 | 204 |
| Hengdian Group DMEGC Magnetics Co., Ltd. - Class A | 15 | 42 |
| Hengli Petrochemical (Dalian) Co., Ltd. - Class A | 27 | 64 |
| Hengsheng Chemical Industry Co., Ltd. - Class A | 11 | 43 |
| Hengtong Optic-Electric Co., Ltd. - Class A | 19 | 60 |
| Hengyi Petrochemical Co. Ltd - Class A | 39 | 36 |
| Himile Mechanical Science and Technology (Shandong) Co., Ltd. - Class A | 5 | 42 |
| Hisense Home Appliances Group Co., Ltd. - Class A | 1 | 3 |
| Hisense Home Appliances Group Co., Ltd. - Class H (c) | 33 | 103 |
| Hisense Visual Technology Co., Ltd. - Class A | 13 | 43 |
| Hongta Securities Co., Ltd. - Class A | 25 | 31 |
| Horizon Robotics (a) (c) | 678 | 836 |
| Hoshizaki Corporation - Class A | 6 | 40 |
| Hua Hong Semiconductor Limited (a) (b) (c) | 53 | 546 |
| Hua Xia Bank Co., Limited - Class A | 106 | 98 |
| Huaan Securities Co., Ltd. - Class A | 34 | 30 |
| Huadian Power International Corporation Limited - Class A | 86 | 61 |
| Huadian Power International Corporation Limited - Class H | 108 | 58 |
| Huadong Medicine Co., Ltd - Class A | 9 | 51 |
| Huafon Chemical Co., Ltd. - Class A | 27 | 35 |
| Huagong Tech Company Limited - Class A | 10 | 127 |
| Huaibei Mining Co., Ltd. - Class A | 21 | 36 |
| Hualan Bioengineering Co., Ltd. - Class A | 2 | 5 |
| Huaneng Power International, Inc. - Class A | 97 | 96 |
| Huaneng Power International, Inc. - Class H | 344 | 240 |
| Huatai Securities Co., Ltd. - Class A | 34 | 104 |
| Huatai Securities Co., Ltd. - Class H (b) | 107 | 284 |
| Huaxi Securities Co., Ltd. - Class A | 29 | 42 |
| Huaxin Cement Co., Ltd. - Class A |  |  |
| Huayu Automotive Systems Co., Ltd. - Class A | 14 | 40 |
| Hubei Energy Group Co., Ltd. - Class A | 52 | 33 |
| Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 9 | 31 |
| Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 13 | 51 |
| Huizhou Desay SV Automotive Co., Ltd. - Class A | 2 | 51 |
| Humanwell Healthcare (Group) Co., Ltd - Class A | 5 | 15 |
| Hunan Valin Steel Co., Ltd. - Class A | 59 | 54 |
| Hundsun Technologies Inc. - Class A | 9 | 42 |
| Hytera Communications Corporation Limited - Class A (a) | 9 | 14 |
| iFlytek Co., Ltd. - Class A | 17 | 137 |
| Industrial and Commercial Bank of China Limited - Class A | 773 | 793 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Industrial and Commercial Bank of China Limited - Class H | 6613 | 4871 |
| Industrial Bank Co., Ltd. - Class A | 148 | 412 |
| Industrial Securities Co., Ltd. - Class A | 90 | 82 |
| Inner Mongolia Dian Tou Energy Corporation Limited - Class A | 10 | 32 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class A | 14 | 20 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class B | 12 | 12 |
| Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. - Class A | 40 | 30 |
| Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. - Class A | 58 | 33 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 47 | 178 |
| Inner Mongolia Yitai Coal Co., Ltd - Class B | 81 | 154 |
| Innovent Biologics, Inc. - Class B (a) (b) | 129 | 1602 |
| Inspur Electronic Information Industry Co., Ltd. - Class A | 6 | 66 |
| iRay Technology Company Limited - Class A | 2 | 30 |
| J&T Global Express Limited (a) | 552 | 694 |
| JA Solar Technology Co., Ltd. - Class A (a) | 22 | 40 |
| Jason Furniture (Hangzhou) Co., Ltd. - Class A | 7 | 30 |
| JCET Group Co., Ltd. - Class A | 17 | 106 |
| JCHX Mining Management Co., Ltd. - Class A | 6 | 55 |
| JD Health International Inc. (a) (b) | 91 | 778 |
| JD Logistics, Inc. (a) | 206 | 348 |
| JD.com, Inc. - Class A | 226 | 3948 |
| Jiangsu Eastern Shenghong Co., Ltd. - Class A (a) | 46 | 61 |
| Jiangsu Expressway Company Limited - Class A | 2 | 4 |
| Jiangsu Expressway Company Limited - Class H | 129 | 150 |
| Jiangsu Financial Leasing Co., Ltd. - Class A | 32 | 25 |
| Jiangsu Guoxin Corp. Ltd. - Class A | 16 | 18 |
| Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 7 | 91 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 44 | 446 |
| Jiangsu King'S Luck Brewery Joint-Stock Co., Ltd. - Class A | 8 | 46 |
| Jiangsu NHWA Pharmaceutical Co., Ltd - Class A | 10 | 36 |
| Jiangsu Pacific Quartz Co., Ltd. - Class A | 5 | 30 |
| Jiangsu Phoenix Publishing & Media Corporation Limited - Class A | 21 | 32 |
| Jiangsu Xinquan Auto Trim Co., Ltd. - Class A | 5 | 53 |
| Jiangsu Yanghe Distillery Co., Ltd. - Class A | 7 | 66 |
| Jiangsu Yangnong Chemical Co., Ltd. - Class A | 3 | 28 |
| Jiangsu Yoke Technology Co., Ltd. - Class A | 5 | 48 |
| Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. - Class A | 2 | 12 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 13 | 35 |
| Jiangxi Copper Company Limited - Class A | 12 | 61 |
| Jiangxi Copper Company Limited - Class H | 82 | 322 |
| Jinduicheng Molybdenum Group Co., Ltd. - Class A | 27 | 59 |
| Jinko Solar Co., Ltd. - Class A (a) | 66 | 51 |
| Jinneng Holding Shanxi Coal Industry Co., Ltd. - Class A | 13 | 26 |
| Jointown Pharmaceutical Group Co., Ltd. - Class A | 53 | 36 |
| Juneyao Airlines Co., Ltd. - Class A | 20 | 38 |
| Kangmei Pharmaceutical Co., Ltd. - Class A (a) | 3 | 1 |
| KE Holdings Inc. | 202 | 1358 |
| Keboda Technology Co., Ltd. - Class A | 1 | 21 |
| Kingdee International Software Group Company Limited (a) | 249 | 560 |
| Kingfa Sci. & Tech. Co., Ltd. - Class A | 18 | 53 |
| Kingnet Network Co., Ltd. - Class A | 21 | 82 |
| Kingsoft Corp Ltd | 88 | 389 |
| Kuaishou Technology (a) (b) | 252 | 2732 |
| Kuang-Chi Technologies Co., Ltd. - Class A | 9 | 66 |
| Kunlun Energy Company Limited | 354 | 316 |
| Kweichow Moutai Co., Ltd. - Class A | 8 | 1703 |
| Laopu Gold Co., Ltd. - Class H (b) | 3 | 284 |
| Lenovo Group Limited | 521 | 770 |
| Levima Advanced Materials Corporation - Class A | 9 | 27 |
| Li Auto Inc. - Class A (a) | 94 | 1218 |
| Li Ning Company Limited | 207 | 468 |
| Liaoning Port Co., Ltd. - Class A | 185 | 45 |
| Lingyi Itech (Guangdong) Company - Class A | 34 | 79 |
| Livzon Pharmaceutical Group Inc. - Class A | 3 | 16 |
| Livzon Pharmaceutical Group Inc. - Class H | 11 | 47 |
| Longbai Group Co., Ltd - Class A | 21 | 59 |
| Longfor Group Holdings Limited | 181 | 277 |
| LONGi Green Energy Technology Co., Ltd. - Class A (a) | 59 | 148 |
| Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A | 51 | 460 |
| Luzhou Lao Jiao Vintage Co., Ltd. - Class A | 11 | 196 |
| Mao Geping Cosmetics Co., Ltd. - Class H (c) | 12 | 156 |
| Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A | 42 | 30 |
| Meituan - Class B (a) (b) | 467 | 6233 |
| Metallurgical Corporation of China Ltd. - Class A | 127 | 69 |
| Metallurgical Corporation of China Ltd. - Class H | 215 | 75 |
| Midea Group Co., Ltd. - Class A | 47 | 480 |
| Mingyang Smart Energy Group Co., Ltd. - Class A | 23 | 52 |
| Miniso Group Holding Ltd (e) | 37 | 210 |
| Minmetals Capital Company Limited - Class A | 40 | 33 |
| MIXUE Group - Class H (a) (c) | 4 | 190 |
| Montage Technology Co., Ltd. - Class A | 10 | 214 |
| Muyuan Foods Co., Ltd. - Class A | 36 | 265 |
| Nangfang Science City Development Co., Ltd. - Class A | 14 | 44 |
| Nanjing Iron and Steel Co., Ltd. - Class A | 37 | 27 |
| Nanjing Securities Co., Ltd. - Class A | 23 | 28 |
| NARI Technology Co., Ltd. - Class A | 49 | 159 |
| National Silicon Industry Group Co., Ltd. - Class A (a) | 21 | 75 |
| Naura Technology Group Co., Ltd. - Class A | 4 | 262 |
| Navinfo Co., Ltd. - Class A (a) | 19 | 26 |
| NetEase, Inc. | 153 | 4646 |
| New China Life Insurance Company Ltd. - Class A | 11 | 92 |
| New China Life Insurance Company Ltd. - Class H | 87 | 515 |
| New Hope Liuhe Co., Ltd. - Class A | 17 | 23 |
| New Oriental Education & Technology Group Inc. (a) (b) | 121 | 658 |
| Ninestar Corporation - Class A (a) | 12 | 39 |
| Ningbo Deye Technology Co., Ltd. - Class A | 3 | 38 |
| Ningbo Joyson Electronics Co., Ltd. - Class A | 10 | 49 |
| Ningbo Orient Wires & Cables Co., Ltd - Class A | 6 | 63 |
| Ningbo Sanxing Medical Electric Co., Ltd. - Class A | 9 | 31 |
| Ningbo Tuopu Group Co., Ltd. - Class A | 12 | 138 |
| Ningbo Zhoushan Port Group - Class A | 120 | 61 |
| Ningxia Baofeng Energy Group Co., Ltd. - Class A | 45 | 112 |
| NIO, Inc. - Class A (a) | 145 | 1069 |
| Nongfu Spring Co., Ltd. - Class H (b) | 158 | 1094 |
| Offshore Oil Engineering Co., Ltd. - Class A | 38 | 28 |
| OFILM Group Co., Ltd. - Class A (a) | 20 | 37 |
| OmniVision Integrated Circuits Group, Inc. - Class A | 8 | 177 |
| Oppein Home Group Inc. - Class A | 5 | 37 |
| Orient Securities Company Limited - Class A | 36 | 57 |
| Orient Securities Company Limited - Class H (b) (c) | 89 | 92 |
| Oriental Pearl Group Co., Ltd. - Class A | 33 | 48 |
| Pangang Group Steel Vanadium & Titanium Co., Ltd. - Class A (a) | 74 | 32 |
| People.cn Co., Ltd. - Class A | 9 | 24 |
| People's Insurance Company (Group) of China Limited, The - Class H | 714 | 624 |
| Perfect World Co., Ltd. - Class A | 2 | 5 |
| PetroChina Company Limited - Class H | 1859 | 1689 |
| PICC Property and Casualty Company Limited - Class H | 585 | 1318 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 66 | 8772 |
| Ping An Bank Co., Ltd. - Class A | 114 | 182 |
| Ping An Insurance (Group) Company of China, Ltd. - Class A | 72 | 555 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 544 | 3702 |
| Pingdingshan Tianan Coal Mining Co., Ltd. - Class A | 15 | 16 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 96 | 106 |
| POP MART International Group Limited (b) | 58 | 1976 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Postal Savings Bank of China Co., Ltd. - Class A | 660 | 532 |
| Postal Savings Bank of China Co., Ltd. - Class H (b) | 753 | 528 |
| Power Construction Corporation of China - Class A | 116 | 91 |
| Proya Cosmetics Co., Ltd. - Class A | 4 | 40 |
| Qi An Xin Technology Group Inc. - Class A (a) | 6 | 33 |
| Qingdao Port International Co., Ltd. - Class A | 8 | 10 |
| Qingdao Port International Co., Ltd. - Class H (b) | 71 | 66 |
| Qinghai Salt Lake Industry Co., Ltd - Class A (a) | 24 | 69 |
| Quzhou Xin'an Development Co., Ltd. - Class A (a) | 64 | 41 |
| Rockchip Electronics Co., Ltd. - Class A | 2 | 54 |
| Rongsheng Petrochemical Co., Ltd. - Class A | 57 | 78 |
| S.F. Holding Co., Ltd. - Class A | 35 | 198 |
| S.F. Holding Co., Ltd. - Class H | 7 | 34 |
| SAIC Motor Corporation Limited - Class A | 58 | 140 |
| Sailun Group Co., Ltd. - Class A | 26 | 52 |
| San'an Optoelectronics Co., Ltd - Class A | 48 | 105 |
| SANY Heavy Industry Co., Ltd. - Class A | 57 | 185 |
| Satellite Chemical Co., Ltd. - Class A | 14 | 38 |
| SDIC Capital Co., Ltd. - Class A | 53 | 59 |
| SDIC Power Holdings Co., Ltd. - Class A | 51 | 93 |
| Seazen Holdings Co., Ltd. - Class A (a) | 1 | 2 |
| Seres Co., Ltd. - Class A | 10 | 236 |
| Shaanxi Coal Industry Company Limited - Class A | 58 | 164 |
| Shandong Gold Group Co., Ltd. - Class A | 20 | 113 |
| Shandong Gold Group Co., Ltd. - Class H (b) | 64 | 307 |
| Shandong Hi-Speed Group Co., Ltd. - Class A | 19 | 23 |
| Shandong Linglong Tyre Co., Ltd. - Class A | 14 | 30 |
| Shandong Nanshan Aluminium Co., Ltd. - Class A | 119 | 66 |
| Shandong Sun Paper Co., Ltd. - Class A | 22 | 45 |
| Shandong Weigao Group Medical Polymer Company Limited - Class H | 210 | 157 |
| Shanghai Aiko Solar Energy Co., Ltd. - Class A (a) | 13 | 29 |
| Shanghai Allist Pharmaceuticals Co., Ltd. - Class A | 3 | 46 |
| Shanghai Bairun Investment Holding Group Co., Ltd. - Class A | 10 | 34 |
| Shanghai Baosight Software Co., Ltd - Class A | 15 | 50 |
| Shanghai Baosight Software Co., Ltd - Class B | 58 | 65 |
| Shanghai BOCHU Electronic Technology Corporation Limited. - Class A | 2 | 47 |
| Shanghai Electric Group Company Limited - Class A (a) | 53 | 71 |
| Shanghai Electric Group Company Limited - Class H (a) (c) | 312 | 164 |
| Shanghai Electric Power Co., Ltd. - Class A | 13 | 40 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A | 10 | 40 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H (c) | 31 | 103 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class A | 5 | 48 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class H | 12 | 71 |
| Shanghai International Airport Co., Ltd. - Class A | 16 | 72 |
| Shanghai International Port(Group) Co., Ltd - Class A | 34 | 26 |
| Shanghai Jiangong Tufang Construction Co., Ltd. - Class A | 118 | 49 |
| Shanghai Jin Jiang International Hotels Co., Ltd. - Class A | 10 | 33 |
| Shanghai Junshi Biosciences Co., Ltd. - Class A (a) | 6 | 36 |
| Shanghai Junshi Biosciences Co., Ltd. - Class H (a) (b) (c) | 14 | 54 |
| Shanghai Lingang Holdings Co., Ltd - Class A | 18 | 29 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class A | 19 | 23 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B | 28 | 13 |
| Shanghai M&G Stationery Inc - Class A | 10 | 38 |
| Shanghai Moons' Electric Co., Ltd. - Class A | 3 | 30 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class A | 15 | 39 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 55 | 87 |
| Shanghai Pu Tai Lai New Energy Technology Co., Ltd. - Class A | 8 | 36 |
| Shanghai Pudong Development Bank Co., Ltd. - Class A | 197 | 329 |
| Shanghai RAAS blood products co., Ltd. - Class A | 67 | 63 |
| Shanghai Rural Commercial Bank Co., Ltd. - Class A | 55 | 63 |
| Shanghai Wingtech Electronics Technology Co., Ltd. - Class A (a) | 2 | 15 |
| Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 32 | 82 |
| Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. - Class A | 41 | 33 |
| Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. - Class A | 12 | 93 |
| Shanxi Coal International Energy Group Co., Ltd. - Class A | 18 | 24 |
| Shanxi Coking Coal Energy Group Co., Ltd. - Class A | 44 | 43 |
| Shanxi Lu'an Environmental Energy Dev.Co., Ltd - Class A | 20 | 40 |
| Shanxi Xinghuacun Fenjiu Group., Ltd - Class A | 8 | 214 |
| Shede Spirits Co., Ltd. - Class A | 3 | 25 |
| Shenergy Company Limited - Class A | 43 | 47 |
| Shengyi Technology Co., Ltd. - Class A | 10 | 77 |
| Shennan Circuits Co., Ltd. - Class A | 5 | 138 |
| Shenwan Hongyuan Group Co., Ltd. - Class A | 154 | 116 |
| Shenwan Hongyuan Group Co., Ltd. - Class H (b) | 76 | 35 |
| Shenzhen Energy Group Co., Ltd. - Class A | 34 | 31 |
| Shenzhen Goodix Technology Co., Ltd. - Class A | 4 | 46 |
| Shenzhen Huaqiang Information Industry Co., Ltd. - Class A | 5 | 19 |
| Shenzhen Kaifa Technology Co., Ltd. - Class A | 15 | 60 |
| Shenzhen Kedali Industry Co.Limited - Class A | 2 | 60 |
| Shenzhen Overseas Chinese Town Co., Ltd. - Class A (a) | 81 | 30 |
| Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A | 9 | 74 |
| Shenzhen SED Industry Co., Ltd. - Class A | 12 | 35 |
| Shenzhen Transsion Holdings Co., Ltd. - Class A | 9 | 116 |
| Shenzhou International Group Holdings Limited | 72 | 572 |
| Shijiazhuang Changshan Beiming Technology Co., Ltd. - Class A (a) | 8 | 27 |
| Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A (a) | 18 | 39 |
| SICC Co., Ltd. - Class A (a) | 3 | 35 |
| Sichuan Changhong Electric Co., Ltd. - Class A | 18 | 26 |
| Sichuan Chuantou Energy Co,.Ltd. - Class A | 27 | 53 |
| Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 7 | 33 |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. - Class H (a) (c) | 3 | 192 |
| Sichuan New Energy Power Company Limited - Class A | 17 | 25 |
| Sichuan Road & Bridge (Group) Co., LTD - Class A | 44 | 50 |
| Sichuan Swellfun Co., Ltd. - Class A | 5 | 29 |
| Sinolink Securities Co., Ltd. - Class A | 23 | 33 |
| Sinoma International Engineering Co., Ltd. - Class A | 25 | 31 |
| Sinoma Science & Technology Co., Ltd. - Class A | 6 | 30 |
| Sinomach Heavy Equipment Group Co., Ltd. - Class A (a) | 48 | 22 |
| Sinomine Resource Group Co., Ltd. - Class A | 6 | 39 |
| Sinopec Oilfield Service Corporation - Class A (a) | 8 | 2 |
| Sinopec Shanghai Petrochemical Company Limited - Class A | 40 | 15 |
| Sinopec Shanghai Petrochemical Company Limited - Class H | 390 | 68 |
| Sinopharm Group Co. Ltd. - Class H | 106 | 248 |
| Sinotrans Limited - Class A | 51 | 46 |
| Sinotrans Limited - Class H | 106 | 66 |
| Sinotruk (Hong Kong) Limited | 55 | 162 |
| SKSHU Paint Co., Ltd. - Class A | 6 | 43 |
| Smoore International Holdings Limited (b) (c) | 154 | 349 |
| Soochow Securities Co., Ltd. - Class A | 55 | 76 |
| Southwest Securities Co., Ltd. - Class A | 13 | 9 |
| SPIC Industry-Finance Holdings Co., Ltd - Class A | 19 | 18 |
| Spring Airlines Co., Ltd. - Class A | 3 | 22 |
| Starpower Semiconductor Ltd. - Class A | 2 | 37 |
| State Grid Xinyuan Company Ltd. - Class A | 39 | 32 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sunny Optical Technology (Group) Company Limited | 58 | 669 |
| Sunshine City Group Co., Ltd. - Class A | 31 | 22 |
| Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 5 | 46 |
| TAL Education Group - Class A - ADR (a) | 39 | 441 |
| Talkweb Information System Co., Ltd. - Class A (a) | 10 | 50 |
| Tasly Pharmaceutical Group Co., Ltd. - Class A | 13 | 28 |
| TBEA Co., Ltd. - Class A | 25 | 63 |
| TCL Technology Group Corporation - Class A | 164 | 99 |
| TCL Zhonghuan Renewable Energy Technology Co., Ltd - Class A (a) | 3 | 3 |
| Tencent Holdings Limited | 532 | 45291 |
| Tencent Music Entertainment Group | 99 | 1173 |
| The Pacific Securities Co., Ltd - Class A (a) | 46 | 30 |
| Tianfeng Securities Co., Ltd. - Class A (a) | 58 | 43 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. | 19 | 57 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. - Class A | 6 | 37 |
| Tianma Microelectronics Co., Ltd. - Class A (a) | 28 | 40 |
| Tianneng Battery Group Co., Ltd - Class A | 4 | 16 |
| Tianqi Lithium Industry Co., Ltd - Class A (a) | 6 | 39 |
| Tianshan Aluminum Group Co., Ltd. - Class A | 37 | 60 |
| Tianshan Material Co., Ltd. - Class A (a) | 30 | 25 |
| Tianshui Huatian Technology Co., Ltd. - Class A (d) | 30 | 50 |
| Tingyi (Cayman Islands) Holding Corp. | 171 | 229 |
| Tongce Medical Co., Ltd. - Class A | 5 | 29 |
| Tongcheng-Elong Holdings Limited (b) | 109 | 322 |
| Tongfu Microelectronics Co., Ltd. - Class A | 12 | 68 |
| Tongkun Group Co., Ltd. - Class A | 16 | 34 |
| Tongling Nonferrous Metals Group Co., Ltd. - Class A | 85 | 64 |
| Tongwei Co., Ltd - Class A (a) | 32 | 99 |
| Trina Solar Co., Ltd. - Class A (a) | 15 | 36 |
| Trip.com Group Limited | 51 | 3833 |
| Tsinghua Tongfang Co., Ltd. - Class A (a) | 32 | 37 |
| Tsingtao Brewery Co., Ltd. - Class A | 5 | 49 |
| Tsingtao Brewery Co., Ltd. - Class H | 50 | 340 |
| Ubtech Robotics Corp. Ltd. - Class H (a) | 20 | 406 |
| Unigroup Guoxin Microelectronics Co., Ltd. - Class A | 5 | 63 |
| Uni-President China Holdings Ltd | 105 | 111 |
| Unisplendour Corporation Limited - Class A | 14 | 59 |
| Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A | 17 | 52 |
| Venustech Group Inc. - Class A (a) | 9 | 20 |
| Verisilicon Microelectronics (Shanghai) Co., Ltd. - Class A (a) | 2 | 63 |
| Vipshop (China) Co., Ltd - ADR | 30 | 582 |
| Wanda Film Holding Co., Ltd. - Class A (a) | 19 | 34 |
| Wanhua Chemical Group Co., Ltd. - Class A | 19 | 179 |
| Want Want China Holdings Limited | 393 | 267 |
| Weichai Power Co., Ltd. - Class A | 48 | 95 |
| Weichai Power Co., Ltd. - Class H | 160 | 286 |
| Western Mining Co., Ltd. - Class A | 23 | 71 |
| Western Securities Co., Ltd. - Class A | 16 | 20 |
| Western Superconducting Technologies Co., Ltd. - Class A | 6 | 59 |
| Wintime Energy Co., Ltd. - Class A | 143 | 33 |
| Wuchan Zhongda Group Co., Ltd. - Class A | 44 | 37 |
| Wuhan Guide Infrared Co., Ltd. - Class A (a) | 17 | 29 |
| Wuliangye Yibin Co., Ltd. - Class A | 27 | 453 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 11 | 113 |
| WuXi AppTec Co., Ltd. - Class A | 15 | 245 |
| WuXi AppTec Co., Ltd. - Class H (b) (c) | 30 | 460 |
| Wuzhou Minovo Co., Ltd. - Class A | 20 | 30 |
| XCMG Construction Machinery Co., Ltd. - Class A | 77 | 124 |
| Xiamen Amoytop Biotech Co., Ltd. - Class A | 3 | 36 |
| Xiamen C&D Inc. - Class A | 28 | 41 |
| Xiamen Faratronic Co., Ltd. - Class A | 2 | 32 |
| Xiamen Tungsten Co., Ltd. - Class A | 12 | 52 |
| Xiaomi Corporation (a) (b) | 1478 | 10250 |
| Xinjiang Daqo New Energy Co. Ltd. - Class A (a) | 15 | 61 |
| Xinyi Solar Holdings Limited | 384 | 170 |
| XPeng Inc. - Class A (a) | 108 | 1281 |
| XtalPi Holdings Limited (a) | 204 | 376 |
| Yadea Group Holdings Ltd (b) | 108 | 193 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 243 | 636 |
| Yankuang Energy Group Company Limited - Class A | 28 | 52 |
| Yankuang Energy Group Company Limited - Class H (c) | 299 | 392 |
| Yantai Jereh Oilfield Service Group Co., Ltd. - Class A | 8 | 63 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 1 | 3 |
| Yongan Futures Co., Ltd. - Class A | 5 | 11 |
| Yonghui Superstores Co., Limited - Class A (a) | 67 | 44 |
| Youngor Group Co., Ltd. - Class A | 12 | 12 |
| Yuexiu Property Company Limited (c) | 128 | 86 |
| Yum China Holdings, Inc. (c) | 32 | 1355 |
| YUNDA Holding Group Co., Ltd. - Class A | 29 | 30 |
| Yunnan Aluminium Co,Ltd. - Class A | 12 | 34 |
| Yunnan Baiyao Industrial Co., Ltd. - Class A | 9 | 70 |
| Yunnan Chihong Zinc And Germanium Co., Ltd. - Class A | 44 | 39 |
| Yunnan Energy New Material Co., Ltd. - Class A (a) | 9 | 61 |
| Yunnan Yuntianhua Co., Ltd. - Class A | 16 | 61 |
| Yutong Bus Co., Ltd. - Class A | 19 | 73 |
| Zangge Mining Company Limited - Class A | 13 | 104 |
| Zeekr Intelligent Technology Holding Limited - ADR (a) | 4 | 128 |
| Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A | 5 | 124 |
| Zhaojin Mining Industry Co., Ltd. - Class H | 137 | 555 |
| Zhejiang China Commodities City Group Co., Ltd. - Class A | 37 | 96 |
| Zhejiang Chint Electric Co., Ltd. - Class A | 8 | 34 |
| Zhejiang Dahua Technology Co., Ltd. - Class A | 11 | 30 |
| Zhejiang Dingli Machinery Co., Ltd. - Class A | 4 | 30 |
| Zhejiang Grandwall Electric Science&Technology Co., Ltd. - Class A (a) | 14 | 33 |
| Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 16 | 46 |
| Zhejiang Huayou Cobalt Co., Ltd. - Class A | 12 | 107 |
| Zhejiang Juhua Co., Ltd. - Class A | 22 | 124 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 24 | 33 |
| Zhejiang NHU Company Ltd. - Class A | 31 | 105 |
| Zhejiang Provincial New Energy Investment Group Co., Ltd. - Class A | 5 | 5 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd - Class A | 24 | 166 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 7 | 58 |
| Zhejiang Supor Co., Ltd. - Class A | 6 | 37 |
| Zhejiang Wanfeng Auto Wheel Co., Ltd. - Class A | 4 | 11 |
| Zhejiang Weiming Environment Protection Co., Ltd. - Class A | 3 | 8 |
| Zhejiang Weixing New Building Materials Co., Ltd. - Class A | 13 | 19 |
| Zhejiang Zheneng Electric Power Co., Ltd - Class A | 59 | 41 |
| Zheshang Securities Co., Ltd. - Class A | 38 | 62 |
| Zhongjin Gold Corporation Limited - Class A | 22 | 70 |
| Zhongsheng Group Holdings Limited (c) | 44 | 83 |
| Zhongtai Securities Co., Ltd. - Class A | 23 | 23 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A |  | 4 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 42 | 230 |
| Zijin Mining Group Co., Ltd. - Class A | 137 | 568 |
| Zijin Mining Group Co., Ltd. - Class H | 496 | 2084 |
| ZJLD Group Inc (c) | 49 | 56 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 42 | 48 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H (c) | 158 | 148 |
| ZTE Corporation - Class A | 24 | 154 |
| ZTE Corporation - Class H (c) | 67 | 304 |
| ZTO Express (Cayman) Inc. (b) | 36 | 684 |
| | | 264991 |
| **Taiwan 19.4%** | **Taiwan 19.4%** | **Taiwan 19.4%** |
| Accton Technology Corporation | 44 | 1516 |
| Acer Inc. | 262 | 267 |
| Advantech Co., Ltd. | 45 | 478 |
| Airtac International Group | 12 | 295 |
| Alchip Technologies, Limited | 7 | 805 |
| ASE Technology Holding Co., Ltd. | 289 | 1561 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Asia Cement Corporation | 201 | 252 |
| Asia Vital Components Co., Ltd. | 30 | 971 |
| ASUSTeK Computer Inc. | 64 | 1413 |
| AUO Corporation | 621 | 279 |
| Catcher Technology Co., Ltd. | 59 | 354 |
| Cathay Financial Holding Co., Ltd. | 818 | 1762 |
| Chailease Holding Company Limited | 143 | 524 |
| Chang Hwa Commercial Bank, Ltd. | 540 | 349 |
| Cheng Shin Rubber Ind. Co., Ltd. | 189 | 234 |
| Chicony Electronics Co., Ltd | 56 | 255 |
| China Airlines, Ltd. | 240 | 165 |
| China Steel Corporation | 1041 | 665 |
| Chunghwa Telecom Co., Ltd. | 339 | 1487 |
| Compal Electronics, Inc. | 356 | 381 |
| CTBC Financial Holding Co., Ltd. | 1643 | 2318 |
| Delta Electronics, Inc. | 169 | 4758 |
| E Ink Holdings Inc. | 76 | 605 |
| E. Sun Financial Holding Company, Ltd. | 1386 | 1519 |
| Eclat Textile Corporation Ltd. | 18 | 260 |
| Elite Material Co., Ltd. | 27 | 1095 |
| eMemory Technology Inc. | 6 | 400 |
| EVA Airways Corporation | 247 | 310 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 90 | 527 |
| Far Eastern New Century Corporation | 316 | 289 |
| Far EasTone Telecommunications Co., Ltd. | 160 | 464 |
| Feng Tay Enterprises Co., Ltd. | 64 | 259 |
| First Financial Holding Co., Ltd. | 1011 | 991 |
| Formosa Chemicals & Fibre Corporation | 334 | 327 |
| Formosa Petrochemical Corporation | 111 | 148 |
| Formosa Plastics Corporation | 422 | 536 |
| Fortune Electric Co., Ltd. | 23 | 434 |
| FOXCONN Technology Co., Ltd. | 115 | 267 |
| Fubon Financial Holding Co., Ltd. | 795 | 2303 |
| Giga-Byte Technology Co., Ltd. | 54 | 533 |
| Global Unichip Corp. | 7 | 311 |
| GlobalWafers Co., Ltd. | 20 | 309 |
| Highwealth Construction Corp. | 120 | 158 |
| HIWIN Technologies Corp. | 25 | 179 |
| Hon Hai Precision Industry Co., Ltd. | 1061 | 7543 |
| Hotai Motor Co., Ltd. | 43 | 836 |
| Hua Nan Financial Holdings Co., Ltd. | 907 | 882 |
| Innolux Corporation | 707 | 336 |
| International Games System Co., Ltd. | 22 | 570 |
| Inventec Corporation | 271 | 410 |
| Jentech Precision Industrial Co., Ltd. | 8 | 639 |
| KGI Financial Holding Co., Ltd. | 1408 | 692 |
| Largan Precision Co., Ltd. | 8 | 619 |
| Lite-On Technology Corporation | 195 | 1111 |
| Lotes Co., Ltd | 8 | 409 |
| MediaTek Inc. | 136 | 5891 |
| Mega Financial Holdings Co., Ltd. | 1028 | 1434 |
| Micro-Star International Co., Ltd. | 60 | 230 |
| Momo.Com Inc. | 7 | 55 |
| Nan Ya Plastics Corporation | 481 | 625 |
| Nan Ya Technology Corporation (a) | 86 | 207 |
| Nien Made Enterprise Co., Ltd. | 15 | 210 |
| Novatek Microelectronics Corporation | 52 | 730 |
| PEGATRON Corporation | 181 | 422 |
| PharmaEssentia Corp. | 28 | 470 |
| Phison Electronics Corporation | 15 | 350 |
| Pou Chen Corporation | 246 | 234 |
| Powertech Technology Inc. | 64 | 309 |
| President Chain Store Corporation | 47 | 383 |
| Quanta Computer Inc. | 252 | 2412 |
| Realtek Semiconductor Corporation | 42 | 761 |
| Ruentex Development Co., Ltd. | 175 | 170 |
| Shanghai Commercial & Savings Bank, Ltd., The | 367 | 506 |
| Silergy Corp. | 27 | 230 |
| SinoPac Financial Holdings Company Limited | 1155 | 950 |
| Synnex Technology International Corporation | 116 | 241 |
| Taiwan Business Bank, Ltd. | 600 | 310 |
| Taiwan Cooperative Bank, Ltd. | 986 | 799 |
| Taiwan High Speed Rail Corporation | 142 | 131 |
| Taiwan Mobile Co., Ltd. | 125 | 447 |
| Taiwan Semiconductor Manufacturing Company Limited | 2121 | 91644 |
| Tatung Co. | 156 | 199 |
| TCC Group Holdings Co., Ltd. | 624 | 493 |
| TECO Electric & Machinery Co., Ltd. | 133 | 417 |
| Tripod Technology Corporation | 46 | 455 |
| TS Financial Holding Co., Ltd. | 2081 | 1231 |
| Unimicron Technology Corp. | 114 | 572 |
| Uni-President Enterprises Corp. | 425 | 1095 |
| United Microelectronics Corporation | 1058 | 1584 |
| Vanguard International Semiconductor Corporation | 94 | 316 |
| Voltronic Power Technology Corporation | 6 | 184 |
| Walsin Lihwa Corporation | 273 | 234 |
| Wan Hai Lines Ltd. | 122 | 300 |
| Wistron Corporation | 255 | 1181 |
| Wiwynn Corporation | 10 | 1099 |
| WPG Holdings Limited | 138 | 300 |
| WT Microelectronics Co., Ltd. | 63 | 292 |
| Yageo Corporation | 172 | 965 |
| Yang Ming Marine Transport Corporation | 144 | 251 |
| Yuanta Financial Holding Co., Ltd | 1114 | 1277 |
| Zhen Ding Technology Holding Limited | 53 | 290 |
| | | 170246 |
| **India 16.8%** | **India 16.8%** | **India 16.8%** |
| ABB India Limited | 4 | 253 |
| ACC Limited | 7 | 141 |
| Adani Energy Solutions Limited (a) | 27 | 267 |
| Adani Enterprises Limited | 35 | 996 |
| Adani Gas Limited | 19 | 137 |
| Adani Green Energy (UP) Limited (a) | 35 | 401 |
| Adani Ports and Special Economic Zone Limited | 78 | 1247 |
| Adani Power Limited (a) | 460 | 751 |
| Aditya Birla Capital Limited (a) | 70 | 232 |
| Alkem Laboratories Limited | 6 | 379 |
| Ambuja Cements Limited | 69 | 447 |
| Apollo Hospitals Enterprise Limited | 9 | 762 |
| Ashok Leyland Limited | 265 | 427 |
| Asian Paints Limited | 64 | 1701 |
| Astral Limited | 11 | 171 |
| AU Small Finance Bank Limited (b) | 46 | 378 |
| Aurobindo Pharma Ltd | 27 | 326 |
| Avenue Supermarts Limited (a) (b) | 14 | 694 |
| AWL Agri Business Limited (a) | 26 | 78 |
| Axis Bank Limited | 201 | 2561 |
| Bajaj Auto Limited | 6 | 599 |
| Bajaj Finance Limited | 247 | 2776 |
| Bajaj Finserv Limited | 33 | 740 |
| Bajaj Holdings & Investment Limited. | 2 | 346 |
| Bajaj Housing Finance Limited (a) | 9 | 11 |
| Balkrishna Industries Limited | 7 | 177 |
| Bandhan Bank Limited (b) | 64 | 117 |
| Bank of Baroda | 85 | 249 |
| Bank of India | 89 | 124 |
| Berger Paints India Limited | 22 | 130 |
| Bharat Electronics Limited | 318 | 1452 |
| Bharat Forge Ltd | 23 | 320 |
| Bharat Heavy Electricals Limited | 114 | 307 |
| Bharat Petroleum Corporation Limited | 171 | 658 |
| Bharti Airtel Limited | 251 | 5315 |
| Bharti Hexacom Limited | 7 | 123 |
| Biocon Limited | 42 | 162 |
| Bosch Limited | 1 | 327 |
| Britannia Industries Ltd | 12 | 802 |
| Canara Bank | 167 | 233 |
| CG Power and Industrial Solutions Limited | 58 | 488 |
| Cholamandalam Investment and Finance Company Limited | 38 | 685 |
| Cipla Limited | 52 | 877 |
| Coal India Ltd.Govt Of India Undertaking | 203 | 895 |
| Colgate-Palmolive (India) Limited | 12 | 300 |
| Container Corporation | 30 | 178 |
| Coromandel International Limited | 11 | 284 |
| CRISIL Limited | 2 | 86 |
| Cummins India Limited | 12 | 544 |
| Dabur India Limited | 59 | 329 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Divis Laboratories Limited | 12 | 752 |
| Dixon Technologies (India) Limited | 3 | 557 |
| DLF Limited | 76 | 610 |
| Dr. Reddy's Laboratories Limited | 53 | 734 |
| Eicher Motors Limited | 13 | 1049 |
| Eternal Limited (a) | 393 | 1444 |
| FSN E-Commerce Ventures Private Limited (a) | 108 | 283 |
| GAIL (India) Limited | 259 | 515 |
| GE Vernova T&D India Limited | 11 | 378 |
| GMR Airports Limited (a) | 249 | 246 |
| Godrej Consumer Products Limited | 35 | 457 |
| Godrej Properties Limited (a) | 12 | 271 |
| Grasim Industries Ltd | 33 | 1023 |
| Havells India Limited | 21 | 348 |
| HCL Technologies Limited | 95 | 1480 |
| HDFC Asset Management Company Limited | 9 | 558 |
| HDFC Bank Limited | 990 | 10594 |
| HDFC Life Insurance Company Limited (b) | 87 | 745 |
| Hero MotoCorp Limited | 12 | 730 |
| Hexaware Technologies Limited | 10 | 78 |
| Hindalco Industries Limited | 129 | 1111 |
| Hindustan Aeronautics Limited | 17 | 921 |
| Hindustan Petroleum Corporation Limited | 88 | 439 |
| Hindustan Unilever Limited | 78 | 2218 |
| Hitachi Energy India Limited | 1 | 240 |
| Hyundai Motor India Limited | 13 | 377 |
| ICICI Bank Limited | 460 | 6985 |
| ICICI Lombard General Insurance Company Limited (b) | 21 | 457 |
| ICICI Prudential Life Insurance Company Limited (b) | 34 | 230 |
| IDFC First Bank Limited | 490 | 385 |
| Indian Bank | 26 | 217 |
| Indian Hotels Company Limited, The | 82 | 666 |
| Indian Oil Corporation Limited | 351 | 594 |
| Indian Railway Catering And Tourism Corporation Limited | 26 | 202 |
| Indian Railway Finance Corporation Limited | 127 | 177 |
| Indian Renewable Energy Development Agency Limited (a) | 57 | 95 |
| Indraprastha Gas Limited | 63 | 148 |
| Indus Towers Limited (a) | 117 | 455 |
| IndusInd Bank Ltd. (a) | 47 | 391 |
| Infosys Limited | 360 | 5831 |
| Interglobe Aviation Limited (b) | 15 | 957 |
| ITC Hotels Limited (a) | 87 | 223 |
| ITC Limited | 263 | 1190 |
| Jindal Stainless Limited | 36 | 301 |
| Jindal Steel Limited | 32 | 383 |
| Jio Financial Services Limited | 268 | 889 |
| JSW Energy Limited | 56 | 337 |
| JSW Infrastructure Limited | 21 | 76 |
| JSW Steel Limited | 111 | 1434 |
| Jubilant Foodworks Limited | 34 | 239 |
| Kalyan Jewellers India Limited | 40 | 204 |
| Kotak Mahindra Bank Limited | 96 | 2165 |
| L&T Technology Services Limited | 3 | 116 |
| Larsen and Toubro Limited | 59 | 2455 |
| Linde India Limited | 2 | 128 |
| Lloyds Metals and Energy Limited | 13 | 177 |
| Lodha Developers Limited | 24 | 303 |
| LTIMindtree Limited (b) | 9 | 505 |
| Lupin Limited | 22 | 485 |
| Mahindra and Mahindra Limited | 87 | 3355 |
| Mankind Pharma Limited | 10 | 285 |
| Marico Limited | 56 | 438 |
| Maruti Suzuki India Limited | 12 | 2094 |
| Max Healthcare Institute Limited | 59 | 741 |
| Mazagon Dock Shipbuilders Limited | 6 | 186 |
| Motilal Oswal Financial Services Limited | 17 | 169 |
| Mphasis Limited | 10 | 299 |
| MRF Limited |  | 467 |
| Muthoot Finance Limited | 9 | 306 |
| Nestle India Limited | 61 | 796 |
| NHPC Limited | 296 | 289 |
| NMDC Limited | 323 | 277 |
| NTPC Green Energy Limited (a) | 5 | 5 |
| NTPC Limited | 415 | 1594 |
| Oberoi Realty Limited | 9 | 169 |
| Oil and Natural Gas Corporation Limited | 372 | 1006 |
| Oil India Limited | 55 | 256 |
| Oracle Financial Services Software Limited | 2 | 186 |
| Page Industries Limited | 1 | 278 |
| Patanjali Foods Limited | 31 | 198 |
| PB Fintech Limited (a) | 32 | 607 |
| Persistent Systems Limited | 10 | 547 |
| Petronet LNG Limited | 67 | 212 |
| Phoenix Mills Limited, The | 18 | 317 |
| PI Industries Limited | 9 | 351 |
| Pidilite Industries Limited | 46 | 756 |
| Polycab India Limited | 6 | 460 |
| Power Finance Corporation Limited | 118 | 549 |
| Power Grid Corporation of India Limited | 393 | 1242 |
| Premier Energies Limited | 8 | 95 |
| Prestige Estates Projects Limited | 16 | 279 |
| Procter & Gamble Hygiene and Health Care Limited | 1 | 152 |
| Punjab National Bank | 201 | 257 |
| Rail Vikas Nigam Limited | 51 | 196 |
| REC Limited | 103 | 433 |
| Reliance Industries Limited | 638 | 9814 |
| Samvardhana Motherson International Limited | 425 | 508 |
| SBI Cards and Payment Services Private Limited | 25 | 244 |
| SBI Life Insurance Company Limited (b) | 36 | 734 |
| Schaeffler India Limited | 4 | 182 |
| Shree Cement Limited | 1 | 473 |
| Shriram Finance Limited | 109 | 754 |
| Siemens Limited | 8 | 291 |
| Solar Industries Limited | 2 | 341 |
| Sona BLW Precision Forgings Limited | 33 | 155 |
| SRF Limited | 11 | 348 |
| State Bank of India | 161 | 1588 |
| Steel Authority of India Limited | 115 | 175 |
| Sun Pharma Advanced Research Company Limited | 100 | 1797 |
| Sundaram Finance Limited | 8 | 418 |
| Suzlon Energy Limited (a) | 1072 | 669 |
| Swiggy Limited (a) | 18 | 85 |
| Tata Communications Limited | 11 | 195 |
| Tata Consultancy Services Limited | 89 | 2895 |
| Tata Consumer Products Limited | 59 | 751 |
| Tata Elxsi Limited | 3 | 176 |
| Tata Motors Limited | 189 | 1451 |
| Tata Power Company Limited, The | 154 | 678 |
| Tata Steel Limited | 744 | 1419 |
| Tata Technologies Limited | 13 | 95 |
| Tech Mahindra Limited | 56 | 889 |
| The Supreme Industries Limited | 6 | 285 |
| Thermax Limited. | 3 | 115 |
| Titan Company Limited | 35 | 1334 |
| Torrent Pharmaceuticals Ltd | 9 | 369 |
| Torrent Power Limited | 18 | 243 |
| Trent Limited | 16 | 857 |
| Tube Investments of India Limited | 11 | 374 |
| TVS Motor Company Limited | 20 | 787 |
| UltraTech Cement Limited | 11 | 1539 |
| Union Bank of India | 136 | 213 |
| United Spirits Limited | 28 | 420 |
| UNO Minda Limited | 20 | 295 |
| UPL Limited | 45 | 337 |
| Varun Beverages Limited | 124 | 621 |
| Vedanta Limited | 148 | 778 |
| Vishal Mega Mart Limited (a) | 96 | 161 |
| Vodafone Idea Limited (a) | 2674 | 246 |
| Voltas Limited | 22 | 337 |
| Waaree Energies Limited (a) | 2 | 69 |
| Wipro Limited | 278 | 750 |
| Yes Bank Limited (a) | 1848 | 444 |
| Zydus Lifesciences Limited | 21 | 230 |
|  |  | 147317 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **South Korea 10.3%** | **South Korea 10.3%** | **South Korea 10.3%** |
| ALTEOGEN Inc. (a) | 3 | 1144 |
| Amorepacific Corporation | 3 | 224 |
| Celltrion Inc. | 14 | 1734 |
| CJ CheilJedang Corp. | 1 | 89 |
| CJ Corporation | 1 | 161 |
| Coway Co., Ltd. | 5 | 325 |
| DB Insurance Co., Ltd. | 4 | 371 |
| Doosan Bobcat Inc. | 5 | 184 |
| Doosan Enerbility Co., Ltd. (a) | 38 | 1723 |
| EcoPro BM Co., Ltd. (a) | 4 | 344 |
| Ecopro Co., Ltd | 8 | 272 |
| EcoPro Materials Co., Ltd. (a) | 2 | 70 |
| GS Holdings Corp. | 7 | 232 |
| Hana Financial Group Inc. | 25 | 1533 |
| Hanjin Kal Co., Ltd. | 2 | 155 |
| Hankook Tire & Technology Co., Ltd | 6 | 177 |
| Hanmi Science Co., Ltd. | 1 | 175 |
| HANMI Semiconductor Co., Ltd. | 4 | 285 |
| Hanwha Aerospace Co., Ltd. | 3 | 2424 |
| Hanwha Ocean Co., Ltd. (a) | 10 | 796 |
| Hanwha Solutions Corporation | 9 | 189 |
| HD Hyundai Co., Ltd. | 4 | 422 |
| HD Hyundai Electric Co., Ltd. | 2 | 839 |
| HD Hyundai Heavy Industries Co., Ltd. | 2 | 742 |
| HD Hyundai Marine Solution Co., Ltd. | 1 | 112 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 4 | 1165 |
| HLB Co., Ltd (a) | 11 | 294 |
| HMM Co., Ltd. | 26 | 367 |
| HYBE Co., Ltd. | 2 | 370 |
| Hyundai Glovis Co., Ltd. | 3 | 377 |
| Hyundai Mobis Co., Ltd. | 5 | 1160 |
| Hyundai Motor Company | 13 | 1961 |
| Hyundai Rotem Company | 6 | 1012 |
| Industrial Bank of Korea | 21 | 288 |
| Kakao Corp. | 27 | 1138 |
| Kakao Pay Corp. (a) | 2 | 75 |
| KakaoBank Corp. | 31 | 532 |
| KB Financial Group Inc. | 32 | 2642 |
| KIA Corporation | 22 | 1547 |
| Korea Aerospace Industries, Ltd. | 7 | 514 |
| Korea Electric Power Corp | 22 | 554 |
| Korea Investment Holdings Co., Ltd. | 4 | 391 |
| Korea Zinc Co., Ltd. | 1 | 584 |
| Korean Air Lines Co., Ltd. | 16 | 265 |
| Krafton, Inc. (a) | 3 | 554 |
| KT&G Corporation | 9 | 883 |
| LG Chem, Ltd. | 4 | 802 |
| LG CNS Co., Ltd. | 3 | 131 |
| LG Corp. | 8 | 434 |
| LG Display Co., Ltd. (a) | 23 | 237 |
| LG Electronics Inc. | 9 | 496 |
| LG Energy Solution Ltd. (a) | 4 | 915 |
| LG H&H Co., Ltd. | 1 | 154 |
| LG Uplus Corp. | 18 | 202 |
| Meritz Financial Group Inc. | 7 | 583 |
| Mirae Asset Securities Co., Ltd. | 17 | 255 |
| NAVER Corporation | 13 | 2407 |
| Netmarble Corp. | 2 | 88 |
| NH Investment & Securities Co., Ltd. | 12 | 171 |
| Orion Incorporation | 2 | 140 |
| POSCO Future M Co., Ltd. (a) | 3 | 264 |
| POSCO Holdings Inc. | 6 | 1224 |
| POSCO ICT Company Ltd. | 4 | 54 |
| Posco International Corporation | 4 | 145 |
| Samsung Biologics Co., Ltd. (a) | 2 | 1133 |
| Samsung C&T Corporation | 7 | 925 |
| Samsung Card Co., Ltd. | 2 | 69 |
| Samsung Electro-Mechanics Co., Ltd. | 5 | 642 |
| Samsung Electronics Co., Ltd. | 419 | 25187 |
| Samsung Engineering Co., Ltd. | 13 | 249 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 824 |
| Samsung Heavy Industries Co., Ltd (a) | 58 | 908 |
| Samsung Life Insurance Co., Ltd. | 9 | 982 |
| Samsung SDI Co., Ltd. | 5 | 766 |
| Samsung SDS Co., Ltd. | 3 | 400 |
| Samsung Securities Co., Ltd. | 5 | 262 |
| Shinhan Financial Group Co., Ltd. | 39 | 1977 |
| SK Biopharmaceuticals Co., Ltd. (a) | 3 | 194 |
| SK Hynix Inc. | 48 | 11830 |
| SK Inc. | 3 | 479 |
| SK Innovation Co., Ltd. | 6 | 410 |
| SK Square Co., Ltd. (a) | 7 | 1020 |
| SK Telecom Co., Ltd. | 9 | 355 |
| SKC Co., Ltd. (a) | 1 | 103 |
| S-Oil Corporation | 4 | 162 |
| Woori Financial Group Inc. | 58 | 1075 |
| Yuhan Corporation | 5 | 419 |
|  |  | 90468 |
| **Saudi Arabia 3.2%** | **Saudi Arabia 3.2%** | **Saudi Arabia 3.2%** |
| Acwa Power Company | 12 | 707 |
| ADES Holding Company | 38 | 167 |
| Al Nahdi Medical Co | 4 | 131 |
| Al Rajhi Banking and Investment Corporation | 171 | 4888 |
| Alinma Bank | 106 | 756 |
| Almarai Company | 42 | 562 |
| Arab National Bank | 81 | 534 |
| Arabian Internet and Communications Services Co. | 2 | 164 |
| Bank AlBilad | 66 | 509 |
| Bank Aljazira | 65 | 221 |
| Banque Saudi Fransi | 111 | 530 |
| BUPA Arabia for Cooperative Insurance Company | 7 | 324 |
| Dar AL-Arkan Real Estate Development Company (a) | 45 | 241 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 9 | 660 |
| Elm Company | 2 | 530 |
| Etihad Etisalat Company | 34 | 614 |
| Jabal Omar Development Company (a) | 49 | 254 |
| Jarir Marketing Company | 43 | 160 |
| Makkah Construction & Development Company | 8 | 190 |
| Mouwasat Medical Services Co. | 10 | 188 |
| Rabigh Refining and Petrochemical Company (a) | 41 | 81 |
| Riyad Bank | 131 | 951 |
| SAL Saudi Logistics Services Company | 2 | 107 |
| Santana Mining Inc. (a) | 110 | 1872 |
| Saudi Arabian Fertilizer Company | 21 | 662 |
| Saudi Arabian Oil Company (b) | 508 | 3338 |
| Saudi Aramco Base Oil Company Luberef | 5 | 116 |
| Saudi Basic Industries Corporation | 79 | 1305 |
| Saudi British Bank | 86 | 733 |
| Saudi Electricity Company | 62 | 251 |
| Saudi Industrial Investment Group | 32 | 162 |
| Saudi International Petrochemical Company (Sipchem) | 26 | 141 |
| Saudi National Bank, The | 257 | 2691 |
| Saudi Research & Marketing Group (a) | 3 | 148 |
| Saudi Tadawul Group Holding Company | 5 | 270 |
| Saudi Telecom Company | 164 | 1931 |
| Savola Group (a) | 9 | 58 |
| The Company For Cooperative Insurance | 5 | 197 |
| The Saudi Investment Bank | 48 | 185 |
| Umm Al Qura For Development And Construction Company (a) | 40 | 264 |
| Yanbu National Petrochemical Company | 19 | 182 |
|  |  | 27975 |
| **South Africa 3.0%** | **South Africa 3.0%** | **South Africa 3.0%** |
| ABSA Group | 71 | 746 |
| Aspen Pharmacare Holdings Limited (c) | 34 | 189 |
| Bid Corporation | 29 | 732 |
| Bidvest Group, The | 30 | 366 |
| Capitec Bank Holdings | 8 | 1687 |
| Clicks Group | 21 | 429 |
| Discovery | 47 | 531 |
| FirstRand Limited | 484 | 2177 |
| Gold Fields Limited | 78 | 3283 |
| Harmony Gold Mining Company | 49 | 885 |
| Impala Platinum Holdings Limited | 76 | 967 |
| Kumba Iron Ore Ltd (b) | 6 | 106 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mr Price Group | 24 | 288 |
| MTN Group | 150 | 1257 |
| Naspers Limited - Class N | 14 | 4997 |
| Nedbank Group Limited | 41 | 502 |
| Northam Platinum Limited | 31 | 499 |
| OM Residual UK Ltd | 385 | 297 |
| Pepkor Holdings (b) | 170 | 240 |
| Rand Merchant Investment Holdings Limited | 71 | 293 |
| Remgro | 47 | 456 |
| Sanlam | 161 | 778 |
| Shoprite Holdings (c) | 41 | 656 |
| Sibanye Stillwater (a) (c) | 243 | 689 |
| Standard Bank Group | 113 | 1544 |
| Valterra Platinum | 16 | 1129 |
| Vodacom Group | 48 | 370 |
| Woolworths Holdings Limited | 76 | 221 |
| | | 26314 |
| **Brazil 2.4%** | **Brazil 2.4%** | **Brazil 2.4%** |
| Alupar Investimento S.A. | 18 | 109 |
| Ambev S.A. | 370 | 839 |
| B3 S.A. - Brasil, Bolsa, Balcao | 453 | 1135 |
| Banco Bradesco S/A. | 138 | 393 |
| Banco BTG Pactual S/A | 127 | 1150 |
| Banco do Brasil S.A. | 149 | 615 |
| Banco Santander (Brasil) S.A. | 20 | 112 |
| BB Seguridade Participacoes S.A. | 55 | 343 |
| Caixa Seguridade Participacoes S/A | 51 | 144 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 87 | 858 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 40 | 989 |
| Companhia Energetica de Minas Gerais-CEMIG | 35 | 97 |
| Companhia Paranaense De Energia | 75 | 170 |
| CPFL Energia S/A | 18 | 129 |
| CSN Mineracao S.A. | 64 | 67 |
| Embraer S.A. | 60 | 898 |
| Energisa S.A. | 25 | 238 |
| ENGIE Brasil Energia S.A. | 25 | 192 |
| Equatorial Energia S.A. | 113 | 784 |
| Hapvida Participacoes E Investimentos S/A (b) | 27 | 181 |
| Itausa S.A. | 99 | 217 |
| Klabin S.A. | 76 | 258 |
| Localiza Rent A Car S/A | 81 | 603 |
| Motiva Infraestrutura De Mobilidade S.A. | 94 | 263 |
| Neoenergia S.A. | 48 | 257 |
| Petroleo Brasileiro S/A Petrobras. | 324 | 2047 |
| Porto Seguro S/A | 17 | 159 |
| Prio S.A. (a) | 72 | 518 |
| Raia Drogasil S.A. | 112 | 387 |
| Rede D'or Sao Luiz S.A. | 113 | 897 |
| Rumo S.A. | 86 | 257 |
| Suzano S.A. | 60 | 564 |
| Telefonica Brasil S.A. | 69 | 444 |
| TIM S.A. | 71 | 311 |
| Vale S.A. | 318 | 3439 |
| Vibra Energia S/A | 95 | 440 |
| WEG S.A. | 137 | 939 |
|  |  | 21443 |
| **United Arab Emirates 2.3%** | **United Arab Emirates 2.3%** | **United Arab Emirates 2.3%** |
| Abu Dhabi Commercial Bank PJSC | 258 | 1025 |
| Abu Dhabi Islamic Bank | 125 | 744 |
| Abu Dhabi National Oil Company | 236 | 245 |
| Abu Dhabi Ports Company PJSC (a) | 72 | 74 |
| Adnoc Drilling Company PJSC | 218 | 334 |
| ADNOC Logistics & Services PLC | 115 | 182 |
| AFORTI Holding S.A. (a) | 269 | 256 |
| Aldar Properties - P J S C | 339 | 877 |
| Alpha Dhabi Holding | 139 | 399 |
| Dubai Electricity and Water Authority | 764 | 564 |
| Dubai Islamic Bank (P S C) Br. | 249 | 651 |
| Emaar Development LLC | 79 | 289 |
| Emaar Properties PJSC | 544 | 1937 |
| Emirates Integrated Telecommunications Company PJSC | 75 | 187 |
| Emirates NBD Bank (P.J.S.C) | 219 | 1455 |
| Emirates Telecommunications Group Company (Etisalat Group) PJSC | 303 | 1554 |
| First Abu Dhabi Bank P.J.S.C. | 386 | 1645 |
| International Holdings Limited (a) | 65 | 7040 |
| Multipleplay Group PJSC (a) | 260 | 206 |
| Pure Health Holding L.L.C | 296 | 230 |
| Salik Company P.J.S.C. (b) | 178 | 292 |
| Talabat Holding PLC | 407 | 124 |
|  |  | 20310 |
| **Mexico 1.9%** | **Mexico 1.9%** | **Mexico 1.9%** |
| America Movil, S.A.B. De C.V. | 1551 | 1628 |
| Arca Continental S.A.B. de C.V. | 40 | 419 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver | 227 | 336 |
| Becle, S.A.B. de C.V. (c) | 35 | 37 |
| CEMEX S.A.B. de C.V. - Series A | 1253 | 1126 |
| Coca-Cola FEMSA, S.A.B. de C.V. | 43 | 359 |
| El Puerto De Liverpool, S.A.B. De C.V. | 12 | 59 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 180 | 1771 |
| Gmexico Transportes, S.A.B. De C.V. (c) | 43 | 83 |
| GRUMA, S.A.B. de C.V. - Class B | 15 | 285 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 33 | 785 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 15 | 495 |
| Grupo Bimbo S.A.B. de C.V. - Class A (c) | 114 | 405 |
| Grupo Carso, S.A.B. De C.V. (c) | 50 | 358 |
| Grupo Comercial Chedraui, S.A.B. de C.V. | 23 | 186 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 245 | 2456 |
| Grupo Financiero Inbursa, S.A.B. de C.V. | 212 | 586 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 282 | 2455 |
| Industrias Penoles, S.A.B. de C.V. (a) | 16 | 736 |
| Kimberly - Clark De Mexico S.A.B. De C.V. - Class A (c) | 124 | 260 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 14 | 195 |
| Wal-Mart de Mexico, S.A.B. de C.V. | 434 | 1340 |
|  |  | 16360 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| 99 Speed Mart Retail Holdings Berhad | 143 | 94 |
| Ammb Holdings Berhad | 250 | 336 |
| Axiata Group Berhad | 162 | 103 |
| Celcomdigi Berhad | 340 | 298 |
| CIMB Group Holdings Berhad | 726 | 1269 |
| Gamuda Berhad | 483 | 636 |
| Genting Berhad | 177 | 123 |
| Hong Leong Bank Berhad | 66 | 320 |
| Hong Leong Financial Group Berhad | 19 | 76 |
| IHH Healthcare Berhad | 204 | 366 |
| IOI Corporation Berhad | 256 | 240 |
| KLCC Property Holdings Berhad | 46 | 94 |
| Kuala Lumpur Kepong Berhad | 44 | 215 |
| Kumpulan Sime Darby Berhad | 234 | 127 |
| Malayan Banking Berhad | 650 | 1532 |
| Maxis Communications Berhad | 289 | 249 |
| MISC Berhad | 174 | 303 |
| Mr D.I.Y. Group (M) Berhad | 318 | 124 |
| Nestle (Malaysia) Berhad | 6 | 130 |
| Petronas Chemicals Group Berhad | 233 | 235 |
| PETRONAS Dagangan Berhad | 30 | 165 |
| PETRONAS Gas Berhad | 83 | 365 |
| PPB Group Berhad | 70 | 169 |
| Press Metal Berhad | 347 | 488 |
| Public Bank Berhad | 1345 | 1384 |
| QL Resources Berhad | 176 | 182 |
| RHB Bank Berhad | 327 | 513 |
| Sime Darby Plantation Berhad | 198 | 246 |
| Sunway City SDN. BHD. | 233 | 313 |
| Telekom Malaysia Berhad | 214 | 361 |
| Tenaga Nasional Berhad | 395 | 1241 |
| Westports Holdings Berhad | 96 | 122 |
| YTL Corporation Berhad | 452 | 299 |
| YTL Power International Berhad | 228 | 228 |
|  |  | 12946 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Indonesia 1.3%** | **Indonesia 1.3%** | **Indonesia 1.3%** |
| Aneka Tambang (Persero), PT Tbk | 654 | 125 |
| PT Alamtri Resources Indonesia Tbk | 767 | 78 |
| PT Amman Mineral Internasional (a) | 692 | 301 |
| PT Astra International | 1665 | 578 |
| PT Bank Central Asia Tbk | 4878 | 2234 |
| PT Bank Mandiri (Persero) Tbk | 3140 | 832 |
| PT Bank Negara Indonesia (persero) | 1251 | 309 |
| PT Bank Permata (d) | 152 | 54 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 5731 | 1343 |
| PT Barito Pacific Tbk (a) | 2273 | 514 |
| PT Barito Renewables Energy | 1398 | 791 |
| PT Chandra Asri Petrochemical | 805 | 375 |
| PT Charoen Pokphand Indonesia Tbk | 659 | 185 |
| PT Dayamitra Telekomunikasi | 1118 | 39 |
| PT Dian Swastatika Sentosa (a) | 133 | 852 |
| PT Golden Energy Mines | 57 | 31 |
| PT Goto Gojek Tokopedia (a) | 72656 | 236 |
| PT Indofood Cbp Sukses Makmur | 190 | 108 |
| PT Indofood Sukses Makmur | 398 | 173 |
| PT Indosat | 529 | 56 |
| PT Kalbe Farma Tbk | 1693 | 115 |
| PT Mayora Indah Tbk | 280 | 34 |
| PT Merdeka Copper Gold Tbk (a) | 1079 | 138 |
| PT Multipolar Technology Tbk | 11 | 95 |
| PT Pantai Indah Kapuk Dua | 125 | 106 |
| PT Petrindo Jaya Kreasi | 1520 | 148 |
| PT Sumber Alfaria Trijaya | 1308 | 152 |
| PT Telekomunikasi Indonesia (Persero) Tbk | 4148 | 766 |
| PT Tower Bersama Infrastructure Tbk | 191 | 20 |
| PT Trimegah Bangun Persada | 864 | 62 |
| PT Unilever Indonesia, Tbk | 576 | 62 |
| PT United Tractors | 133 | 214 |
|  |  | 11126 |
| **Thailand 1.2%** | **Thailand 1.2%** | **Thailand 1.2%** |
| Advanced Info Service PLC. - NVDR | 18 | 164 |
| Advanced Info Service PLC. | 83 | 744 |
| Airports of Thailand Public Company Limited | 190 | 238 |
| Airports of Thailand Public Company Limited - NVDR (c) | 213 | 267 |
| Bangkok Bank Public Company Limited - NVDR (c) | 35 | 163 |
| Bangkok Dusit Medical Services Public Company Limited. | 433 | 274 |
| Bangkok Expressway and Metro Public Company Limited | 199 | 32 |
| Bangkok Expressway and Metro Public Company Limited - NVDR | 367 | 58 |
| Berli Jucker Public Company Limited - NVDR | 114 | 72 |
| Berli Jucker Public Company Limited | 8 | 5 |
| BTS Group Holdings Public Company Limited (a) | 171 | 16 |
| BTS Group Holdings Public Company Limited - NVDR (a) | 371 | 35 |
| Bumrungrad Hospital Public Company Limited - NVDR | 28 | 150 |
| Bumrungrad Hospital Public Company Limited | 9 | 50 |
| Central Pattana Public Company Limited | 62 | 107 |
| Central Pattana Public Company Limited - NVDR | 70 | 121 |
| Central Retail Corporation Public Company Limited - NVDR (c) | 70 | 47 |
| Central Retail Corporation Public Company Limited | 193 | 131 |
| Charoen Pokphand Foods Public Company Limited (c) | 234 | 161 |
| CP ALL Public Company Limited - NVDR (c) | 184 | 268 |
| CP ALL Public Company Limited | 245 | 358 |
| CP Axtra Public Company Limited - NVDR (c) | 142 | 99 |
| Delta Electronics (Thailand) Public Company Ltd. | 416 | 2050 |
| Global Power Synergy Public Company Limited | 49 | 59 |
| Gulf Energy Development Public Company Limited - NVDR (a) | 252 | 339 |
| Gulf Energy Development Public Company Limited (a) | 397 | 535 |
| Home Product Center Public Company Limited | 426 | 98 |
| Indorama Ventures Public Company Limited - NVDR (c) | 188 | 130 |
| Kasikornbank Public Company Limited | 87 | 449 |
| Krungthai Bank Public Company Limited | 455 | 349 |
| Krungthai Card Public Company Limited | 12 | 11 |
| Krungthai Card Public Company Limited - NVDR (c) | 134 | 124 |
| Minor International Public Company Limited - NVDR (c) | 54 | 39 |
| Minor International Public Company Limited | 164 | 117 |
| Muangthai Capital Public Company Limited | 92 | 116 |
| PTT Exploration And Production Public Company Limited | 131 | 468 |
| PTT Oil And Retail Business Public Company Limited - NVDR (c) | 383 | 168 |
| PTT Public Company Limited | 420 | 431 |
| PTT Public Company Limited - NVDR (c) | 294 | 302 |
| SCB X Public Company Limited - NVDR | 68 | 269 |
| SCB X Public Company Limited | 16 | 64 |
| Thai Life Insurance Public Company Limited - NVDR | 270 | 88 |
| The Siam Cement Public Company Limited | 26 | 188 |
| TMB Bank Thanachart Public Company Limited (c) | 4104 | 241 |
|  |  | 10195 |
| **Kuwait 0.8%** | **Kuwait 0.8%** | **Kuwait 0.8%** |
| Boubyan Bank K.S.C.P | 140 | 324 |
| Gulf Bank K.S.C.P. | 234 | 269 |
| Kuwait Finance House KSCP | 1165 | 3034 |
| Mabanee Company (K.P.S.C) | 63 | 205 |
| Mobile Telecommunications Company. K.S.C.P | 214 | 360 |
| National Bank of Kuwait K.S.C. | 762 | 2648 |
|  |  | 6840 |
| **Qatar 0.8%** | **Qatar 0.8%** | **Qatar 0.8%** |
| Dukhan Bank (Q.P.S.C) | 245 | 239 |
| Industries Qatar (Q.P.S.C) | 259 | 889 |
| Masraf Al Rayan | 544 | 356 |
| Mesaieed Petrochemical Holding Company (Q.P.S.C) | 408 | 146 |
| Ooredoo (Q.P.S.C) | 99 | 371 |
| Qatar Electricity & Water Company (Q.P.S.C) | 52 | 226 |
| Qatar Gas Transport Company Ltd. | 318 | 401 |
| Qatar International Islamic Bank (Q.P.S.C) | 107 | 318 |
| Qatar Islamic Bank (Q.P.S.C.) | 157 | 1033 |
| Qatar National Bank (Q.P.S.C) | 392 | 2003 |
| The Commercial Bank (Q.P.S.C) | 267 | 337 |
| WOQOD (Q.P.S.C) | 71 | 293 |
|  |  | 6612 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| BOC Hong Kong (Holdings) Limited | 324 | 1523 |
| C&D International Investment Group Limited | 67 | 153 |
| Central New Energy Holding Group Limited (a) (b) | 118 | 131 |
| China Resources Beer (Holdings) Company Limited | 133 | 470 |
| China Resources Power Holdings Company Limited (c) | 179 | 411 |
| Chow Tai Fook Jewellery Group Limited (c) | 153 | 305 |
| Giant Biogene Holding Co Ltd | 37 | 272 |
| Guangdong Investment Limited | 220 | 200 |
| Hanergy Thin Film Power Group Limited (a) (d) | 3098 |  |
| Kingboard Holdings Limited | 53 | 190 |
| Kingboard Laminates Holdings Limited | 46 | 73 |
| Orient Overseas (International) Limited | 11 | 179 |
| Sino Biopharmaceutical Limited | 827 | 866 |
| Xinyi Glass Holdings Limited | 133 | 154 |
| Zhejiang Leapmotor Technology Co., Ltd. - Class H (a) | 60 | 515 |
|  |  | 5442 |
| **Greece 0.6%** | **Greece 0.6%** | **Greece 0.6%** |
| Alpha Bank S.A. (a) | 185 | 785 |
| Eurobank Ergasias Services And Holdings S.A. - Class R | 219 | 845 |
| Greek Organisation of Football Prognostics S.A. - Class R | 15 | 360 |
| Hellenic Duty Free Shops Single Member S.A. - Class R (a) (d) | 9 |  |
| Hellenic Telecommunications Organization S.A. - Class R | 15 | 293 |
| Jumbo S.A. - Class R | 10 | 331 |
| Metlen Energy & Metals PLC (a) | 9 | 503 |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 6 | 187 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| National Bank of Greece S.A. - Class R | 72 | 1046 |
| Piraeus Financial Holdings S.A. - Class R | 68 | 577 |
| Public Power Corporation S.A. - Class R | 16 | 259 |
| | | 5186 |
| **Turkey 0.5%** | **Turkey 0.5%** | **Turkey 0.5%** |
| Akbank Turk Anonim Sirketi - Class A | 266 | 401 |
| Aselsan Inc. - Class A | 110 | 571 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 39 | 508 |
| Coca-Cola Icecek Anonim Sirketi - Class A | 77 | 85 |
| Enka Insaat Ve Sanayi Anonim Sirketi - Class A | 74 | 125 |
| Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi - Class A | 272 | 192 |
| Ford Otomotiv Sanayi Anonim Sirketi - Class A | 59 | 140 |
| Haci Omer Sabanci Holding Anonim Sirketi - Class A | 108 | 225 |
| KOC Holding Anonim Sirketi - Class A | 62 | 256 |
| Petrokent Turizm A.S. (a) | 13 | 70 |
| SASA Polyester Sanayi A.S. - Class A (a) | 967 | 87 |
| Tofas Turk Otomobil Fabrikasi A.S. - Class A | 9 | 58 |
| Turk Hava Yollari Anonim Ortakligi - Class A | 62 | 470 |
| Turk Telekomunikasyon Anonim Sirketi - Class A (a) | 31 | 38 |
| Turkcell Iletisim Hizmetleri A.S. - Class A | 113 | 267 |
| Turkiye Garanti Bankasi Anonim Sirketi - Class A | 59 | 198 |
| Turkiye Is Bankasi Anonim Sirketi |  | 28 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 694 | 236 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A | 73 | 326 |
| Turkiye Sise Ve Cam Fabrikalari Anonim Sirketi - Class A | 115 | 103 |
| Turkiye Vakiflar Bankasi T.A.O. - Class A (a) | 137 | 85 |
| Yapi ve Kredi Bankasi A.S. - Class A (a) | 263 | 215 |
|  |  | 4684 |
| **Chile 0.4%** | **Chile 0.4%** | **Chile 0.4%** |
| Banco de Chile | 3882 | 590 |
| Banco de Credito e Inversiones | 9 | 405 |
| Banco Santander Chile | 5002 | 332 |
| Cencosud S.A. | 114 | 323 |
| Compania Sud Americana de Vapores S.A. | 1357 | 71 |
| Empresas CMPC S.A. | 97 | 144 |
| Empresas Copec S.A. | 39 | 282 |
| Enel Americas S.A. | 1971 | 199 |
| Enel Chile S.A. | 2183 | 169 |
| Falabella S.A. | 109 | 649 |
| LATAM Airlines Group S.A. | 19340 | 440 |
| Plaza S.A. | 54 | 145 |
| Quinenco S.A. | 28 | 125 |
|  |  | 3874 |
| **Philippines 0.4%** | **Philippines 0.4%** | **Philippines 0.4%** |
| Aboitiz Equity Ventures, Inc. | 191 | 98 |
| Aboitiz Power Corporation | 86 | 61 |
| Ayala Corporation | 22 | 186 |
| Ayala Land Inc. | 491 | 206 |
| Bank of The Philippine Islands | 187 | 370 |
| BDO Unibank, Inc. | 182 | 415 |
| Emperador Inc. | 227 | 64 |
| International Container Terminal Services, Inc. | 72 | 585 |
| Jollibee Foods Corporation | 44 | 162 |
| Manila Electric Company | 26 | 240 |
| Metropolitan Bank & Trust Company | 128 | 149 |
| Monde Nissin Corporation | 405 | 47 |
| PLDT Inc. | 7 | 130 |
| San Miguel Corporation | 45 | 45 |
| SM Investments Corporation | 43 | 542 |
| SM Prime Holdings, Inc. | 966 | 374 |
| Universal Robina Corporation | 56 | 68 |
|  |  | 3742 |
| **Hungary 0.3%** | **Hungary 0.3%** | **Hungary 0.3%** |
| MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag | 31 | 253 |
| OTP Bank Nyrt. | 19 | 1620 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 11 | 349 |
|  |  | 2222 |
| **United States of America 0.2%** | **United States of America 0.2%** | **United States of America 0.2%** |
| BeOne Ltd. - Class A (a) | 1 | 23 |
| BeOne Medicines AG (a) (b) | 65 | 1730 |
|  |  | 1753 |
| **Peru 0.2%** | **Peru 0.2%** | **Peru 0.2%** |
| Credicorp Ltd. | 6 | 1515 |
| Inretail Peru Corp. (b) | 2 | 59 |
|  |  | 1574 |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ, a. s. (c) | 14 | 883 |
| Komercni banka, a.s. | 6 | 324 |
|  |  | 1207 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Ecopetrol S.A. | 427 | 195 |
| Grupo Cibest S.A. | 22 | 343 |
| Grupo Energia Bogota S.A. E.S.P. | 277 | 207 |
| Interconexion Electrica S.A. E.S.P. | 44 | 263 |
|  |  | 1008 |
| **Egypt 0.0%** | **Egypt 0.0%** | **Egypt 0.0%** |
| Commercial International Bank Egypt S.A.E | 161 | 339 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| Reinet Investments S.C.A. | 11 | 329 |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| BOC Aviation Limited (b) | 20 | 181 |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Yancoal Australia Ltd (c) | 32 | 111 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) (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 Inter RAO UES (a) (b) (d) | 4398 |  |
| Public Joint Stock Company Magnit (a) (b) (d) | 10 |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works (a) (b) (d) | 241 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (d) | 782 |  |
| Public Joint Stock Company Mobile Telesystems (a) (b) (d) | 115 |  |
| Public Joint Stock Company Novatek (a) (b) (d) | 131 |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant (a) (b) (d) | 167 |  |
| Public Joint Stock Company Oil Company Lukoil (a) (b) (d) | 49 |  |
| Public Joint Stock Company Oil Company Rosneft (a) (b) (d) | 301 |  |
| Public Joint Stock Company Phosagro (a) (b) (d) | 6 |  |
| Public Joint Stock Company Phosagro (a) (b) (d) |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder (a) (b) (d) | 15 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 4 |  |
| Public Joint Stock Company Rostelecom (a) (b) (d) | 157 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 1458 |  |
| Public Joint Stock Company Severstal (a) (b) (d) | 27 |  |
| 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 Moscow Exchange MICEX-RTS (a) (b) (d) | 189 |  |
| United Company RUSAL PLC (a) (b) (d) | 320 |  |
| Total Common Stocks (cost $737,773) | Total Common Stocks (cost $737,773) | 864795 |
| **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** |
| **Brazil 1.1%** | **Brazil 1.1%** | **Brazil 1.1%** |
| Banco Bradesco S/A. (f) | 456 | 1517 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Series B | 23 | 236 |
| Companhia Energetica de Minas Gerais-CEMIG | 168 | 349 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Companhia Paranaense De Energia - Series B | 100 | 244 |
| Gerdau S.A. | 109 | 340 |
| Itau Unibanco Holding S.A. (f) | 461 | 3378 |
| Itausa S.A. | 542 | 1173 |
| Petroleo Brasileiro S/A Petrobras. (f) | 402 | 2367 |
| | | 9604 |
| **South Korea 0.5%** | **South Korea 0.5%** | **South Korea 0.5%** |
| Hyundai Motor Company, 1.00% (g) | 2 | 193 |
| Hyundai Motor Company, 2.00% (g) | 3 | 335 |
| LG Chem, Ltd., 1.00% (g) | 1 | 65 |
| LG Electronics Inc. | 2 | 61 |
| Mirae Asset Securities Co., Ltd., 2.70% (g) | 15 | 103 |
| Samsung Electronics Co., Ltd., 1.00% (g) | 72 | 3415 |
| Samsung Fire & Marine Insurance Co., Ltd. |  | 28 |
|  |  | 4200 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Aval Acciones y Valores S.A. | 403 | 67 |
| Grupo Cibest S.A. | 40 | 516 |
| Grupo de Inversiones Suramericana S.A. | 11 | 96 |
|  |  | 679 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Sociedad Quimica Y Minera De Chile S.A. - Series B | 13 | 541 |
| **India 0.0%** | **India 0.0%** | **India 0.0%** |
| TVS Motor Company Limited (a) (h) | 87 | 10 |
| **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 $15,501) | Total Preferred Stocks (cost $15,501) | 15034 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (i) (j) | 5007 | 5007 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.14% (i) (j) | 4362 | 4362 |
| Total Short Term Investments (cost $9,369) | Total Short Term Investments (cost $9,369) | 9369 |
| **Total Investments 101.3% (cost $762,643)** | **Total Investments 101.3% (cost $762,643)** | **889198** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **25** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(11190)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **878033** |

---

(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 September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $210 and 0.0% of the Fund.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 8915 | 83829 | 87737 | 181 |  |  | 5007 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1109 | 24613 | 21360 | 97 |  |  | 4362 | 0.5 |
|  | 10024 | 108442 | 109097 | 278 |  |  | 9369 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 30612 | 35820 | 4.1 |
| AU Small Finance Bank Limited | 04/28/21 | 269 | 378 |  |
| Avenue Supermarts Limited | 04/28/21 | 577 | 694 | 0.1 |
| Baidu, Inc. - Class A | 06/18/21 | 4323 | 3148 | 0.4 |
| Bandhan Bank Limited | 04/28/21 | 273 | 117 |  |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) | 04/26/21 | 600 |  |  |
| BeOne Medicines AG | 04/26/21 | 1478 | 1730 | 0.2 |
| BOC Aviation Limited | 04/26/21 | 165 | 181 |  |
| Central New Energy Holding Group Limited | 06/20/25 | 125 | 131 |  |
| CGN Power Co., Ltd. - Class H | 04/26/21 | 257 | 314 |  |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H | 06/20/25 | 59 | 61 |  |
| China Feihe Limited | 04/26/21 | 923 | 180 |  |
| China International Capital Corporation Limited - Class H | 04/26/21 | 309 | 399 | 0.1 |
| China Literature Limited | 04/26/21 | 319 | 179 |  |
| China Merchants Securities Co., Ltd. - Class H | 03/21/25 | 50 | 61 |  |
| China Resources Mixc Lifestyle Services Limited | 06/18/21 | 303 | 273 |  |
| China Resources Pharmaceutical Group Limited | 06/16/23 | 145 | 100 |  |
| China Zheshang Bank Co., Ltd. - Class H | 06/16/23 | 50 | 44 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 04/26/21 | 240 | 523 | 0.1 |
| Ganfeng Lithium Group Co., Ltd. - Class H | 04/26/21 | 448 | 196 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Guotai Haitong Financial Holdings Limited - Class H | 04/26/21 | 380 | 416 | 0.1 |
| Haidilao International Holding Ltd. | 04/26/21 | 438 | 224 |  |
| Hansoh Pharmaceutical Group Company Limited | 04/26/21 | 453 | 425 | 0.1 |
| Hapvida Participacoes E Investimentos S/A | 02/14/22 | 863 | 181 |  |
| HDFC Life Insurance Company Limited | 04/28/21 | 801 | 745 | 0.1 |
| Hua Hong Semiconductor Limited | 09/15/23 | 154 | 546 | 0.1 |
| Huatai Securities Co., Ltd. - Class H | 04/26/21 | 202 | 284 |  |
| ICICI Lombard General Insurance Company Limited | 04/28/21 | 414 | 457 | 0.1 |
| ICICI Prudential Life Insurance Company Limited | 04/28/21 | 242 | 230 |  |
| Innovent Biologics, Inc. - Class B | 04/26/21 | 754 | 1602 | 0.2 |
| Inretail Peru Corp. | 05/19/21 | 93 | 59 |  |
| Interglobe Aviation Limited | 04/28/21 | 457 | 957 | 0.1 |
| JD Health International Inc. | 08/25/21 | 937 | 778 | 0.1 |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 04/26/21 | 532 |  |  |
| Kuaishou Technology | 06/18/21 | 2492 | 2732 | 0.3 |
| Kumba Iron Ore Ltd | 04/26/21 | 198 | 106 |  |
| Laopu Gold Co., Ltd. - Class H | 06/20/25 | 325 | 284 |  |
| LTIMindtree Limited | 04/28/21 | 490 | 505 | 0.1 |
| Meituan - Class B | 04/26/21 | 9459 | 6233 | 0.7 |
| New Oriental Education & Technology Group Inc. | 06/16/23 | 523 | 658 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 04/26/21 | 845 | 1094 | 0.1 |
| Orient Securities Company Limited - Class H | 05/20/21 | 57 | 92 |  |
| Pepkor Holdings | 05/19/21 | 204 | 240 |  |
| POP MART International Group Limited | 12/15/23 | 198 | 1976 | 0.2 |
| Postal Savings Bank of China Co., Ltd. - Class H | 04/26/21 | 432 | 528 | 0.1 |
| Public Joint Stock Company Federal Hydrogenerating Company - Rushydro | 04/26/21 | 143 |  |  |
| Public Joint Stock Company Gazprom | 11/23/21 | 3743 |  |  |
| Public Joint Stock Company Inter RAO UES | 10/07/21 | 271 |  |  |
| Public Joint Stock Company Magnit | 04/26/21 | 1595 |  |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works | 04/26/21 | 225 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 04/26/21 | 1209 |  |  |
| Public Joint Stock Company Mobile Telesystems | 04/26/21 | 568 |  |  |
| Public Joint Stock Company Novatek | 04/26/21 | 1740 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant | 04/26/21 | 361 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 04/26/21 | 3119 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 04/26/21 | 1923 |  |  |
| Public Joint Stock Company Phosagro | 07/01/21 | 1 |  |  |
| Public Joint Stock Company Phosagro | 05/19/21 | 322 |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder | 12/17/21 | 222 |  |  |
| Public Joint Stock Company Polyus | 04/26/21 | 454 |  |  |
| Public Joint Stock Company Rostelecom | 04/26/21 | 207 |  |  |
| 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 Severstal | 06/25/21 | 411 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 561 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 563 |  |  |
| 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 Moscow Exchange MICEX-RTS | 04/26/21 | 375 |  |  |
| Qingdao Port International Co., Ltd. - Class H | 04/26/21 | 45 | 66 |  |
| Salik Company P.J.S.C. | 12/16/22 | 120 | 292 |  |
| Saudi Arabian Oil Company | 04/26/21 | 4194 | 3338 | 0.4 |
| SBI Life Insurance Company Limited | 04/28/21 | 474 | 734 | 0.1 |
| Shandong Gold Group Co., Ltd. - Class H | 04/26/21 | 133 | 307 |  |
| Shanghai Junshi Biosciences Co., Ltd. - Class H | 06/20/25 | 35 | 54 |  |
| Shenwan Hongyuan Group Co., Ltd. - Class H | 05/20/21 | 22 | 35 |  |
| Smoore International Holdings Limited | 04/26/21 | 1136 | 349 |  |
| Tongcheng-Elong Holdings Limited | 04/26/21 | 210 | 322 |  |
| United Company RUSAL PLC | 04/26/21 | 230 |  |  |
| WuXi AppTec Co., Ltd. - Class H | 04/26/21 | 343 | 460 | 0.1 |
| Xiaomi Corporation | 12/20/24 | 6090 | 10250 | 1.2 |
| Yadea Group Holdings Ltd | 12/16/22 | 181 | 193 |  |
| ZTO Express (Cayman) Inc. | 06/21/21 | 1064 | 684 | 0.1 |
|  |  | 102216 | 82965 | 9.4 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| MSCI Emerging Markets Index | 112 | December 2025 | 7567 | 25 | 48 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 52988 | 811703 | 104 | 864795 |
| &nbsp;&nbsp;Preferred Stocks | 10283 | 4751 |  | 15034 |
| &nbsp;&nbsp;Short Term Investments | 9369 |  |  | 9369 |
|  | 72640 | 816454 | 104 | 889198 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 48 |  |  | 48 |
|  | 48 |  |  | 48 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **Japan 23.8%** | **Japan 23.8%** | **Japan 23.8%** |
| Advantest Corporation | 116 | 11525 |
| AEON Co., Ltd. (a) | 416 | 5045 |
| AGC Inc. | 32 | 1037 |
| Aisin Corporation (a) | 93 | 1616 |
| Ajinomoto Co., Inc. | 154 | 4389 |
| ANA Holdings Inc. | 25 | 491 |
| Asahi Group Holdings, Ltd. | 234 | 2813 |
| Asahi Kasei Corporation | 214 | 1684 |
| ASICS Corporation | 115 | 3002 |
| Astellas Pharma Inc. (a) | 278 | 3014 |
| Bandai Namco Holdings Inc. | 101 | 3374 |
| Bridgestone Corporation | 86 | 3995 |
| Canon Inc. | 142 | 4164 |
| Capcom Co., Ltd. | 51 | 1395 |
| Central Japan Railway Company | 155 | 4436 |
| Chubu Electric Power Co., Ltd. | 117 | 1628 |
| Chugai Pharmaceutical Co., Ltd. | 103 | 4497 |
| Concordia Financial Group, Ltd. | 179 | 1373 |
| Dai Nippon Printing Co., Ltd. | 75 | 1274 |
| Daifuku Co., Ltd. | 54 | 1757 |
| Dai-ichi Life Holdings, Inc. | 580 | 4570 |
| Daiichi Sankyo Company, Limited | 295 | 6623 |
| Daikin Industries, Ltd. | 46 | 5362 |
| Daito Trust Construction Co., Ltd. | 50 | 1114 |
| Daiwa House Industry Co., Ltd. | 97 | 3499 |
| Daiwa Securities Group Inc. (a) | 217 | 1762 |
| DENSO Corporation | 288 | 4138 |
| DISCO Corporation | 14 | 4450 |
| East Japan Railway Company | 169 | 4138 |
| Eisai Co., Ltd. | 41 | 1395 |
| ENEOS Holdings, Inc. | 413 | 2621 |
| FANUC Corporation | 147 | 4228 |
| Fast Retailing Co., Ltd. | 29 | 8823 |
| Fuji Electric Co., Ltd. | 20 | 1369 |
| FUJIFILM Holdings Corporation | 187 | 4652 |
| Fujikura Ltd. | 40 | 3906 |
| Fujitsu Limited | 280 | 6574 |
| Hankyu Hanshin Holdings, Inc. | 38 | 1122 |
| Hikari Tsushin,Inc. | 2 | 501 |
| Hitachi Construction Machinery Co., Ltd. | 14 | 445 |
| Hitachi, Ltd. | 714 | 18903 |
| Honda Motor Co., Ltd. (a) | 635 | 6555 |
| Hoshizaki Corporation | 17 | 653 |
| HOYA Corporation | 54 | 7488 |
| Hulic Co., Ltd. | 90 | 986 |
| Idemitsu Kosan Co., Ltd. | 129 | 881 |
| IHI Corporation | 165 | 3080 |
| Inpex Corporation | 137 | 2468 |
| Isuzu Motors Limited (a) | 91 | 1150 |
| ITOCHU Corporation | 223 | 12676 |
| Japan Airlines Co., Ltd. | 24 | 476 |
| Japan Exchange Group, Inc. | 165 | 1839 |
| Japan Post Bank Co., Ltd. | 285 | 3493 |
| Japan Post Holdings Co., Ltd. | 273 | 2710 |
| Japan Post Insurance Co., Ltd. | 28 | 784 |
| Japan Real Estate Investment Corporation | 1 | 955 |
| Japan Tobacco Inc. | 176 | 5774 |
| JFE Holdings, Inc. | 97 | 1185 |
| Kajima Corporation | 74 | 2150 |
| Kao Corporation | 72 | 3149 |
| Kawasaki Heavy Industries, Ltd. (a) | 25 | 1667 |
| Kawasaki Kisen Kaisha, Ltd. (a) | 54 | 773 |
| KDDI Corporation | 457 | 7272 |
| Keyence Corporation | 29 | 10897 |
| Kikkoman Corporation (a) | 135 | 1147 |
| Kirin Holdings Company, Limited | 127 | 1855 |
| Kobe Bussan Co., Ltd. | 21 | 577 |
| Komatsu Ltd. | 143 | 4996 |
| Konami Group Corporation | 14 | 1948 |
| Kubota Corporation | 180 | 2266 |
| KYOCERA Corporation | 221 | 2969 |
| Kyowa Kirin Co., Ltd. | 36 | 556 |
| Lasertec Co., Ltd. (a) | 13 | 1718 |
| LINEYahoo! Corporation | 438 | 1410 |
| M3, Inc. | 73 | 1183 |
| Makita Corporation | 40 | 1305 |
| Marubeni Corporation | 260 | 6488 |
| MatsukiyoCocokara & Co. | 60 | 1227 |
| McDonald's Holdings Company (Japan), Ltd. | 12 | 504 |
| Meiji Holdings Co., Ltd. | 40 | 821 |
| Minebeamitsumi Inc. (a) | 56 | 1060 |
| Mitsubishi Chemical Group Corporation (a) | 218 | 1255 |
| Mitsubishi Corporation | 605 | 14442 |
| Mitsubishi Electric Corporation | 324 | 8357 |
| Mitsubishi Estate Co., Ltd. | 199 | 4575 |
| Mitsubishi HC Capital Inc. (a) | 125 | 1038 |
| Mitsubishi Heavy Industries, Ltd. | 525 | 13751 |
| Mitsubishi UFJ Financial Group, Inc. | 1785 | 28771 |
| Mitsui & Co., Ltd. | 404 | 10042 |
| Mitsui Fudosan Co., Ltd. | 433 | 4727 |
| Mitsui O.S.K. Lines, Ltd. (a) | 54 | 1645 |
| Mizuho Bank, Ltd. | 33 | 729 |
| Mizuho Financial Group, Inc. | 392 | 13171 |
| MonotaRO Co., Ltd. | 36 | 530 |
| MS&AD Insurance Group Holdings, Inc. | 219 | 4972 |
| Murata Manufacturing Co., Ltd. | 290 | 5512 |
| Nec Corporation | 198 | 6348 |
| NEXON Co., Ltd. | 64 | 1396 |
| Nidec Corporation | 158 | 2816 |
| Nintendo Co., Ltd. | 183 | 15811 |
| Nippon Building Fund Inc. | 1 | 1214 |
| Nippon Paint Holdings Co., Ltd. (a) | 147 | 1004 |
| Nippon Sanso Holdings Corporation (a) | 32 | 1138 |
| Nippon Steel Corporation | 816 | 3357 |
| Nippon Telegraph and Telephone Corporation | 4324 | 4525 |
| Nippon Yusen Kabushiki Kaisha (a) | 68 | 2328 |
| Nissan Motor Co., Ltd. (b) | 328 | 806 |
| Nissin Food Holdings Co., Ltd. (a) | 34 | 647 |
| Niterra Co., Ltd. | 30 | 1173 |
| Nitori Holdings Co., Ltd. (a) | 64 | 1229 |
| Nitto Denko Corporation (a) | 109 | 2586 |
| Nomura Holdings, Inc. | 455 | 3336 |
| Nomura Research Institute, Ltd. | 67 | 2568 |
| Obayashi Corporation | 109 | 1790 |
| OBIC Co., Ltd. | 51 | 1774 |
| Olympus Corporation | 178 | 2249 |
| OMRON Corporation (a) | 28 | 772 |
| Ono Pharmaceutical Co., Ltd. (a) | 72 | 827 |
| Oracle Corporation Japan | 5 | 480 |
| Oriental Land Co., Ltd. (a) | 174 | 4194 |
| ORIX Corporation | 179 | 4668 |
| Osaka Gas Co., Ltd. | 60 | 1753 |
| Otsuka Corporation | 35 | 741 |
| Otsuka Holdings Co., Ltd. | 72 | 3821 |
| Pan Pacific International Holdings Corporation | 409 | 2692 |
| Panasonic Holdings Corporation | 348 | 3767 |
| Rakuten Group, Inc. (b) | 226 | 1464 |
| Recruit Holdings Co., Ltd. | 225 | 12047 |
| Renesas Electronics Corporation | 250 | 2883 |
| Resona Holdings, Inc. | 348 | 3549 |
| Ricoh Company, Ltd. | 83 | 732 |
| SBI Holdings, Inc. | 47 | 2051 |
| SCREEN Holdings Co., Ltd. | 15 | 1367 |
| SCSK Corporation | 23 | 674 |
| Secom Co., Ltd. | 65 | 2379 |
| Sekisui Chemical Co., Ltd. | 64 | 1200 |
| Sekisui House, Ltd. | 99 | 2247 |
| Seven & I Holdings Co., Ltd. | 343 | 4600 |
| SG Holdings Co., Ltd. (a) | 62 | 637 |
| Shimadzu Corporation | 45 | 1130 |
| Shimano Inc. | 13 | 1433 |
| Shimizu Corporation (a) | 84 | 1175 |
| Shin-Etsu Chemical Co., Ltd. | 295 | 9682 |
| Shionogi & Co., Ltd. | 129 | 2275 |
| Shiseido Company, Limited | 60 | 1027 |
| SMC Corporation | 9 | 2666 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SoftBank Corp. | 4411 | 6491 |
| SoftBank Group Corp. | 147 | 18510 |
| Sompo Holdings, Inc. | 147 | 4563 |
| Sony Financial Group Inc. | 949 | 1053 |
| Sony Group Corporation | 949 | 27304 |
| Square Enix Holdings Co., Ltd. | 38 | 819 |
| Subaru Corporation. (a) | 89 | 1811 |
| Sumitomo Corporation | 191 | 5541 |
| Sumitomo Electric Industries, Ltd. | 121 | 3443 |
| Sumitomo Metal Mining Co., Ltd. | 43 | 1390 |
| Sumitomo Mitsui Financial Group, Inc. | 605 | 17013 |
| Sumitomo Mitsui Trust Group, Inc. | 112 | 3241 |
| Sumitomo Realty & Development Co., Ltd. (a) | 73 | 3243 |
| Suntory Beverage & Food Limited | 18 | 555 |
| Suzuki Motor Corporation | 288 | 4200 |
| Sysmex Corporation | 85 | 1045 |
| T&D Holdings, Inc. | 75 | 1840 |
| Taisei Corporation | 27 | 1869 |
| Takeda Pharmaceutical Company Limited | 244 | 7178 |
| TDK Corporation | 299 | 4339 |
| Terumo Corporation | 231 | 3820 |
| The Chiba Bank, Ltd. (a) | 107 | 1126 |
| The Kansai Electric Power Company, Incorporated | 161 | 2310 |
| TIS Inc. | 38 | 1267 |
| Toho Co., Ltd. (a) | 18 | 1157 |
| Tokio Marine Holdings, Inc. | 299 | 12668 |
| Tokyo Century Corporation | 27 | 349 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 235 | 1101 |
| Tokyo Electron Limited | 69 | 12417 |
| Tokyo Gas Co., Ltd. | 56 | 2006 |
| Tokyu Corporation (a) | 91 | 1109 |
| TOPPAN Holdings Inc. | 43 | 1096 |
| Toray Industries, Inc. | 230 | 1466 |
| Toyo Suisan Kaisha, Ltd. | 15 | 1095 |
| Toyota Industries Corporation | 28 | 3137 |
| Toyota Motor Corporation | 1792 | 34238 |
| Toyota Tsusho Corporation | 109 | 3013 |
| Trend Micro Incorporated | 20 | 1088 |
| Unicharm Corporation | 179 | 1160 |
| West Japan Railway Company (a) | 72 | 1579 |
| Yakult Honsha Co., Ltd. (a) | 48 | 784 |
| Yamaha Motor Co., Ltd. | 149 | 1118 |
| Yaskawa Electric Corporation | 41 | 883 |
| Yokogawa Electric Corporation | 39 | 1129 |
| Zensho Holdings Co., Ltd. | 15 | 987 |
| ZOZO, Inc. (a) | 56 | 516 |
| | | 722407 |
| **United Kingdom 14.8%** | **United Kingdom 14.8%** | **United Kingdom 14.8%** |
| 3i Group PLC | 152 | 8366 |
| Admiral Group PLC | 36 | 1630 |
| Anglo American PLC | 167 | 6301 |
| Associated British Foods PLC | 46 | 1269 |
| AstraZeneca PLC | 243 | 37111 |
| Auto Trader Group PLC | 142 | 1513 |
| Aviva PLC | 476 | 4393 |
| BAE Systems PLC | 462 | 12833 |
| Barclays PLC | 2206 | 11309 |
| Barratt Redrow PLC | 192 | 1010 |
| BP P.L.C. | 2423 | 13904 |
| British American Tobacco P.L.C. | 306 | 16268 |
| BT Group PLC | 978 | 2512 |
| Bunzl Public Limited Company | 48 | 1508 |
| Centrica PLC | 783 | 1761 |
| Coca-Cola Europacific Partners PLC | 34 | 3047 |
| Compass Group PLC | 266 | 9077 |
| Convatec Group PLC (c) | 268 | 834 |
| Croda International Public Limited Company | 19 | 684 |
| CVC Capital Partners PLC | 122 | 2136 |
| Diageo PLC | 346 | 8264 |
| Entain PLC | 100 | 1173 |
| Experian PLC | 144 | 7229 |
| Fiat Chrysler Automobiles N.V. | 313 | 2911 |
| GSK PLC | 636 | 13639 |
| Haleon PLC | 1411 | 6303 |
| Halma Public Limited Company | 58 | 2711 |
| Hikma Pharmaceuticals Public Limited Company | 21 | 481 |
| Hiscox Ltd. | 56 | 1025 |
| Howden Joinery Group PLC | 87 | 984 |
| HSBC Holdings PLC | 2724 | 38440 |
| ICG PLC | 45 | 1335 |
| Imperial Brands PLC | 128 | 5438 |
| Informa PLC | 184 | 2278 |
| InterContinental Hotels Group PLC | 24 | 2878 |
| International Consolidated Airlines Group S.A. | 546 | 2837 |
| Intertek Group PLC | 25 | 1593 |
| J Sainsbury PLC | 267 | 1202 |
| JD Sports Fashion PLC | 410 | 526 |
| Kingfisher PLC | 256 | 1064 |
| Land Securities Group PLC | 115 | 904 |
| Legal & General Group PLC | 881 | 2831 |
| Lloyds Banking Group PLC | 9488 | 10727 |
| London Stock Exchange Group PLC | 74 | 8449 |
| M&G PLC | 347 | 1180 |
| Melrose Industries PLC | 188 | 1537 |
| Mondi PLC | 72 | 996 |
| National Grid PLC | 772 | 11073 |
| NatWest Group PLC | 1203 | 8455 |
| Next PLC | 18 | 3057 |
| NMC Health PLC (d) | 12 |  |
| Pearson PLC | 105 | 1490 |
| Persimmon Public Limited Company | 48 | 743 |
| Phoenix Group Holdings PLC | 116 | 1009 |
| Prudential Public Limited Company | 380 | 5316 |
| Reckitt Benckiser Group PLC | 107 | 8212 |
| Relx PLC | 288 | 13740 |
| Rentokil Initial PLC | 379 | 1918 |
| Rightmove PLC | 122 | 1162 |
| Rio Tinto PLC | 166 | 10965 |
| Rolls-Royce Holdings PLC | 1307 | 20993 |
| Schroders PLC | 133 | 673 |
| SEGRO Public Limited Company | 201 | 1767 |
| Severn Trent PLC | 42 | 1448 |
| Shell PLC - Class A | 915 | 32732 |
| Smith & Nephew PLC | 137 | 2486 |
| Smiths Group PLC | 51 | 1623 |
| Spirax Group PLC | 11 | 1008 |
| SSE PLC | 173 | 4050 |
| Standard Chartered PLC | 292 | 5654 |
| Taylor Wimpey PLC | 584 | 809 |
| Tesco PLC | 1011 | 6068 |
| The Berkeley Group Holdings PLC | 15 | 775 |
| The Sage Group PLC. | 148 | 2193 |
| Unilever PLC | 384 | 22673 |
| United Utilities PLC | 105 | 1627 |
| Vodafone Group Public Limited Company | 3213 | 3731 |
| Weir Group PLC(The) | 39 | 1427 |
| Whitbread PLC | 26 | 1107 |
| Wise PLC - Class A (b) | 108 | 1499 |
| WPP 2012 Limited | 165 | 821 |
|  |  | 448705 |
| **France 10.2%** | **France 10.2%** | **France 10.2%** |
| Aeroports de Paris | 5 | 718 |
| Airbus SE | 91 | 21322 |
| Amundi (c) | 9 | 722 |
| AXA | 266 | 12749 |
| Biomerieux S.A. | 7 | 941 |
| BNP Paribas | 160 | 14670 |
| Bollore SE | 100 | 569 |
| Bouygues | 28 | 1271 |
| Bureau Veritas (a) | 49 | 1538 |
| Capgemini | 26 | 3833 |
| Compagnie de Saint-Gobain | 72 | 7781 |
| Compagnie Generale des Etablissements Michelin | 106 | 3823 |
| Credit Agricole S.A. | 174 | 3436 |
| Danone | 100 | 8730 |
| Dassault Aviation | 3 | 894 |
| Dassault Systemes | 103 | 3458 |
| Engie | 273 | 5849 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EssilorLuxottica | 49 | 15860 |
| Hermes International | 5 | 13033 |
| Kering (a) | 11 | 3624 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 90 | 18786 |
| Legrand | 41 | 6722 |
| L'Oreal | 38 | 16418 |
| LVMH Moet Hennessy Louis Vuitton | 40 | 24592 |
| Orange | 288 | 4679 |
| Pernod Ricard | 31 | 3065 |
| Publicis Groupe S.A. | 36 | 3427 |
| Safran | 54 | 19180 |
| Sanofi | 174 | 16381 |
| Sartorius Stedim Biotech | 4 | 851 |
| Schneider Electric SE | 85 | 23837 |
| Societe Generale | 110 | 7280 |
| Thales | 14 | 4535 |
| TotalEnergies SE | 317 | 19330 |
| Veolia Environnement | 101 | 3438 |
| VINCI | 79 | 10979 |
| | | 308321 |
| **Germany 9.0%** | **Germany 9.0%** | **Germany 9.0%** |
| Adidas AG - Class N | 28 | 5917 |
| Allianz SE | 60 | 25302 |
| BASF SE - Class N | 141 | 7043 |
| Bayer Aktiengesellschaft - Class N | 143 | 4759 |
| Bayerische Motoren Werke Aktiengesellschaft | 45 | 4537 |
| Beiersdorf Aktiengesellschaft | 15 | 1518 |
| BioNTech SE - ADR (b) | 14 | 1421 |
| COMMERZBANK Aktiengesellschaft | 136 | 5148 |
| Continental Aktiengesellschaft | 17 | 1100 |
| Daimler Truck Holding AG | 73 | 3014 |
| Deutsche Bank Aktiengesellschaft - Class N | 276 | 9779 |
| Deutsche Borse Aktiengesellschaft - Class N | 29 | 7744 |
| Deutsche Post AG - Class N | 149 | 6677 |
| Deutsche Telekom AG - Class N | 520 | 17744 |
| E.ON SE - Class N | 343 | 6477 |
| Elia Group | 7 | 788 |
| Fresenius SE & Co. KGaA | 64 | 3571 |
| Hannover Ruck SE - Class N | 9 | 2824 |
| Heidelberg Materials AG | 20 | 4547 |
| Henkel AG & Co. KGaA | 17 | 1258 |
| Infineon Technologies AG - Class N | 198 | 7765 |
| Mercedes-Benz Group AG - Class N | 109 | 6851 |
| MERCK Kommanditgesellschaft auf Aktien | 21 | 2656 |
| MTU Aero Engines AG - Class N | 8 | 3591 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 20 | 13081 |
| Rheinmetall Aktiengesellschaft | 7 | 16326 |
| RWE Aktiengesellschaft | 107 | 4746 |
| SAP SE | 161 | 43044 |
| Siemens Aktiengesellschaft - Class N | 115 | 31183 |
| Siemens Energy AG (b) | 105 | 12371 |
| Siemens Healthineers AG (c) | 43 | 2309 |
| Symrise AG | 20 | 1726 |
| Talanx Aktiengesellschaft | 9 | 1224 |
| Vonovia SE | 128 | 4003 |
|  |  | 272044 |
| **Switzerland 7.5%** | **Switzerland 7.5%** | **Switzerland 7.5%** |
| ABB Ltd - Class N | 248 | 17926 |
| Alcon AG | 77 | 5718 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 2402 |
| Coca-Cola HBC AG | 32 | 1503 |
| Compagnie Financiere Richemont S.A. | 84 | 16066 |
| EMS-Chemie Holding AG | 1 | 715 |
| Galderma Group AG | 19 | 3373 |
| Geberit AG - Class N | 5 | 3869 |
| Givaudan S.A. - Class N | 1 | 5206 |
| Glencore PLC | 1524 | 7007 |
| Holcim AG | 78 | 6612 |
| Julius Bar Gruppe AG - Class N | 31 | 2161 |
| Kuhne & Nagel International AG | 7 | 1346 |
| Lonza Group AG | 11 | 7301 |
| Nestle S.A. - Class N | 402 | 36913 |
| Novartis AG - Class N | 290 | 37159 |
| Partners Group Holding AG | 3 | 4369 |
| Roche Holding AG | 5 | 1560 |
| Sandoz Group AG | 64 | 3817 |
| Schindler Holding AG - Class N | 3 | 1132 |
| SGS S.A. | 24 | 2479 |
| Sika AG | 25 | 5617 |
| Sonova Holding AG | 8 | 2104 |
| Straumann Holding AG - Class N | 17 | 1830 |
| Swiss Life Holding AG - Class N | 4 | 4702 |
| Swiss Re AG | 46 | 8508 |
| Swisscom AG - Class N | 4 | 2850 |
| UBS Group AG | 445 | 18394 |
| Zurich Insurance Group AG - Class N | 22 | 15759 |
|  |  | 228398 |
| **Australia 6.8%** | **Australia 6.8%** | **Australia 6.8%** |
| ANZ Group Holdings Limited | 467 | 10285 |
| Aristocrat Leisure Limited | 97 | 4484 |
| ASX Limited | 30 | 1175 |
| Atlas Arteria Limited | 154 | 502 |
| Australian Pipeline Trust | 210 | 1236 |
| BHP Group Limited | 757 | 21270 |
| BlueScope Steel Limited | 67 | 1011 |
| Brambles Limited | 216 | 3553 |
| Cochlear Limited | 10 | 1810 |
| Coles Group Limited | 209 | 3229 |
| Commonwealth Bank of Australia | 262 | 28978 |
| Computershare Limited | 85 | 2030 |
| CSL Limited | 76 | 9944 |
| DEXUS Funds Management Limited | 158 | 752 |
| Fortescue Ltd | 251 | 3103 |
| Goodman Funding Pty Ltd | 301 | 6563 |
| GPT Management Holdings Limited | 288 | 1027 |
| Insurance Australia Group Limited | 376 | 2040 |
| Macquarie Group Limited | 57 | 8269 |
| Medibank Private Limited | 425 | 1357 |
| Mirvac Limited | 646 | 973 |
| National Australia Bank Limited | 480 | 14036 |
| Northern Star Resources Ltd | 225 | 3562 |
| Orica Limited | 79 | 1109 |
| Origin Energy Limited | 270 | 2241 |
| Pro Medicus Limited | 8 | 1683 |
| Qantas Airways Limited | 110 | 798 |
| QBE Insurance Group Limited | 233 | 3183 |
| Ramsay Health Care Limited | 30 | 629 |
| REA Group Ltd (a) | 8 | 1196 |
| Reece Limited | 48 | 359 |
| Rio Tinto Limited | 59 | 4732 |
| Santos Limited | 468 | 2085 |
| Scentre Group Limited | 815 | 2204 |
| SEEK Limited | 53 | 993 |
| SGH Limited | 31 | 1024 |
| Sigma Healthcare Ltd | 871 | 1716 |
| Sonic Healthcare Limited | 71 | 1014 |
| South32 Limited | 699 | 1271 |
| Stockland Corporation Ltd | 355 | 1443 |
| Suncorp Group Limited | 171 | 2300 |
| Telstra Corporation Limited | 607 | 1939 |
| The Lottery Corporation Limited | 362 | 1410 |
| TPG Corporation Limited | 49 | 163 |
| Transurban Holdings Limited | 487 | 4454 |
| Vicinity Centres RE Ltd | 594 | 994 |
| Wesfarmers Limited | 178 | 10867 |
| Westpac Banking Corporation | 541 | 13959 |
| Whsp Holdings Ltd | 52 | 1331 |
| WiseTech Global Limited | 27 | 1618 |
| Woodside Energy Group Ltd | 293 | 4467 |
| Woolworths Group Limited | 188 | 3332 |
|  |  | 205703 |
| **Netherlands 4.4%** | **Netherlands 4.4%** | **Netherlands 4.4%** |
| Adyen N.V. (b) (c) | 5 | 7306 |
| Akzo Nobel N.V. | 27 | 1905 |
| ASM International N.V. | 7 | 4183 |
| ASML Holding N.V. | 62 | 59911 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DSM-Firmenich AG | 38 | 3273 |
| Exor Nederland N.V. | 14 | 1332 |
| HAL Trust | 5 | 870 |
| Heineken Holding N.V. | 21 | 1412 |
| Heineken N.V. | 44 | 3447 |
| ING Groep N.V. | 462 | 12066 |
| JDE Peet's N.V. | 25 | 918 |
| Koninklijke Ahold Delhaize N.V. | 138 | 5590 |
| Koninklijke KPN N.V. | 612 | 2943 |
| Koninklijke Philips N.V. | 122 | 3331 |
| NN Group N.V. | 41 | 2888 |
| Prosus N.V. - Class N | 205 | 14514 |
| STMicroelectronics N.V. | 100 | 2827 |
| Wolters Kluwer N.V. - Class C | 36 | 4924 |
| | | 133640 |
| **Spain 3.4%** | **Spain 3.4%** | **Spain 3.4%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 32 | 2552 |
| AENA, S.M.E., S.A. | 115 | 3149 |
| Amadeus IT Holding, S.A. (c) | 68 | 5420 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 901 | 17363 |
| Banco Santander, S.A. | 2327 | 24363 |
| CaixaBank, S.A. | 561 | 5912 |
| Cellnex Telecom, S.A. (c) | 88 | 3058 |
| Endesa, S.A. | 49 | 1569 |
| Ferrovial SE | 70 | 4033 |
| Iberdrola, Sociedad Anonima | 957 | 18131 |
| Industria de Diseno Textil, S.A. | 173 | 9570 |
| Naturgy Energy Group S.A. | 16 | 483 |
| Redeia Corporacion S.A. | 66 | 1277 |
| Repsol S.A. | 178 | 3159 |
| Telefonica, S.A. (a) | 705 | 3633 |
|  |  | 103672 |
| **Sweden 3.3%** | **Sweden 3.3%** | **Sweden 3.3%** |
| AB Sagax - Class B | 35 | 735 |
| AB Sagax - Class D | 20 | 74 |
| Aktiebolaget Industrivarden - Class A | 18 | 711 |
| Aktiebolaget Industrivarden - Class C (a) | 25 | 1007 |
| Aktiebolaget SKF - Class B | 55 | 1379 |
| Aktiebolaget Volvo - Class A | 28 | 799 |
| Aktiebolaget Volvo - Class B | 242 | 6954 |
| Alfa Laval AB | 43 | 1947 |
| ASSA ABLOY AB - Class B (a) | 165 | 5739 |
| Atlas Copco Aktiebolag - Class A | 404 | 6846 |
| Atlas Copco Aktiebolag - Class B | 237 | 3564 |
| Axfood AB | 15 | 459 |
| Boliden AB (b) | 45 | 1829 |
| Castellum Aktiebolag (a) | 62 | 705 |
| Epiroc Aktiebolag - Class A | 98 | 2077 |
| Epiroc Aktiebolag - Class B | 61 | 1149 |
| EQT AB (c) | 110 | 3832 |
| Essity Aktiebolag (publ) - Class A | 4 | 109 |
| Essity Aktiebolag (publ) - Class B | 93 | 2434 |
| Evolution AB (publ) (c) | 28 | 2341 |
| Fastighets AB Balder - Class B (b) | 109 | 781 |
| G&L Beijer Ref AB - Class B | 60 | 938 |
| H & M Hennes & Mauritz AB - Class B (a) | 76 | 1420 |
| Hexagon Aktiebolag - Class B | 329 | 3929 |
| Holmen Aktiebolag - Class B | 13 | 488 |
| Indutrade Aktiebolag | 44 | 1006 |
| Investmentaktiebolaget Latour - Class B | 24 | 563 |
| Investor Aktiebolag - Class A | 90 | 2802 |
| Investor Aktiebolag - Class B | 284 | 8904 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 12 | 637 |
| Lifco AB (Publ) - Class B | 35 | 1198 |
| NIBE Industrier AB - Class B | 255 | 1005 |
| Nordnet AB | 23 | 655 |
| SAAB Aktiebolag - Class B | 57 | 3482 |
| Sandvik Aktiebolag | 153 | 4281 |
| Securitas AB - Class B | 81 | 1215 |
| Skandinaviska Enskilda Banken AB - Class A | 210 | 4116 |
| Skandinaviska Enskilda Banken AB - Class C | 4 | 86 |
| Skanska AB - Class B | 52 | 1345 |
| SSAB AB - Class A | 36 | 216 |
| SSAB AB - Class B | 93 | 540 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 72 | 955 |
| Svenska Handelsbanken AB - Class A | 216 | 2817 |
| Svenska Handelsbanken AB - Class B (a) | 6 | 129 |
| Swedbank AB - Class A | 155 | 4688 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 26 | 804 |
| Tele2 AB - Class B | 85 | 1452 |
| Telefonaktiebolaget LM Ericsson - Class A | 10 | 85 |
| Telefonaktiebolaget LM Ericsson - Class B | 400 | 3321 |
| Telia Company AB | 370 | 1412 |
| Trelleborg AB - Class B | 32 | 1200 |
|  |  | 101160 |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| A2a S.P.A. | 219 | 575 |
| Assicurazioni Generali Societa' Per Azioni | 141 | 5540 |
| Banca Mediolanum SpA | 34 | 684 |
| Banco BPM Societa' Per Azioni | 208 | 3117 |
| Buzzi S.p.A. | 12 | 661 |
| Davide Campari-Milano N.V. (a) | 93 | 590 |
| DiaSorin S.p.A. | 4 | 315 |
| ENEL - SPA | 1214 | 11526 |
| Eni S.P.A. (a) | 304 | 5322 |
| Ferrari N.V. | 19 | 9289 |
| Finecobank Banca Fineco S.P.A. | 93 | 2024 |
| Hera S.p.A. | 148 | 667 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (c) | 50 | 584 |
| Intesa Sanpaolo S.p.A. | 2432 | 16098 |
| Leonardo S.p.A. | 63 | 4028 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 89 | 1799 |
| Moncler S.p.A. | 34 | 1985 |
| Nexi S.p.A. | 74 | 421 |
| Pirelli & C. S.p.A. (c) | 55 | 374 |
| Poste Italiane - Societa' Per Azioni (c) | 67 | 1602 |
| Prysmian S.p.A. | 44 | 4410 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 16 | 969 |
| Snam S.p.A. | 337 | 2028 |
| Telecom Italia S.p.A. | 1855 | 973 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 222 | 2253 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 242 | 18438 |
|  |  | 96272 |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| A.P. Moller - Maersk A/S - Class A |  | 841 |
| A.P. Moller - Maersk A/S - Class B | 1 | 1161 |
| Carlsberg A/S - Class B | 14 | 1659 |
| Coloplast A/S - Class B | 23 | 1944 |
| Danske Bank A/S | 102 | 4338 |
| DSV A/S | 30 | 5947 |
| Genmab A/S (b) | 10 | 3015 |
| Novo Nordisk A/S - Class B | 497 | 27455 |
| Novozymes A/S - Class B | 54 | 3285 |
| Orsted A/S (a) (b) (c) | 22 | 384 |
| Pandora A/S | 12 | 1581 |
| Tryg A/S | 48 | 1228 |
| Vestas Wind Systems A/S | 155 | 2945 |
|  |  | 55783 |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AIA Group Limited | 1637 | 15642 |
| Budweiser Brewing Company APAC Limited (a) (c) | 258 | 275 |
| CK Asset Holdings Limited | 307 | 1489 |
| CK Hutchison Holdings Limited | 422 | 2780 |
| CK Infrastructure Holdings Limited | 92 | 602 |
| CLP Holdings Limited | 286 | 2367 |
| Hang Seng Bank, Limited | 107 | 1629 |
| Henderson Land Development Company Limited | 201 | 705 |
| HKT Trust | 524 | 776 |
| Hong Kong And China Gas Company Limited - The- | 1696 | 1472 |
| Hong Kong Exchanges and Clearing Limited | 188 | 10660 |
| Jardine Matheson Holdings Limited | 31 | 1935 |
| Link Real Estate Investment Trust | 402 | 2063 |
| MTR Corporation Limited | 232 | 789 |
| Power Assets Holdings Limited | 211 | 1334 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sino Land Company Limited | 562 | 711 |
| Sun Hung Kai Properties Limited | 264 | 3154 |
| Swire Pacific Limited - Class A | 46 | 385 |
| Swire Pacific Limited - Class B | 130 | 195 |
| Swire Properties Limited | 173 | 490 |
| Techtronic Industries Company Limited | 225 | 2868 |
| WH Group Limited (c) | 1194 | 1294 |
| Wharf (Holdings) Limited, The | 155 | 444 |
| Wharf Real Estate Investment Company Limited | 220 | 651 |
| | | 54710 |
| **Singapore 1.3%** | **Singapore 1.3%** | **Singapore 1.3%** |
| Capitaland Ascendas REIT | 577 | 1249 |
| Capitaland Group Pte. Ltd. | 801 | 1423 |
| Capitaland Investment Limited | 349 | 730 |
| DBS Group Holdings Ltd | 320 | 12674 |
| Genting Singapore Limited | 934 | 532 |
| Jardine Cycle & Carriage Limited | 9 | 198 |
| Keppel Ltd. | 223 | 1543 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) | 395 | 438 |
| Oversea-Chinese Banking Corporation Limited | 509 | 6497 |
| Singapore Airlines Limited | 209 | 1057 |
| Singapore Exchange Limited | 128 | 1639 |
| Singapore Technologies Engineering Ltd | 243 | 1625 |
| Singapore Telecommunications Limited | 1275 | 4087 |
| United Overseas Bank Limited | 209 | 5621 |
| Wilmar International Limited | 296 | 654 |
|  |  | 39967 |
| **Belgium 1.1%** | **Belgium 1.1%** | **Belgium 1.1%** |
| Ackermans | 3 | 872 |
| Ageas SA/NV | 26 | 1778 |
| Anheuser-Busch InBev | 153 | 9148 |
| Argenx SE (b) | 9 | 6771 |
| Colruyt Group (a) | 5 | 202 |
| D'Ieteren Group | 3 | 622 |
| Groep Brussel Lambert | 13 | 1141 |
| KBC Groep | 39 | 4660 |
| Lotus Bakeries |  | 623 |
| Sofina (a) | 2 | 684 |
| Syensqo | 11 | 881 |
| UCB | 19 | 5235 |
| Warehouses De Pauw | 28 | 709 |
|  |  | 33326 |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa Oyj | 22 | 1151 |
| Fortum Oyj | 68 | 1291 |
| Kesko Oyj - Class A | 15 | 322 |
| Kesko Oyj - Class B | 41 | 864 |
| Kone Corporation - Class B | 56 | 3807 |
| Metso Oyj | 109 | 1497 |
| Neste Oyj | 67 | 1230 |
| Nokia Oyj | 790 | 3791 |
| Nordea Bank Abp | 468 | 7684 |
| Orion Oyj - Class A | 5 | 345 |
| Orion Oyj - Class B | 16 | 1252 |
| Sampo Oyj - Class A | 392 | 4501 |
| Stora Enso Oyj - Class R | 96 | 1060 |
| UPM-Kymmene Oyj | 81 | 2220 |
| Wartsila Oyj Abp | 76 | 2270 |
|  |  | 33285 |
| **Israel 0.7%** | **Israel 0.7%** | **Israel 0.7%** |
| Azrieli Group Ltd. | 5 | 488 |
| Bank Hapoalim B.M. | 208 | 4226 |
| Bank Leumi Le-Israel B.M. | 239 | 4708 |
| Elbit Systems Ltd. | 4 | 1914 |
| ICL Group Ltd | 118 | 737 |
| Israel Discount Bank Limited | 192 | 1892 |
| Mizrahi Tefahot Bank Ltd | 22 | 1423 |
| Nice Ltd (b) | 10 | 1415 |
| Teva Pharmaceutical Industries Ltd (b) | 180 | 3652 |
|  |  | 20455 |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA | 47 | 1185 |
| DNB Bank ASA | 116 | 3173 |
| Equinor ASA | 105 | 2562 |
| Gjensidige Forsikring ASA | 28 | 822 |
| Kongsberg Gruppen ASA | 69 | 2219 |
| Mowi ASA | 70 | 1476 |
| Norsk Hydro ASA | 200 | 1363 |
| Orkla ASA | 105 | 1094 |
| SalMar ASA | 10 | 558 |
| Storebrand ASA | 66 | 1012 |
| Telenor ASA | 98 | 1627 |
| Var Energi ASA | 133 | 446 |
| Vend Marketplaces ASA - Class A | 10 | 341 |
| Vend Marketplaces ASA - Class B | 16 | 520 |
| Yara International ASA | 25 | 916 |
|  |  | 19314 |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Allegro.eu (b) (c) | 106 | 1036 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 33 | 1574 |
| Dino Polska Spolka Akcyjna (b) (c) | 72 | 866 |
| ING Bank Slaski Spolka Akcyjna | 5 | 446 |
| KGHM Polska Miedz Spolka Akcyjna (b) | 20 | 893 |
| LPP Spolka Akcyjna |  | 1002 |
| Orlen S.A. | 92 | 2182 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 136 | 2638 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 84 | 1255 |
| Santander Bank Polska Spolka Akcyjna | 5 | 715 |
|  |  | 12607 |
| **United States of America 0.4%** | **United States of America 0.4%** | **United States of America 0.4%** |
| Ashtead Group Public Limited Company | 67 | 4503 |
| James Hardie Industries Public Limited Company - CHESS | 91 | 1711 |
| Universal Music Group N.V. | 147 | 4254 |
|  |  | 10468 |
| **Austria 0.3%** | **Austria 0.3%** | **Austria 0.3%** |
| Andritz AG | 10 | 695 |
| BAWAG Group AG (c) | 12 | 1598 |
| Erste Group Bank AG | 47 | 4563 |
| OMV Aktiengesellschaft | 22 | 1160 |
| Raiffeisen Bank International AG | 21 | 728 |
| Telekom Austria Aktiengesellschaft | 17 | 184 |
| Verbund AG | 10 | 728 |
|  |  | 9656 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| DCC Public Limited Company (a) | 15 | 952 |
| Kerry Group Public Limited Company - Class A | 23 | 2097 |
| Kingspan Group Public Limited Company | 24 | 2035 |
|  |  | 5084 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP Renovaveis, S.A. | 41 | 550 |
| EDP, S.A. | 444 | 2112 |
| Galp Energia, SGPS, S.A. - Class B | 66 | 1259 |
| Jeronimo Martins, SGPS, S.A. | 43 | 1039 |
|  |  | 4960 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Auckland International Airport Limited | 249 | 1135 |
| Fisher & Paykel Healthcare Corporation Limited | 87 | 1852 |
| Meridian Energy Limited | 201 | 651 |
|  |  | 3638 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal (a) | 66 | 2370 |
| Tenaris S.A. | 58 | 1046 |
|  |  | 3416 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| WuXi Biologics (Cayman) Inc. (b) (c) | 549 | 2896 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 352 | 1936 |
| Sands China Ltd. | 338 | 942 |
|  |  | 2878 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Antofagasta PLC | 54 | 1996 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 28 | 892 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (b) (c) (d) | 82 |  |
| Total Common Stocks (cost $2,192,126) | Total Common Stocks (cost $2,192,126) | 2935653 |
| **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** |
| **Switzerland 1.3%** | **Switzerland 1.3%** | **Switzerland 1.3%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 2398 |
| Roche Holding AG | 108 | 35829 |
| Schindler Holding AG | 6 | 2437 |
|  |  | 40664 |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke Aktiengesellschaft | 8 | 739 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 17 | 834 |
| Henkel AG & Co. KGaA (e) | 24 | 1944 |
| Sartorius Aktiengesellschaft | 4 | 880 |
| Volkswagen Aktiengesellschaft (e) | 32 | 3521 |
|  |  | 7918 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 970 | 562 |
| Total Preferred Stocks (cost $46,751) | Total Preferred Stocks (cost $46,751) | 49144 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Denmark 0.0%** | **Denmark 0.0%** | **Denmark 0.0%** |
| Orsted A/S (a) (b) | 329 | 327 |
| Total Rights (cost $917) | Total Rights (cost $917) | 327 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (f) (g) | 7350 | 7350 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (f) (g) | 5145 | 5145 |
| Total Short Term Investments (cost $12,495) | Total Short Term Investments (cost $12,495) | 12495 |
| **Total Investments 98.9% (cost $2,252,289)** | **Total Investments 98.9% (cost $2,252,289)** | **2997619** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (50) |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **34111** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3031680** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to 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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 12805 | 897127 | 902582 | 674 |  |  | 7350 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 2432 | 114682 | 111969 | 246 |  |  | 5145 | 0.2 |
|  | 15237 | 1011809 | 1014551 | 920 |  |  | 12495 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Adyen N.V. | 04/26/21 | 9293 | 7306 | 0.2 |
| Allegro.eu | 06/18/21 | 1197 | 1036 |  |
| Amadeus IT Holding, S.A. | 04/26/21 | 4422 | 5420 | 0.2 |
| Amundi | 04/26/21 | 765 | 722 |  |
| BAWAG Group AG | 04/26/21 | 864 | 1598 | 0.1 |
| Budweiser Brewing Company APAC Limited | 04/26/21 | 795 | 275 |  |
| Cellnex Telecom, S.A. | 04/26/21 | 4143 | 3058 | 0.1 |
| Convatec Group PLC | 04/26/21 | 836 | 834 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 675 | 866 |  |
| EQT AB | 04/26/21 | 3133 | 3832 | 0.1 |
| Evolution AB (publ) | 04/26/21 | 3194 | 2341 | 0.1 |
| Evraz PLC | 04/26/21 | 631 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 04/26/21 | 588 | 584 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 04/26/21 | 615 | 438 |  |
| Orsted A/S | 04/26/21 | 1037 | 384 |  |
| Pirelli & C. S.p.A. | 04/26/21 | 326 | 374 |  |
| Poste Italiane - Societa' Per Azioni | 04/26/21 | 907 | 1602 | 0.1 |
| Siemens Healthineers AG | 06/18/21 | 2463 | 2309 | 0.1 |
| WH Group Limited | 04/26/21 | 1035 | 1294 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 4345 | 2896 | 0.1 |
|  |  | 41264 | 37169 | 1.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 230 | December 2025 | EUR | 12626 | 16 | 139 |
| FTSE 100 Index | 54 | December 2025 | GBP | 5060 | 17 | 26 |
| S&P/ASX 200 Index | 25 | December 2025 | AUD | 5552 | (6) | (4) |
| Topix Index | 61 | December 2025 | JPY | 1911865 | 4 | 28 |
|  |  |  |  |  | 31 | 189 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | HSB | 12/17/25 | AUD | 3132 | 2074 | (8) |
| EUR/USD | HSB | 12/17/25 | EUR | 8848 | 10435 | 5 |
| EUR/USD | SCB | 12/17/25 | EUR | 7749 | 9138 | (6) |
| GBP/USD | CIT | 12/17/25 | GBP | 1219 | 1639 | (14) |
| GBP/USD | SCB | 12/17/25 | GBP | 3164 | 4257 | (4) |
| JPY/USD | CIT | 12/17/25 | JPY | 1246839 | 8499 | (22) |
| USD/EUR | HSB | 12/17/25 | EUR | (3801) | (4483) | (32) |
| USD/HKD | CIT | 10/03/25 | HKD | (4195) | (539) |  |
| USD/JPY | RBC | 12/17/25 | JPY | (611741) | (4170) |  |
|  |  |  |  |  | 26850 | (81) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4468 | 2931185 |  | 2935653 |
| &nbsp;&nbsp;Preferred Stocks |  | 49144 |  | 49144 |
| &nbsp;&nbsp;Rights |  | 327 |  | 327 |
| &nbsp;&nbsp;Short Term Investments | 12495 |  |  | 12495 |
|  | 16963 | 2980656 |  | 2997619 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 193 |  |  | 193 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 5 |  | 5 |
|  | 193 | 5 |  | 198 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (4) |  |  | (4) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (86) |  | (86) |
|  | (4) | (86) |  | (90) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Industrials 22.8%** | **Industrials 22.8%** | **Industrials 22.8%** |
| AAON, Inc. (a) | 71 | 6598 |
| Acuity Brands, Inc. | 32 | 11019 |
| Advanced Drainage Systems, Inc. | 75 | 10399 |
| AECOM | 140 | 18220 |
| AeroVironment, Inc. (b) | 34 | 10563 |
| AGCO Corporation | 65 | 6983 |
| Alaska Air Group, Inc. (b) | 120 | 5995 |
| American Airlines Group Inc. (a) (b) | 690 | 7756 |
| API Group Corporation (b) | 390 | 13391 |
| Applied Industrial Technologies, Inc. | 40 | 10482 |
| ATI Inc. (b) | 145 | 11808 |
| Avis Budget Group, Inc. (a) (b) | 18 | 2918 |
| Brink's Company, The | 44 | 5190 |
| BWXT Government Group, Inc. | 96 | 17767 |
| Caci International Inc. - Class A (b) | 23 | 11552 |
| Carlisle Companies Incorporated | 45 | 14793 |
| Chart Industries, Inc. (b) | 46 | 9285 |
| Clean Harbors, Inc. (b) | 53 | 12315 |
| CNH Industrial N.V. | 939 | 10185 |
| Comfort Systems USA, Inc. | 37 | 30627 |
| Concentrix Corporation | 47 | 2161 |
| Core & Main, Inc. - Class A (b) | 201 | 10827 |
| Crane Company | 52 | 9548 |
| Curtiss-Wright Corporation | 40 | 21569 |
| Donaldson Company, Inc. | 123 | 10105 |
| EnerSys | 40 | 4493 |
| ESAB Corporation | 61 | 6773 |
| ExlService Holdings, Inc. (b) | 169 | 7428 |
| Exponent, Inc. | 54 | 3722 |
| Flowserve Corporation | 139 | 7381 |
| Fluor Corporation (b) | 169 | 7109 |
| Fortune Brands Innovations, Inc. | 126 | 6729 |
| FTI Consulting, Inc. (b) | 34 | 5446 |
| GATX Corporation | 38 | 6611 |
| Genpact Limited | 172 | 7209 |
| Graco Inc. | 175 | 14873 |
| GXO Logistics Inc. (b) | 120 | 6329 |
| Hexcel Corporation | 85 | 5314 |
| Insperity, Inc. | 37 | 1830 |
| ITT Inc. | 82 | 14657 |
| KBR, Inc. | 136 | 6424 |
| Kirby Corporation (b) | 58 | 4850 |
| Knight-Swift Transportation Holdings Inc. - Class A | 171 | 6761 |
| Kratos Defense & Security Solutions, Inc. (b) | 178 | 16254 |
| Landstar System, Inc. | 37 | 4478 |
| Lincoln Electric Holdings, Inc. | 58 | 13722 |
| MasTec, Inc. (b) | 65 | 13756 |
| Maximus, Inc. | 59 | 5420 |
| Middleby Corporation, The (b) | 49 | 6464 |
| Mine Safety Appliances Company, LLC | 38 | 6607 |
| MSC Industrial Direct Co., Inc. - Class A | 49 | 4477 |
| Mueller Industries, Inc. | 116 | 11779 |
| Nextracker LLC - Class A (b) | 156 | 11534 |
| Nvent Electric Public Limited Company | 170 | 16739 |
| Oshkosh Corporation | 67 | 8692 |
| Owens Corning | 88 | 12444 |
| Parsons Corporation (b) | 57 | 4704 |
| Paylocity Holding Corporation (b) | 47 | 7560 |
| RB Global, Inc. | 196 | 21205 |
| RBC Bearings Incorporated (b) | 33 | 12934 |
| Regal Rexnord Corporation | 70 | 9989 |
| Ryder System, Inc. | 43 | 8129 |
| Saia, Inc. (b) | 28 | 8456 |
| Science Applications International Corporation | 50 | 4956 |
| Sensata Technologies Holding PLC | 155 | 4730 |
| Simpson Manufacturing Co., Inc. | 44 | 7348 |
| Terex Corporation | 69 | 3564 |
| Tetra Tech, Inc. | 276 | 9208 |
| Timken Company, The | 67 | 5027 |
| Toro Company, The | 103 | 7878 |
| TransUnion | 206 | 17250 |
| Trex Company, Inc. (b) | 112 | 5808 |
| UFP Industries, Inc. | 62 | 5798 |
| Valmont Industries, Inc. | 21 | 8126 |
| Watsco, Inc. | 37 | 14878 |
| Watts Water Technologies, Inc. - Class A | 29 | 8115 |
| WESCO International, Inc. | 51 | 10881 |
| Woodward, Inc. | 63 | 15978 |
| XPO, Inc. (b) | 124 | 16051 |
|  |  | 756934 |
| **Financials 16.8%** | **Financials 16.8%** | **Financials 16.8%** |
| Affiliated Managers Group, Inc. | 30 | 7198 |
| Ally Financial Inc. | 297 | 11640 |
| American Financial Group, Inc. | 73 | 10619 |
| Annaly Capital Management, Inc. | 677 | 13682 |
| Associated Banc-Corp | 174 | 4471 |
| Bank OZK | 111 | 5642 |
| Brighthouse Financial, Inc. (b) | 60 | 3162 |
| Cadence Bank | 196 | 7362 |
| Carlyle Group Inc., The | 275 | 17216 |
| CNO Financial Group, Inc. | 102 | 4042 |
| Columbia Banking System, Inc. | 314 | 8089 |
| Comerica Incorporated | 135 | 9247 |
| Commerce Bancshares, Inc. | 131 | 7848 |
| Cullen/Frost Bankers, Inc. | 67 | 8537 |
| East West Bancorp, Inc. | 145 | 15469 |
| Equitable Holdings, Inc. | 316 | 16037 |
| Essent Group Ltd. | 105 | 6665 |
| Euronet Worldwide, Inc. (a) (b) | 41 | 3593 |
| Evercore Inc. - Class A | 41 | 13714 |
| F.N.B. Corporation | 380 | 6125 |
| Federated Hermes, Inc. - Class B | 77 | 4020 |
| Fidelity National Financial, Inc. - Class A | 269 | 16290 |
| First American Financial Corporation | 106 | 6837 |
| First Financial Bankshares, Inc. | 137 | 4618 |
| First Horizon Corporation | 539 | 12187 |
| FirstCash, Inc. | 41 | 6504 |
| Flagstar Financial, Inc. | 319 | 3683 |
| Glacier Bancorp, Inc. | 126 | 6145 |
| Hamilton Lane Incorporated - Class A | 42 | 5692 |
| Hancock Whitney Corporation | 90 | 5614 |
| Hanover Insurance Group Inc, The | 37 | 6791 |
| Home BancShares, Inc. | 194 | 5492 |
| Houlihan Lokey, Inc. - Class A | 57 | 11736 |
| International Bancshares Corporation | 56 | 3859 |
| Janus Henderson Group PLC | 132 | 5867 |
| Jefferies Financial Group Inc. | 174 | 11379 |
| Kinsale Capital Group, Inc. | 23 | 9870 |
| MGIC Investment Corporation | 241 | 6836 |
| Morningstar, Inc. | 26 | 6030 |
| Old National Bancorp | 369 | 8096 |
| Old Republic International Corporation | 242 | 10258 |
| Pinnacle Financial Partners, Inc. | 81 | 7604 |
| Primerica, Inc. | 34 | 9548 |
| Prosperity Bancshares, Inc. | 100 | 6646 |
| Reinsurance Group of America, Incorporated | 70 | 13389 |
| RenaissanceRe Holdings Ltd | 50 | 12586 |
| RLI Corp. | 96 | 6293 |
| Ryan Specialty Group Holdings, Inc. - Class A | 120 | 6739 |
| SEI Investments Company | 100 | 8454 |
| Selective Insurance Group, Inc. | 64 | 5174 |
| Shift4 Payments, LLC - Class A (a) (b) | 71 | 5466 |
| SLM Corporation | 219 | 6056 |
| Southstate Bank Corporation | 107 | 10542 |
| Starwood Property Trust, Inc. (a) | 365 | 7077 |
| Stifel Financial Corp. | 107 | 12184 |
| Synovus Financial Corp. | 148 | 7246 |
| Texas Capital Bancshares, Inc. (b) | 49 | 4122 |
| The Western Union Company (a) | 341 | 2722 |
| UMB Financial Corporation | 75 | 8919 |
| United Bankshares, Inc. | 150 | 5577 |
| Unum Group | 165 | 12843 |
| Valley National Bancorp | 509 | 5394 |
| Voya Financial, Inc. | 102 | 7604 |
| Webster Financial Corporation | 175 | 10392 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Alliance Bancorporation | 109 | 9445 |
| Wex, Inc. (b) | 36 | 5654 |
| Wintrust Financial Corporation | 71 | 9349 |
| Zions Bancorporation, National Association | 156 | 8840 |
| Zurich American Corporation | 66 | 3424 |
| | | 557451 |
| **Information Technology 13.2%** | **Information Technology 13.2%** | **Information Technology 13.2%** |
| Allegro Microsystems Inc. (b) | 132 | 3857 |
| Amkor Technology, Inc. | 118 | 3349 |
| AppFolio, Inc. - Class A (b) | 24 | 6701 |
| Arrow Electronics, Inc. (b) | 55 | 6624 |
| ASGN Incorporated (b) | 47 | 2217 |
| Avnet, Inc. | 88 | 4590 |
| Belden Inc. | 42 | 5063 |
| Bill Holdings, Inc. (b) | 98 | 5179 |
| Blackbaud, Inc. (b) | 39 | 2516 |
| Ciena Corporation (b) | 149 | 21712 |
| Cirrus Logic, Inc. (b) | 54 | 6710 |
| Cognex Corporation | 176 | 7961 |
| Coherent Corp. (b) | 164 | 17654 |
| CommVault Systems, Inc. (b) | 47 | 8849 |
| Crane Nxt, Co. (a) | 52 | 3494 |
| DocuSign, Inc. (b) | 213 | 15359 |
| Dolby Laboratories, Inc. - Class A | 65 | 4710 |
| Dropbox, Inc. - Class A (b) | 193 | 5835 |
| Dynatrace, Inc. (b) | 318 | 15402 |
| Entegris, Inc. | 160 | 14779 |
| Fabrinet (b) | 38 | 13775 |
| Flex Ltd. (b) | 396 | 22940 |
| Guidewire Software, Inc. (b) | 89 | 20405 |
| IPG Photonics Corporation (b) | 27 | 2109 |
| Kyndryl Holdings, Inc. (b) | 242 | 7265 |
| Lattice Semiconductor Corporation (b) | 144 | 10559 |
| Littelfuse, Inc. | 26 | 6721 |
| Lumentum Holdings Inc. (b) | 74 | 11974 |
| MACOM Technology Solutions Holdings, Inc. (b) | 67 | 8344 |
| Manhattan Associates, Inc. (b) | 64 | 13069 |
| MKS Inc. | 70 | 8716 |
| Novanta Inc. (b) | 38 | 3828 |
| Nutanix, Inc. - Class A (b) | 283 | 21026 |
| Okta, Inc. - Class A (b) | 176 | 16162 |
| Onto Innovation Inc. (b) | 51 | 6610 |
| Pegasystems Inc. | 98 | 5657 |
| Power Integrations, Inc. | 60 | 2404 |
| Pure Storage, Inc. - Class A (b) | 327 | 27437 |
| Qualys, Inc. (b) | 38 | 5091 |
| Rambus Inc. (b) | 113 | 11816 |
| Silicon Laboratories Inc. (b) | 35 | 4586 |
| Synaptics Incorporated (b) | 40 | 2710 |
| TD SYNNEX Corporation | 81 | 13239 |
| Twilio Inc. - Class A (b) | 162 | 16192 |
| Universal Display Corporation | 47 | 6749 |
| Vontier Corporation | 156 | 6537 |
|  |  | 438482 |
| **Consumer Discretionary 12.2%** | **Consumer Discretionary 12.2%** | **Consumer Discretionary 12.2%** |
| Abercrombie & Fitch Co. - Class A (b) | 50 | 4297 |
| Aramark | 277 | 10642 |
| Autoliv, Inc. | 74 | 9201 |
| AutoNation, Inc. (b) | 30 | 6494 |
| Bath & Body Works, Inc. | 223 | 5747 |
| Boyd Gaming Corporation | 63 | 5457 |
| Brunswick Corporation | 70 | 4421 |
| Burlington Stores, Inc. (b) | 66 | 16720 |
| Capri Holdings Limited (b) | 127 | 2528 |
| CAVA Group, Inc. (b) | 106 | 6405 |
| Chewy, Inc. - Class A (b) | 234 | 9456 |
| Choice Hotels International, Inc. (a) | 22 | 2319 |
| Churchill Downs Incorporated | 70 | 6756 |
| Columbia Sportswear Company | 27 | 1405 |
| Crocs, Inc. (a) (b) | 58 | 4811 |
| Dick's Sporting Goods, Inc. | 70 | 15665 |
| Duolingo, Inc. - Class A (b) | 42 | 13446 |
| Five Below, Inc. (b) | 58 | 8937 |
| Floor & Decor Holdings, Inc. - Class A (b) | 113 | 8312 |
| GameStop Corp. - Class A (a) (b) | 434 | 11837 |
| Gap, Inc., The | 243 | 5189 |
| Gentex Corporation | 233 | 6598 |
| Graham Holdings Co., Ltd. - Class B | 4 | 4230 |
| Grand Canyon Education, Inc. (b) | 30 | 6486 |
| H & R Block, Inc. | 141 | 7135 |
| Harley-Davidson, Inc. | 128 | 3562 |
| Hilton Grand Vacations Inc. (b) | 66 | 2749 |
| Hyatt Hotels Corporation - Class A | 44 | 6297 |
| KB Home | 71 | 4526 |
| Lear Corporation | 56 | 5680 |
| Light & Wonder, Inc. (a) (b) | 88 | 7370 |
| Lithia Motors, Inc. - Class A | 27 | 8477 |
| Macy's, Inc. | 289 | 5178 |
| Marriott Vacations Worldwide Corporation | 29 | 1959 |
| Mattel, Inc. (b) | 338 | 5695 |
| Murphy USA Inc. | 19 | 7235 |
| Ollie's Bargain Outlet Holdings, Inc. (b) | 64 | 8253 |
| Penske Automotive Group, Inc. | 19 | 3374 |
| Planet Fitness, Inc. - Class A (b) | 88 | 9151 |
| Polaris Inc. | 57 | 3332 |
| PVH Corp. | 50 | 4221 |
| RH (a) (b) | 16 | 3341 |
| Service Corporation International | 147 | 12243 |
| Somnigroup International Inc. | 221 | 18662 |
| Taylor Morrison Home II Corporation - Class A (b) | 103 | 6817 |
| Texas Roadhouse, Inc. - Class A | 70 | 11591 |
| The Goodyear Tire & Rubber Company (b) | 309 | 2308 |
| Thor Industries, Inc. | 56 | 5827 |
| Toll Brothers, Inc. | 103 | 14253 |
| TopBuild Corp. (b) | 29 | 11509 |
| Travel + Leisure Co. | 69 | 4104 |
| Under Armour, Inc. - Class A (b) | 197 | 985 |
| Under Armour, Inc. - Class C (a) (b) | 138 | 665 |
| V.F. Corporation | 349 | 5036 |
| Vail Resorts, Inc. | 39 | 5822 |
| Valvoline, Inc. (b) | 135 | 4851 |
| Visteon Corporation | 29 | 3441 |
| Whirlpool Corporation (a) | 59 | 4666 |
| Wingstop Inc. (a) | 29 | 7385 |
| Wyndham Hotels & Resorts, Inc. | 81 | 6470 |
| YETI Holdings, Inc. (b) | 85 | 2834 |
|  |  | 404363 |
| **Health Care 8.5%** | **Health Care 8.5%** | **Health Care 8.5%** |
| Avantor, Inc. (b) | 715 | 8924 |
| BioMarin Pharmaceutical Inc. (b) | 202 | 10935 |
| Bio-Rad Laboratories, Inc. - Class A (b) | 19 | 5440 |
| Bruker Corporation | 117 | 3806 |
| Chemed Corporation | 15 | 6924 |
| Cytokinetics, Incorporated (b) | 127 | 6969 |
| Dentsply Sirona Inc. | 212 | 2692 |
| Doximity, Inc. - Class A (b) | 144 | 10505 |
| Elanco Animal Health Incorporated (a) (b) | 524 | 10550 |
| Encompass Health Corporation | 106 | 13472 |
| Ensign Group, Inc., The | 60 | 10410 |
| Envista Holdings Corporation (b) | 176 | 3594 |
| Exelixis, Inc. (b) | 284 | 11710 |
| Globus Medical, Inc. - Class A (b) | 119 | 6817 |
| Haemonetics Corporation (b) | 51 | 2497 |
| Halozyme Therapeutics, Inc. (b) | 123 | 9021 |
| HealthEquity, Inc. (b) | 91 | 8640 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 218 | 12361 |
| Illumina, Inc. (b) | 162 | 15390 |
| Jazz Pharmaceuticals Public Limited Company (b) | 64 | 8379 |
| Lantheus Holdings, Inc. (b) | 72 | 3685 |
| LivaNova PLC (b) | 58 | 3054 |
| Masimo Corporation (b) | 48 | 7096 |
| Medpace Holdings, Inc. (b) | 23 | 12026 |
| Neurocrine Biosciences, Inc. (b) | 105 | 14680 |
| Option Care Health, Inc. (b) | 173 | 4791 |
| Penumbra, Inc. (b) | 41 | 10416 |
| Perrigo Company Public Limited Company (a) | 147 | 3267 |
| Repligen Corporation (b) | 56 | 7453 |
| Roivant Sciences Ltd. (b) | 450 | 6801 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sotera Health LLC (b) | 187 | 2941 |
| Tenet Healthcare Corporation (b) | 93 | 18914 |
| United Therapeutics Corporation (b) | 48 | 19990 |
| | | 284150 |
| **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** |
| Agree Realty Corporation | 116 | 8247 |
| American Homes 4 Rent - Class A | 346 | 11492 |
| Brixmor Property Group Inc. | 322 | 8922 |
| COPT Defense Properties | 120 | 3491 |
| Cousins Properties Incorporated | 179 | 5167 |
| Cubesmart, L.P. | 240 | 9776 |
| EastGroup Properties, Inc. | 56 | 9482 |
| EPR Properties | 81 | 4701 |
| Equity Lifestyle Properties, Inc. | 204 | 12372 |
| First Industrial Realty Trust, Inc. | 139 | 7141 |
| Gaming and Leisure Properties, Inc. | 298 | 13876 |
| Healthcare Realty Trust Incorporated - Class A | 374 | 6749 |
| Independence Realty Trust, Inc. | 249 | 4086 |
| Jones Lang LaSalle Incorporated (b) | 50 | 14901 |
| Kilroy Realty Corporation | 116 | 4882 |
| Kite Realty Naperville, LLC | 229 | 5113 |
| Lamar Advertising Company - Class A | 91 | 11203 |
| National Storage Affiliates Trust | 76 | 2294 |
| NNN REIT, Inc. | 198 | 8417 |
| Omega Healthcare Investors, Inc. | 311 | 13127 |
| Park Hotels & Resorts Inc. (a) | 212 | 2346 |
| PotlatchDeltic Corporation | 74 | 3027 |
| Rayonier Inc. | 149 | 3946 |
| Rexford Industrial Realty, Inc. | 249 | 10235 |
| Sabra Health Care REIT, Inc. | 253 | 4716 |
| STAG Industrial, Inc. | 197 | 6960 |
| Vornado Realty Trust | 169 | 6841 |
| W.P. Carey Inc. | 231 | 15602 |
|  |  | 219112 |
| **Materials 5.3%** | **Materials 5.3%** | **Materials 5.3%** |
| Alcoa Corporation | 272 | 8941 |
| AptarGroup, Inc. | 69 | 9284 |
| Ashland Inc. | 49 | 2370 |
| Avient Corporation | 95 | 3117 |
| Axalta Coating Systems Ltd. (b) | 230 | 6576 |
| Cabot Corporation | 56 | 4296 |
| Carpenter Technology Corporation | 53 | 12901 |
| Cleveland-Cliffs Inc. (b) | 527 | 6428 |
| Commercial Metals Company | 118 | 6760 |
| Crown Holdings, Inc. | 121 | 11676 |
| Eagle Materials Inc. | 34 | 7917 |
| Graphic Packaging Holding Company | 314 | 6152 |
| Greif, Inc. - Class A | 29 | 1704 |
| KRC Materials, Inc. (b) | 60 | 4643 |
| Louisiana-Pacific Corporation (W VA) | 67 | 5990 |
| MP Materials Corp. - Class A (b) | 142 | 9499 |
| NewMarket Corporation | 8 | 6863 |
| Olin Corporation | 120 | 3006 |
| Reliance, Inc. | 55 | 15560 |
| Royal Gold, Inc. | 69 | 13922 |
| RPM International Inc. | 135 | 15956 |
| Scotts Miracle-Gro Company, The | 47 | 2673 |
| Silgan Holdings Inc. | 88 | 3777 |
| Sonoco Products Company | 105 | 4523 |
| Westlake Corporation | 34 | 2643 |
|  |  | 177177 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Albertsons Companies, Inc. - Class A | 425 | 7442 |
| Bellring Intermediate Holdings, Inc. (b) | 133 | 4828 |
| BJ's Wholesale Club Holdings, Inc. (b) | 139 | 12956 |
| Boston Beer Company, Inc., The - Class A (b) | 9 | 1801 |
| Casey's General Stores, Inc. | 39 | 22162 |
| Celsius Holdings, Inc. (b) | 168 | 9655 |
| Coca-Cola Consolidated, Inc. | 64 | 7457 |
| Coty Inc. - Class A (b) | 386 | 1560 |
| Darling Ingredients Inc. (b) | 168 | 5198 |
| e.l.f. Beauty, Inc. (b) | 62 | 8237 |
| Flowers Foods, Inc. | 220 | 2877 |
| Ingredion Incorporated | 68 | 8254 |
| Maplebear Inc. (b) | 196 | 7209 |
| Performance Food Group Company (b) | 165 | 17169 |
| Pilgrim's Pride Corporation | 45 | 1843 |
| Post Holdings, Inc. (b) | 50 | 5394 |
| Sprouts Farmers Market, Inc. (b) | 103 | 11182 |
| The Marzetti Company | 22 | 3721 |
| US Foods Holding Corp. (b) | 237 | 18190 |
|  |  | 157135 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Antero Midstream Corporation | 356 | 6918 |
| Antero Resources Corporation (b) | 309 | 10384 |
| Chord Energy Corporation | 60 | 6009 |
| Civitas Resources, Inc. (a) | 89 | 2878 |
| CNX Resources Corporation (a) (b) | 150 | 4829 |
| DT Midstream, Inc. | 107 | 12085 |
| HF Sinclair Corporation | 167 | 8734 |
| Matador Resources Company | 123 | 5539 |
| Murphy Oil Corporation (a) | 141 | 4019 |
| NOV Inc. | 396 | 5251 |
| Ovintiv Canada ULC | 271 | 10932 |
| PBF Energy Inc. - Class A | 88 | 2646 |
| Permian Resources Corporation - Class A | 733 | 9383 |
| Range Resources Corporation | 252 | 9497 |
| TechnipFMC PLC | 433 | 17096 |
| Valaris Limited (b) | 69 | 3362 |
| Viper Energy, Inc. - Class A | 177 | 6781 |
| Weatherford International Public Limited Company | 76 | 5179 |
|  |  | 131522 |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| ALLETE, Inc. | 61 | 4028 |
| Black Hills Corporation | 78 | 4774 |
| Essential Utilities, Inc. | 297 | 11834 |
| IDACORP, Inc. | 57 | 7529 |
| National Fuel Gas Company | 95 | 8801 |
| New Jersey Resources Corporation | 106 | 5100 |
| NorthWestern Corporation | 65 | 3786 |
| OGE Energy Corp. | 212 | 9792 |
| One Gas, Inc. | 63 | 5072 |
| Ormat Technologies, Inc. | 64 | 6197 |
| Portland General Electric Company | 115 | 5070 |
| Southwest Gas Holdings, Inc. | 67 | 5269 |
| Spire Inc. | 63 | 5140 |
| Talen Energy Corporation (b) | 48 | 20490 |
| TXNM Energy, Inc. | 101 | 5725 |
| UGI Corporation | 225 | 7485 |
|  |  | 116092 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| EchoStar Corporation - Class A (a) (b) | 142 | 10811 |
| Frontier Communications Parent, Inc. (b) | 263 | 9817 |
| Iridium Communications Inc. | 113 | 1965 |
| Nexstar Media Group, Inc. - Class A (a) | 30 | 5986 |
| The New York Times Company - Class A | 170 | 9775 |
| Warner Music Group Corp. - Class A | 155 | 5294 |
| ZoomInfo Technologies Inc. - Class A (b) | 298 | 3248 |
|  |  | 46896 |
| Total Common Stocks (cost $2,836,078) | Total Common Stocks (cost $2,836,078) | 3289314 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 28404 | 28404 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 7408 | 7408 |
| Total Short Term Investments (cost $35,812) | Total Short Term Investments (cost $35,812) | 35812 |
| **Total Investments 100.1% (cost $2,871,890)** | **Total Investments 100.1% (cost $2,871,890)** | **3325126** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **31** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2858)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3322299** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 45303 | 296797 | 313696 | 810 |  |  | 28404 | 0.9 |
| JNL Government Money Market Fund, 4.14% - Class SL | 12083 | 123941 | 128616 | 145 |  |  | 7408 | 0.2 |
|  | 57386 | 420738 | 442312 | 955 |  |  | 35812 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 102 | December 2025 | 33569 | 31 | (50) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3289314 |  |  | 3289314 |
| &nbsp;&nbsp;Short Term Investments | 35812 |  |  | 35812 |
|  | 3325126 |  |  | 3325126 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (50) |  |  | (50) |
|  | (50) |  |  | (50) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Financials 18.9%** | **Financials 18.9%** | **Financials 18.9%** |
| Adamas Trust, Inc. (a) | 135 | 940 |
| Ameris Bancorp | 104 | 7642 |
| Amerisafe, Inc. | 32 | 1403 |
| Apollo Commercial Real Estate Finance, Inc. | 213 | 2162 |
| Arbor Realty Trust, Inc. (a) | 316 | 3864 |
| ARMOUR Residential REIT, Inc. (a) | 179 | 2671 |
| Artisan Partners Asset Management Inc. - Class A | 115 | 5009 |
| Assured Guaranty Ltd. | 72 | 6097 |
| Atlantic Union Bank | 231 | 8138 |
| Axos Financial, Inc. (b) | 91 | 7717 |
| Banc of California, Inc. | 212 | 3510 |
| BancFirst Corporation | 33 | 4184 |
| Bancorp, Inc., The (b) | 75 | 5588 |
| Bank of Hawaii Corporation | 65 | 4263 |
| BankUnited, Inc. | 120 | 4589 |
| Banner Corporation | 56 | 3647 |
| Berkshire Hills Bancorp, Inc. | 132 | 3125 |
| BGC Group, Inc. - Class A | 591 | 5595 |
| Blackstone Mortgage Trust, Inc. - Class A | 257 | 4731 |
| Bread Financial Payments, Inc. | 75 | 4195 |
| Brightsphere Investment Group Inc. | 43 | 2065 |
| Capitol Federal Financial | 201 | 1278 |
| Cathay General Bancorp | 111 | 5345 |
| Central Pacific Financial Corp. | 46 | 1384 |
| City Holding Company | 24 | 2910 |
| Cohen & Steers, Inc. | 44 | 2905 |
| Community Financial System, Inc. | 85 | 4994 |
| Customers Bancorp, Inc. (b) | 48 | 3161 |
| CVB Financial Corp. | 208 | 3929 |
| Dime Community Bancshares, Inc. | 66 | 1972 |
| Donnelley Financial Solutions, Inc. (b) | 44 | 2275 |
| Eagle Bancorp, Inc. | 44 | 892 |
| Ellington Financial Inc. (a) | 158 | 2052 |
| Employers Holdings, Inc. | 37 | 1571 |
| Enact Holdings, Inc. | 49 | 1874 |
| Encore Capital Group, Inc. (b) | 38 | 1606 |
| Enova International, Inc. (b) | 40 | 4657 |
| EVERTEC, Inc. | 105 | 3540 |
| EZCORP, Inc. - Class A (b) | 90 | 1710 |
| FB Financial Corporation | 67 | 3756 |
| First Bancorp | 68 | 3596 |
| First BanCorp | 257 | 5673 |
| First Commonwealth Financial Corporation | 172 | 2940 |
| First Financial Bancorp. | 156 | 3943 |
| First Hawaiian, Inc. | 199 | 4941 |
| Franklin BSP Realty Trust, Inc. | 133 | 1449 |
| Fulton Financial Corporation | 293 | 5451 |
| Genworth Financial, Inc. - Class A (b) | 663 | 5900 |
| Goosehead Insurance, Inc. - Class A | 42 | 3088 |
| HA Sustainable Infrastructure Capital, Inc. | 199 | 6117 |
| Hanmi Financial Corporation | 49 | 1214 |
| HCI Group, Inc. | 17 | 3312 |
| Heritage Financial Corporation | 58 | 1391 |
| Hilltop Holdings Inc. | 71 | 2371 |
| Hope Bancorp, Inc. | 206 | 2218 |
| Horace Mann Educators Corporation | 67 | 3021 |
| Independent Bank Corp. | 80 | 5543 |
| Jackson Financial Inc. - Class A (c) | 113 | 11401 |
| KKR Real Estate Finance Trust Inc. | 90 | 812 |
| Lakeland Financial Corporation | 42 | 2710 |
| Lincoln National Corporation | 273 | 11020 |
| MarketAxess Holdings Inc. | 60 | 10515 |
| Mercury General Corporation | 43 | 3643 |
| Moelis & Company - Class A | 120 | 8575 |
| Mr. Cooper Group Inc. | 104 | 21857 |
| National Bank Holdings Corporation - Class A | 62 | 2388 |
| Navient Corporation | 109 | 1430 |
| NBT Bancorp Inc. | 85 | 3534 |
| NCR Atleos Corporation (b) | 119 | 4681 |
| NMI Holdings, Inc. - Class A (b) | 125 | 4796 |
| Northwest Bancshares, Inc. | 240 | 2970 |
| OFG Bancorp | 72 | 3119 |
| Palomar Holdings, Inc. (b) | 43 | 5057 |
| Park National Corporation | 23 | 3773 |
| Pathward Financial, Inc. | 37 | 2748 |
| Payoneer Global Inc. (b) | 469 | 2838 |
| PennyMac Mortgage Investment Trust (a) | 145 | 1774 |
| Piper Sandler Companies | 27 | 9345 |
| PJT Partners Inc. - Class A | 40 | 7028 |
| PRA Group, Inc. (b) | 65 | 997 |
| Preferred Bank | 19 | 1694 |
| ProAssurance Corporation (b) | 85 | 2046 |
| PROG Holdings, Inc. | 64 | 2063 |
| Provident Financial Services, Inc. | 210 | 4046 |
| Radian Group Inc. | 220 | 7957 |
| Ready Capital Corporation (a) | 246 | 953 |
| Redwood Trust, Inc. | 209 | 1208 |
| Renasant Corporation | 154 | 5675 |
| S & T Bancorp, Inc. | 62 | 2329 |
| Safety Insurance Group, Inc. | 25 | 1756 |
| Seacoast Banking Corporation of Florida | 139 | 4225 |
| ServisFirst Bancshares, Inc. | 81 | 6557 |
| Simmons First National Corporation - Class A | 232 | 4455 |
| SiriusPoint Ltd. (b) | 166 | 3006 |
| Southside Bancshares, Inc. | 47 | 1332 |
| Stellar Bancorp, Inc. | 76 | 2321 |
| StepStone Group Inc. - Class A | 117 | 7619 |
| Stewart Information Services Corporation | 45 | 3309 |
| StoneX Group Inc. (a) (b) | 75 | 7587 |
| Tompkins Financial Corporation | 21 | 1419 |
| Triumph Financial, Inc. (b) | 37 | 1842 |
| Trupanion, Inc. (b) | 56 | 2413 |
| Trustco Bank Corp N Y | 31 | 1139 |
| Trustmark Corporation | 97 | 3845 |
| Two Harbors Investment Corp. (a) | 175 | 1723 |
| United Community Banks, Inc. | 195 | 6123 |
| United Fire Group, Inc. | 35 | 1062 |
| Veritex Holdings, Inc. | 90 | 3019 |
| Victory Capital Holdings, Inc. - Class A | 80 | 5168 |
| Virtu Financial, Inc. - Class A | 129 | 4581 |
| Virtus Investment Partners, Inc. | 10 | 1929 |
| WAFD, Inc. | 127 | 3842 |
| Walker & Dunlop, Inc. | 55 | 4585 |
| Westamerica Bancorporation | 41 | 2036 |
| WisdomTree, Inc. (a) | 193 | 2684 |
| World Acceptance Corporation (b) | 5 | 913 |
| WSFS Financial Corporation | 90 | 4875 |
|  |  | 455461 |
| **Industrials 17.6%** | **Industrials 17.6%** | **Industrials 17.6%** |
| AAR Corp. (b) | 57 | 5143 |
| ABM Industries Incorporated | 102 | 4704 |
| Air Lease Corporation - Class A | 170 | 10828 |
| Alamo Group Inc. | 17 | 3325 |
| Albany International Corp. - Class A | 47 | 2529 |
| Allegiant Travel Company (b) | 22 | 1312 |
| Amentum Holdings, Inc. (b) | 248 | 5943 |
| American Woodmark Corporation (b) | 23 | 1552 |
| Apogee Enterprises, Inc. | 36 | 1580 |
| Arcbest Corporation | 38 | 2621 |
| Arcosa, Inc. | 79 | 7437 |
| Armstrong World Industries, Inc. | 70 | 13746 |
| Astec Industries, Inc. | 38 | 1837 |
| AZZ Inc. | 48 | 5282 |
| Boise Cascade Company | 60 | 4653 |
| Brady Corporation - Class A | 71 | 5552 |
| CoreCivic, Inc. (b) | 173 | 3524 |
| CSG Systems International, Inc. | 45 | 2894 |
| CSW Industrials, Inc. | 27 | 6599 |
| Deluxe Corporation (a) | 73 | 1418 |
| DNOW Inc. (b) | 174 | 2653 |
| DXP Enterprises, Inc. (b) | 21 | 2450 |
| Dycom Industries, Inc. (b) | 47 | 13669 |
| Enerpac Tool Group Corp. - Class A | 87 | 3572 |
| Enpro Inc. | 34 | 7698 |
| Enviri Corporation (b) | 130 | 1649 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ESCO Technologies Inc. | 42 | 8837 |
| Everus Construction Group, Inc. (b) | 83 | 7083 |
| Federal Signal Corporation | 99 | 11722 |
| Forward Air Corporation (a) (b) | 35 | 891 |
| Franklin Electric Co., Inc. | 62 | 5901 |
| Gates Industrial Corporation PLC (b) | 416 | 10328 |
| GEO Group, Inc., The (b) | 225 | 4603 |
| Gibraltar Industries, Inc. (b) | 48 | 2987 |
| Granite Construction Incorporated (a) | 71 | 7772 |
| Greenbrier Companies, Inc., The | 50 | 2290 |
| Griffon Corporation | 63 | 4810 |
| Hayward Holdings, Inc. (b) | 319 | 4817 |
| Healthcare Services Group, Inc. (b) | 120 | 2020 |
| Heartland Express, Inc. | 70 | 588 |
| Heidrick & Struggles International, Inc. | 34 | 1713 |
| Hertz Global Holdings, Inc. (a) (b) | 208 | 1413 |
| Hillenbrand, Inc. | 114 | 3070 |
| HNI Corporation | 74 | 3462 |
| Hub Group, Inc. - Class A | 99 | 3410 |
| Insteel Industries, Inc. | 33 | 1252 |
| Interface, Inc. - Class A | 94 | 2731 |
| JBT Marel Corporation | 84 | 11812 |
| JetBlue Airways Corporation (a) (b) | 470 | 2310 |
| Kadant Inc. | 19 | 5666 |
| Kennametal Inc. | 122 | 2549 |
| Korn Ferry | 85 | 5978 |
| Lindsay Corporation | 18 | 2471 |
| Liquidity Services, Inc. (b) | 38 | 1053 |
| ManpowerGroup Inc. | 73 | 2771 |
| Marten Transport, Ltd. | 92 | 981 |
| Masterbrand, Inc. (b) | 209 | 2752 |
| Matson Intermodal - Paragon, Inc. | 51 | 5061 |
| Mercury Systems, Inc. (b) | 85 | 6545 |
| Millerknoll, Inc. | 112 | 1988 |
| MOOG Inc. - Class A | 46 | 9587 |
| Mueller Water Products, Inc. - Class A | 253 | 6456 |
| MYR Group Inc. (b) | 25 | 5222 |
| National Presto Industries, Inc. | 9 | 963 |
| Openlane, Inc. (b) | 172 | 4945 |
| Pitney Bowes Inc. (a) | 260 | 2970 |
| Powell Industries, Inc. (a) | 15 | 4645 |
| Proto Labs, Inc. (b) | 38 | 1923 |
| Quanex Building Products Corporation | 74 | 1046 |
| Resideo Technologies, Inc. (b) | 222 | 9575 |
| Robert Half Inc. | 161 | 5471 |
| Rush Enterprises, Inc. - Class A | 99 | 5273 |
| RXO Inc (b) | 264 | 4055 |
| Schneider National, Inc. - Class B | 81 | 1704 |
| SkyWest, Inc. (b) | 65 | 6572 |
| SPX Technologies, Inc. (b) | 80 | 14953 |
| Standex International Corporation (a) | 20 | 4140 |
| Sterling Infrastructure, Inc. (b) | 49 | 16741 |
| Sun Country Airlines Holdings, Inc. (b) | 84 | 995 |
| Sunrun Inc. (b) | 377 | 6524 |
| Tennant Company | 30 | 2471 |
| Titan International, Inc. (b) | 78 | 589 |
| Trinity Industries, Inc. | 130 | 3646 |
| Unifirst Corporation | 24 | 4054 |
| Verra Mobility Corporation - Class A (b) | 258 | 6374 |
| Vestis Corporation | 180 | 815 |
| Vicor Corporation (b) | 37 | 1839 |
| Werner Enterprises, Inc. | 96 | 2517 |
| Willscot Holdings Corporation - Class A | 294 | 6213 |
| Worthington Industries, Inc. | 51 | 2843 |
| Zurn Elkay Water Solutions Corporation | 241 | 11345 |
| | | 424273 |
| **Information Technology 14.8%** | **Information Technology 14.8%** | **Information Technology 14.8%** |
| A10 Networks, Inc. (a) | 120 | 2172 |
| ACI Worldwide, Inc. (b) | 167 | 8822 |
| ACM Research, Inc. - Class A (b) | 85 | 3337 |
| Adeia Inc. | 179 | 3004 |
| Advanced Energy Industries, Inc. | 61 | 10375 |
| Agilysys, Inc. (b) | 41 | 4315 |
| Alarm.Com Holdings, Inc. (b) | 81 | 4319 |
| Alpha and Omega Semiconductor Limited (b) | 41 | 1159 |
| Arlo Technologies, Inc. (b) | 169 | 2870 |
| Axcelis Technologies, Inc. (b) | 51 | 4941 |
| Badger Meter, Inc. | 48 | 8524 |
| Benchmark Electronics, Inc. | 58 | 2225 |
| Blackline, Inc. (b) | 85 | 4516 |
| Box, Inc. - Class A (b) | 235 | 7572 |
| Calix, Inc. (b) | 95 | 5851 |
| CEVA Inc. (b) | 38 | 1011 |
| Cleanspark Inc. (a) (b) | 455 | 6596 |
| Clear Secure, Inc. - Class A | 141 | 4691 |
| Cohu, Inc. (b) | 75 | 1525 |
| Corsair Gaming, Inc. (b) | 77 | 686 |
| CTS Corporation | 47 | 1878 |
| Digi International Inc. (b) | 61 | 2223 |
| DigitalOcean Holdings, Inc. (b) | 110 | 3765 |
| Diodes Incorporated (b) | 76 | 4051 |
| DXC Technology Company (b) | 288 | 3919 |
| Enphase Energy, Inc. (b) | 211 | 7472 |
| ePlus inc. | 43 | 3062 |
| Extreme Networks, Inc. (b) | 213 | 4406 |
| Formfactor, Inc. (b) | 124 | 4515 |
| Grid Dynamics Holdings, Inc. - Class A (b) | 107 | 828 |
| Harmonic, Inc. (b) | 184 | 1877 |
| Ichor Holdings, Ltd. (b) | 56 | 978 |
| Impinj, Inc. (b) | 42 | 7574 |
| Insight Enterprises, Inc. (b) | 51 | 5752 |
| InterDigital, Inc. (a) | 42 | 14436 |
| Itron, Inc. (b) | 74 | 9222 |
| Knowles Corporation (b) | 138 | 3215 |
| Kulicke and Soffa Industries, Inc. | 86 | 3483 |
| LiveRamp Holdings, Inc. (b) | 106 | 2874 |
| Mara Holdings, Inc. (a) (b) | 600 | 10949 |
| MaxLinear, Inc. (b) | 129 | 2071 |
| Mirion Technologies (US), Inc. - Class A (a) (b) | 397 | 9237 |
| N-Able, Inc. (b) | 120 | 939 |
| NCR Voyix Corporation (b) | 226 | 2840 |
| NetScout Systems, Inc. (b) | 110 | 2838 |
| OSI Systems, Inc. (b) | 26 | 6371 |
| PC Connection, Inc. | 18 | 1116 |
| PDF Solutions, Inc. (b) | 53 | 1375 |
| Penguin Solutions, Inc. (a) (b) | 76 | 2009 |
| Photronics, Inc. (b) | 96 | 2209 |
| Plexus Corp. (b) | 44 | 6321 |
| Progress Software Corporation (b) | 70 | 3061 |
| Q2 Holdings, Inc. (b) | 101 | 7275 |
| Qorvo, Inc. (b) | 136 | 12429 |
| Ralliant Corporation | 182 | 7979 |
| Rogers Corporation (b) | 28 | 2244 |
| SanDisk LLC (b) | 223 | 25066 |
| Sanmina Corporation (b) | 86 | 9940 |
| ScanSource, Inc. (b) | 35 | 1536 |
| Semtech Corporation (b) | 140 | 10021 |
| Sitime Corporation (b) | 35 | 10650 |
| SolarEdge Technologies Ltd. (a) (b) | 96 | 3549 |
| Sprinklr, Inc. - Class A (b) | 192 | 1483 |
| SPS Commerce, Inc. (b) | 61 | 6389 |
| Teradata Corporation (b) | 152 | 3274 |
| TTM Technologies, Inc. (b) | 167 | 9629 |
| Ultra Clean Holdings, Inc. (b) | 74 | 2026 |
| Veeco Instruments Inc. (b) | 98 | 2983 |
| ViaSat, Inc. (b) | 217 | 6359 |
| Viavi Solutions Inc. (b) | 361 | 4577 |
| Vishay Intertechnology, Inc. | 197 | 3019 |
|  |  | 355805 |
| **Consumer Discretionary 13.4%** | **Consumer Discretionary 13.4%** | **Consumer Discretionary 13.4%** |
| Academy Sports & Outdoors, Inc. (a) | 107 | 5363 |
| Acushnet Holdings Corp. | 44 | 3483 |
| Adient Public Limited Company (b) | 131 | 3156 |
| Adtalem Global Education Inc. (b) | 58 | 8995 |
| Advance Auto Parts, Inc. (a) | 97 | 5957 |
| American Axle & Manufacturing Holdings, Inc. (a) (b) | 194 | 1169 |
| American Eagle Outfitters, Inc. (a) | 262 | 4474 |
| Asbury Automotive Group, Inc. (b) | 32 | 7763 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BJ's Restaurants, Inc. (b) | 37 | 1133 |
| Bloomin' Brands, Inc. | 127 | 913 |
| Boot Barn Holdings, Inc. (b) | 49 | 8195 |
| BorgWarner Inc. | 351 | 15412 |
| Brinker International, Inc. (b) | 72 | 9116 |
| Caesars Entertainment, Inc. (b) | 335 | 9040 |
| Caleres, Inc. | 54 | 700 |
| Carter's, Inc. (a) | 61 | 1716 |
| Cavco Industries, Inc. (b) | 13 | 7447 |
| Century Communities, Inc. | 41 | 2601 |
| Cheesecake Factory Incorporated, The (a) | 75 | 4074 |
| Cracker Barrel Old Country Store, Inc. (a) | 37 | 1638 |
| Dana Incorporated | 214 | 4284 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 45 | 826 |
| Dorman Products, Inc. (b) | 45 | 6991 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 48 | 1249 |
| Ethan Allen Interiors Inc. | 36 | 1072 |
| ETSY, Inc. (b) | 160 | 10649 |
| Fox Factory Holding Corp. (b) | 67 | 1633 |
| Frontdoor, Inc. (b) | 118 | 7943 |
| Gentherm Incorporated (b) | 50 | 1706 |
| G-III Apparel Group, Ltd. (b) | 64 | 1695 |
| Golden Entertainment, Inc. | 33 | 786 |
| Green Brick Partners, Inc. (b) | 50 | 3668 |
| Group 1 Automotive, Inc. | 21 | 8972 |
| Guess?, Inc. (a) | 47 | 792 |
| Hanesbrands Inc. (b) | 571 | 3764 |
| Helen of Troy Limited (b) | 37 | 938 |
| Installed Building Products, Inc. (a) | 37 | 9115 |
| Kohl's Corporation (a) | 185 | 2838 |
| Kontoor Brands, Inc. | 82 | 6579 |
| La-Z-Boy Incorporated | 65 | 2237 |
| LCI Industries | 39 | 3643 |
| Leggett & Platt, Incorporated | 222 | 1969 |
| LGI Homes, Inc. (b) | 34 | 1741 |
| M/I Homes, Inc. (b) | 43 | 6156 |
| MarineMax, Inc. (b) | 33 | 829 |
| Matthews International Corporation - Class A (a) | 49 | 1198 |
| Meritage Homes Corporation | 115 | 8296 |
| Mister Car Wash, Inc. (b) | 151 | 803 |
| Monarch Casino & Resort, Inc. | 20 | 2141 |
| Monro, Inc. | 51 | 919 |
| National Vision Holdings, Inc. (b) | 128 | 3727 |
| Newell Brands Inc. | 688 | 3606 |
| Oxford Industries, Inc. | 23 | 939 |
| Papa John's International, Inc. (a) | 53 | 2543 |
| Patrick Industries, Inc. (a) | 54 | 5568 |
| PENN Entertainment, Inc. (a) (b) | 227 | 4370 |
| Perdoceo Education Corporation | 99 | 3724 |
| Phinia Inc. | 63 | 3617 |
| Pursuit Attractions And Hospitality, Inc. (b) | 35 | 1259 |
| Sabre Corporation (b) | 637 | 1165 |
| Sally Beauty Holdings, Inc. (b) | 159 | 2589 |
| Shake Shack, Inc. - Class A (b) | 65 | 6091 |
| Shoe Carnival, Inc. | 28 | 588 |
| Signet Jewelers Limited | 67 | 6380 |
| Six Flags Entertainment Corporation (a) (b) | 163 | 3708 |
| Skyline Champion Corporation (b) | 91 | 6977 |
| Sonic Automotive, Inc. - Class A | 24 | 1818 |
| Sonos, Inc. (b) | 197 | 3116 |
| Standard Motor Products, Inc. | 34 | 1376 |
| Steven Madden, Ltd. (a) | 117 | 3914 |
| Strategic Education, Inc. | 38 | 3284 |
| Stride, Inc. (b) | 70 | 10390 |
| Sturm, Ruger & Company, Inc. (a) | 26 | 1114 |
| The Buckle, Inc. | 49 | 2898 |
| The Wendy's Company | 249 | 2278 |
| Topgolf Callaway Brands Corp. (b) | 225 | 2137 |
| TRI Pointe Homes Holdings, Inc. (b) | 140 | 4765 |
| United Parks And Resorts Inc. (a) (b) | 44 | 2292 |
| Upbound Group, Inc. | 84 | 1975 |
| Urban Outfitters, Inc. (a) (b) | 87 | 6212 |
| Victoria's Secret & Co. (b) | 132 | 3570 |
| Winnebago Industries, Inc. | 45 | 1505 |
| Wolverine World Wide, Inc. (a) | 131 | 3602 |
| XPEL, Inc. (b) | 40 | 1337 |
| | | 322211 |
| **Health Care 10.5%** | **Health Care 10.5%** | **Health Care 10.5%** |
| Acadia Healthcare Company, Inc. (b) | 148 | 3668 |
| Acadia Pharmaceuticals Inc. (b) | 202 | 4310 |
| AdaptHealth LLC - Class A (b) | 173 | 1551 |
| Addus HomeCare Corporation (b) | 29 | 3471 |
| ADMA Biologics, Inc. (b) | 386 | 5663 |
| Alkermes Public Limited Company (b) | 267 | 8007 |
| AMN Healthcare Services, Inc. (b) | 62 | 1209 |
| Amphastar Pharmaceuticals, Inc. (b) | 58 | 1538 |
| ANI Pharmaceuticals, Inc. (b) | 28 | 2605 |
| Arcus Biosciences, Inc. (b) | 115 | 1565 |
| Arrowhead Pharmaceuticals Inc (b) | 224 | 7710 |
| Artivion, Inc. (b) | 67 | 2834 |
| Astrana Health, Inc. (a) (b) | 69 | 1958 |
| Avanos Medical, Inc. (b) | 78 | 906 |
| Azenta, Inc. (b) | 65 | 1876 |
| BioLife Solutions, Inc. (b) | 60 | 1539 |
| Catalyst Pharmaceuticals, Inc. (b) | 186 | 3661 |
| Certara, Inc. (b) | 194 | 2376 |
| Collegium Pharmaceutical, Inc. (b) | 51 | 1776 |
| Concentra Group Holdings Parent, Inc. | 192 | 4012 |
| CONMED Corporation | 51 | 2391 |
| Corcept Therapeutics Incorporated (a) (b) | 152 | 12622 |
| CorVel Corporation (b) | 50 | 3891 |
| Cytek Biosciences, Inc. (b) | 177 | 616 |
| Dynavax Technologies Corporation (a) (b) | 159 | 1582 |
| Embecta Corp. | 97 | 1371 |
| Enovis Corporation (a) (b) | 93 | 2833 |
| Fortrea Holdings Inc. (b) | 150 | 1263 |
| Glaukos Corporation (b) | 93 | 7561 |
| Harmony Biosciences Holdings, Inc. (b) | 64 | 1759 |
| Healthstream, Inc. | 40 | 1139 |
| ICU Medical, Inc. (b) | 40 | 4786 |
| Innoviva, Inc. (b) | 95 | 1731 |
| Inspire Medical Systems, Inc. (b) | 44 | 3230 |
| Integer Holdings Corporation (b) | 57 | 5918 |
| Integra LifeSciences Holdings Corporation (b) | 111 | 1584 |
| Krystal Biotech, Inc. (b) | 42 | 7354 |
| LeMaitre Vascular, Inc. | 34 | 2998 |
| Ligand Pharmaceuticals Incorporated (b) | 32 | 5658 |
| Merit Medical Systems, Inc. (b) | 96 | 7985 |
| Myriad Genetics, Inc. (b) | 150 | 1082 |
| National HealthCare Corporation | 20 | 2447 |
| Neogen Corporation (b) | 348 | 1990 |
| Neogenomics, Inc. (b) | 215 | 1658 |
| OmniAb, Inc. (b) (d) | 16 |  |
| OmniAb, Inc. (b) (d) | 16 |  |
| Omnicell, Inc. (b) | 74 | 2257 |
| Organon & Co. | 420 | 4481 |
| Pacira Pharmaceuticals, Inc. (b) | 73 | 1868 |
| Pediatrix Medical Group, Inc. (b) | 138 | 2319 |
| Phibro Animal Health Corporation - Class A | 34 | 1375 |
| Premier Healthcare Solutions, Inc. - Class A (a) | 133 | 3692 |
| Prestige Consumer Healthcare Inc. (b) | 80 | 4960 |
| Privia Health Group Inc. (b) | 186 | 4625 |
| Progyny, Inc. (b) | 129 | 2776 |
| Protagonist Therapeutics, Inc. (b) | 95 | 6290 |
| QuidelOrtho Corporation (b) | 110 | 3236 |
| RadNet, Inc. (b) | 112 | 8508 |
| Sarepta Therapeutics, Inc. (b) | 158 | 3040 |
| Schrodinger, Inc. (b) | 93 | 1873 |
| Select Medical Holdings Corporation | 178 | 2285 |
| STAAR Surgical Company (b) | 80 | 2151 |
| Supernus Pharmaceuticals, Inc. (b) | 91 | 4329 |
| Tandem Diabetes Care, Inc. (b) | 113 | 1376 |
| Teleflex Incorporated | 71 | 8744 |
| TG Therapeutics, Inc. (a) (b) | 220 | 7936 |
| TransMedics Group, Inc. (a) (b) | 55 | 6191 |
| U.S. Physical Therapy, Inc. | 25 | 2151 |
| UFP Technologies, Inc. (b) | 12 | 2426 |
| Veracyte, Inc. (b) | 127 | 4365 |
| Vericel Corporation (b) | 82 | 2591 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VIR Biotechnology, Inc. (a) (b) | 152 | 868 |
| Waystar Holding Corp. (b) | 186 | 7062 |
| Xencor, Inc. (b) | 120 | 1406 |
| | | 252865 |
| **Real Estate 7.3%** | **Real Estate 7.3%** | **Real Estate 7.3%** |
| Acadia Realty Trust | 211 | 4244 |
| Alexander & Baldwin, Inc. | 118 | 2153 |
| American Assets Trust, Inc. | 76 | 1546 |
| Apple Hospitality REIT, Inc. | 354 | 4256 |
| Armada Hoffler Properties, Inc. | 134 | 938 |
| Brandywine Realty Trust | 287 | 1198 |
| Caretrust REIT, Inc. | 357 | 12394 |
| Centerspace | 28 | 1653 |
| Curbline Properties Corp. | 155 | 3452 |
| Cushman & Wakefield PLC (b) | 375 | 5964 |
| DiamondRock Alpharetta Tenant, LLC | 340 | 2710 |
| Douglas Emmett, Inc. | 270 | 4200 |
| Easterly Government Properties, Inc. | 69 | 1587 |
| ELME Communities | 141 | 2382 |
| Essential Properties Realty Trust, Inc. | 323 | 9602 |
| eXp World Holdings, Inc. (a) | 142 | 1512 |
| Four Corners Property Trust, Inc. | 167 | 4084 |
| Getty Realty Corp. | 86 | 2308 |
| Global Net Lease, Inc. | 317 | 2578 |
| Highwoods Properties, Inc. | 174 | 5551 |
| Innovative Industrial Properties, Inc. | 45 | 2420 |
| JBG Smith Properties (a) | 100 | 2222 |
| Kennedy-Wilson Holdings, Inc. | 196 | 1634 |
| LTC Properties, Inc. | 74 | 2729 |
| LXP Industrial Trust | 476 | 4267 |
| Macerich Company, The | 409 | 7436 |
| Marcus & Millichap Company | 40 | 1164 |
| Medical Properties Trust, Inc. (a) | 798 | 4044 |
| Millrose Properties, Inc. - Class A | 195 | 6559 |
| NexPoint Residential Trust, Inc. | 35 | 1139 |
| OUTFRONT Media Inc. | 233 | 4262 |
| Pebblebrook Hotel Trust | 190 | 2163 |
| Phillips Edison & Company, Inc. | 204 | 6991 |
| Ryman Hospitality Properties, Inc. | 102 | 9141 |
| Safehold Inc. | 75 | 1163 |
| Saul Centers, Inc. | 19 | 618 |
| SITE Centers Corp. | 80 | 723 |
| SL Green Realty Corp. | 115 | 6863 |
| St. Joe Company, The | 64 | 3174 |
| Summit Hotel Properties, Inc. | 177 | 972 |
| Sunstone Hotel Investors, Inc. | 306 | 2870 |
| Tanger Inc. | 183 | 6199 |
| Terreno Realty Corporation | 168 | 9518 |
| Uniti Group Inc. (a) (b) | 288 | 1762 |
| Universal Health Realty Income Trust | 22 | 877 |
| Urban Edge Properties | 206 | 4213 |
| Veris Residential, Inc. | 132 | 2002 |
| Whitestone REIT | 74 | 908 |
| Xenia Hotels & Resorts, Inc. | 153 | 2106 |
|  |  | 174451 |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| AdvanSix Inc. | 45 | 876 |
| Alpha Metallurgical Resources, Inc. (b) | 18 | 2909 |
| Balchem Corporation | 53 | 7895 |
| Celanese Corporation - Class A | 177 | 7451 |
| Century Aluminum Company (b) | 89 | 2601 |
| Chemours Company, The | 242 | 3827 |
| Element Solutions Inc. | 369 | 9276 |
| FMC Corporation | 202 | 6793 |
| H.B. Fuller Company | 87 | 5152 |
| Hawkins, Inc. | 34 | 6157 |
| Hecla Mining Company | 1069 | 12930 |
| Ingevity Corporation (b) | 59 | 3250 |
| Innospec Inc. | 40 | 3063 |
| Kaiser Aluminum Corporation | 26 | 2028 |
| Koppers Holdings Inc. | 33 | 931 |
| Materion Corporation | 33 | 4038 |
| Metallus Inc. (b) | 62 | 1025 |
| Minerals Technologies Inc. | 50 | 3128 |
| O-I Glass, Inc. (b) | 248 | 3217 |
| Quaker Chemical Corporation | 22 | 2936 |
| Sealed Air Corporation | 238 | 8400 |
| Sensient Technologies Corporation | 69 | 6451 |
| Stepan Company | 35 | 1680 |
| SunCoke Energy, Inc. | 142 | 1156 |
| Sylvamo Corporation | 54 | 2394 |
| Warrior Met Coal, Inc. | 85 | 5416 |
| Worthington Steel, Inc. | 52 | 1592 |
|  |  | 116572 |
| **Energy 4.4%** | **Energy 4.4%** | **Energy 4.4%** |
| Archrock, Inc. | 285 | 7491 |
| Atlas Energy Solutions Inc. (a) | 124 | 1412 |
| Bristow Holdings U.S. Inc. (b) | 42 | 1506 |
| Cactus, Inc. - Class A | 112 | 4408 |
| California Resources Corporation | 118 | 6251 |
| Comstock Resources, Inc. (a) (b) | 128 | 2539 |
| Core Laboratories LP (a) | 77 | 947 |
| Core Natural Resources, Inc. | 83 | 6949 |
| Crescent Energy Company - Class A | 307 | 2741 |
| CVR Energy, Inc. | 49 | 1780 |
| Dorian LPG Ltd. | 61 | 1815 |
| Helix Energy Solutions Group, Inc. (b) | 219 | 1436 |
| Helmerich & Payne, Inc. (a) | 160 | 3544 |
| Innovex International, Inc. (b) | 64 | 1185 |
| International Seaways, Inc. | 65 | 3014 |
| Kinetik Holdings Inc. - Class A (a) | 70 | 3000 |
| Kodiak Gas Services, LLC (a) | 106 | 3917 |
| Liberty Energy Inc. - Class A | 261 | 3219 |
| Magnolia Oil & Gas Corporation - Class A | 300 | 7159 |
| Noble Corporation 2022 Limited (a) | 201 | 5690 |
| Northern Oil and Gas Incorporated (a) | 156 | 3878 |
| Oceaneering International, Inc. (b) | 164 | 4058 |
| Par Pacific Holdings, Inc. (b) | 82 | 2914 |
| Patterson-UTI Energy, Inc. | 568 | 2943 |
| Peabody Energy Corporation | 197 | 5213 |
| REX American Resources Corporation (b) | 46 | 1411 |
| RPC, Inc. | 146 | 695 |
| SM Energy Company | 187 | 4672 |
| Talos Energy Inc. (b) | 203 | 1947 |
| Tidewater Inc. (b) | 75 | 3992 |
| Vital Energy, Inc. (b) | 46 | 770 |
| World Kinect Corporation | 90 | 2325 |
|  |  | 104821 |
| **Communication Services 2.8%** | **Communication Services 2.8%** | **Communication Services 2.8%** |
| Angi Inc. - Class A (b) | 59 | 962 |
| Cable One, Inc. (a) | 8 | 1331 |
| CarGurus, Inc. - Class A (b) | 139 | 5171 |
| Cars.com Inc. (a) (b) | 97 | 1180 |
| Cinemark Holdings, Inc. (a) | 166 | 4664 |
| Cogent Communications Holdings, Inc. (a) | 76 | 2933 |
| DoubleVerify Holdings, Inc. (b) | 225 | 2694 |
| Gogo, Inc. (b) | 120 | 1028 |
| IAC Inc. (b) | 109 | 3698 |
| John Wiley & Sons, Inc. - Class A | 66 | 2670 |
| Lumen Technologies, Inc. (b) | 1529 | 9355 |
| QuinStreet, Inc. (b) | 92 | 1428 |
| Scholastic Corporation | 39 | 1063 |
| Shenandoah Telecommunications Company | 78 | 1045 |
| Shutterstock, Inc. | 41 | 845 |
| Sphere Entertainment Co. - Class A (b) | 29 | 6558 |
| TEGNA Inc. | 260 | 5280 |
| Telephone and Data Systems, Inc. | 159 | 6229 |
| Thryv Holdings, Inc. (b) | 69 | 828 |
| TripAdvisor, Inc. (b) | 188 | 3051 |
| Yelp Inc. (b) | 96 | 2999 |
| Ziff Davis, Inc. (b) | 66 | 2512 |
|  |  | 67524 |
| **Consumer Staples 2.5%** | **Consumer Staples 2.5%** | **Consumer Staples 2.5%** |
| Andersons, Inc., The | 55 | 2172 |
| Cal-Maine Foods, Inc. | 74 | 6942 |
| Central Garden & Pet Company (b) | 15 | 485 |
| Central Garden & Pet Company - Class A (b) | 83 | 2460 |
| Del Monte Fresh Produce Company | 55 | 1912 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Edgewell Personal Care Colombia S A S | 74 | 1500 |
| Energizer Holdings, Inc. | 98 | 2441 |
| Freshpet, Inc. (b) | 80 | 4408 |
| Grocery Outlet Holding Corp. (b) | 159 | 2547 |
| Interparfums, Inc. | 30 | 2909 |
| J&J Snack Foods Corp. | 25 | 2399 |
| John B. Sanfilippo & Son, Inc. | 15 | 973 |
| MGPI Processing, Inc. | 22 | 521 |
| National Beverage Corp. (b) | 38 | 1386 |
| PriceSmart, Inc. | 41 | 5000 |
| Reynolds Consumer Products Inc. (a) | 89 | 2167 |
| Simply Good Foods Company, The (b) | 151 | 3737 |
| The Chefs' Warehouse, Inc. (b) | 59 | 3414 |
| Tootsie Roll Industries, Inc. | 31 | 1285 |
| Treehouse Foods, Inc. (b) | 76 | 1526 |
| United Natural Foods, Inc. (b) | 98 | 3682 |
| Universal Corporation | 40 | 2254 |
| USANA Health Sciences, Inc. (b) | 17 | 480 |
| WD-40 Company | 22 | 4394 |
| | | 60994 |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| American States Water Company | 62 | 4567 |
| Avista Corporation | 133 | 5010 |
| California Water Service Group | 96 | 4422 |
| Chesapeake Utilities Corporation | 38 | 5179 |
| Clearway Energy, Inc. - Class A | 57 | 1526 |
| Clearway Energy, Inc. - Class C | 134 | 3787 |
| H2O America | 52 | 2550 |
| MDU Resources Group, Inc. | 330 | 5873 |
| MGE Energy, Inc. | 59 | 4993 |
| Middlesex Water Company | 29 | 1592 |
| Northwest Natural Holding Company | 66 | 2982 |
| Otter Tail Corporation | 68 | 5569 |
| Unitil Corporation | 29 | 1364 |
|  |  | 49414 |
| Total Common Stocks (cost $2,207,392) | Total Common Stocks (cost $2,207,392) | 2384391 |
| **INVESTMENT COMPANIES 0.5%** | **INVESTMENT COMPANIES 0.5%** | **INVESTMENT COMPANIES 0.5%** |
| iShares Core S&P Small Cap ETF | 106 | 12540 |
| Total Investment Companies (cost $12,585) | Total Investment Companies (cost $12,585) | 12540 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (e) | 28280 | 28280 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (e) | 8141 | 8141 |
| Total Short Term Investments (cost $36,421) | Total Short Term Investments (cost $36,421) | 36421 |
| **Total Investments 101.1% (cost $2,256,398)** | **Total Investments 101.1% (cost $2,256,398)** | **2433352** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **24** |
| **Other Assets and Liabilities, Net (1.1)%** | **Other Assets and Liabilities, Net (1.1)%** | **(25443)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2407933** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Non-income producing security.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 12006 |  | 2293 | 302 | 1343 | 345 | 11401 | 0.5 |
| JNL Government Money Market Fund, 4.14% - Class SL | 37184 | 246252 | 255156 | 997 |  |  | 28280 | 1.2 |
| JNL Government Money Market Fund, 4.04% - Class I | 9925 | 137052 | 138836 | 249 |  |  | 8141 | 0.3 |
|  | 59115 | 383304 | 396285 | 1548 | 1343 | 345 | 47822 | 2.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 101 | December 2025 | 12202 | 24 | 199 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2384391 |  |  | 2384391 |
| &nbsp;&nbsp;Investment Companies | 12540 |  |  | 12540 |
| &nbsp;&nbsp;Short Term Investments | 36421 |  |  | 36421 |
|  | 2433352 |  |  | 2433352 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 199 |  |  | 199 |
|  | 199 |  |  | 199 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **COMMON STOCKS 46.2%** | **COMMON STOCKS 46.2%** | **COMMON STOCKS 46.2%** |
| **Communication Services 10.9%** | **Communication Services 10.9%** | **Communication Services 10.9%** |
| Alphabet Inc. - Class A (a) | 87 | 21138 |
| Alphabet Inc. - Class C (a) | 27 | 6579 |
| Comcast Corporation - Class A (a) | 61 | 1912 |
| EchoStar Corporation - Class A (b) | 3 | 265 |
| Electronic Arts Inc. (c) | 6 | 1254 |
| Endeavor Group Holdings, Inc. - Class A (d) | 288 | 7932 |
| Former Charter Communications Parent, Inc. - Class A (b) | 3 | 929 |
| Frontier Communications Parent, Inc. (b) | 119 | 4442 |
| Liberty Broadband Corporation - Series A (b) | 39 | 2450 |
| Meta Platforms, Inc. - Class A | 42 | 30890 |
| Netflix, Inc. (a) (b) | 15 | 17642 |
| NEXON Co., Ltd. | 14 | 316 |
| Nintendo Co., Ltd. | 5 | 402 |
| Oi S.A. - Em Recuperacao Judicial - ADR (e) | 9 | 3 |
| TEGNA Inc. (c) | 60 | 1210 |
| The Interpublic Group of Companies, Inc. | 122 | 3399 |
| Trade Desk, Inc., The - Class A (b) | 53 | 2619 |
| Warner Bros. Discovery, Inc. - Series A (b) (c) | 55 | 1080 |
|  |  | 104462 |
| **Financials 10.6%** | **Financials 10.6%** | **Financials 10.6%** |
| 1RT Acquisition Corp. (b) | 1 | 8 |
| A Paradise Acquisition Corp. (b) | 5 | 46 |
| A Paradise Acquisition Corp. - Class A (b) | 40 | 400 |
| A SPAC III Acquisition Corp. - Class A (b) | 10 | 105 |
| AA Mission Acquisition Corp. - Class A (b) | 23 | 246 |
| Adyen N.V. (b) (f) | 4 | 6858 |
| Agriculture & Natural Solutions Acquisition Corp. - Class A (b) | 109 | 1195 |
| AI Transportation Acquisition Corp. (b) (e) | 14 | 158 |
| Aldel Financial II Inc. - Class A (b) | 59 | 617 |
| AmpliTech Group, Inc. - Class A (b) | 8 | 89 |
| Andretti Acquisition Corp. II - Class A (b) | 54 | 562 |
| AON Public Limited Company - Class A | 4 | 1545 |
| Archimedes Tech Spac Partners II Co. (b) | 43 | 440 |
| Armada Acquisition Corp. II (b) | 26 | 273 |
| Armada Acquisition Corp. II - Class A (b) | 29 | 303 |
| Artius II Acquisition Inc. - Class A (b) | 52 | 527 |
| Axiom Intelligence Acquisition Corp 1 (b) | 8 | 81 |
| Axiom Intelligence Acquisition Corp 1 - Class A (b) | 23 | 228 |
| Bain Capital GSS Investment Corp. (b) | 1 | 12 |
| Berto Acquisition Corp. (b) | 3 | 37 |
| BEST SPAC I Acquisition Corp. (b) | 2 | 23 |
| Bleichroeder Acquisition Corp. I - Class A (b) | 52 | 542 |
| Block, Inc. - Class A (a) (b) | 37 | 2662 |
| Blue Acquisition Corp (b) | 9 | 93 |
| Blue Acquisition Corp - Class A (b) | 65 | 651 |
| Blue Water Acquisition Corp. III (b) | 23 | 231 |
| Blue Water Acquisition Corp. III - Class A (b) | 22 | 216 |
| BTC Development Corp. (b) | 2 | 23 |
| Cal Redwood Acquisition Corp. (b) | 7 | 70 |
| Cal Redwood Acquisition Corp. - Class A (b) | 23 | 229 |
| Cantaloupe, Inc. (b) | 79 | 836 |
| Cantor Equity Partners I, Inc. - Class A (b) | 6 | 61 |
| Cantor Equity Partners III, Inc. - Class A (b) | 2 | 24 |
| Cantor Equity Partners IV Inc. - Class A (b) | 9 | 93 |
| Cartesian Growth Corp III (b) | 36 | 367 |
| Cartesian Growth Corp III - Class A (b) | 31 | 314 |
| Cartesian Growth Corporation II - Class A (b) | 30 | 364 |
| Cayson Acquisition Corp. (b) | 16 | 165 |
| Centurion Acquisition Corp. - Class A (b) | 17 | 175 |
| ChampionsGate Acquisition Corp. (b) | 3 | 28 |
| Charlton Aria Acquisition Corp. - Class A (b) | 10 | 107 |
| Chenghe Acquisition III Co. (b) | 13 | 125 |
| Churchill Capital Corp IX (b) | 4 | 37 |
| Citigroup Inc. | 21 | 2181 |
| Cohen Circle Acquisition Corp. II (b) | 10 | 99 |
| Columbus Circle Capital Corp I - Class A (b) | 7 | 70 |
| Copley Acquisition Corp. (b) | 43 | 438 |
| Crane Harbor Acquisition Corp. - Class A (b) | 54 | 542 |
| CSLM Digital Asset Acquisition Corp III Ltd. (b) | 18 | 184 |
| D. Boral Arc Acquisition I Corp. - Class A (b) | 69 | 683 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 257 |
| Drugs Made In America Acquisition II Corp. (b) | 9 | 91 |
| DT Cloud Star Acquisition Corporation (b) | 13 | 135 |
| Dune Acquisition Corp. II (b) | 32 | 331 |
| EGH Acquisition Corp. (b) | 3 | 34 |
| EGH Acquisition Corp. - Class A (b) | 11 | 114 |
| Emmis Acquisition Corp. (b) | 8 | 80 |
| EQV Ventures Acquisition Corp. (b) | 23 | 226 |
| Eureka Acquisition Corp - Class A (b) | 2 | 24 |
| FACT II Acquisition Corp. - Class A (b) | 54 | 560 |
| FG Merger II Corp. (b) | 15 | 149 |
| Fifth Era Acquisition Corp I - Class A (b) | 4 | 40 |
| FIGX Capital Acquisition Corp. (b) | 4 | 39 |
| FIGX Capital Acquisition Corp. - Class A (b) | 6 | 56 |
| Flagship Acquisition Corporation (b) | 2 | 25 |
| Future Vision II Acquisition Corp (b) | 18 | 185 |
| FutureCrest Acquisition Corp. (b) |  | 5 |
| Galata Acquisition Corp. II (b) | 8 | 80 |
| Gesher Acquisition Corp. II - Class A (b) | 11 | 111 |
| GigCapital7 Corp. - Class A (b) | 31 | 331 |
| Globa Terra Acquisition Corp - Class A (b) | 62 | 623 |
| Gores Holdings X, Inc. (b) | 23 | 242 |
| GP-Act III Acquisition Corp. - Class A (b) | 10 | 110 |
| Graf Global Corp. - Class A (b) | 9 | 92 |
| GSR III Acquisition Corp. (b) | 58 | 604 |
| GSR IV Acquisition Corp. (b) | 31 | 313 |
| Guild Holdings Company - Class A | 29 | 575 |
| Haymaker Acquisition Corp. IV - Class A (b) | 46 | 524 |
| HCM III Acquisition Corp. (b) | 1 | 12 |
| Horizon Space Acquisition I Corp. (b) | 36 | 439 |
| Horizon Space Acquisition II Corp. (b) | 21 | 217 |
| Integrated Wellness Acquisition Corp - Class A (b) | 25 | 300 |
| Jack Henry & Associates, Inc. (a) | 13 | 1872 |
| Jackson Acquisition Co II - Class A (b) | 58 | 606 |
| Jefferies Financial Group Inc. | 20 | 1334 |
| Jena Acquisition Corp II (b) | 18 | 191 |
| Jena Acquisition Corp II - Class A (b) | 23 | 237 |
| K&F Growth Acquisition Corp. II - Class A (b) | 63 | 647 |
| Kochav Defense Acquisition Corp. (b) | 52 | 535 |
| Kochav Defense Acquisition Corp. - Class A (b) | 13 | 134 |
| Lakeshore Acquisition III Corp. (b) | 32 | 318 |
| Launch Two Acquisition Corp. - Class A (b) | 47 | 494 |
| Legato Merger Corp. (b) | 26 | 277 |
| LightWave Acquisition Corp. (b) | 23 | 227 |
| Lionheart Holdings - Class A (b) | 14 | 144 |
| Live Oak Acquisition Corp V - Class A (b) | 25 | 251 |
| LPL Financial Holdings Inc. | 11 | 3479 |
| M3-Brigade Acquisition VI Corp. (b) | 2 | 23 |
| Maywood Acquisition Corp. - Class A (b) | 25 | 253 |
| Mckinley Acquisition Corp. (b) | 5 | 46 |
| Melar Acquisition Corp. I - Class A (b) | 22 | 231 |
| Moody's Corporation | 9 | 4129 |
| Mountain Lake Acquisition Corp. - Class A (b) | 54 | 553 |
| Mr. Cooper Group Inc. | 38 | 7961 |
| MSCI Inc. - Class A | 4 | 2500 |
| Nabors Energy Transition Corp. - Class A (b) | 61 | 685 |
| NCR Atleos Corporation (b) | 14 | 561 |
| New Providence Acquisition Corp. III (b) | 59 | 605 |
| Newbury Street Acquisition Corporation - Class A (b) | 41 | 425 |
| NewHold Investment Corp. III - Class A (b) | 22 | 228 |
| NMP Acquisition Corp. - Class A (b) | 23 | 228 |
| Origin Investment Corp I (b) | 21 | 206 |
| Otg Acquisition Corp. I (b) | 6 | 57 |
| Oxley Bridge Acquisition Ltd. (b) | 9 | 92 |
| Oxley Bridge Acquisition Ltd. - Class A (b) | 20 | 199 |
| Oyster Enterprises II Acquisition Corp (b) | 43 | 429 |
| Oyster Enterprises II Acquisition Corp - Class A (b) | 19 | 191 |
| Perimeter Acquisition Corp. I (b) | 7 | 72 |
| Pioneer Acquisition I Corp (b) | 40 | 397 |
| Plum Acquisition Corp. IV - Class A (b) | 64 | 658 |
| Primerica, Inc. | 19 | 5353 |
| ProAssurance Corporation (b) | 101 | 2427 |
| ProCap Acquisition Corp (b) | 3 | 34 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ProCap Acquisition Corp - Class A (b) | 11 | 116 |
| Quantumsphere Acquisition Corporation (b) | 5 | 46 |
| Quartzsea Acquisition Corporation (b) | 16 | 161 |
| Real Asset Acquisition Corp. - Class A (b) | 11 | 115 |
| Republic Digital Acquisition Co. (b) | 3 | 36 |
| Roman DBDR Acquisition Corp. II (b) | 12 | 128 |
| Ryan Specialty Group Holdings, Inc. - Class A | 49 | 2758 |
| SEI Investments Company (a) | 26 | 2220 |
| Siddhi Acquisition Corp. - Class A (b) | 31 | 318 |
| Silver Pegasus Acquisition Corp. (b) | 6 | 58 |
| Silver Pegasus Acquisition Corp. - Class A (b) | 11 | 114 |
| SilverBox Corp IV - Class A (b) | 15 | 156 |
| SIM Acquisition Corp. I - Class A (b) | 77 | 807 |
| Sizzle Acquisition Corp II - Class A (b) | 76 | 771 |
| Solarius Capital Acquisition Corp. - Class A (b) | 14 | 137 |
| Soulpower Acquisition Corp - Class A (b) | 63 | 636 |
| Spring Valley Acquisition Corp. III (b) | 9 | 95 |
| Stellar V Capital Corp. - Class A (b) | 9 | 93 |
| Stichting Administratiekantoor Unigel Creditors (b) (e) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (b) (e) |  |  |
| Tavia Acquisition Corp (b) | 34 | 349 |
| Texas Ventures Acquisition III Corp - Class A (b) | 25 | 269 |
| Thayer Ventures Acquisition Corporation II (b) | 13 | 132 |
| Thayer Ventures Acquisition Corporation II - Class A (b) | 11 | 115 |
| Titan Acquisition Corp - Class A (b) | 68 | 683 |
| Translational Development Acquisition Corp. (b) | 9 | 93 |
| Triumph Financial, Inc. (b) | 69 | 3469 |
| UY Scuti Acquisition Corp. (b) | 16 | 165 |
| Vendome Acquisition Corp I - Class A (b) | 24 | 234 |
| Veritex Holdings, Inc. | 26 | 883 |
| Vine Hill Capital Investment Corp. - Class A (b) | 25 | 264 |
| Visa Inc. - Class A (a) | 36 | 12589 |
| Voyager Acquisition Corp. - Class A (b) | 58 | 606 |
| Wells Fargo & Company | 7 | 620 |
| Wen Acquisition Corp. (b) | 18 | 183 |
| Wen Acquisition Corp. - Class A (b) | 2 | 24 |
| Wintergreen Acquisition Corp. (b) |  | 2 |
| Wintergreen Acquisition Corp. (b) | 11 | 115 |
| YHN Acquisition I Ltd (b) | 19 | 199 |
| | | 101335 |
| **Information Technology 5.5%** | **Information Technology 5.5%** | **Information Technology 5.5%** |
| Analog Devices, Inc. | 12 | 2965 |
| Avaya Holdings Corp. (b) | 7 | 69 |
| Broadcom Inc. | 1 | 225 |
| CDW Corp. (a) | 12 | 1955 |
| CyberArk Software Ltd. (a) (b) | 12 | 5611 |
| Fair Isaac Corporation (b) | 1 | 1835 |
| Hirose Electric Co., Ltd. | 3 | 398 |
| Intuit Inc. (a) | 4 | 2623 |
| nCino OpCo, Inc. (b) | 144 | 3903 |
| NCR Voyix Corporation (b) | 24 | 296 |
| NXP Semiconductors N.V. | 4 | 963 |
| Oracle Corporation (a) | 73 | 20513 |
| Riverbed Holdings, Inc. (b) (e) | 7 |  |
| Salesforce, Inc. (a) | 24 | 5761 |
| TE Connectivity Public Limited Company | 13 | 2800 |
| Trimble Inc. (b) | 34 | 2747 |
|  |  | 52664 |
| **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** |
| Alibaba Group Holding Limited - ADR (a) | 17 | 2975 |
| Amazon.com, Inc. (b) | 83 | 18313 |
| CarMax, Inc. (b) | 13 | 586 |
| Compagnie Financiere Richemont S.A. | 5 | 908 |
| Delivery Hero SE (b) (f) | 5 | 136 |
| Hanesbrands Inc. (b) | 21 | 139 |
| Home Depot, Inc., The | 7 | 2797 |
| Marriott International, Inc. - Class A | 3 | 671 |
| Pool Corporation | 11 | 3434 |
| Prosus N.V. - Class N | 25 | 1749 |
| Tesla Inc. (a) (b) | 34 | 15092 |
| Under Armour, Inc. - Class A (a) (b) | 209 | 1044 |
| Vail Resorts, Inc. | 6 | 852 |
| Vitamin Oldco Holdings, Inc. (b) (e) | 3 |  |
| Yum China Holdings, Inc. | 28 | 1215 |
|  |  | 49911 |
| **Industrials 4.8%** | **Industrials 4.8%** | **Industrials 4.8%** |
| Air Lease Corporation - Class A (c) | 7 | 461 |
| Azelis Group | 17 | 228 |
| Boeing Company, The (a) (b) | 56 | 12100 |
| Chart Industries, Inc. (b) | 28 | 5575 |
| Expeditors International of Washington, Inc. - Class A (a) | 6 | 757 |
| Ferguson Enterprises Inc. | 5 | 1180 |
| Fortune Brands Innovations, Inc. | 17 | 882 |
| Hoshizaki Corporation | 7 | 269 |
| Howmet Aerospace Inc. | 2 | 368 |
| Lennox International Inc. | 5 | 2854 |
| LG Corp. | 13 | 660 |
| Norfolk Southern Corporation | 7 | 2074 |
| Old Dominion Freight Line, Inc. | 14 | 1955 |
| Safran | 5 | 1741 |
| Samsung C&T Corporation | 6 | 785 |
| Spirit AeroSystems Holdings, Inc. - Class A (b) | 24 | 914 |
| Swire Pacific Limited - Class A | 18 | 155 |
| Taskus, Inc. - Class A (b) | 19 | 335 |
| TransUnion | 38 | 3219 |
| Uber Technologies, Inc. (b) | 5 | 533 |
| UL Solutions Inc. - Class A | 30 | 2129 |
| Verisk Analytics, Inc. (a) | 11 | 2763 |
| Watts Water Technologies, Inc. - Class A | 12 | 3255 |
| Westinghouse Air Brake Technologies Corporation | 3 | 503 |
|  |  | 45695 |
| **Health Care 4.6%** | **Health Care 4.6%** | **Health Care 4.6%** |
| Avantor, Inc. (b) | 23 | 281 |
| Becton, Dickinson and Company | 5 | 976 |
| Bio-Rad Laboratories, Inc. - Class A (b) | 2 | 617 |
| Cooper Companies, Inc., The (b) | 25 | 1739 |
| Doximity, Inc. - Class A (a) (b) | 77 | 5615 |
| Eurofins Scientific SE | 14 | 1053 |
| Icon Public Limited Company (b) | 5 | 918 |
| MERCK Kommanditgesellschaft auf Aktien | 4 | 543 |
| Merus N.V. (b) | 5 | 507 |
| Novartis AG - ADR (a) | 51 | 6590 |
| Novo Nordisk A/S - ADR (a) | 68 | 3759 |
| Regeneron Pharmaceuticals, Inc. (a) | 9 | 4801 |
| Thermo Fisher Scientific Inc. | 1 | 590 |
| Verona Pharma PLC. - ADR (b) | 24 | 2554 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 22 | 8484 |
| West Pharmaceutical Services, Inc. | 10 | 2710 |
| Zoetis Inc. - Class A | 11 | 1635 |
|  |  | 43372 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| American Beverage Co Ambev - ADR (a) | 1025 | 2287 |
| Celsius Holdings, Inc. (b) | 67 | 3859 |
| Heineken Holding N.V. | 28 | 1915 |
| JDE Peet's N.V. | 52 | 1923 |
| Kellanova (a) | 89 | 7296 |
| Lamb Weston Holdings, Inc. | 30 | 1740 |
| Meridan Management Ltd - GDR (b) (e) (f) | 38 |  |
| Monster Beverage 1990 Corporation (a) (b) | 159 | 10696 |
| Orion Incorporation | 5 | 353 |
| Pernod Ricard | 7 | 710 |
| Rohto Pharmaceutical Co., Ltd. | 9 | 153 |
| Shiseido Company, Limited | 8 | 135 |
|  |  | 31067 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| Amrize AG (b) | 22 | 1062 |
| Croda International Public Limited Company | 4 | 141 |
| Glencore PLC | 244 | 1121 |
| Grupo Mexico, S.A.B. de C.V. - Class B (g) | 47 | 410 |
| Holcim AG | 7 | 633 |
| International Flavors & Fragrances Inc. | 27 | 1666 |
| Nippon Paint Holdings Co., Ltd. | 9 | 61 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Teck Resources Limited - Class B (c) | 88 | 3842 |
| | | 8936 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Aris Water Solutions, Inc. - Class A | 17 | 413 |
| Gulfport Energy Operating Corporation (b) | 1 | 254 |
| Kinder Morgan, Inc. | 22 | 637 |
| McDermott International, Ltd. (b) | 30 | 601 |
| McDermott International, Ltd. (b) | 3 | 68 |
| McDermott International, Ltd. (b) |  | 8 |
| NOV Inc. | 46 | 604 |
|  |  | 2585 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Douglas Emmett, Inc. | 35 | 551 |
| Vornado Realty Trust | 13 | 520 |
|  |  | 1071 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| ALLETE, Inc. | 4 | 264 |
| PG&E Corporation | 6 | 93 |
|  |  | 357 |
| Total Common Stocks (cost $297,572) | Total Common Stocks (cost $297,572) | 441455 |
| **CORPORATE BONDS AND NOTES 23.2%** | **CORPORATE BONDS AND NOTES 23.2%** | **CORPORATE BONDS AND NOTES 23.2%** |
| **Information Technology 9.2%** | **Information Technology 9.2%** | **Information Technology 9.2%** |
| A10 Networks, Inc. |  |  |
| 2.75%, 04/01/30 (a) (h) (i) | 702 | 736 |
| Adtran Holdings, Inc. |  |  |
| 3.75%, 09/15/30 (a) (h) (i) | 637 | 711 |
| Advanced Energy Industries, Inc. |  |  |
| 2.50%, 09/15/28 (a) (h) | 468 | 646 |
| Akamai Technologies, Inc. |  |  |
| 0.38%, 09/01/27 (a) (h) | 1712 | 1630 |
| 1.13%, 02/15/29 (a) (h) | 1344 | 1267 |
| 0.25%, 05/15/33 (a) (h) (i) | 1097 | 1103 |
| Alkami Technology, Inc. |  |  |
| 1.50%, 03/15/30 (a) (h) (i) | 96 | 103 |
| AMS-Osram AG |  |  |
| 10.50%, 03/30/29, EUR (f) | 210 | 263 |
| Applied Digital Corporation |  |  |
| 2.75%, 06/01/30 (a) (h) (i) | 330 | 834 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30 (a) (h) | 564 | 564 |
| Bentley Systems, Incorporated |  |  |
| 0.13%, 01/15/26 (a) (h) | 167 | 163 |
| BigBear.ai Holdings, LLC |  |  |
| 6.00%, 12/15/29 (a) (h) (i) (j) | 408 | 817 |
| Bill Holdings, Inc. |  |  |
| 0.00%, 04/01/30 (a) (h) (i) (k) | 1919 | 1698 |
| Box, Inc. |  |  |
| 0.00%, 01/15/26 (a) (h) (k) | 899 | 1125 |
| Cipher Mining Inc. |  |  |
| 1.75%, 05/15/30 (a) (h) | 39 | 116 |
| 0.00%, 10/01/31 (a) (h) (i) (k) | 19 | 21 |
| Cleanspark Inc. |  |  |
| 0.00%, 06/15/30 (a) (h) (i) (k) | 187 | 232 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 (a) (h) (k) | 1003 | 1241 |
| 0.00%, 06/15/30 (a) (h) (i) (k) | 187 | 212 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 (a) (h) (i) | 364 | 651 |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 12/01/26 (a) (h) (k) | 206 | 193 |
| 0.00%, 08/15/30 (a) (h) (i) (k) | 703 | 779 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/26 - 03/01/28 (a) (h) (k) | 2940 | 2934 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29 (a) (h) | 1263 | 1116 |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 (a) (h) (i) | 937 | 1080 |
| Impinj, Inc. |  |  |
| 1.13%, 05/15/27 (a) (h) | 183 | 305 |
| Indie Semiconductor, Inc. |  |  |
| 4.50%, 11/15/27 (a) (h) (i) | 495 | 489 |
| 3.50%, 12/15/29 (a) (h) (i) | 376 | 400 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 (a) (h) | 1726 | 7719 |
| IREN Limited |  |  |
| 3.50%, 12/15/29 (a) (h) (i) | 1197 | 4288 |
| 3.25%, 06/15/30 (a) (h) (i) | 797 | 2302 |
| Itron, Inc. |  |  |
| 1.38%, 07/15/30 (a) (h) | 75 | 86 |
| Lenovo Group Limited |  |  |
| 2.50%, 08/26/29 (f) (h) | 261 | 374 |
| Lumentum Holdings Inc. |  |  |
| 0.50%, 12/15/26 (a) (h) | 2056 | 3443 |
| 1.50%, 12/15/29 (a) (h) | 386 | 929 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| 0.25%, 03/15/26 (a) (h) | 685 | 1041 |
| Mara Holdings, Inc. |  |  |
| 0.00%, 08/01/32 (a) (h) (i) (k) | 694 | 740 |
| Microchip Technology Incorporated |  |  |
| 0.75%, 06/01/30 (a) (h) | 1839 | 1778 |
| Mitek Systems, Inc. |  |  |
| 0.75%, 02/01/26 (a) (h) | 1522 | 1477 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (h) | 93 | 102 |
| Nebius Group N.V. |  |  |
| 2.00%, 06/05/29 (a) (h) (i) | 394 | 912 |
| 1.00%, 09/15/30 (a) (h) (i) | 37 | 43 |
| 3.00%, 06/05/31 (a) (h) (i) | 879 | 2042 |
| 2.75%, 09/15/32 (a) (h) (i) | 37 | 43 |
| Nutanix, Inc. |  |  |
| 0.25%, 10/01/27 (a) (h) | 1815 | 2462 |
| 0.50%, 12/15/29 (a) (h) (i) | 94 | 105 |
| Okta, Inc. |  |  |
| 0.38%, 06/15/26 (a) (h) | 195 | 189 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (a) (h) (k) | 1990 | 2257 |
| 0.50%, 03/01/29 (a) (h) | 1510 | 1389 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 (a) (h) | 886 | 1282 |
| Pagaya Us Holding Company LLC |  |  |
| 6.13%, 10/01/29 (a) (h) (i) | 587 | 1398 |
| PAR Technology Corporation |  |  |
| 2.88%, 04/15/26 (a) (h) | 94 | 100 |
| 1.50%, 10/15/27 (a) (h) | 911 | 880 |
| 1.00%, 01/15/30 (a) (h) (i) | 244 | 211 |
| Penguin Solutions, Inc. |  |  |
| 2.00%, 02/01/29 (a) (h) (i) | 1152 | 1594 |
| 2.00%, 08/15/30 (a) (h) | 968 | 1153 |
| Porch Group Inc |  |  |
| 6.75%, 10/01/28 (a) (h) (i) | 1022 | 1050 |
| Progress Software Corporation |  |  |
| 3.50%, 03/01/30 (a) (h) | 90 | 90 |
| PROS Holdings, Inc. |  |  |
| 2.25%, 09/15/27 (a) (h) | 275 | 276 |
| 2.50%, 07/01/30 (a) (f) (h) | 1159 | 1493 |
| Q2 Holdings, Inc. |  |  |
| 0.75%, 06/01/26 (a) (h) | 1455 | 1486 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 (a) (h) (i) (k) | 524 | 527 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 (a) (h) | 624 | 1234 |
| Snowflake Inc. |  |  |
| 0.00%, 10/01/27 - 10/01/29 (a) (h) (k) | 1406 | 2152 |
| Strategy Inc |  |  |
| 2.25%, 06/15/32 (a) (h) | 519 | 921 |
| Super Micro Computer, Inc. |  |  |
| 2.25%, 07/15/28 (a) (h) (i) | 1467 | 1660 |
| 3.50%, 03/01/29 (a) (h) | 636 | 643 |
| 0.00%, 06/15/30 (a) (h) (i) (k) | 1272 | 1393 |
| TeraWulf Inc. |  |  |
| 2.75%, 02/01/30 (a) (h) (i) | 1312 | 2119 |
| Unity Software Inc. |  |  |
| 0.00%, 11/15/26 (a) (h) (k) | 667 | 629 |
| Veeco Instruments Inc. |  |  |
| 2.88%, 06/01/29 (a) (h) | 1127 | 1448 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 (a) (h) | 62 | 63 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 09/15/30 (a) (h) | 561 | 505 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28 (a) (h) | 2551 | 8189 |
| Zscaler, Inc. |  |  |
| 0.00%, 07/15/28 (a) (h) (i) (k) | 469 | 464 |
| | | 88110 |
| **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** |
| ABRA Global Finance |  |  |
| 6.00%, 10/22/29 (a) (i) (j) | 260 | 252 |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (a) (h) | 1762 | 3225 |
| Cheesecake Factory Incorporated, The |  |  |
| 0.38%, 06/15/26 (a) (h) | 510 | 505 |
| 2.00%, 03/15/30 (a) (h) (i) | 1192 | 1211 |
| Cracker Barrel Old Country Store, Inc. |  |  |
| 1.75%, 09/15/30 (a) (h) (i) | 187 | 173 |
| Delivery Hero SE |  |  |
| 1.00%, 01/23/27, EUR (f) (h) | 1300 | 1465 |
| 1.50%, 01/15/28, EUR (f) (h) | 100 | 109 |
| 3.25%, 02/21/30, EUR (f) (h) | 400 | 464 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 (a) (h) (i) (k) | 469 | 534 |
| ETSY, Inc. |  |  |
| 0.13%, 09/01/27 (a) (h) | 575 | 531 |
| 0.25%, 06/15/28 (a) (h) | 1306 | 1160 |
| Expedia Group, Inc. |  |  |
| 0.00%, 02/15/26 (a) (h) (k) | 1194 | 1203 |
| Fisker Group Inc. |  |  |
| 0.00%, 09/15/26 (a) (b) (h) (i) (l) | 2160 | 4 |
| Flight Centre Travel Group Limited |  |  |
| 2.50%, 11/17/27, AUD (f) (h) | 200 | 129 |
| Ford Motor Company |  |  |
| 0.00%, 03/15/26 (a) (h) (k) | 2864 | 2877 |
| GameStop Corp. |  |  |
| 0.00%, 04/01/30 - 06/15/32 (a) (h) (i) (k) | 1181 | 1338 |
| Gol Finance LLP |  |  |
| 14.38%, 06/05/30 (a) (i) | 357 | 367 |
| H World Group Limited |  |  |
| 3.00%, 05/01/26 (a) (h) | 576 | 635 |
| LCI Industries |  |  |
| 3.00%, 03/01/30 (a) (h) (i) | 171 | 175 |
| Marriott Vacations Worldwide Corporation |  |  |
| 0.00%, 01/15/26 (a) (h) (k) | 3602 | 3524 |
| NCL Corporation Ltd. |  |  |
| 0.75%, 09/15/30 (a) (h) (i) | 790 | 788 |
| Peloton Interactive, Inc. |  |  |
| 0.00%, 02/15/26 (a) (h) (k) | 1415 | 1381 |
| 5.50%, 12/01/29 (a) (h) | 573 | 1284 |
| Realreal, Inc., The |  |  |
| 4.00%, 02/15/31 (a) (f) (h) (m) | 599 | 735 |
| Sea Limited |  |  |
| 2.38%, 12/01/25 (a) (h) | 1906 | 3745 |
| Shift Technologies, Inc. |  |  |
| 0.00%, 05/15/26 (a) (b) (h) (i) (l) | 1305 | 1 |
| Stride, Inc. |  |  |
| 1.13%, 09/01/27 (a) (h) | 734 | 2073 |
| Trip.com Group Limited |  |  |
| 0.75%, 06/15/29 (a) (h) | 2217 | 2828 |
| Wayfair Inc. |  |  |
| 0.63%, 10/01/25 (h) | 780 | 775 |
| 1.00%, 08/15/26 (h) | 57 | 57 |
| 3.25%, 09/15/27 (a) (h) | 3005 | 4555 |
| Winnebago Industries, Inc. |  |  |
| 3.25%, 01/15/30 (a) (h) | 252 | 225 |
|  |  | 38328 |
| **Health Care 2.9%** | **Health Care 2.9%** | **Health Care 2.9%** |
| Alphatec Holdings, Inc. |  |  |
| 0.75%, 08/01/26 (a) (h) | 643 | 673 |
| 0.75%, 03/15/30 (a) (h) (i) | 760 | 906 |
| Amphastar Pharmaceuticals, Inc. |  |  |
| 2.00%, 03/15/29 (a) (h) | 93 | 84 |
| ANI Pharmaceuticals, Inc. |  |  |
| 2.25%, 09/01/29 (a) (h) | 337 | 472 |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28 (a) (h) | 94 | 128 |
| BioMarin Pharmaceutical Inc. |  |  |
| 1.25%, 05/15/27 (a) (h) | 910 | 865 |
| Bridgebio Pharma, Inc. |  |  |
| 2.50%, 03/15/27 (a) (h) | 759 | 1060 |
| 2.25%, 02/01/29 (a) (h) | 338 | 331 |
| 1.75%, 03/01/31 (a) (h) (i) | 94 | 125 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29 (a) (h) | 1402 | 1653 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27 (a) (h) | 2374 | 2261 |
| DexCom, Inc. |  |  |
| 0.25%, 11/15/25 (a) (h) | 2346 | 2334 |
| 0.38%, 05/15/28 (a) (h) | 1129 | 1029 |
| Dynavax Technologies Corporation |  |  |
| 2.00%, 03/15/30 (a) (f) (h) | 1062 | 983 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 (a) (h) | 87 | 86 |
| Exact Sciences Corporation |  |  |
| 0.38%, 03/15/27 - 03/01/28 (a) (h) | 2080 | 1977 |
| 2.00%, 03/01/30 (a) (h) (i) | 93 | 96 |
| 1.75%, 04/15/31 (a) (h) (i) | 281 | 260 |
| Guardant Health, Inc. |  |  |
| 0.00%, 11/15/27 (a) (h) (k) | 2024 | 1935 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 (a) (h) (i) (k) | 103 | 115 |
| Inotiv, Inc. |  |  |
| 3.25%, 10/15/27 (a) (h) | 701 | 153 |
| Jazz Investments I Limited |  |  |
| 2.00%, 06/15/26 (a) (h) | 1235 | 1302 |
| KalVista Pharmaceuticals Inc. |  |  |
| 3.25%, 10/01/31 (a) (h) (i) | 75 | 81 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 (a) (h) | 706 | 757 |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29 (a) (h) | 192 | 462 |
| Pacira Pharmaceuticals, Inc. |  |  |
| 2.13%, 05/15/29 (a) (h) | 817 | 822 |
| Pharming Group N.V. |  |  |
| 4.50%, 04/25/29, EUR (f) (h) | 300 | 443 |
| PTC Therapeutics, Inc. |  |  |
| 1.50%, 09/15/26 (a) (h) | 1883 | 2423 |
| Repligen Corporation |  |  |
| 1.00%, 12/15/28 (a) (h) | 1225 | 1238 |
| Teladoc Health, Inc. |  |  |
| 1.25%, 06/01/27 (a) (h) | 375 | 347 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 (a) (h) (i) | 92 | 115 |
| TransMedics Group, Inc. |  |  |
| 1.50%, 06/01/28 (a) (h) | 1387 | 1959 |
|  |  | 27475 |
| **Financials 2.4%** | **Financials 2.4%** | **Financials 2.4%** |
| ABRA Global Finance |  |  |
| 5.00%, 03/02/28 (a) (i) (j) | 2693 | 2767 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26 (a) (h) (k) | 1735 | 1636 |
| 0.75%, 12/15/29 (a) (h) (i) | 629 | 678 |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/25 (b) (i) (l) | 236 | 1 |
| Block, Inc. |  |  |
| 0.25%, 11/01/27 (a) (h) | 357 | 324 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (n) | 242 | 239 |
| 5.00%, (100, 12/01/27) (n) | 33 | 32 |
| Coinbase Global, Inc. |  |  |
| 0.50%, 06/01/26 (a) (h) | 988 | 1108 |
| Encore Capital Group, Inc. |  |  |
| 3.25%, 10/01/25 (h) | 926 | 957 |
| 4.00%, 03/15/29 (a) (h) | 1107 | 1101 |
| EZCORP, Inc. |  |  |
| 3.75%, 12/15/29 (a) (h) (i) | 344 | 626 |
| Galaxy Digital Holdings LP |  |  |
| 3.00%, 12/15/26 (h) (i) | 250 | 314 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.50%, 12/01/29 (a) (h) (i) | 250 | 411 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (i) | 268 | 226 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30 (i) | 605 | 611 |
| 5.75%, 11/15/31 (i) | 2140 | 2165 |
| Operadora de Servicios Mega SA de CV SOFOM ER. |  |  |
| 0.00%, 12/31/25 (b) (i) (l) | 200 | 58 |
| Ping An Insurance (Group) Company of China, Ltd. |  |  |
| 0.88%, 07/22/29 (f) (h) | 800 | 1088 |
| Shift4 Payments, LLC |  |  |
| 0.50%, 08/01/27 (a) (h) | 1352 | 1322 |
| SoFi Technologies, Inc. |  |  |
| 0.00%, 10/15/26 (a) (h) (i) (k) | 489 | 637 |
| 1.25%, 03/15/29 (a) (h) (i) | 884 | 2531 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (b) (i) (l) | 200 | 1 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (b) (f) (j) (l) | 263 | 3 |
| Upstart Holdings, Inc. |  |  |
| 2.00%, 10/01/29 (a) (h) (i) | 1551 | 2191 |
| WisdomTree, Inc. |  |  |
| 3.25%, 08/15/29 (a) (h) | 1831 | 2375 |
| | | 23402 |
| **Industrials 1.9%** | **Industrials 1.9%** | **Industrials 1.9%** |
| Astronics Corporation |  |  |
| 0.00%, 01/15/31 (a) (h) (i) (k) | 431 | 451 |
| Bloom Energy Corporation |  |  |
| 3.00%, 06/01/28 - 06/01/29 (a) (h) | 2060 | 8683 |
| Dayforce, Inc. |  |  |
| 0.25%, 03/15/26 (a) (h) | 2890 | 2830 |
| Enovix Corporation |  |  |
| 4.75%, 09/15/30 (a) (h) (i) | 187 | 221 |
| Foundation Building Materials, Inc. |  |  |
| 6.00%, 03/01/29 (i) | 893 | 906 |
| Granite Construction Incorporated |  |  |
| 3.75%, 05/15/28 (a) (h) | 187 | 448 |
| Greenbrier Companies, Inc., The |  |  |
| 2.88%, 04/15/28 (a) (h) | 751 | 801 |
| JBT Marel Corporation |  |  |
| 0.25%, 05/15/26 (a) (h) | 373 | 377 |
| Lyft, Inc. |  |  |
| 0.63%, 03/01/29 (a) (h) | 324 | 421 |
| Pitney Bowes Inc. |  |  |
| 1.50%, 08/15/30 (a) (h) (i) | 346 | 358 |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 (a) (h) | 624 | 671 |
| Xometry, Inc. |  |  |
| 1.00%, 02/01/27 (a) (h) | 949 | 1143 |
| 0.75%, 06/15/30 (a) (h) (i) | 376 | 529 |
|  |  | 17839 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| AST Spacemobile, Inc. |  |  |
| 4.25%, 03/01/32 (a) (h) (i) | 114 | 238 |
| CommScope, LLC. |  |  |
| 7.13%, 07/01/28 (i) | 350 | 351 |
| 9.50%, 12/15/31 (i) | 1250 | 1294 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (i) | 251 | 255 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 709 | 780 |
| 3.88%, 11/30/30 (h) (j) | 299 | 726 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 986 | 997 |
| 6.00%, 01/15/30 (i) | 1331 | 1347 |
| Liberty Media Corporation |  |  |
| 3.75%, 03/15/28 - 02/15/30 (a) (h) | 3674 | 1483 |
| 4.00%, 11/15/29 (a) (h) | 1414 | 124 |
| 2.38%, 09/30/53 (a) (h) (i) | 1500 | 2465 |
| Live Nation Entertainment, Inc. |  |  |
| 2.88%, 01/15/30 (a) (h) (i) | 375 | 418 |
| Match Group FinanceCo 2, Inc. |  |  |
| 0.88%, 06/15/26 (a) (h) (i) | 1270 | 1232 |
| Match Group FinanceCo 3, Inc. |  |  |
| 2.00%, 01/15/30 (a) (h) (i) | 1222 | 1116 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (i) (j) | 112 | 82 |
| 8.50%, 12/31/28 (i) (j) | 242 | 5 |
| Snap Inc. |  |  |
| 0.13%, 03/01/28 (a) (h) | 206 | 184 |
| Ziff Davis, Inc. |  |  |
| 1.75%, 11/01/26 (a) (h) | 717 | 691 |
| 3.63%, 03/01/28 (a) (f) (h) | 1527 | 1464 |
|  |  | 15252 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Kite Realty Group, L.P. |  |  |
| 0.75%, 04/01/27 (a) (h) (i) | 103 | 105 |
| Open Doors Technology Inc. |  |  |
| 7.00%, 05/15/30 (a) (h) (i) | 677 | 3539 |
| Pebblebrook Hotel Trust |  |  |
| 1.75%, 12/15/26 (a) (h) | 373 | 363 |
| 1.63%, 01/15/30 (a) (h) (i) | 429 | 422 |
| StorageVault Canada Inc. |  |  |
| 5.00%, 03/31/28, CAD (h) | 754 | 543 |
| Summit Hotel Properties, Inc. |  |  |
| 1.50%, 02/15/26 (a) (h) | 1689 | 1646 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 112 | 110 |
|  |  | 6728 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (f) | 400 | 138 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (i) | 214 | 218 |
| Shelf Drilling Management Services DMCC |  |  |
| 9.63%, 04/15/29 (i) | 1248 | 1308 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (a) (h) | 338 | 607 |
|  |  | 2271 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Fortuna Mining Corp. |  |  |
| 3.75%, 06/30/29 (a) (h) | 364 | 559 |
| Silvercorp Metals Inc. |  |  |
| 4.75%, 12/15/29 (a) (h) (i) | 287 | 465 |
| SSR Mining Inc. |  |  |
| 2.50%, 04/01/39 (a) (h) | 231 | 324 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (i) (j) | 44 | 33 |
| 13.50%, 12/31/27 (f) (j) | 62 | 47 |
| 11.00%, 12/31/28 (i) (j) | 50 | 8 |
| 11.00%, 12/31/28 (f) (j) | 216 | 36 |
|  |  | 1472 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| MGPI Processing, Inc. |  |  |
| 1.88%, 11/15/41 (a) (h) | 1234 | 1173 |
| Total Corporate Bonds And Notes (cost $204,159) | Total Corporate Bonds And Notes (cost $204,159) | 222050 |
| **PRIVATE INVESTMENT FUNDS 11.5%** | **PRIVATE INVESTMENT FUNDS 11.5%** | **PRIVATE INVESTMENT FUNDS 11.5%** |
| WCM Partners Fund (f) (o) | 81497 | 109832 |
| Total Private Investment Funds (cost $82,500) | Total Private Investment Funds (cost $82,500) | 109832 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.9%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-D-AOA, REMIC, 7.15%, (1 Month Term SOFR + 3.00%), 06/15/27 (p) | 80 | 80 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-B-2A, 6.61%, 09/16/31 (m) | 233 | 238 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1 |  |  |
| Series 2006-A2C-CW1, REMIC, 3.23%, (1 Month Term SOFR + 0.39%), 07/25/36 (m) (p) (q) | 1651 | 1386 |
| AG Trust 2024-NLP |  |  |
| Series 2024-B-NLP, REMIC, 6.91%, (1 Month Term SOFR + 2.76%), 08/17/26 (p) | 112 | 113 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-G-SFR5, REMIC, 4.11%, 11/19/25 | 5000 | 4983 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Apidos CLO XXIV |  |  |
| Series 2016-DR-24A, 10.39%, (3 Month Term SOFR + 6.06%), 10/21/30 (p) | 500 | 502 |
| Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
| Series 2021-E-MF3, REMIC, 2.00%, 10/16/54 | 273 | 207 |
| Arbor Realty Commercial Real Estate Notes 2022-FL1 |  |  |
| Series 2022-C-FL1, 6.67%, (SOFR 30-Day Average + 2.30%), 01/15/37 (p) | 350 | 351 |
| Argentina, Republic of |  |  |
| Series 2022-E-CRE6, 7.78%, (SOFR 30-Day Average + 3.40%), 01/21/37 (p) | 330 | 319 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-D-1A, 5.72%, 04/15/31 | 250 | 250 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-E-3A, 11.67%, (3 Month Term SOFR + 7.35%), 07/17/35 (p) | 500 | 498 |
| Bank 2019-BNK17 |  |  |
| Interest Only, Series 2019-XG-BN17, REMIC, 1.50%, 04/17/52 | 1978 | 82 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-D-5YR9, REMIC, 4.00%, 09/17/29 | 325 | 292 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-C-5YR17, REMIC, 0.00%, 10/18/30 (p) | 277 | 276 |
| Interest Only, Series 2025-XD-5YR17, REMIC, 0.00%, 11/18/58 (d) (p) | 5000 | 415 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Interest Only, Series 2024-XD-5C27, REMIC, 2.74%, 07/17/57 (p) | 3110 | 280 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-E-CBM, REMIC, 7.75%, (1 Month Term SOFR + 3.60%), 07/15/37 (m) (p) | 110 | 89 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-D-FL15, 6.53%, (1 Month Term SOFR + 2.60%), 09/19/30 (m) (p) | 230 | 230 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-D-B4, REMIC, 2.76%, 07/17/28 (p) | 377 | 300 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.76%, 12/15/62 (p) | 15236 | 313 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-E-B31, REMIC, 2.25%, 12/17/54 | 617 | 342 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-D-V16, REMIC, 4.50%, 08/16/58 | 160 | 141 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XD-5C12, REMIC, 0.00%, 10/15/58 (p) | 2643 | 248 |
| BRSP Ltd |  |  |
| Series 2024-C-FL2, 7.68%, (1 Month Term SOFR + 3.54%), 02/19/30 (p) | 317 | 316 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-E-FL7, 7.65%, (1 Month Term SOFR + 3.51%), 12/15/38 (p) | 300 | 292 |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-D-FL12, 0.00%, (1 Month Term SOFR + 0.00%), 04/17/43 (p) | 250 | 250 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-C-2A, 7.97%, 09/15/30 | 414 | 413 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-D-BCAT, REMIC, 6.80%, (1 Month Term SOFR + 2.65%), 08/16/27 (p) | 115 | 115 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 4.08%, 12/11/29 (p) | 170 | 156 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-D-VIEW, REMIC, 7.16%, (1 Month Term SOFR + 3.01%), 06/16/36 (p) | 220 | 220 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-E-LBA6, REMIC, 6.85%, (1 Month Term SOFR + 2.70%), 01/18/39 (p) | 120 | 120 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 7.09%, (1 Month Term SOFR + 2.94%), 03/15/27 (p) | 199 | 199 |
| Canyon CLO 2020-1 Ltd |  |  |
| Series 2020-DR2-1A, 7.42%, (3 Month Term SOFR + 3.10%), 07/15/34 (p) | 500 | 500 |
| Carlyle Global Market Strategies CLO 2014-2-R, Ltd. |  |  |
| Series 2014-D-2RA, 9.82%, (3 Month Term SOFR + 5.61%), 05/15/31 (p) | 1000 | 1005 |
| Carlyle US CLO 2019-1 LTD |  |  |
| Series 2019-DR2-1A, 10.53%, (3 Month Term SOFR + 6.25%), 04/21/31 (p) | 500 | 500 |
| Cascade MH Asset Trust 2019-MH1 |  |  |
| Series 2019-M-MH1, REMIC, 5.99%, 11/25/44 | 4100 | 3797 |
| Castlelake Aircraft Securitization Trust 2018-1 |  |  |
| Series 2018-C-1, 6.63%, 06/15/43 (m) | 1026 | 622 |
| CF 2019-CF2 Mortgage Trust |  |  |
| Interest Only, Series 2019-XG-CF2, REMIC, 0.93%, 11/18/52 (p) | 3080 | 93 |
| Chenango Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 10.38%, (3 Month Term SOFR + 6.06%), 04/15/30 (p) | 1000 | 997 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A1-13, REMIC, 6.00%, 08/25/37 | 945 | 449 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.01%, (3 Month Term SOFR + 2.75%), 01/15/38 (p) | 500 | 505 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Interest Only, Series 2018-XF-B2, REMIC, 1.39%, 03/10/51 (p) | 2522 | 76 |
| Clas 2019-1 Limited |  |  |
| Series 2019-E-1A, 0.00%, 04/15/39 (e) (p) | 1000 | 51 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-DR-3A, 6.87%, (3 Month Term SOFR + 2.55%), 01/25/35 (p) | 500 | 500 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-C-1A, 5.99%, 12/28/26 | 1300 | 1283 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.62%, (1 Month Term SOFR + 2.47%), 09/15/33 (p) | 1000 | 303 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.56%, 11/18/25 (p) | 344 | 338 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Series 2019-C-C16, REMIC, 4.24%, 06/15/29 (p) | 350 | 324 |
| CSMC 2021-B33 |  |  |
| Series 2021-C-B33, REMIC, 3.64%, 10/10/31 (p) | 338 | 282 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-F-NYC, REMIC, 3.70%, 05/12/31 | 375 | 282 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-ER-40A, 10.22%, (3 Month Term SOFR + 6.01%), 08/15/31 (i) (p) | 500 | 466 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/12/35 (p) | 143 | 142 |
| FIVE 2023-V1 Mortgage Trust |  |  |
| Series 2023-E-V1, REMIC, 6.30%, 02/11/28 (p) | 417 | 385 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-D-FL3, 6.75%, (1 Month Term SOFR + 2.61%), 11/18/36 (p) | 330 | 329 |
| FS Rialto 2024-FL9 Issuer, LLC |  |  |
| Series 2024-D-FL9, 8.08%, (1 Month Term SOFR + 3.94%), 10/19/39 (p) | 300 | 293 |
| GS Mortgage Securities Trust 2014-GC26 |  |  |
| Series 2014-D-GC26, REMIC, 4.40%, 11/13/47 (p) | 170 | 89 |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-D-GC28, REMIC, 4.42%, 02/12/48 (p) | 337 | 333 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 | 1000 | 817 |
| GS Mortgage Securities Trust 2021-GSA3 |  |  |
| Interest Only, Series 2021-XF-GSA3, REMIC, 1.40%, 12/17/54 (p) | 3608 | 265 |
| GSAA Home Equity Trust 2007-9 |  |  |
| Series 2007-A2A-9, REMIC, 6.50%, 10/25/37 | 1548 | 893 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| H.I.G. RCP 2023-FL1, LLC |  |  |
| Series 2023-B-FL1, 7.75%, (1 Month Term SOFR + 3.50%), 09/21/38 (p) | 339 | 339 |
| HGI CRE CLO 2021-FL1, Ltd. |  |  |
| Series 2021-D-FL1, 6.61%, (1 Month Term SOFR + 2.46%), 06/19/36 (p) | 350 | 349 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-E-FL2, 6.70%, (1 Month Term SOFR + 2.56%), 09/19/36 (m) (p) | 250 | 250 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (p) | 114 | 108 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Interest Only, Series 2019-XG-MFP, REMIC, 0.50%, 07/15/36 (p) | 347 | 4 |
| Series 2019-G-MFP, REMIC, 8.25%, (1 Month Term SOFR + 4.10%), 07/15/36 (p) | 347 | 9 |
| Jol Air Limited |  |  |
| Series 2019-B-1, 4.95%, 04/15/26 | 266 | 265 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 |  |  |
| Interest Only, Series 2014-XA-C24, REMIC, 0.70%, 11/18/47 (p) | 1391 | 7 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.03%, 11/18/48 (p) | 10795 | 30 |
| LCM XVII Limited Partnership |  |  |
| Series ER-17A, 10.58%, (3 Month Term SOFR + 6.26%), 10/15/31 (p) | 500 | 355 |
| Lehman Mortgage Trust 2006-5 |  |  |
| Series 2006-1A6-5, REMIC, 4.77%, (1 Month Term SOFR + 0.61%), 09/25/36 (p) | 662 | 219 |
| Lehman Mortgage Trust 2007-2 |  |  |
| Interest Only, Series 2007-2A13-2, REMIC, 2.42%, (6.58% - (1 Month Term SOFR \* 1)), 03/25/37 (p) | 10871 | 830 |
| Series 2007-2A1-2, REMIC, 4.58%, (1 Month Term SOFR + 0.42%), 03/25/37 (p) | 10788 | 1903 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-C-1A, 8.12%, 09/16/30 | 350 | 351 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-E-11MD, REMIC, 7.33%, 10/11/42 | 80 | 80 |
| Madison Park Funding XLVIII Ltd |  |  |
| Series 2021-E-48A, 10.84%, (3 Month Term SOFR + 6.51%), 04/19/33 (p) | 1000 | 1000 |
| MAPS 2021-1 Trust |  |  |
| Series 2021-C-1A, 5.44%, 06/15/28 (m) | 3 | 3 |
| Mariner Finance Issuance Trust 2024-B |  |  |
| Series 2024-A-BA, 4.91%, 10/21/30 | 250 | 254 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-C-2A, 7.83%, 08/20/30 | 275 | 278 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-D-FL14, REMIC, 8.99%, (1 Month Term SOFR + 4.84%), 03/19/39 (p) | 300 | 300 |
| Series 2024-E-FL14, REMIC, 10.44%, (1 Month Term SOFR + 6.29%), 03/19/39 (p) | 400 | 401 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-D-FL15, 8.19%, (1 Month Term SOFR + 4.04%), 08/18/41 (p) | 350 | 350 |
| Milos CLO, Ltd. |  |  |
| Series 2017-ER-1A, 10.74%, (3 Month Term SOFR + 6.41%), 10/21/30 (p) | 500 | 494 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2012-A2-CKSV, REMIC, 3.28%, 10/15/30 | 163 | 156 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Interest Only, Series 2016-XA-UB11, REMIC, 1.43%, 08/17/49 (p) | 14026 | 92 |
| Morgan Stanley Mortgage Loan Trust 2006-13ARX |  |  |
| Series 2006-A1-13AX, REMIC, 0.54%, (1 Month Term SOFR + 0.29%), 10/25/36 (m) (p) (q) | 4021 | 1146 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-5A1-AR1, REMIC, 0.59%, (1 Month Term SOFR + 0.65%), 02/25/36 (m) (p) (q) | 6614 | 693 |
| Octagon 57 Ltd |  |  |
| Series 2021-E-1A, 11.18%, (3 Month Term SOFR + 6.86%), 10/16/34 (p) | 1500 | 1477 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-ER-1A, 11.59%, (3 Month Term SOFR + 7.26%), 01/20/35 (p) | 1000 | 959 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-ER-1A, 10.33%, (3 Month Term SOFR + 6.01%), 07/17/30 (p) | 500 | 473 |
| Series 2013-SUB-1A, REMIC, 0.00%, 07/17/30 (i) (p) | 1500 |  |
| PFP 2024-11 Ltd |  |  |
| Series 2024-C-11, 7.13%, (1 Month Term SOFR + 2.99%), 09/19/39 (p) | 293 | 291 |
| PRKCM 2022-AFC2 Trust |  |  |
| Series 2022-M1-AFC2, REMIC, 6.12%, 08/25/26 (p) | 2000 | 2000 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-E-FL7, 7.67%, (1 Month Term SOFR + 3.51%), 11/25/36 (p) | 300 | 297 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-B2-2, REMIC, 3.94%, 12/25/61 (p) (q) | 4191 | 3008 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-R-A, 0.00%, 01/15/53 |  | 811 |
| SoFi Professional Loan Program 2018-C Trust |  |  |
| Series 2018-R1-C, REMIC, 0.00%, 01/25/48 (e) | 50 | 292 |
| Sound Point CLO 37, Ltd. |  |  |
| Series 2019-ER-2A, 11.05%, (3 Month Term SOFR + 6.73%), 07/17/34 (p) | 500 | 451 |
| Sound Point CLO XXXII Ltd |  |  |
| Series 2021-E-4A, 11.28%, (3 Month Term SOFR + 6.96%), 10/25/34 (p) | 500 | 453 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 |  |  |
| Series 2020-B2-SH1, REMIC, 4.68%, 01/28/50 (p) | 1200 | 1154 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-B2-4, REMIC, 4.14%, 08/25/56 (p) (q) | 3767 | 3104 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2004-2A2-19, REMIC, 5.08%, 01/25/35 (p) | 947 | 862 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-B-FL2, 6.05%, (1 Month Term SOFR + 1.91%), 04/16/38 (m) (p) | 100 | 99 |
| Series 2021-C-FL2, 6.35%, (1 Month Term SOFR + 2.21%), 04/16/38 (m) (p) | 300 | 299 |
| Sunbird Engine Finance Limited |  |  |
| Series 2020-C-1A, 6.78%, 02/15/27 (m) | 6 | 6 |
| THL Credit Wind River 2014-3 CLO Ltd |  |  |
| Series 2014-ER2-3A, 10.81%, (3 Month Term SOFR + 6.48%), 10/22/31 (p) | 500 | 479 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-F-SFR1, REMIC, 4.88%, 07/17/26 | 5000 | 4986 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 166 | 165 |
| Velocity Commercial Capital Loan Trust 2018-2 |  |  |
| Series 2018-M4-2, REMIC, 5.32%, 03/25/26 | 162 | 143 |
| Series 2018-M5-2, REMIC, 6.36%, 06/25/26 | 92 | 82 |
| Series 2018-M6-2, REMIC, 7.05%, 08/25/27 | 213 | 182 |
| Velocity Commercial Capital Loan Trust 2019-1 |  |  |
| Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (p) | 307 | 263 |
| Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (p) | 178 | 158 |
| Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (p) | 261 | 213 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-B2-6, 7.36%, 07/25/70 (p) | 600 | 590 |
| Voya CLO Ltd |  |  |
| Series 2019-E-2A, 11.19%, (3 Month Term SOFR + 6.86%), 07/20/32 (p) | 500 | 500 |
| Wells Fargo & Company |  |  |
| Series 2016-D-C33, REMIC, 3.12%, 03/17/26 | 470 | 437 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.76%, 11/18/25 (p) | 293 | 287 |
| Wells Fargo Commercial Mortgage Trust 2018-C46 |  |  |
| Series 2018-C-C46, REMIC, 4.95%, 08/17/28 (p) | 280 | 263 |
| Wells Fargo Commercial Mortgage Trust 2024-C63 |  |  |
| Interest Only, Series 2024-XD-C63, REMIC, 2.30%, 08/17/57 (p) | 1840 | 291 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-D-5C6, REMIC, 4.25%, 10/18/30 | 275 | 240 |
| WFRBS Commercial Mortgage Trust 2013-C14 |  |  |
| Series 2013-AS-C14, REMIC, 3.49%, 06/15/46 | 42 | 41 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (i) (m) | 111 | 111 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $78,585) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $78,585) | 65668 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.3%** |
| **Collateralized Mortgage Obligations 4.6%** | **Collateralized Mortgage Obligations 4.6%** | **Collateralized Mortgage Obligations 4.6%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1B2-R01, REMIC, 10.36%, (SOFR 30-Day Average + 6.00%), 12/26/41 (p) | 1250 | 1305 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1B2-R03, REMIC, 14.21%, (SOFR 30-Day Average + 9.85%), 03/25/42 (p) | 1000 | 1107 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series SW-4170, REMIC, 0.00%, (3.94% - (SOFR 30-Day Average \* 1)), 01/15/33 (p) | 277 | 254 |
| Interest Only, Series SG-3972, REMIC, 1.41%, (5.79% - (SOFR 30-Day Average \* 1)), 12/15/41 (p) | 2447 | 259 |
| Series MS-4096, REMIC, 0.02%, (2.51% - (SOFR 30-Day Average \* 0.57)), 08/15/42 (p) | 129 | 70 |
| Series SB-4118, REMIC, 0.06%, (2.56% - (SOFR 30-Day Average \* 0.57)), 10/15/42 (p) | 77 | 41 |
| Interest Only, Series IO-5343, REMIC, 3.50%, 10/15/42 | 4988 | 539 |
| Series SJ-4141, REMIC, 0.00%, (4.63% - (SOFR 30-Day Average \* 1.5)), 12/15/42 (p) | 92 | 47 |
| Series ST-4666, REMIC, 0.00%, (6.80% - (SOFR 30-Day Average \* 1.75)), 12/15/42 (p) | 119 | 73 |
| Interest Only, Series CI-5156, REMIC, 3.00%, 02/25/50 | 3256 | 582 |
| Interest Only, Series HI-5023, REMIC, 3.00%, 10/25/50 | 2265 | 376 |
| Interest Only, Series TI-5057, REMIC, 3.00%, 11/25/50 | 2973 | 481 |
| Interest Only, Series CI-5293, REMIC, 2.50%, 04/25/51 | 5401 | 861 |
| Interest Only, Series QI-5547, REMIC, 3.00%, 04/25/51 | 2799 | 515 |
| Interest Only, Series AI-5127, REMIC, 3.00%, 06/25/51 | 3608 | 622 |
| Interest Only, Series IN-5180, REMIC, 3.00%, 07/25/51 | 1987 | 407 |
| Interest Only, Series GI-5132, REMIC, 3.00%, 08/25/51 | 5748 | 978 |
| Interest Only, Series PI-5133, REMIC, 3.00%, 08/25/51 | 3378 | 525 |
| Interest Only, Series IA-5353, REMIC, 2.50%, 10/25/51 | 5256 | 594 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C7-427, 2.50%, 08/25/35 | 6614 | 505 |
| Interest Only, Series C1-437, 1.50%, 05/25/37 | 14539 | 777 |
| Interest Only, Series C34-431, 1.50%, 06/25/37 | 10308 | 537 |
| Interest Only, Series C22-425, 4.00%, 09/25/47 | 3677 | 607 |
| Interest Only, Series C34-436, 3.00%, 07/25/52 | 2216 | 384 |
| Series 2012-GS-125, REMIC, 0.07%, (2.56% - (SOFR 30-Day Average \* 0.57)), 11/25/42 (p) | 811 | 485 |
| Interest Only, Series 2018-SA-54, REMIC, 1.78%, (6.14% - (SOFR 30-Day Average \* 1)), 08/25/48 (p) | 1922 | 187 |
| Interest Only, Series 2021-IN-85, REMIC, 2.50%, 02/25/50 | 4005 | 647 |
| Interest Only, Series 2020-AS-54, REMIC, 1.68%, (6.04% - (SOFR 30-Day Average \* 1)), 08/25/50 (p) | 1903 | 238 |
| Interest Only, Series 2020-SA-74, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 10/25/50 (p) | 5010 | 228 |
| Interest Only, Series 2020-SA-77, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (p) | 6619 | 267 |
| Interest Only, Series 2020-SB-77, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (p) | 4738 | 199 |
| Interest Only, Series 2020-IB-80, REMIC, 2.50%, 11/25/50 | 3939 | 632 |
| Interest Only, Series 2020-WI-75, REMIC, 2.50%, 11/25/50 | 3198 | 514 |
| Interest Only, Series 2024-IE-22, REMIC, 2.50%, 11/25/50 | 3948 | 642 |
| Interest Only, Series 2021-S-82, REMIC, 0.00%, (3.75% - (SOFR 30-Day Average \* 1)), 01/25/51 (p) | 6677 | 218 |
| Interest Only, Series 2020-HI-96, REMIC, 3.00%, 01/25/51 | 2236 | 384 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 3224 | 612 |
| Interest Only, Series 2021-PI-20, REMIC, 2.50%, 04/25/51 | 3802 | 610 |
| Interest Only, Series 2024-IO-32, REMIC, 2.50%, 04/25/51 | 656 | 100 |
| Interest Only, Series 2021-IO-43, REMIC, 2.50%, 06/25/51 | 4015 | 633 |
| Interest Only, Series 2021-WI-56, REMIC, 2.50%, 09/25/51 | 3891 | 495 |
| Interest Only, Series 2021-LI-66, REMIC, 2.50%, 10/25/51 | 3403 | 569 |
| Interest Only, Series 2021-MI-74, REMIC, 2.50%, 11/25/51 | 3305 | 372 |
| Interest Only, Series 2023-IO-59, REMIC, 2.50%, 12/25/51 | 4953 | 536 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2013-SA-195, REMIC, 0.14%, 01/20/42 (p) | 3018 | 118 |
| Interest Only, Series 2018-HS-97, REMIC, 1.95%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (p) | 163 | 20 |
| Interest Only, Series 2018-SD-91, REMIC, 1.95%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (p) | 1298 | 142 |
| Interest Only, Series 2018-SA-111, REMIC, 0.30%, (4.44% - (1 Month Term SOFR \* 1)), 08/20/48 (p) | 1937 | 83 |
| Interest Only, Series 2018-SH-105, REMIC, 2.00%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/48 (p) | 1249 | 141 |
| Interest Only, Series 2018-SK-124, REMIC, 1.95%, (6.09% - (1 Month Term SOFR \* 1)), 09/20/48 (p) | 1488 | 168 |
| Interest Only, Series 2018-SA-166, REMIC, 1.90%, (6.04% - (1 Month Term SOFR \* 1)), 12/20/48 (p) | 1401 | 151 |
| Interest Only, Series 2019-SH-92, REMIC, 1.85%, (5.99% - (1 Month Term SOFR \* 1)), 07/20/49 (p) | 1316 | 152 |
| Interest Only, Series 2022-IB-218, REMIC, 3.00%, 07/20/50 | 582 | 97 |
| Interest Only, Series 2020-SC-115, REMIC, 0.00%, (4.09% - (1 Month Term SOFR \* 1)), 08/20/50 (p) | 3505 | 136 |
| Interest Only, Series 2020-BS-112, REMIC, 2.00%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/50 (p) | 2795 | 369 |
| Interest Only, Series 2020-SD-142, REMIC, 2.05%, (6.19% - (1 Month Term SOFR \* 1)), 09/20/50 (p) | 2326 | 341 |
| Interest Only, Series 2020-SH-146, REMIC, 2.05%, (6.19% - (1 Month Term SOFR \* 1)), 10/20/50 (p) | 2166 | 321 |
| Interest Only, Series 2020-TI-151, REMIC, 2.50%, 10/20/50 | 3884 | 592 |
| Interest Only, Series 2022-AI-112, REMIC, 2.50%, 10/20/50 | 1296 | 205 |
| Interest Only, Series 2020-MI-154, REMIC, 3.00%, 10/20/50 | 3413 | 571 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2020-SD-167, REMIC, 2.05%, (6.19% - (1 Month Term SOFR \* 1)), 11/20/50 (p) | 2268 | 342 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 3994 | 625 |
| Interest Only, Series 2020-DI-167, REMIC, 2.50%, 11/20/50 | 4274 | 624 |
| Interest Only, Series 2020-HI-173, REMIC, 2.50%, 11/20/50 | 4104 | 613 |
| Interest Only, Series 2020-KI-175, REMIC, 2.50%, 11/20/50 | 4864 | 721 |
| Interest Only, Series 2020-YI-165, REMIC, 2.50%, 11/20/50 | 4140 | 630 |
| Interest Only, Series 2020-SU-189, REMIC, 2.05%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (p) | 2099 | 307 |
| Interest Only, Series 2020-BI-188, REMIC, 2.50%, 12/20/50 | 4222 | 660 |
| Interest Only, Series 2020-UH-191, REMIC, 3.50%, 12/20/50 | 3119 | 603 |
| Interest Only, Series 2021-GI-15, REMIC, 3.50%, 01/20/51 | 2679 | 508 |
| Interest Only, Series 2021-YI-24, REMIC, 3.50%, 02/20/51 | 3271 | 637 |
| Interest Only, Series 2021-SA-97, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 06/20/51 (p) | 8009 | 66 |
| Interest Only, Series 2021-SB-107, REMIC, 0.00%, (3.10% - (SOFR 30-Day Average \* 1)), 06/20/51 (p) | 5424 | 84 |
| Interest Only, Series 2021-SB-97, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 06/20/51 (p) | 3113 | 81 |
| Interest Only, Series 2021-IP-160, REMIC, 2.50%, 06/20/51 | 3464 | 415 |
| Interest Only, Series 2021-BI-149, REMIC, 3.00%, 08/20/51 | 3448 | 546 |
| Interest Only, Series 2021-SA-158, REMIC, 0.00%, (3.70% - (SOFR 30-Day Average \* 1)), 09/20/51 (p) | 4667 | 134 |
| Interest Only, Series 2021-BI-160, REMIC, 3.00%, 09/20/51 | 3530 | 582 |
| Interest Only, Series 2021-IA-159, REMIC, 3.00%, 09/20/51 | 3476 | 549 |
| Interest Only, Series 2021-VI-161, REMIC, 3.00%, 09/20/51 | 4578 | 610 |
| Interest Only, Series 2024-KI-48, REMIC, 2.50%, 10/20/51 | 3889 | 563 |
| Interest Only, Series 2025-JI-62, REMIC, 2.50%, 10/20/51 | 4878 | 605 |
| Interest Only, Series 2021-SL-196, REMIC, 0.00%, (2.65% - (SOFR 30-Day Average \* 1)), 11/20/51 (p) | 12929 | 114 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 4209 | 621 |
| Interest Only, Series 2023-GI-19, REMIC, 3.00%, 11/20/51 | 3614 | 541 |
| Interest Only, Series 2021-IB-197, REMIC, 3.50%, 11/20/51 | 3552 | 666 |
| Interest Only, Series 2021-SC-221, REMIC, 0.00%, (3.80% - (SOFR 30-Day Average \* 1)), 12/20/51 (p) | 7634 | 232 |
| Interest Only, Series 2021-SN-213, REMIC, 0.00%, (3.20% - (SOFR 30-Day Average \* 1)), 12/20/51 (p) | 7339 | 110 |
| Interest Only, Series 2024-BI-6, REMIC, 3.00%, 12/20/51 | 3595 | 579 |
| Interest Only, Series 2022-IO-137, REMIC, 3.00%, 01/20/52 | 3835 | 553 |
| Interest Only, Series 2024-CI-79, REMIC, 3.50%, 02/20/52 | 3400 | 564 |
| Interest Only, Series 2020-HI-H11, REMIC, 1.41%, 06/19/70 (p) | 5249 | 390 |
| Interest Only, Series 2020-AI-H18, REMIC, 1.71%, 09/20/70 (p) | 5185 | 344 |
| Interest Only, Series 2020-BI-H19, REMIC, 1.79%, 11/20/70 (p) | 4263 | 382 |
| Interest Only, Series 2021-QI-H08, REMIC, 0.07%, 05/20/71 (p) | 20989 | 607 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Interest Only, Series 2025-MI-48, REMIC, 2.50%, 06/20/51 | 6196 | 918 |
| Interest Only, Series 2022-IO-207, REMIC, 3.00%, 08/20/51 | 5068 | 834 |
| Government National Mortgage Association REMIC Trust 2019-085 |  |  |
| Interest Only, Series 2019-IH-90, REMIC, 3.00%, 05/20/48 | 3559 | 528 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Interest Only, Series 2024-DI-24, REMIC, 3.50%, 11/20/51 | 3050 | 576 |
| | | 43685 |
| **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 2020-X9-M10, REMIC, 0.87%, 12/25/27 (p) | 8828 | 84 |
| Interest Only, Series 2019-X-M5, REMIC, 0.61%, 02/25/29 (p) | 11757 | 154 |
| Interest Only, Series 2019-X-M7, REMIC, 0.44%, 05/25/29 (p) | 8846 | 89 |
| Interest Only, Series 2019-X-M12, REMIC, 0.68%, 06/25/29 (p) | 7742 | 134 |
| Interest Only, Series 2019-X-M25, REMIC, 0.20%, 11/25/29 (p) | 24658 | 109 |
| Interest Only, Series 2022-X2-M4, REMIC, 0.26%, 05/25/30 (p) | 34805 | 267 |
| Interest Only, Series 2020-X2-M13, REMIC, 1.33%, 09/25/30 (p) | 3337 | 116 |
| Interest Only, Series 2019-X2-M21, REMIC, 1.40%, 02/25/31 (p) | 3381 | 172 |
| Interest Only, Series 2019-2XA-M24, REMIC, 1.28%, 03/25/31 (p) | 3386 | 150 |
| Interest Only, Series 2021-X1-M23, REMIC, 0.60%, 11/25/31 (p) | 11996 | 177 |
| Interest Only, Series 2020-X4-M10, REMIC, 0.99%, 07/25/32 (p) | 11702 | 458 |
| Freddie Mac Multifamily Securities 2018-KF56 Mortgage Trust |  |  |
| Series 2018-C-KF56, REMIC, 10.32%, (SOFR 30-Day Average + 5.91%), 11/25/28 (p) (q) | 246 | 237 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-94, REMIC, 0.83%, 02/16/63 (p) | 6707 | 397 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (p) | 4467 | 230 |
| Interest Only, Series 2023-IO-179, REMIC, 0.61%, 09/16/63 (p) | 9629 | 405 |
| Interest Only, Series 2022-IO-48, REMIC, 0.71%, 01/16/64 (p) | 7351 | 413 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (p) | 1453 | 98 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (p) | 1974 | 125 |
| Interest Only, Series 2024-IO-158, REMIC, 1.09%, 12/16/65 (p) | 7798 | 617 |
| Interest Only, Series 2024-IO-170, REMIC, 1.00%, 03/16/66 (p) | 1670 | 128 |
|  |  | 4560 |
| **U.S. Treasury Note 0.2%** | **U.S. Treasury Note 0.2%** | **U.S. Treasury Note 0.2%** |
| Treasury, United States Department of |  |  |
| 4.00%, 03/31/30 (a) | 1231 | 1245 |
| 3.63%, 08/31/30 (a) | 1220 | 1214 |
|  |  | 2459 |
| Total Government And Agency Obligations (cost $57,992) | Total Government And Agency Obligations (cost $57,992) | 50704 |
| **SENIOR FLOATING RATE INSTRUMENTS 1.0%** | **SENIOR FLOATING RATE INSTRUMENTS 1.0%** | **SENIOR FLOATING RATE INSTRUMENTS 1.0%** |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Altice France S.A. |  |  |
| 2023 USD Term Loan B14, 9.82%, (3 Month Term SOFR + 5.50%), 08/31/28 (p) | 75 | 72 |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.78%, (1 Month Term SOFR + 7.50%), 08/01/28 (p) | 305 | 267 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (p) (r) | 459 | 464 |
| 2024 Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 12/15/29 (p) | 65 | 66 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.78%, (1 Month Term SOFR + 4.50%), 12/02/31 (p) | 30 | 30 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 0.00%, (1 Month Term SOFR + 4.50%), 01/17/28 (p) (r) | 65 | 65 |
| DirecTV Financing, LLC |  |  |
| 2024 Term Loan, 9.82%, (3 Month Term SOFR + 5.25%), 08/02/29 (p) | 50 | 50 |
| Flutter Financing B.V. |  |  |
| 2025 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 05/22/32 (p) | 15 | 15 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (p) | 995 | 988 |
| 2024 Extended Term Loan B2, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/30 (p) | 2308 | 2291 |
| NEP Group, Inc. |  |  |
| 2023 Term Loan B, 7.71%, (3 Month Term SOFR + 3.25%), 08/19/26 (p) | 60 | 60 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 0.00%, (1 Month Term SOFR + 2.50%), 06/23/32 (p) (r) | 40 | 40 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 11/21/31 (p) | 15 | 15 |
| Univision Communications Inc. |  |  |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (p) | 50 | 49 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (p) | 45 | 44 |
| Voyager Parent, LLC |  |  |
| Term Loan B, 9.04%, (SOFR + 4.75%), 05/08/32 (p) | 65 | 65 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 0.00%, (1 Month Term SOFR + 2.50%), 04/17/28 (p) (r) | 90 | 90 |
| | | 4671 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (p) (r) | 1 | 1 |
| 2025 Delayed Draw Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (p) | 1 | 1 |
| 2025 Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (p) | 51 | 51 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 05/09/32 (p) | 45 | 45 |
| Brown Group Holding, LLC |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 07/01/31 (p) | 60 | 60 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 06/12/32 (p) | 110 | 109 |
| Constant Contact Inc |  |  |
| Second Lien Term Loan, 12.08%, (3 Month Term SOFR + 7.50%), 02/10/29 (p) | 360 | 308 |
| Cube Industrials Buyer Inc |  |  |
| 2024 Term Loan, 7.58%, (3 Month Term SOFR + 3.25%), 10/09/31 (p) | 100 | 100 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/17/32 (p) (r) | 35 | 35 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 7.97%, (1 Month Term SOFR + 3.75%), 07/01/32 (p) | 95 | 95 |
| Edelman Financial Center, LLC |  |  |
| 2024 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 04/07/28 (p) | 50 | 50 |
| 2024 2nd Lien Term Loan, 9.57%, (1 Month Term SOFR + 5.25%), 10/23/28 (p) | 50 | 50 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 01/13/29 (j) (p) | 64 | 64 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/15/31 (p) | 94 | 94 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Incremental Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 05/30/31 (p) | 40 | 40 |
| Green Infrastructure Partners Inc |  |  |
| USD Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/18/32 (p) | 90 | 90 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 7.07%, (3 Month Term SOFR + 2.75%), 02/03/32 (p) | 75 | 75 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.57%, (1 Month Term SOFR + 3.25%), 01/25/29 (p) | 25 | 25 |
| Lavender Dutch BorrowerCo BV |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 09/27/32 (p) (r) | 25 | 25 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.99%, (1 Month Term SOFR + 3.75%), 06/06/31 (p) | 64 | 62 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/14/31 (p) | 50 | 50 |
| Madison IAQ LLC |  |  |
| 2025 Term Loan B, 7.45%, (6 Month Term SOFR + 3.25%), 03/26/32 (p) | 55 | 55 |
| Pinnacle Buyer, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (p) (r) | 13 | 13 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (p) (r) | 20 | 20 |
| 2024 Extended Term Loan B, 9.07%, (1 Month Term SOFR + 4.75%), 03/12/30 (p) | 27 | 27 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 08/08/32 (p) | 50 | 50 |
| Spectris PLC |  |  |
| Term Loan, 0.00%, 09/26/32 (p) (r) | 20 | 20 |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 02/12/32 (p) | 40 | 40 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 08/14/32 (p) | 93 | 93 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 4.50%), 02/01/29 (p) | 27 | 27 |
| 2024 Term Loan B, 8.67%, (3 Month Term SOFR + 4.50%), 02/01/29 (p) | 27 | 27 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan M, 6.85%, (1 Month Term SOFR + 2.50%), 08/13/32 (p) | 125 | 125 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 11/30/30 (p) | 20 | 20 |
| Victory Capital Holdings Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 09/10/32 (p) (r) | 10 | 10 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 10/19/29 (p) | 104 | 104 |
|  |  | 2061 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 12/11/28 (p) | 109 | 109 |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (p) (r) | 405 |  |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/31/31 (p) | 40 | 40 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clearwater Analytics, LLC |  |  |
| 2025 Term Loan B, 6.46%, (6 Month Term SOFR + 2.25%), 02/10/32 (p) | 5 | 5 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 09/08/26 (p) | 32 | 31 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (b) (e) (l) (p) | 43 |  |
| Finastra USA, Inc. |  |  |
| 2025 1st Lien Term Loan, 8.04%, (3 Month Term SOFR + 4.00%), 07/30/32 (p) | 20 | 20 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (p) | 109 | 107 |
| ION Platform Finance US, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/30/32 (e) (p) (r) | 65 | 64 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 03/29/29 (p) (r) | 15 | 15 |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 03/29/29 (p) (r) | 5 | 5 |
| 2025 Term Loan B, 7.89%, (1 Month Term SOFR + 3.75%), 03/29/29 (p) | 24 | 24 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 8.57%, (1 Month Term SOFR + 4.25%), 12/11/31 (p) | 60 | 55 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 06/05/31 (p) | 50 | 49 |
| 2024 2nd Lien Term Loan, 9.57%, (1 Month Term SOFR + 5.25%), 06/07/32 (p) | 10 | 10 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.75%), 06/03/28 (p) | 44 | 43 |
| Qnity Electronics Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 08/11/32 (p) (r) | 75 | 75 |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 8.57%, (3 Month Term SOFR + 4.00%), 04/24/28 (p) | 32 | 31 |
| X Corp. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 6.50%), 10/27/29 (p) (r) | 55 | 54 |
| Zayo Group Holdings, Inc. |  |  |
| 2022 USD Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 4.17%), 03/09/27 (p) (r) | 30 | 30 |
| 2022 USD Incremental Term Loan B, 8.49%, (1 Month Term SOFR + 4.17%), 03/09/27 (p) | 26 | 25 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 10/24/31 (p) (r) | 50 | 50 |
| | | 842 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 12/21/28 (p) | 48 | 48 |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.43%, (1 Month Term SOFR + 3.00%), 06/30/27 (p) | 5 | 4 |
| 2020 Letter Of Credit, 8.57%, (LIBOR + 4.75%), 06/30/27 (e) (p) | 351 | 291 |
| 2020 Take Back Term Loan, 8.43%, (1 Month Term SOFR + 4.00%), 12/31/27 (j) (p) | 425 | 283 |
| Lealand Reficar Term Loan |  |  |
| Term Loan, 12.09%, 06/30/27 (d) (p) | 4 | 4 |
| Meade Pipeline CO LLC |  |  |
| Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 09/18/32 (p) | 35 | 35 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (p) | 15 | 15 |
|  |  | 680 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 02/24/32 (p) (r) | 30 | 30 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 8.03%, (1 Month Term SOFR + 3.75%), 09/24/28 (j) (p) | 25 | 24 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 02/07/28 (p) | 58 | 59 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/20/32 (p) | 34 | 34 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 04/08/28 (p) | 15 | 14 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 03/21/31 (p) | 86 | 86 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 08/09/32 (p) | 30 | 30 |
| Sabre GLBL Inc. |  |  |
| 2022 1st Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.00%), 06/09/28 (p) | 12 | 11 |
| 2024 Term Loan B1, 10.42%, (1 Month Term SOFR + 6.00%), 11/15/29 (p) | 11 | 10 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 08/22/29 (p) | 25 | 23 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/30/31 (p) | 91 | 90 |
|  |  | 411 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.18%, (1 Month Term SOFR + 3.75%), 12/23/27 (p) | 64 | 60 |
| Aveanna Healthcare, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/11/32 (p) (r) | 40 | 40 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (p) | 95 | 95 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.07%, (3 Month Term SOFR + 3.75%), 05/16/31 (p) | 99 | 99 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 06/26/32 (p) | 65 | 65 |
| Team Health Holdings, Inc. |  |  |
| 2025 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 06/30/28 (p) | 35 | 35 |
|  |  | 394 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/21/32 (p) | 45 | 45 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.93%, (6 Month Term SOFR + 2.75%), 02/28/31 (p) | 27 | 27 |
| 2024 USD Term Loan B, 7.05%, (6 Month Term SOFR + 2.75%), 02/28/31 (p) | 32 | 32 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 07/22/32 (p) | 35 | 35 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/21/31 (p) | 94 | 92 |
| 2025 2nd Amendment Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/16/32 (p) | 5 | 5 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 07/02/31 (p) | 69 | 69 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 06/12/32 (p) | 50 | 50 |
| | | 355 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 08/06/32 (p) | 40 | 40 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 12/23/30 (p) | 5 | 5 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (p) | 109 | 109 |
| Froneri International Ltd. |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 07/17/32 (p) (r) | 65 | 65 |
| Golden State Food LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 10/07/31 (p) (r) | 5 | 5 |
| Term Loan B, 8.23%, (1 Month Term SOFR + 4.00%), 10/07/31 (p) | 5 | 5 |
| Savor Acquisition, Inc. |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 02/04/32 (p) | 27 | 28 |
|  |  | 257 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 03/15/29 (p) | 109 | 109 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.67%, (1 Month Term SOFR + 4.25%), 03/09/29 (p) | 54 | 49 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 02/09/30 (p) | 60 | 54 |
|  |  | 212 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Vestis Corporation |  |  |
| Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/18/31 (p) | 40 | 38 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (p) | 24 | 24 |
| Total Senior Floating Rate Instruments (cost $10,650) | Total Senior Floating Rate Instruments (cost $10,650) | 9945 |
| **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** |
| Acropolis Infrastructure Acquisition Corp. (b) (e) (s) | 17 |  |
| Altaba Inc. (b) (e) (s) | 2007 | 2559 |
| Amyris, Inc. (b) (e) (h) (s) | 2856 |  |
| Danimer Scientific, Inc. (b) (e) (h) (s) | 672 |  |
| Pershing Square Tontine Holdings, Ltd. (b) (e) (s) | 31 |  |
| Zalatoris Acquisition Escrow (b) (e) (s) | 13 |  |
| Total Other Equity Interests (cost $30,339) | Total Other Equity Interests (cost $30,339) | 2559 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| City Office REIT, Inc., 6.63%, (25, 11/08/25) (n) | 54 | 1360 |
| Total Preferred Stocks (cost $1,333) | Total Preferred Stocks (cost $1,333) | 1360 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (b) (e) | 2 | 4 |
| Aimei Health Technology Co., Ltd. (b) | 15 | 5 |
| Akouos, Inc. (b) (e) | 14 | 7 |
| AmpliTech Group, Inc. (b) | 13 | 2 |
| Bristol-Myers Squibb Company (b) (e) | 25 | 13 |
| Cayson Acquisition Corp. (b) | 7 | 1 |
| Crane Harbor Acquisition Corp. (b) | 54 | 17 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 5 |
| DT Cloud Acquisition Corp. (b) | 3 |  |
| ESH Acquisition Corp. (b) | 16 | 3 |
| Inhibrx, Inc. (b) (e) | 11 | 8 |
| Iron Horse Acquisitions Corp. (b) | 11 | 8 |
| Jackson Acquisition Co II (b) | 42 | 10 |
| K&F Growth Acquisition Corp. II (b) | 11 | 1 |
| Lakeshore Acquisition III Corp. (b) | 20 | 4 |
| Mountain Lake Acquisition Corp. (b) | 38 | 8 |
| Pershing Square SPARC Holdings, Ltd. (b) (e) | 7 | 2 |
| Sizzle Acquisition Corp II (b) | 50 | 9 |
| Soulpower Acquisition Corp (b) | 62 | 12 |
| Spring Valley Acquisition Corp. II (b) | 1 |  |
| Tavia Acquisition Corp (b) | 19 | 4 |
| UY Scuti Acquisition Corp. (b) | 16 | 3 |
| Total Rights (cost $153) | Total Rights (cost $153) | 126 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Agriculture & Natural Solutions Acquisition Corp. (b) | 7 | 1 |
| Alchemy Investments Acquisition Corp 1 (b) | 9 | 1 |
| Aldel Financial II Inc. (b) | 14 | 7 |
| Altenergy Acquisition Corp. (b) (e) | 3 |  |
| Andretti Acquisition Corp. II (b) | 10 | 2 |
| Archimedes Tech Spac Partners II Co. (b) | 9 | 3 |
| Capri Listco (b) (e) | 31 |  |
| Cartesian Growth Corporation II (b) | 3 |  |
| Cero Therapeutics Holdings, Inc. (b) | 3 |  |
| Copley Acquisition Corp. (b) | 19 | 4 |
| Electriq Power Holdings, Inc. (b) (e) | 4 |  |
| EVe Mobility Acquisition Corp (b) (e) | 4 |  |
| FACT II Acquisition Corp. (b) | 11 | 3 |
| Gesher Acquisition Corp. II (b) | 5 | 2 |
| Getaround Operating, Inc. (b) (e) | 1 |  |
| GIBO Holdings Ltd. (b) | 3 |  |
| Goal Acquisitions Corp. (b) (e) | 45 |  |
| Graf Global Corp. (b) | 4 | 1 |
| Grove Collaborative Holdings, Inc. (b) | 4 |  |
| iLearningEngines, Inc. (b) (e) | 14 |  |
| Iron Horse Acquisitions Corp. (b) | 11 | 1 |
| Israel Acquisitions Corp. (b) | 5 | 1 |
| Jaws Mustang Acquisition Corp. (b) | 12 |  |
| Keen Vision Acquisition Corporation (b) | 27 | 2 |
| Launch Two Acquisition Corp. (b) | 6 | 2 |
| Live Oak Acquisition Corp V (b) | 5 | 2 |
| Maxeon Solar Technologies, Ltd. (b) (e) | 81 |  |
| Newbury Street Acquisition Corporation (b) | 10 | 2 |
| NewHold Investment Corp. III (b) | 5 | 2 |
| Psyence Biomedical Ltd. (b) | 4 |  |
| Roman DBDR Acquisition Corp. II (b) | 7 | 3 |
| Ross Acquisition Corp. II (b) (e) | 1 |  |
| SIM Acquisition Corp. I (b) | 23 | 9 |
| Slam Corp. (b) | 3 |  |
| Spark I Acquisition Corp. (b) | 10 | 5 |
| Stellar V Capital Corp. (b) | 5 | 2 |
| Target Global Acquisition I Corp. (b) (e) | 6 |  |
| Tevogen Bio Holdings Inc. (b) | 4 |  |
| Texas Ventures Acquisition III Corp (b) | 19 | 20 |
| Titan Acquisition Corp (b) | 34 | 10 |
| Volato Group, Inc. (b) | 8 |  |
| Voyager Acquisition Corp. (b) | 8 | 1 |
| Zapp Electric Vehicles Group Limited (b) | 7 |  |
| Zeo Energy Corp. (b) | 3 |  |
| Total Warrants (cost $162) | Total Warrants (cost $162) | 86 |
| **SHORT TERM INVESTMENTS 31.3%** | **SHORT TERM INVESTMENTS 31.3%** | **SHORT TERM INVESTMENTS 31.3%** |
| **Investment Companies 27.6%** | **Investment Companies 27.6%** | **Investment Companies 27.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (t) (u) | 263461 | 263461 |
| **U.S. Treasury Bill 3.7%** | **U.S. Treasury Bill 3.7%** | **U.S. Treasury Bill 3.7%** |
| Treasury, United States Department of |  |  |
| 4.11%, 10/02/25 | 18100 | 18098 |
| 4.10%, 01/22/26 | 17700 | 17489 |
|  |  | 35587 |
| Total Short Term Investments (cost $299,036) | Total Short Term Investments (cost $299,036) | 299048 |
| **Total Investments 125.8% (cost $1,062,481)** | **Total Investments 125.8% (cost $1,062,481)** | **1202833** |
| **Total Securities Sold Short (30.5)% (proceeds $229,540)** | **Total Securities Sold Short (30.5)% (proceeds $229,540)** | **(291201)** |
| **Total Purchased Options 0.0% (cost $119)** | **Total Purchased Options 0.0% (cost $119)** | **51** |
| **Other Derivative Instruments (0.2)%** | **Other Derivative Instruments (0.2)%** | **(1530)** |
| **Other Assets and Liabilities, Net 4.9%** | **Other Assets and Liabilities, Net 4.9%** | **45672** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **955825** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

(a) All or a portion of the security is pledged or segregated as collateral.

(b) Non-income producing security.

(c) All or a portion of the security is subject to a written call option.

(d) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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 was on loan as of September 30, 2025.

(h) Convertible security.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $68,458 and 7.2% of the Fund.

(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) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) As of September 30, 2025, 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.

(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 September 30, 2025.

(n) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(o) Security fair valued using the NAV per share practical expedient in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(p) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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.

(q) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(r) This senior floating rate interest will settle after September 30, 2025. 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) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (30.5%)** | **SECURITIES SOLD SHORT (30.5%)** | **SECURITIES SOLD SHORT (30.5%)** |
| **COMMON STOCKS (20.2%)** | **COMMON STOCKS (20.2%)** | **COMMON STOCKS (20.2%)** |
| **Information Technology (10.0%)** | **Information Technology (10.0%)** | **Information Technology (10.0%)** |
| A10 Networks, Inc. | (19) | (341) |
| Adeia Inc. | (108) | (1810) |
| Adtran Holdings, Inc. | (41) | (383) |
| Advanced Energy Industries, Inc. | (3) | (452) |
| Akamai Technologies, Inc. | (16) | (1202) |
| Alkami Technology, Inc. | (2) | (49) |
| Applied Digital Corporation | (32) | (725) |
| Applied Optoelectronics, Inc. | (10) | (247) |
| ASML Holding N.V. - ADR | (4) | (3632) |
| BigBear.ai Holdings, LLC | (101) | (660) |
| Bill Holdings, Inc. | (7) | (389) |
| Box, Inc. - Class A | (34) | (1094) |
| Cipher Mining Inc. | (9) | (116) |
| Cleanspark Inc. | (10) | (148) |
| Cloudflare, Inc. - Class A | (4) | (910) |
| Core Scientific, Inc. | (27) | (491) |
| DigitalOcean Holdings, Inc. | (13) | (442) |
| Dropbox, Inc. - Class A | (21) | (642) |
| Five9, Inc. | (4) | (99) |
| Guidewire Software, Inc. | (3) | (599) |
| Impinj, Inc. | (1) | (273) |
| Indie Semiconductor, Inc. - Class A | (79) | (321) |
| InterDigital, Inc. | (22) | (7712) |
| IREN Limited | (128) | (6005) |
| Itron, Inc. |  | (52) |
| KLA Corporation | (5) | (5858) |
| Lenovo Group Limited | (190) | (281) |
| Lumentum Holdings Inc. | (24) | (3939) |
| MACOM Technology Solutions Holdings, Inc. | (8) | (1033) |
| Mara Holdings, Inc. | (30) | (546) |
| MeridianLink, Inc. | (45) | (902) |
| Microchip Technology Incorporated | (4) | (272) |
| MKS Inc. |  | (48) |
| Nebius Group N.V. - Class A (a) | (23) | (2542) |
| NetApp, Inc. | (62) | (7310) |
| Nutanix, Inc. - Class A | (25) | (1894) |
| ON Semiconductor Corporation | (27) | (1354) |
| OSI Systems, Inc. | (4) | (944) |
| Pagaya Technologies, Ltd. - Class A | (39) | (1159) |
| Palo Alto Networks, Inc. | (25) | (5065) |
| PAR Technology Corporation | (5) | (186) |
| Penguin Solutions, Inc. | (70) | (1850) |
| Porch Group Inc - Class A | (13) | (219) |
| Progress Software Corporation | (1) | (26) |
| PROS Holdings, Inc. | (39) | (889) |
| Q2 Holdings, Inc. | (6) | (416) |
| Rubrik, Inc. - Class A | (3) | (233) |
| Seagate Technology Holdings Public Limited Company | (58) | (13797) |
| Semtech Corporation | (16) | (1109) |
| Snowflake Inc. - Class A | (8) | (1696) |
| Strategy Inc - Class A | (2) | (734) |
| Super Micro Computer, Inc. | (39) | (1870) |
| TeraWulf Inc. | (132) | (1512) |
| Veeco Instruments Inc. | (27) | (822) |
| Vertex, Inc. - Class A | (1) | (24) |
| Vishay Intertechnology, Inc. | (9) | (131) |
| Western Digital Corporation | (66) | (7979) |
| Zscaler, Inc. |  | (153) |
|  |  | (95587) |
| **Consumer Discretionary (4.6%)** | **Consumer Discretionary (4.6%)** | **Consumer Discretionary (4.6%)** |
| Alibaba Group Holding Limited - ADR | (16) | (2792) |
| AutoZone, Inc. | (1) | (4140) |
| Best Buy Co., Inc. | (52) | (3954) |
| Cheesecake Factory Incorporated, The | (11) | (619) |
| Cracker Barrel Old Country Store, Inc. | (1) | (66) |
| Cricut, Inc. - Class A | (195) | (1225) |
| D.R. Horton, Inc. | (9) | (1461) |
| DoorDash, Inc. - Class A | (1) | (307) |
| Expedia Group, Inc. | (1) | (238) |
| Flight Centre Travel Group Limited | (3) | (23) |
| Ford Motor Company | (71) | (851) |
| GameStop Corp. - Class A | (31) | (838) |
| H World Group Limited - ADR | (10) | (392) |
| Home Depot, Inc., The | (14) | (5513) |
| LCI Industries | (1) | (80) |
| Lennar Corporation - Class A | (8) | (999) |
| Les Vetements de Sport Gildan Inc. - Class A | (2) | (125) |
| Mister Car Wash, Inc. | (107) | (569) |
| Norwegian Cruise Line Holdings Ltd. | (14) | (349) |
| ODP Corporation, The | (36) | (1001) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Peloton Interactive, Inc. - Class A | (111) | (1003) |
| Pool Corporation | (11) | (3521) |
| Realreal, Inc., The | (47) | (497) |
| Sea Limited - Class A-ADR | (21) | (3764) |
| Stride, Inc. | (14) | (2047) |
| Toll Brothers, Inc. | (14) | (1970) |
| Trip.com Group Limited - ADR | (26) | (1955) |
| Wayfair Inc. - Class A | (38) | (3390) |
| Winnebago Industries, Inc. | (1) | (30) |
| | | (43719) |
| **Financials (1.9%)** | **Financials (1.9%)** | **Financials (1.9%)** |
| Affirm Holdings, Inc. - Class A | (4) | (315) |
| American Coastal Insurance Corporation | (54) | (614) |
| Baldwin Insurance Group, Inc., The - Class A | (23) | (662) |
| Coinbase Global, Inc. - Class A | (1) | (452) |
| Encore Capital Group, Inc. | (9) | (362) |
| EZCORP, Inc. - Class A | (29) | (548) |
| Galaxy Digital Inc. - Class A | (13) | (438) |
| Huntington Bancshares Incorporated | (1) | (9) |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | (130) | (882) |
| Rocket Companies, Inc. - Class A | (406) | (7870) |
| Shift4 Payments, LLC - Class A | (4) | (297) |
| SoFi Technologies, Inc. | (104) | (2748) |
| Upstart Holdings, Inc. | (27) | (1391) |
| WisdomTree, Inc. | (122) | (1697) |
|  |  | (18285) |
| **Industrials (1.7%)** | **Industrials (1.7%)** | **Industrials (1.7%)** |
| ACCO Brands Corporation | (200) | (797) |
| Astronics Corporation | (6) | (268) |
| Bloom Energy Corporation - Class A | (99) | (8331) |
| Deluxe Corporation | (71) | (1378) |
| Enovix Corporation | (12) | (121) |
| Granite Construction Incorporated | (4) | (431) |
| Greenbrier Companies, Inc., The | (7) | (319) |
| JBT Marel Corporation | (1) | (88) |
| Lyft, Inc. - Class A | (11) | (243) |
| Masco Corporation | (22) | (1584) |
| Millerknoll, Inc. | (30) | (539) |
| Pitney Bowes Inc. | (16) | (179) |
| Tetra Tech, Inc. | (9) | (305) |
| Union Pacific Corporation |  | (107) |
| Werner Enterprises, Inc. | (22) | (569) |
| Xometry, Inc. - Class A | (16) | (896) |
|  |  | (16155) |
| **Health Care (0.9%)** | **Health Care (0.9%)** | **Health Care (0.9%)** |
| Alphatec Holdings, Inc. | (53) | (772) |
| Amphastar Pharmaceuticals, Inc. |  | (13) |
| ANI Pharmaceuticals, Inc. | (4) | (339) |
| Ascendis Pharma A/S - ADR |  | (83) |
| Bridgebio Pharma, Inc. | (17) | (869) |
| Collegium Pharmaceutical, Inc. | (27) | (935) |
| DexCom, Inc. | (1) | (90) |
| Dynavax Technologies Corporation | (27) | (267) |
| Enovis Corporation | (1) | (17) |
| Exact Sciences Corporation | (6) | (324) |
| Guardant Health, Inc. | (4) | (277) |
| Hims & Hers Health, Inc. - Class A | (1) | (68) |
| Inotiv, Inc. | (53) | (77) |
| Jazz Pharmaceuticals Public Limited Company | (3) | (380) |
| LivaNova PLC | (6) | (312) |
| Mirum Pharmaceuticals, Inc. | (6) | (421) |
| Pacira Pharmaceuticals, Inc. | (12) | (306) |
| Pharming Group N.V. | (162) | (237) |
| PTC Therapeutics, Inc. | (24) | (1484) |
| Repligen Corporation | (3) | (418) |
| Tempus AI, Inc. - Class A | (1) | (71) |
| TransMedics Group, Inc. | (11) | (1291) |
|  |  | (9051) |
| **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |
| AST Spacemobile, Inc. - Class A | (4) | (187) |
| Former Charter Communications Parent, Inc. - Class A | (3) | (852) |
| Live Nation Entertainment, Inc. | (14) | (2315) |
| Match Group, Inc. | (5) | (169) |
| Sirius XM Holdings Inc. | (17) | (405) |
| Ziff Davis, Inc. | (2) | (90) |
|  |  | (4018) |
| **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
| Kite Realty Naperville, LLC | (2) | (50) |
| Open Doors Technology Inc. - Class A | (418) | (3332) |
| Pebblebrook Hotel Trust | (16) | (186) |
| StorageVault Canada Inc. | (16) | (59) |
|  |  | (3627) |
| **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** |
| Fortuna Mining Corp. | (47) | (417) |
| Sherwin-Williams Company, The | (3) | (967) |
| Silvercorp Metals Inc. | (54) | (339) |
| SSR Mining Inc. | (11) | (275) |
|  |  | (1998) |
| **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
| Energy Fuels Inc. | (14) | (211) |
| Solaris Energy Infrastructure, Inc. - Class A | (11) | (449) |
| Western Midstream Partners, LP | (4) | (152) |
|  |  | (812) |
| Total Common Stocks (proceeds $147,261) | Total Common Stocks (proceeds $147,261) | (193252) |
| **INVESTMENT COMPANIES (6.0%)** | **INVESTMENT COMPANIES (6.0%)** | **INVESTMENT COMPANIES (6.0%)** |
| iShares iBoxx $ High Yield Corporate Bond ETF | (31) | (2527) |
| iShares S&P 500 Growth ETF | (1) | (112) |
| SPDR Portfolio S&P 500 Growth ETF | (1) | (56) |
| SPDR S&P 500 ETF Trust | (64) | (42610) |
| VanEck Semiconductor ETF | (35) | (11416) |
| Total Investment Companies (proceeds $41,117) | Total Investment Companies (proceeds $41,117) | (56721) |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** |
| **U.S. Treasury Note (1.3%)** | **U.S. Treasury Note (1.3%)** | **U.S. Treasury Note (1.3%)** |
| Treasury, United States Department of |  |  |
| 3.88%, 03/31/27 | (1075) | (1078) |
| 3.75%, 04/30/27 | (1407) | (1409) |
| 3.75%, 06/30/27 | (2006) | (2010) |
| 3.88%, 07/31/27 | (2006) | (2015) |
| 3.63%, 08/31/27 | (1906) | (1907) |
| 3.88%, 04/30/30 | (2814) | (2833) |
| 3.88%, 06/30/30 | (996) | (1002) |
| Total Government And Agency Obligations (proceeds $12,189) | Total Government And Agency Obligations (proceeds $12,189) | (12254) |
| **SHORT TERM INVESTMENTS (3.0%)** | **SHORT TERM INVESTMENTS (3.0%)** | **SHORT TERM INVESTMENTS (3.0%)** |
| **Treasury Securities (3.0%)** | **Treasury Securities (3.0%)** | **Treasury Securities (3.0%)** |
| Treasury, United States Department of |  |  |
| 4.23%, 10/09/25 | (29000) | (28974) |
| Total Short Term Investments (proceeds $28,973) | Total Short Term Investments (proceeds $28,973) | (28974) |
| **Total Securities Sold Short (30.5%) (proceeds $229,540)** | **Total Securities Sold Short (30.5%) (proceeds $229,540)** | **(291201)** |

---

(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 — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 133011 | 652665 | 522215 | 6276 |  |  | 263461 | 27.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.14% - Class SL | 535 | 29138 | 29673 | 29 |  |  |  |  |
|  | 133546 | 681803 | 551888 | 6305 |  |  | 263461 | 27.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Private Fund Investments** | **JNL Multi-Manager Alternative Fund — Private Fund Investments** | **JNL Multi-Manager Alternative Fund — Private Fund Investments** | **JNL Multi-Manager Alternative Fund — Private Fund Investments** | **JNL Multi-Manager Alternative Fund — Private Fund Investments** |
|  |  | **Lockup Period** | **Redemption Notice** | **Termination Date**  |
| WCM Partners Fund | An evergreen hybrid fund seeking to invest in high quality businesses with growing moats and strong corporate cultures across both public equities and pre-IPO private companies. The fund will target roughly 40-50 investments domiciled within and outside the U.S. | 2 Years | 90 Days | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 N.V. | 06/17/19 | 3578 | 6858 | 0.7 |
| AMS-Osram AG, 10.50%, 03/30/29 | 07/17/25 | 259 | 263 |  |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 10/31/23 | 317 | 138 |  |
| Delivery Hero SE | 01/21/22 | 309 | 136 |  |
| Delivery Hero SE, 1.00%, 01/23/27 | 03/10/22 | 1292 | 1465 | 0.2 |
| Delivery Hero SE, 1.50%, 01/15/28 | 02/05/24 | 88 | 109 |  |
| Delivery Hero SE, 3.25%, 02/21/30 | 06/28/24 | 381 | 464 | 0.1 |
| Dynavax Technologies Corporation, 2.00%, 03/15/30 | 03/06/25 | 998 | 983 | 0.1 |
| Flight Centre Travel Group Limited, 2.50%, 11/17/27 | 12/06/24 | 135 | 129 |  |
| Lenovo Group Limited, 2.50%, 08/26/29 | 03/26/25 | 364 | 374 |  |
| Meridan Management Ltd | 03/05/21 | 317 |  |  |
| Nebius Group N.V. - Class A | 09/25/25 | (2458) | (2542) | (0.3) |
| Pharming Group N.V., 4.50%, 04/25/29 | 09/24/24 | 338 | 443 |  |
| Ping An Insurance (Group) Company of China, Ltd., 0.88%, 07/22/29 | 12/06/24 | 931 | 1088 | 0.1 |
| PROS Holdings, Inc., 2.50%, 07/01/30 | 06/27/25 | 1228 | 1493 | 0.2 |
| Realreal, Inc., The, 4.00%, 02/15/31 | 08/26/25 | 669 | 735 | 0.1 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 47 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 119 | 36 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 3 |  |
| WCM Partners Fund | 02/27/25 | 82500 | 109832 | 11.5 |
| Ziff Davis, Inc., 3.63%, 03/01/28 | 03/28/25 | 1449 | 1464 | 0.2 |
|  |  | 92902 | 123518 | 12.9 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan, 3 Month Term SOFR + 2.75% | 2 |  |
| Lealand Finance Company B.V., 2020 Senior Letter Of Credit, LIBOR + 3.00% | 180 | 52 |
| Savor Acquisition, Inc., Delayed Draw Term Loan, SOFR + 3.25% | 3 |  |
|  | 185 | 52 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 60 | January 2026 | 12496 | 7 | 8 |
| United States 5 Year Note | 30 | January 2026 | 3271 | 1 | 4 |
| United States Long Bond | 55 | December 2025 | 6282 | (14) | 130 |
|  |  |  |  | (6) | 142 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (27) | December 2025 | (3157) | 15 | (84) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| BigBear.ai Holdings, LLC | Put | 6.00 | 10/17/25 | 37 | 22 | 1 |
| BigBear.ai Holdings, LLC | Put | 6.50 | 10/17/25 | 37 | 24 | 2 |
| Bill Holdings, Inc. | Call | 54.00 | 10/03/25 | 11 | 59 | 1 |
| Bill Holdings, Inc. | Call | 55.00 | 10/17/25 | 11 | 61 | 1 |
| Bloom Energy Corporation | Put | 19.00 | 01/16/26 | 8 | 15 |  |
| Boeing Company, The | Put | 150.00 | 10/17/25 | 22 | 330 |  |
| iShares Russell 2000 ETF | Put | 232.00 | 10/17/25 | 95 | 2204 | 12 |
| Open Doors Technology Inc. | Put | 1.50 | 01/16/26 | 76 | 11 |  |
| Pagaya Technologies, Ltd. | Put | 29.00 | 10/17/25 | 9 | 26 | 2 |
| PAR Technology Corporation | Call | 50.00 | 10/17/25 | 19 | 95 |  |
| Planet Labs Inc. | Put | 11.00 | 10/17/25 | 19 | 21 |  |
| Plug Power Inc. | Put | 2.00 | 10/17/25 | 75 | 15 | 1 |
| Porch Group Inc | Call | 12.50 | 12/19/25 | 4 | 5 | 2 |
| Porch Group Inc | Call | 15.00 | 01/16/26 | 10 | 15 | 4 |
| Sarepta Therapeutics, Inc. | Call | 30.00 | 11/21/25 | 5 | 15 |  |
| Sarepta Therapeutics, Inc. | Call | 30.00 | 01/16/26 | 10 | 30 | 2 |
| SPDR S&P 500 ETF Trust | Put | 645.00 | 10/17/25 | 95 | 6128 | 22 |
| Teck Resources Limited | Put | 35.00 | 10/17/25 | 750 | 2625 |  |
| Wayfair Inc. | Put | 77.00 | 10/03/25 | 15 | 116 |  |
| Western Digital Corporation | Put | 106.00 | 10/17/25 | 4 | 42 |  |
| Xometry, Inc. | Put | 50.00 | 10/17/25 | 11 | 55 | 1 |
|  |  |  |  |  |  | 51 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Air Lease Corporation | Call | 65.00 | 02/20/26 | 47 | 306 | (2) |
| Bill Holdings, Inc. | Put | 50.00 | 10/17/25 | 11 | 55 | (1) |
| Boeing Company, The | Call | 205.00 | 10/17/25 | 16 | 328 | (21) |
| Electronic Arts Inc. | Call | 200.00 | 10/17/25 | 17 | 340 | (5) |
| Electronic Arts Inc. | Call | 210.00 | 11/21/25 | 13 | 273 |  |
| Electronic Arts Inc. | Call | 210.00 | 03/20/26 | 13 | 273 | (1) |
| iShares Russell 2000 ETF | Put | 222.00 | 10/17/25 | 95 | 2109 | (3) |
| Porch Group Inc | Put | 10.00 | 01/16/26 | 71 | 71 | (1) |
| SPDR S&P 500 ETF Trust | Put | 625.00 | 10/17/25 | 95 | 5938 | (9) |
| Teck Resources Limited | Call | 39.00 | 10/17/25 | 162 | 632 | (83) |
| Teck Resources Limited | Call | 38.00 | 10/17/25 | 588 | 2234 | (357) |
| TEGNA Inc. | Call | 22.00 | 12/19/25 | 83 | 183 | (2) |
| Warner Bros. Discovery, Inc. | Call | 17.00 | 12/19/25 | 184 | 313 | (67) |
| Warner Bros. Discovery, Inc. | Call | 14.00 | 12/19/25 | 369 | 517 | (221) |
| Western Midstream Partners, LP | Call | 40.00 | 10/17/25 | 3 | 12 |  |
| Western Midstream Partners, LP | Call | 40.00 | 11/21/25 | 14 | 56 |  |
|  |  |  |  |  |  | (773) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | GSC | 10/15/25 | JPY | 80418 | 545 | (1) |
| JPY/USD | GSC | 10/15/25 | JPY | 36300 | 246 |  |
| USD/AUD | SSB | 12/29/25 | AUD | (159) | (105) |  |
| USD/CAD | SSB | 12/29/25 | CAD | (277) | (200) | 2 |
| USD/EUR | GSC | 11/05/25 | EUR | (1741) | (2052) | (60) |
| USD/EUR | GSC | 11/05/25 | EUR | (754) | (887) | 4 |
| USD/EUR | GSC | 12/16/25 | EUR | (1800) | (2123) | (27) |
| USD/EUR | GSC | 12/16/25 | EUR | (76) | (89) |  |
| USD/EUR | JPM | 12/18/25 | EUR | (120) | (142) | (1) |
| USD/EUR | JPM | 12/18/25 | EUR | (110) | (129) |  |
| USD/EUR | SSB | 12/29/25 | EUR | (274) | (323) | 1 |
| USD/GBP | GSC | 12/17/25 | GBP | (647) | (871) | (10) |
| USD/GBP | GSC | 12/17/25 | GBP | (311) | (417) |  |
| USD/GBP | GSC | 12/18/25 | GBP | (263) | (354) | (2) |
| USD/GBP | GSC | 12/18/25 | GBP | (1922) | (2583) | 22 |
| USD/JPY | GSC | 10/15/25 | JPY | (116718) | (790) | 8 |
|  |  |  |  |  | (10274) | (64) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Headhunter Group PLC‡ (MT) | MSC | Federal Funds Effective Rate +0.55% (MT) | TBD | 13705 | 206 | (206) |
| Ozon Holdings PLC‡ (MT) | GSC | Federal Funds Effective Rate -0.25% (MT) | TBD | (48131) | (558) | (17) |
| Public Joint Stock Company Children's World‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 560770 | 284 | (284) |
| Public Joint Stock Company Sberbank of Russia‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 41476 |  |  |
| VK Company Limited‡ (MT) | MSC | Federal Funds Effective Rate -6.50% (MT) | TBD | (137620) | (249) | 13 |
|  |  |  |  |  |  | (494) |

---

‡Contract for Difference 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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** |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (Q) | BOA | 12/27/25 |  |  | 11 |
| Covestro AG (MT) | OBFR +0.61% (Q) | GSC | 07/29/26 | 2077 |  | (11) |
| Frontier Communications Parent, Inc. (MT) | OBFR +0.61% (Q) | GSC | 09/10/26 | 1333 |  | (2) |
| Just Eat Takeaway.Com N.V. (MT) | OBFR +0.61% (Q) | GSC | 04/04/26 | 2725 |  | 187 |
| Just Group PLC (MT) | OBFR +0.85% (Q) | GSC | 08/01/26 | 1226 |  | 16 |
| Spectris PLC (MT) | OBFR +0.61% (Q) | GSC | 07/01/26 | 2881 |  | 6 |
| CyberArk Software Ltd. (MT) | OBFR +0.38% (Q) | JPM | 09/19/26 | 1881 |  | (14) |
|  |  |  |  |  |  | 193 |
| **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** |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | BOA | 09/25/26 | (155) |  | (9) |
| Boeing Company, The (MT) | OBFR -0.35% (Q) | GSC | 07/29/26 | (543) |  | 25 |
| Huntington Bancshares Incorporated (MT) | OBFR -0.35% (Q) | GSC | 07/29/26 | (683) |  | (27) |
| Omnicom Group Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/03/26 | (3370) |  | (163) |
| Western Midstream Partners, LP (MT) | OBFR -2.24% (Q) | GSC | 08/21/26 | (134) |  | (4) |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | JPM | 09/26/26 | (437) |  | (24) |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 | (1588) |  | (67) |
| Huntington Bancshares Incorporated (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 | (176) |  | 4 |
| Palo Alto Networks, Inc. (MT) | OBFR -0.25% (Q) | JPM | 08/19/26 | (1873) |  | 5 |
| Rocket Companies, Inc. (MT) | OBFR -9.88% (Q) | JPM | 07/29/26 | (139) |  | (41) |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/22/26 | (1433) |  | (99) |
| Western Midstream Partners, LP (MT) | OBFR -3.84% (Q) | JPM | 08/13/26 | (44) |  | (1) |
|  |  |  |  |  |  | (401) |

---

‡Total Return Swap 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **. Level 1 ($) .** | **. Level 2 ($) .** | **. Level 3 ($) .** | **Other ($)<sup>1</sup>** | **. Total ($) .** |
| **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** |
| **Assets - Securities** |  |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 408954 | 32340 | 161 |  | 441455 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 222050 |  |  | 222050 |
| &nbsp;&nbsp;Private Investment Funds |  |  |  | 109832 | 109832 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 65325 | 343 |  | 65668 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 50704 |  |  | 50704 |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>2</sup> |  | 9642 | 355 |  | 9997 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 2559 |  | 2559 |
| &nbsp;&nbsp;Preferred Stocks | 1360 |  |  |  | 1360 |
| &nbsp;&nbsp;Rights | 92 |  | 34 |  | 126 |
| &nbsp;&nbsp;Warrants | 86 |  |  |  | 86 |
| &nbsp;&nbsp;Short Term Investments | 263461 | 35587 |  |  | 299048 |
|  | 673953 | 415648 | 3452 | 109832 | 1202885 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **. Level 1 ($) .** | **. Level 2 ($) .** | **. Level 3 ($) .** | **Other ($)<sup>1</sup>** | **. Total ($) .** |
| **JNL Multi-Manager Alternative Fund (continued)** | **JNL Multi-Manager Alternative Fund (continued)** | **JNL Multi-Manager Alternative Fund (continued)** | **JNL Multi-Manager Alternative Fund (continued)** | **JNL Multi-Manager Alternative Fund (continued)** | **JNL Multi-Manager Alternative Fund (continued)** |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (191829) | (1423) |  |  | (193252) |
| &nbsp;&nbsp;Investment Companies | (56721) |  |  |  | (56721) |
| &nbsp;&nbsp;Government And Agency Obligations |  | (12254) |  |  | (12254) |
| &nbsp;&nbsp;Short Term Investments |  | (28974) |  |  | (28974) |
|  | (248550) | (42651) |  |  | (291201) |
| **Assets - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 142 |  |  |  | 142 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 51 |  |  |  | 51 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 37 |  |  | 37 |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | 13 |  | 13 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 243 | 11 |  | 254 |
|  | 193 | 280 | 24 |  | 497 |
| **Liabilities - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (84) |  |  |  | (84) |
| &nbsp;&nbsp;Exchange Traded Written Options | (773) |  |  |  | (773) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (101) |  |  | (101) |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | (507) |  | (507) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (462) |  |  | (462) |
|  | (857) | (563) | (507) |  | (1927) |

---

<sup>1</sup> Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. Although there can be no assurance, in general, the fair value of the investment using the NAV per share practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

<sup>2</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation is reflected as an asset and net unrealized depreciation is reflected as a liability in the table. See Unfunded Commitments table following the Schedule of Investments.

<sup>3</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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 95.6%** | **COMMON STOCKS 95.6%** | **COMMON STOCKS 95.6%** |
| **China 17.8%** | **China 17.8%** | **China 17.8%** |
| Alibaba Group Holding Limited (a) | 1314 | 29539 |
| Anhui Conch Cement Company Limited - Class A | 1181 | 3803 |
| Anhui Gujing Distillery Company Limited - Class B | 493 | 6855 |
| Bank of Ningbo Co., Ltd. - Class A | 1226 | 4549 |
| Bilibili Inc (b) | 150 | 4268 |
| BYD Company Limited - Class A | 266 | 4084 |
| China Construction Bank Corporation - Class H | 7768 | 7455 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 832 | 3310 |
| China Resources Land Limited | 1071 | 4175 |
| Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 839 | 3106 |
| Chongqing Brewery Co., Ltd. - Class A | 305 | 2293 |
| Contemporary Amperex Technology Co., Limited - Class A | 175 | 9873 |
| DiDi Global Inc. - Class A - ADR (b) | 1762 | 10960 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 613 | 6310 |
| Haitian International Holdings Limited | 2741 | 7562 |
| Hosa International Limited (b) (c) | 7408 |  |
| iQIYI, Inc. - Class A - ADR (b) (d) | 1018 | 2607 |
| J&T Global Express Limited (b) | 3007 | 3779 |
| Kanzhun Limited - ADR | 399 | 9317 |
| KE Holdings Inc. | 700 | 4710 |
| Meituan - Class B (a) (b) | 157 | 2097 |
| NetEase, Inc. | 306 | 9301 |
| PICC Property and Casualty Company Limited - Class H | 694 | 1565 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (b) | 79 | 10439 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 505 | 3434 |
| SANY Heavy Industry Co., Ltd. - Class A | 1475 | 4817 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 102 | 3505 |
| Sunny Optical Technology (Group) Company Limited | 531 | 6164 |
| Tencent Holdings Limited | 423 | 36020 |
| Tongcheng-Elong Holdings Limited (a) | 2427 | 7156 |
| Trip.com Group Limited | 52 | 3924 |
| Wanhua Chemical Group Co., Ltd. - Class A | 196 | 1835 |
| WuXi Biologics (Cayman) Inc. (a) (b) | 46 | 245 |
| Xiamen Meitu Technology Co., Ltd. | 10001 | 12015 |
| Zijin Mining Group Co., Ltd. - Class H | 460 | 1933 |
|  |  | 233005 |
| **India 14.4%** | **India 14.4%** | **India 14.4%** |
| Adani Energy Solutions Limited (b) | 311 | 3073 |
| Adani Enterprises Limited | 264 | 7494 |
| Adani Green Energy (UP) Limited (b) | 429 | 4986 |
| Adani Ports and Special Economic Zone Limited | 308 | 4901 |
| Adani Power Limited (b) | 3918 | 6395 |
| Ashok Leyland Limited | 3231 | 5200 |
| Bajaj Finserv Limited | 35 | 785 |
| Bharti Airtel Limited | 382 | 8095 |
| Computer Age Management Services Limited | 84 | 3584 |
| GMR Airports Limited (b) | 2726 | 2686 |
| HDFC Bank Limited - ADR | 149 | 5084 |
| Hindalco Industries Limited | 735 | 6329 |
| ICICI Bank Limited | 1606 | 24385 |
| ICICI Bank Limited - ADR | 57 | 1722 |
| Indian Hotels Company Limited, The | 19 | 154 |
| Indraprastha Gas Limited | 2419 | 5690 |
| Infosys Limited - ADR (d) | 173 | 2816 |
| ITC Hotels Limited (b) | 532 | 1368 |
| ITC Limited | 3349 | 15166 |
| JSW Energy Limited | 429 | 2570 |
| JSW Steel Limited | 277 | 3577 |
| KEC International Limited | 464 | 4582 |
| KFIN Technologies Limited | 190 | 2259 |
| Lodha Developers Limited | 157 | 2015 |
| NHPC Limited | 3368 | 3287 |
| Oracle Financial Services Software Limited | 22 | 2100 |
| Patanjali Foods Limited | 686 | 4439 |
| PB Fintech Limited (b) | 273 | 5249 |
| Phoenix Mills Limited, The | 238 | 4175 |
| Power Finance Corporation Limited | 472 | 2192 |
| Reliance Industries Limited | 778 | 11970 |
| Shree Cement Limited | 17 | 5507 |
| Shriram Finance Limited | 776 | 5381 |
| State Bank of India | 311 | 3064 |
| Sun Pharma Advanced Research Company Limited | 244 | 4386 |
| Tata Consultancy Services Limited | 14 | 453 |
| Tech Mahindra Limited | 153 | 2412 |
| The Federal Bank Ltd | 4009 | 8729 |
|  |  | 188260 |
| **Taiwan 11.4%** | **Taiwan 11.4%** | **Taiwan 11.4%** |
| ADDCN Technology Co., Ltd. | 599 | 3562 |
| ASE Technology Holding Co., Ltd. | 1169 | 6316 |
| BizLink Holding Inc. | 221 | 7537 |
| Chroma ATE Inc. | 306 | 5840 |
| Eclat Textile Corporation Ltd. | 269 | 3883 |
| Kerry TJ Logistics Company Limited | 1256 | 1416 |
| Lite-On Technology Corporation | 1826 | 10408 |
| MediaTek Inc. | 272 | 11803 |
| Silergy Corp. | 315 | 2686 |
| Sporton International Inc. | 549 | 3241 |
| Taiwan Semiconductor Manufacturing Company Limited | 2129 | 91989 |
|  |  | 148681 |
| **Brazil 10.5%** | **Brazil 10.5%** | **Brazil 10.5%** |
| American Beverage Co Ambev - ADR (d) | 1184 | 2640 |
| B3 S.A. - Brasil, Bolsa, Balcao | 565 | 1418 |
| Banco BTG Pactual S/A | 1274 | 11566 |
| BRBI BR Partners S.A. | 1040 | 3545 |
| Caixa Seguridade Participacoes S/A | 3966 | 11230 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 469 | 4630 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 527 | 13079 |
| Companhia Paranaense De Energia | 582 | 1324 |
| Embraer S.A. | 386 | 5801 |
| Embraer S.A. - ADR | 59 | 3580 |
| Eneva S.A. (b) | 755 | 2357 |
| Equatorial Energia S.A. | 332 | 2303 |
| Gps Participacoes E Empreendimentos S.A. | 1937 | 6870 |
| Inter & Co, Inc. - Class A | 1209 | 11160 |
| Klabin S.A. | 1062 | 3585 |
| NU Holdings Ltd. - Class A (b) | 236 | 3778 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 779 | 9852 |
| Rede D'or Sao Luiz S.A. | 777 | 6162 |
| Tegma Gestao Logistica S.A. | 1259 | 8159 |
| TOTVS S.A. | 1921 | 16473 |
| Vale S.A. - ADR | 309 | 3360 |
| Vivara Participacoes S.A. | 775 | 4189 |
|  |  | 137061 |
| **South Korea 8.9%** | **South Korea 8.9%** | **South Korea 8.9%** |
| APR Co., Ltd. | 28 | 4969 |
| Coupang, Inc. - Class A (b) | 217 | 6987 |
| Coway Co., Ltd. | 51 | 3615 |
| d'Alba Global Co., Ltd. (b) | 22 | 2541 |
| Duzon Bizon Co., Ltd. | 94 | 5980 |
| Hanwha Aerospace Co., Ltd. | 5 | 3824 |
| HD Hyundai Marine Solution Co., Ltd. | 52 | 7876 |
| Hyundai Motor Company | 29 | 4395 |
| Hyundai Rotem Company | 25 | 3854 |
| Leeno Industrial Inc. | 187 | 6895 |
| Nice Information Service Co., Ltd. | 685 | 6815 |
| S-1 Corporation | 112 | 6704 |
| Samsung Electronics Co., Ltd. | 325 | 19497 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 853 |
| Samsung Life Insurance Co., Ltd. | 56 | 6303 |
| Saramin Co., Ltd. | 31 | 320 |
| Shinhan Financial Group Co., Ltd. | 118 | 5981 |
| SK Hynix Inc. | 75 | 18774 |
|  |  | 116183 |
| **Mexico 3.6%** | **Mexico 3.6%** | **Mexico 3.6%** |
| BBB Foods Inc. - Class A (b) | 97 | 2623 |
| CEMEX S.A.B. de C.V. - ADR | 1255 | 11278 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Corporacion Moctezuma S.A.B. de C.V. | 1513 | 6775 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 210 | 4950 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. - Series B - ADR | 16 | 3854 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 238 | 2394 |
| Grupo Mexico, S.A.B. de C.V. - Class B (d) | 670 | 5826 |
| Qualitas Controladora, S.A.B. de C.V. (d) | 1076 | 9804 |
| | | 47504 |
| **Singapore 3.6%** | **Singapore 3.6%** | **Singapore 3.6%** |
| DBS Group Holdings Ltd | 48 | 1892 |
| Haw Par Corporation Limited | 692 | 7610 |
| Riverstone Holdings Limited (d) | 7989 | 4429 |
| Sea Limited - Class A - ADR (b) | 119 | 21187 |
| Seatrium Limited | 2789 | 5147 |
| Singapore Telecommunications Limited | 1969 | 6312 |
|  |  | 46577 |
| **Poland 2.5%** | **Poland 2.5%** | **Poland 2.5%** |
| Allegro.eu (a) (b) | 845 | 8289 |
| Grupa Pracuj Spolka Akcyjna | 973 | 17728 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 76 | 1472 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 308 | 4611 |
|  |  | 32100 |
| **Indonesia 2.0%** | **Indonesia 2.0%** | **Indonesia 2.0%** |
| PT Avia Avian | 66023 | 1621 |
| PT Bank Central Asia Tbk | 15051 | 6893 |
| PT Bank Mandiri (Persero) Tbk | 18469 | 4896 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 19171 | 4491 |
| PT Dayamitra Telekomunikasi | 54826 | 1915 |
| PT Sarana Menara Nusantara | 140916 | 4953 |
| PT Semen Indonesia (Persero) Tbk | 6373 | 1089 |
|  |  | 25858 |
| **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** |
| Adnoc Drilling Company PJSC | 2883 | 4424 |
| Adnoc Gas | 3068 | 2960 |
| Aldar Properties - P J S C | 1097 | 2838 |
| Alpha Dhabi Holding | 1243 | 3565 |
| First Abu Dhabi Bank P.J.S.C. | 630 | 2687 |
| International Holdings Limited (b) | 60 | 6496 |
|  |  | 22970 |
| **Hong Kong 1.7%** | **Hong Kong 1.7%** | **Hong Kong 1.7%** |
| AIA Group Limited | 491 | 4694 |
| Futu Holdings Limited - ADR | 17 | 2989 |
| Giant Biogene Holding Co Ltd (d) | 581 | 4216 |
| Melco Resorts & Entertainment Limited - ADR (b) | 536 | 4914 |
| Wasion Holdings Limited | 956 | 1559 |
| Xinyi Glass Holdings Limited (d) | 3427 | 3973 |
| Zijin Gold International Company Limited (b) | 9 | 144 |
|  |  | 22489 |
| **Thailand 1.6%** | **Thailand 1.6%** | **Thailand 1.6%** |
| Bangkok Bank Public Company Limited | 506 | 2330 |
| Humanica Public Company Limited | 11807 | 2241 |
| Kasikornbank Public Company Limited | 301 | 1558 |
| Krungthai Bank Public Company Limited | 2134 | 1636 |
| SCB X Public Company Limited | 854 | 3392 |
| True Corporation Public Company Limited - NVDR (b) | 17671 | 5680 |
| Union Auction Public Company Limited | 24952 | 4779 |
|  |  | 21616 |
| **Lithuania 1.6%** | **Lithuania 1.6%** | **Lithuania 1.6%** |
| Baltic Classifieds Group PLC | 5013 | 20883 |
| **Greece 1.6%** | **Greece 1.6%** | **Greece 1.6%** |
| Eurobank Ergasias Services And Holdings S.A. - Class R | 173 | 670 |
| National Bank of Greece S.A. - Class R | 130 | 1894 |
| Optima Bank S.A. | 775 | 7697 |
| Piraeus Financial Holdings S.A. - Class R | 1229 | 10439 |
|  |  | 20700 |
| **South Africa 1.5%** | **South Africa 1.5%** | **South Africa 1.5%** |
| Capitec Bank Holdings | 24 | 4907 |
| Clicks Group | 199 | 4071 |
| FirstRand Limited | 1460 | 6565 |
| Rand Merchant Investment Holdings Limited | 1028 | 4271 |
|  |  | 19814 |
| **Saudi Arabia 1.5%** | **Saudi Arabia 1.5%** | **Saudi Arabia 1.5%** |
| Al Rajhi Banking and Investment Corporation | 112 | 3202 |
| BUPA Arabia for Cooperative Insurance Company | 113 | 4968 |
| Saudi Arabian Oil Company (a) | 353 | 2318 |
| Saudi National Bank, The | 751 | 7854 |
| The Company For Cooperative Insurance | 24 | 887 |
|  |  | 19229 |
| **Malaysia 1.3%** | **Malaysia 1.3%** | **Malaysia 1.3%** |
| Carlsberg Brewery Malaysia Berhad | 962 | 3763 |
| CIMB Group Holdings Berhad | 3666 | 6406 |
| Heineken Malaysia Berhad | 1477 | 7476 |
|  |  | 17645 |
| **United States of America 1.2%** | **United States of America 1.2%** | **United States of America 1.2%** |
| Coca-Cola Company, The | 74 | 4888 |
| Cognizant Technology Solutions Corporation - Class A | 59 | 3972 |
| Philip Morris International Inc. | 44 | 7196 |
|  |  | 16056 |
| **United Kingdom 1.0%** | **United Kingdom 1.0%** | **United Kingdom 1.0%** |
| NMC Health PLC (c) | 119 |  |
| Rightmove PLC | 1062 | 10132 |
| Unilever PLC - ADR | 58 | 3416 |
|  |  | 13548 |
| **Peru 0.9%** | **Peru 0.9%** | **Peru 0.9%** |
| Credicorp Ltd. | 42 | 11241 |
| **Netherlands 0.9%** | **Netherlands 0.9%** | **Netherlands 0.9%** |
| Prosus N.V. - Class N (d) | 159 | 11227 |
| **Argentina 0.6%** | **Argentina 0.6%** | **Argentina 0.6%** |
| Grupo Financiero Galicia S.A. - Class B - ADR (d) | 64 | 1753 |
| MercadoLibre, Inc. (b) | 2 | 5583 |
|  |  | 7336 |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| OTP Bank Nyrt. | 85 | 7294 |
| **Kazakhstan 0.6%** | **Kazakhstan 0.6%** | **Kazakhstan 0.6%** |
| Joint Stock Company Kaspi.Kz - ADR (a) | 36 | 2939 |
| Joint Stock Company Kaspi.Kz - GDR (c) (e) | 50 | 4332 |
|  |  | 7271 |
| **Japan 0.5%** | **Japan 0.5%** | **Japan 0.5%** |
| MARUWA Co., Ltd. | 24 | 6167 |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Coca-Cola HBC AG | 20 | 946 |
| VAT Group AG (a) | 12 | 4679 |
|  |  | 5625 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| TotalEnergies SE | 89 | 5445 |
| **Luxembourg 0.3%** | **Luxembourg 0.3%** | **Luxembourg 0.3%** |
| Tenaris S.A. | 227 | 4070 |
| **Chile 0.3%** | **Chile 0.3%** | **Chile 0.3%** |
| Banco de Chile | 25883 | 3936 |
| **Canada 0.3%** | **Canada 0.3%** | **Canada 0.3%** |
| Celestica Inc. (b) | 15 | 3676 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| TAV Havalimanlari Holding Anonim Sirketi - Class A (b) | 310 | 1793 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Erste Group Bank AG | 15 | 1480 |
| **Philippines 0.1%** | **Philippines 0.1%** | **Philippines 0.1%** |
| International Container Terminal Services, Inc. | 142 | 1150 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom - ADR (a) (b) (c) | 627 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (c) | 200 |  |
| Public Joint Stock Company Mobile Telesystems - ADR (a) (b) (c) | 101 |  |
| Public Joint Stock Company Novatek (a) (b) (c) | 150 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Public Joint Stock Company Novatek - GDR (a) (b) (c) | 1 |  |
| Public Joint Stock Company Oil Company Lukoil - ADR (a) (b) (c) | 47 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (c) | 544 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (c) | 2990 |  |
| Total Common Stocks (cost $1,046,845) | Total Common Stocks (cost $1,046,845) | 1247890 |
| **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| Banco Bradesco S/A. (f) | 1060 | 3529 |
| Itau Unibanco Holding S.A. (f) | 1347 | 9880 |
| Petroleo Brasileiro S/A Petrobras. (f) | 1196 | 7046 |
| Total Preferred Stocks (cost $18,568) | Total Preferred Stocks (cost $18,568) | 20455 |
| **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (g) (h) | 22219 | 22219 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (g) (h) | 11267 | 11267 |
|  |  | 33486 |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (g) (h) | 16173 | 16173 |
| Total Short Term Investments (cost $49,659) | Total Short Term Investments (cost $49,659) | 49659 |
| **Total Investments 101.0% (cost $1,115,072)** | **Total Investments 101.0% (cost $1,115,072)** | **1318004** |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(13171)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1304833** |

---

(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) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(d) All or a portion of the security was on loan as of September 30, 2025.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $4,332 and 0.3% of the Fund.

(f) Convertible security.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 35978 | 336088 | 349847 | 672 |  |  | 22219 | 1.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1723 | 44081 | 29631 | 128 |  |  | 16173 | 1.2 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 3144 | 66147 | 58024 | 107 |  |  | 11267 | 0.9 |
|  | 40845 | 446316 | 437502 | 907 |  |  | 49659 | 3.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 02/12/25 | 16812 | 29539 | 2.3 |
| Allegro.eu | 09/01/22 | 5100 | 8289 | 0.6 |
| Joint Stock Company Kaspi.Kz | 04/22/24 | 3512 | 2939 | 0.2 |
| Meituan - Class B | 07/22/24 | 3467 | 2097 | 0.2 |
| Public Joint Stock Company Gazprom | 06/24/21 | 5367 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 05/03/24 | 541 |  |  |
| Public Joint Stock Company Mobile Telesystems | 11/16/20 | 876 |  |  |
| Public Joint Stock Company Novatek | 11/13/20 | 2678 |  |  |
| Public Joint Stock Company Novatek | 09/24/21 | 159 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 01/15/21 | 3890 |  |  |
| Public Joint Stock Company Sberbank of Russia | 03/09/21 | 2176 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/16/20 | 4462 |  |  |
| Saudi Arabian Oil Company | 10/22/24 | 2547 | 2318 | 0.2 |
| Tongcheng-Elong Holdings Limited | 05/31/23 | 5377 | 7156 | 0.5 |
| VAT Group AG | 04/14/25 | 4218 | 4679 | 0.4 |
| WuXi Biologics (Cayman) Inc. | 09/01/25 | 213 | 245 |  |
|  |  | 61395 | 57262 | 4.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | BBH | 10/02/25<br> HKD | 615 | 79 |  |
| HKD/USD | BBH | 10/03/25<br> HKD | 644 | 83 |  |
| USD/HKD | SSB | 10/03/25<br> HKD | (1245) | (160) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | SSB | 10/03/25 | ZAR | (2501) | (145) |  |
|  |  |  |  |  | (143) |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 308395 | 935163 | 4332 | 1247890 |
| &nbsp;&nbsp;Preferred Stocks | 20455 |  |  | 20455 |
| &nbsp;&nbsp;Short Term Investments | 49659 |  |  | 49659 |
|  | 378509 | 935163 | 4332 | 1318004 |
| **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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **SENIOR FLOATING RATE INSTRUMENTS 89.9%** | **SENIOR FLOATING RATE INSTRUMENTS 89.9%** | **SENIOR FLOATING RATE INSTRUMENTS 89.9%** |
| **Industrials 25.6%** | **Industrials 25.6%** | **Industrials 25.6%** |
| Accelya Lux Finco S.a r.l. |  |  |
| Term Loan, 0.00%, (SOFR + 5.25%), 09/05/32 (a) (b) (c) | 635 | 622 |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 9.60%, (3 Month Term SOFR + 5.50%), 08/21/31 (a) | 115 | 114 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 10/28/27 (a) | 540 | 481 |
| Advisor Group, Inc. |  |  |
| 2025 Term Loan, 7.32%, (3 Month Term SOFR + 3.00%), 07/17/32 (a) | 4339 | 4336 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.28%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 6260 | 6271 |
| Air Comm Corporation, LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) (c) | 34 | 34 |
| 2024 Delayed Draw Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) | 10 | 10 |
| 2025 Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 530 | 530 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 0.00%, (1 Month Term SOFR + 2.00%), 07/29/32 (a) (c) | 175 | 174 |
| 2025 USD Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 07/29/32 (a) | 2760 | 2740 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 07/31/31 (a) | 2156 | 2153 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 4342 | 4332 |
| 2023 1st Lien Term Loan, 6.26%, (6 Month Term SOFR + 2.25%), 05/29/29 (a) | 401 | 400 |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 960 | 964 |
| Amynta Agency Borrower Inc. |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 12/29/31 (a) | 576 | 574 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.76%, (3 Month Term SOFR + 3.40%), 07/21/28 (a) | 334 | 334 |
| 2024 Term Loan B6, 7.76%, (3 Month Term SOFR + 3.40%), 11/16/28 (a) | 647 | 648 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 669 | 668 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.75%), 10/10/31 (a) (c) | 49 | 49 |
| 2024 Term Loan B, 9.05%, (3 Month Term SOFR + 4.25%), 10/10/31 (a) | 424 | 426 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 3524 | 3519 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/31 (a) (c) | 175 | 156 |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/31 (a) | 735 | 654 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 5.25%), 11/08/30 (a) (c) | 175 | 156 |
| Term Loan B, 9.55%, (3 Month Term SOFR + 5.25%), 11/08/30 (a) | 548 | 487 |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 08/14/32 (a) | 908 | 911 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 05/17/28 (a) | 2145 | 2146 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 12/11/31 (a) | 1779 | 1780 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 1311 | 1308 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 7.31%, (3 Month Term SOFR + 3.25%), 06/25/32 (a) | 2930 | 2942 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 267 | 267 |
| BrightView Landscapes, LLC |  |  |
| 2025 Term Loan B, 6.31%, (3 Month Term SOFR + 2.00%), 04/20/29 (a) | 2469 | 2459 |
| Brock Holdings III, Inc. |  |  |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 05/01/30 (a) (b) | 218 | 214 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2023 Refinancing Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 07/20/30 (a) | 1949 | 1949 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 12/30/28 (a) (c) | 175 | 158 |
| 2021 Incremental Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 12/30/28 (a) | 964 | 868 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.79%, (3 Month Term SOFR + 2.50%), 03/15/30 (a) | 614 | 617 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 7.05%, (3 Month Term SOFR + 2.75%), 09/29/28 (a) | 755 | 755 |
| 2025 Term Loan B1, 7.07%, (1 Month Term SOFR + 2.75%), 09/29/28 (a) |  |  |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 7.54%, (3 Month Term SOFR + 3.25%), 03/21/31 (a) | 375 | 376 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 8.43%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 2888 | 2890 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) (c) | 350 | 349 |
| Term Loan B, 7.49%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 3971 | 3964 |
| 2025 Delayed Draw Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 2 | 2 |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 3802 | 3795 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 06/12/32 (a) | 3000 | 2981 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/13/28 (a) | 2178 | 1358 |
| Congruex Group LLC |  |  |
| Term Loan, 5.96%, (3 Month Term SOFR + 1.50%), 04/26/29 (a) | 110 | 92 |
| Constant Contact Inc |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 02/10/28 (a) (c) | 175 | 162 |
| Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 02/10/28 (a) | 975 | 902 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 352 | 353 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 6.17%, (1 Month Term SOFR + 2.00%), 02/09/31 (a) | 212 | 211 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) (c) | 420 | 398 |
| 2021 Term Loan B, 7.50%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) | 603 | 572 |
| 2022 Term Loan, 9.78%, (1 Month Term SOFR + 5.63%), 08/01/28 (a) | 44 | 42 |
| 2024 Term Loan B, 8.65%, (1 Month Term SOFR + 4.50%), 05/05/31 (a) | 159 | 145 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Corporation Service Company |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 08/10/29 (a) | 579 | 573 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 2046 | 2043 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.78%, (1 Month Term SOFR + 4.50%), 09/18/28 (a) | 157 | 157 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 12/31/30 (a) | 7318 | 7317 |
| Crown Equipment Corporation |  |  |
| 2025 Term Loan B, 6.53%, (1 Month Term SOFR + 2.25%), 10/10/31 (a) | 299 | 299 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2025 Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 01/30/31 (a) | 2711 | 2726 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 07/02/31 (a) | 806 | 805 |
| 2nd Lien Term Loan, 9.57%, (3 Month Term SOFR + 5.25%), 07/02/32 (a) | 250 | 250 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/17/32 (a) (c) | 2213 | 2213 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.75%), 03/31/28 (a) (c) | 39 | 39 |
| 2025 Term Loan, 7.97%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 761 | 762 |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 140 | 139 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 7.48%, (3 Month Term SOFR + 3.25%), 08/01/32 (a) | 195 | 195 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 0.00%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) (c) |  |  |
| 2024 1st Lien Term Loan B2, 0.00%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) (c) |  |  |
| 2024 1st Lien Term Loan B1, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 536 | 536 |
| 2024 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 204 | 204 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 11/09/28 (a) (c) | 475 | 461 |
| Term Loan, 8.17%, (1 Month Term SOFR + 3.75%), 11/09/28 (a) | 450 | 437 |
| Edelman Financial Center, LLC |  |  |
| 2024 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 04/07/28 (a) | 1492 | 1493 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 10/24/29 (a) | 343 | 344 |
| Employbridge Holding Company |  |  |
| 2025 Second Out Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 01/19/30 (a) | 4675 | 748 |
| 2025 First Out Term Loan, 9.80%, (3 Month Term SOFR + 5.50%), 01/19/30 (a) | 1327 | 851 |
| Emrld Borrower LP |  |  |
| Term Loan B, 6.45%, (3 Month Term SOFR + 2.25%), 05/04/30 (a) | 100 | 99 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 06/18/31 (a) (c) | 175 | 174 |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 06/18/31 (a) | 461 | 459 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 7.31%, (3 Month Term SOFR + 3.00%), 08/01/29 (a) | 4307 | 4316 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 01/28/32 (a) | 1477 | 1477 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 9.56%, (3 Month Term SOFR + 5.00%), 08/23/28 (a) | 423 | 220 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (d) | 5441 | 5431 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) | 4837 | 4838 |
| Fortress Intermediate 3, Inc |  |  |
| 2025 Term Loan B, 7.25%, (1 Month Term SOFR + 3.00%), 06/27/31 (a) | 4892 | 4904 |
| Fusion Buyer LLC |  |  |
| Term Loan, 12.40%, (3 Month Term SOFR + 8.00%), 06/06/30 (a) | 378 | 386 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 6.05%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 604 | 601 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) (c) | 175 | 170 |
| 2025 Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) | 3170 | 3072 |
| Green Infrastructure Partners Inc |  |  |
| USD Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 1158 | 1158 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/24/29 (a) | 446 | 447 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 9.18%, (1 Month Term SOFR + 4.75%), 06/28/28 (a) | 672 | 507 |
| Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 06/28/28 (a) | 782 | 589 |
| GTCR Everest Borrower, LLC |  |  |
| Add on Term Loan B, 7.06%, (3 Month Term SOFR + 2.75%), 09/05/31 (a) | 4749 | 4748 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 04/22/30 (a) | 891 | 891 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 7.07%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 802 | 800 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.15%, (1 Month Term SOFR + 2.00%), 02/05/30 (a) | 1909 | 1909 |
| Horizon US Finco LP |  |  |
| Term Loan B, 9.06%, (3 Month Term SOFR + 4.75%), 12/16/31 (a) | 580 | 568 |
| ICON Luxembourg S.a r.l. |  |  |
| 2024 LUX Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 201 | 201 |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/06/28 (a) | 766 | 769 |
| Janus International Group, LLC |  |  |
| 2024 Term Loan B, 6.70%, (3 Month Term SOFR + 2.50%), 08/02/30 (a) | 164 | 164 |
| John Bean Technologies Corp |  |  |
| Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/02/32 (a) | 189 | 189 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 06/09/31 (a) | 481 | 480 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) (c) | 108 | 107 |
| 2025 Delayed Draw Term Loan, 6.83%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 11 | 11 |
| 2025 Term Loan B, 6.95%, (3 Month Term SOFR + 2.75%), 01/30/32 (a) | 1262 | 1256 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.57%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 2290 | 2257 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 9.43%, (1 Month Term SOFR + 5.00%), 04/19/30 (a) | 340 | 338 |
| 2024 Term Loan B, 10.68%, (1 Month Term SOFR + 6.25%), 10/19/30 (a) | 326 | 292 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kohler Energy Co LLC |  |  |
| USD Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 01/30/31 (a) | 3451 | 3455 |
| KUEHG Corp. |  |  |
| 2025 Term Loan, 7.04%, (Prime + 1.75%), 06/12/30 (a) | 613 | 612 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.55%, (3 Month Term SOFR + 6.25%), 01/02/29 (a) | 122 | 123 |
| 2024 Term Loan B, 6.06%, (3 Month Term SOFR + 1.50%), 08/10/29 (a) | 350 | 250 |
| LBM Acquisition LLC |  |  |
| 2025 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/06/31 (a) (c) | 360 | 358 |
| 2024 Incremental Term Loan B, 7.99%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 1053 | 1025 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 377 | 376 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 848 | 848 |
| 2025 Term Loan B, 7.45%, (6 Month Term SOFR + 3.25%), 03/26/32 (a) | 3478 | 3492 |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/26/31 (a) | 2996 | 2998 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 05/12/28 (a) | 1371 | 1335 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 05/21/31 (a) | 193 | 193 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.81%, (3 Month Term SOFR + 4.50%), 04/03/31 (a) | 1972 | 1945 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 05/22/32 (a) (c) | 42 | 41 |
| Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 05/22/32 (a) (c) | 155 | 152 |
| Delayed Draw Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/22/32 (a) | 9 | 9 |
| Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/22/32 (a) | 240 | 235 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 02/19/32 (a) | 817 | 817 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan A, 9.18%, (3 Month Term SOFR + 4.75%), 10/11/28 (a) | 435 | 413 |
| 2022 USD Term Loan B, 9.43%, (3 Month Term SOFR + 5.00%), 04/11/29 (a) | 2501 | 2378 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 6.82%, (1 Month Term SOFR + 2.50%), 10/04/30 (a) | 349 | 347 |
| Nourish Buyer I Inc |  |  |
| 2025 Term Loan B, 8.82%, (3 Month Term SOFR + 4.50%), 07/08/32 (a) (b) | 630 | 629 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 11/17/31 (a) | 2977 | 2976 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 07/25/30 (a) | 874 | 874 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.56%, (3 Month Term SOFR + 5.25%), 08/17/26 (a) | 598 | 467 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 04/29/29 (a) | 338 | 315 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.68%, (1 Month Term SOFR + 3.25%), 06/18/28 (a) | 967 | 915 |
| Outfront Media Capital LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 09/16/32 (a) (c) | 475 | 475 |
| Parexel International Corporation |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 11/15/28 (a) | 873 | 873 |
| Park River Holdings, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 09/24/32 (a) (c) | 375 | 375 |
| Petco Health and Wellness Company, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 02/25/28 (a) (c) | 859 | 836 |
| 2021 Term Loan B, 7.81%, (3 Month Term SOFR + 3.25%), 02/25/28 (a) | 791 | 769 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 02/13/32 (a) (c) | 120 | 120 |
| 2025 Term Loan B, 8.32%, (1 Month Term SOFR + 4.00%), 02/13/32 (a) | 555 | 553 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.43%, (1 Month Term SOFR + 3.00%), 01/15/28 (a) | 996 | 1001 |
| Pinnacle Buyer, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (a) (c) | 2314 | 2317 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 01/31/32 (a) | 2367 | 2364 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 50 | 50 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 9.07%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 2776 | 2747 |
| QuidelOrtho Corp |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 08/13/32 (a) (c) | 925 | 920 |
| Term Loan, 8.34%, (3 Month Term SOFR + 4.00%), 08/13/32 (a) | 2823 | 2806 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 2987 | 2988 |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) (c) | 350 | 350 |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 1453 | 1452 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 03/18/30 (a) | 3158 | 3142 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 11/23/29 (a) | 3395 | 3398 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 10.05%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 285 | 285 |
| Shift4 Payments, LLC |  |  |
| 2025 Term Loan, 7.08%, (3 Month Term SOFR + 2.75%), 05/12/32 (a) | 95 | 96 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/02/29 (a) | 3411 | 3412 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.82%, (3 Month Term SOFR + 2.50%), 12/04/31 (a) | 1247 | 1244 |
| Spectris PLC |  |  |
| Term Loan, 0.00%, 09/26/32 (a) (c) | 608 | 608 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 02/26/28 (a) (c) | 350 | 292 |
| 2021 Term Loan, 8.39%, (3 Month Term SOFR + 4.00%), 02/26/28 (a) | 2804 | 2339 |
| Star Parent, Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 09/19/30 (a) | 1938 | 1937 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/24/32 (a) (c) | 1543 | 1539 |
| Stonepeak Nile Parent LLC |  |  |
| Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 3094 | 3091 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Student Transportation of America Holdings, Inc |  |  |
| Term Loan B, 7.27%, (3 Month Term SOFR + 3.25%), 06/10/32 (a) | 2746 | 2752 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 455 | 453 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 4.50%), 02/01/29 (a) | 1630 | 1633 |
| 2024 Term Loan B, 8.67%, (3 Month Term SOFR + 4.50%), 02/01/29 (a) | 1626 | 1629 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 7.20%, (3 Month Term SOFR + 3.00%), 04/30/30 (a) | 4161 | 4170 |
| TKC Holdings, Inc. |  |  |
| 2024 Term Loan, 9.32%, (1 Month Term SOFR + 5.00%), 05/15/28 (a) | 2499 | 2500 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 8681 | 8675 |
| 2025 Term Loan M, 0.00%, (1 Month Term SOFR + 2.50%), 08/13/32 (a) (c) | 1065 | 1064 |
| 2025 Term Loan M, 6.85%, (1 Month Term SOFR + 2.50%), 08/13/32 (a) | 2995 | 2991 |
| 2024 Term Loan L, 6.80%, (3 Month Term SOFR + 2.50%), 09/05/32 (a) | 490 | 490 |
| Turquoise Topco Ltd. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 08/13/32 (a) (c) | 2775 | 2777 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.20%, (3 Month Term SOFR + 2.00%), 02/22/31 (a) | 3013 | 3018 |
| US Fertility Enterprises LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) (c) | 8 | 8 |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 247 | 247 |
| 2024 Delayed Draw Term Loan, 8.81%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 8 | 8 |
| 2024 Delayed Draw Term Loan, 8.82%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 4 | 4 |
| Van Pool Transportation LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) (c) | 16 | 16 |
| 2025 Delayed Draw Term Loan, 7.46%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) | 7 | 7 |
| 2025 Delayed Draw Term Loan, 7.48%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) | 8 | 8 |
| 2025 Term Loan, 7.50%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) | 229 | 229 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/27/31 (a) | 3849 | 3869 |
| Wash Multifamily Parent Inc |  |  |
| Term Loan B, 7.44%, (1 Month Term SOFR + 3.25%), 08/07/32 (a) | 330 | 331 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 05/07/29 (a) (c) | 120 | 120 |
| 2024 Term Loan B, 8.17%, (1 Month Term SOFR + 4.00%), 05/07/29 (a) | 2543 | 2544 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.53%, (1 Month Term SOFR + 2.25%), 01/20/31 (a) | 1888 | 1889 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 02/01/31 (a) | 1733 | 1734 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 923 | 922 |
| WIN Waste Innovations Holdings, Inc. |  |  |
| 2025 Incremental Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 03/27/28 (a) | 359 | 361 |
| 2021 Term Loan B, 7.18%, (1 Month Term SOFR + 2.75%), 03/31/28 (a) | 354 | 353 |
| WOOF Holdings, Inc |  |  |
| 2025 First Out Exchange Term Loan, 8.28%, (3 Month Term SOFR + 3.95%), 12/31/29 (a) | 477 | 378 |
| 2025 Second Out Exchange Term Loan, 8.34%, (3 Month Term SOFR + 3.75%), 12/31/29 (a) | 359 | 154 |
| | | 247509 |
| **Information Technology 14.7%** | **Information Technology 14.7%** | **Information Technology 14.7%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 7.05%, (3 Month Term SOFR + 2.75%), 01/24/31 (a) | 5575 | 5579 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 2.25%), 02/07/31 (a) (c) | 1333 | 1334 |
| 2024 1st Lien Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/07/31 (a) | 4134 | 4136 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.67%, (1 Month Term SOFR + 3.25%), 12/06/27 (a) | 2487 | 2488 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 1605 | 1603 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) | 5770 | 5755 |
| AZZ Inc. |  |  |
| Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/06/29 (a) | 175 | 175 |
| BCPE Pequod Buyer Inc |  |  |
| USD Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 09/19/31 (a) | 2796 | 2799 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (a) | 765 | 766 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 7.20%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 3564 | 3556 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) | 2073 | 2068 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.42%, (1 Month Term SOFR + 4.00%), 03/15/31 (a) | 1176 | 1168 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) (c) | 150 | 129 |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 2607 | 2249 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 07/22/32 (a) | 340 | 340 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 03/30/29 (a) (c) | 400 | 401 |
| 2025 Term Loan B (2031), 7.48%, (3 Month Term SOFR + 3.25%), 03/24/31 (a) | 3519 | 3531 |
| 2025 Term Loan B (2032), 7.48%, (3 Month Term SOFR + 3.25%), 08/07/32 (a) | 2777 | 2785 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (a) | 355 | 355 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 6.31%, (3 Month Term SOFR + 2.00%), 03/01/31 (a) | 311 | 311 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 07/31/26 (a) (c) | 400 | 400 |
| 2021 2nd Lien Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 02/16/29 (a) | 250 | 227 |
| Delta TopCo, Inc. |  |  |
| 2025 Term Loan B, 7.02%, (1 Month Term SOFR + 2.75%), 11/30/29 (a) | 3825 | 3778 |
| Dragon Buyer, Inc |  |  |
| Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 09/24/31 (a) | 352 | 352 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 08/30/30 (a) | 292 | 291 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 10/29/29 (a) | 1304 | 1303 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 8.06%, (SOFR + 3.50%), 11/06/28 (a) | 69 | 65 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.82%, (1 Month Term SOFR + 2.50%), 05/23/31 (a) | 5094 | 5097 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 2533 | 2489 |
| Galaxy US Opco Inc. |  |  |
| Term Loan, 6.31%, (3 Month Term SOFR + 2.00%), 04/19/29 (a) |  |  |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/28/29 (a) | 1563 | 1558 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/23/32 (a) | 4895 | 4860 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B7, 6.07%, (1 Month Term SOFR + 1.75%), 05/21/31 (a) | 970 | 968 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 982 | 982 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 03/05/32 (a) | 4074 | 4078 |
| 2025 2nd Lien Term Loan B, 9.32%, (1 Month Term SOFR + 5.00%), 03/07/33 (a) | 355 | 355 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 8.06%, (3 Month Term SOFR + 3.75%), 07/21/32 (a) | 400 | 400 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 4084 | 3894 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 8.57%, (1 Month Term SOFR + 4.25%), 04/13/28 (a) | 46 | 44 |
| 2024 Term Loan B4, 0.00%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) (c) | 415 | 381 |
| 2024 Term Loan B4, 8.57%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 8080 | 7423 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 986 | 985 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 6.17%, (1 Month Term SOFR + 2.00%), 08/17/29 (a) | 578 | 578 |
| NCR Atleos Corp. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 04/16/29 (a) | 324 | 324 |
| Nord Security Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.00%), 09/22/32 (a) (c) | 155 | 155 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/31/30 (a) | 3907 | 3902 |
| Peraton Corp. |  |  |
| Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 02/22/28 (a) | 4014 | 3379 |
| PointClickCare Technologies, Inc. |  |  |
| 2025 Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 11/03/31 (a) | 2785 | 2786 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.75%), 06/03/28 (a) | 4001 | 3851 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 8.07%, (Prime + 2.75%), 07/22/32 (a) | 231 | 231 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) | 541 | 542 |
| 2025 2nd Lien Incremental Term Loan, 9.30%, (3 Month Term SOFR + 5.00%), 11/22/32 (a) | 430 | 427 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 7.07%, (3 Month Term SOFR + 2.75%), 07/02/31 (a) | 806 | 804 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (c) | 667 | 668 |
| 2024 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) | 2907 | 2915 |
| Qnity Electronics Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 08/11/32 (a) (c) | 3290 | 3286 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 7.04%, (1 Month Term SOFR + 2.75%), 03/15/28 (a) | 810 | 359 |
| 2024 First Lien First Out Term Loan, 10.54%, (1 Month Term SOFR + 6.25%), 05/15/28 (a) | 188 | 190 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 887 | 884 |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 2134 | 2138 |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 8.22%, (1 Month Term SOFR + 4.00%), 08/07/32 (a) | 1000 | 972 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/05/30 (a) | 1105 | 954 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 11/28/28 (a) | 4925 | 4933 |
| Sandisk Corp |  |  |
| Term Loan B, 7.14%, (1 Month Term SOFR + 3.00%), 12/12/31 (a) | 1674 | 1676 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 8.03%, (3 Month Term SOFR + 4.00%), 03/12/32 (a) | 2000 | 1960 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 7.48%, (3 Month Term SOFR + 3.25%), 08/13/29 (a) | 489 | 489 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.32%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) | 2599 | 2605 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.45%, (3 Month Term SOFR + 4.25%), 10/11/31 (a) | 407 | 407 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 7580 | 7569 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 6.03%, (1 Month Term SOFR + 1.75%), 08/07/32 (a) | 1955 | 1957 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 6.56%, (3 Month Term SOFR + 2.25%), 04/12/31 (a) | 452 | 451 |
| World Wide Technology Holding Co. LLC |  |  |
| 2025 Repriced Term Loan B, 6.16%, (1 Month Term SOFR + 2.00%), 03/01/30 (a) | 3150 | 3154 |
| X Corp. |  |  |
| Term Loan, 10.96%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) | 2085 | 2043 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 1730 | 1734 |
| X.AI Corp. |  |  |
| Term Loan, 11.54%, (3 Month Term SOFR + 7.25%), 06/17/30 (a) | 309 | 299 |
| Term Loan, 12.50%, 06/28/30 | 65 | 67 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.43%, (1 Month Term SOFR + 3.00%), 02/18/27 (a) | 362 | 357 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 1503 | 1503 |
| | | 142007 |
| **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.07%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 3930 | 3914 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 4115 | 4104 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Adient US LLC |  |  |
| 2024 Term Loan B2, 6.57%, (1 Month Term SOFR + 2.25%), 01/31/31 (a) | 3071 | 3071 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 02/24/32 (a) (c) | 365 | 363 |
| American Trailer World Corp. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) (c) | 15 | 13 |
| Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 686 | 616 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 674 | 673 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 444 | 444 |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 04/06/28 (a) (c) | 298 | 295 |
| 2024 Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 04/06/28 (a) | 1441 | 1425 |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 07/10/32 (a) | 329 | 326 |
| Belron Finance 2019 LLC |  |  |
| 2025 Repriced Term Loan B, 6.74%, (3 Month Term SOFR + 2.50%), 10/16/31 (a) | 957 | 961 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 7.07%, (1 Month Term SOFR + 2.75%), 12/13/29 (a) | 540 | 540 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/25/30 (a) | 9479 | 9447 |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 1646 | 1641 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 3997 | 3993 |
| 2025 USD Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 1180 | 1180 |
| Crocs, Inc. |  |  |
| 2024 Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 02/20/29 (a) | 275 | 276 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 05/25/28 (a) (c) | 175 | 171 |
| 2021 Term Loan B, 6.93%, (1 Month Term SOFR + 2.50%), 05/25/28 (a) | 467 | 455 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 02/07/28 (a) | 2945 | 2958 |
| First Brands Group, LLC |  |  |
| 2021 Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 03/22/27 (a) | 219 | 77 |
| 2022 Incremental Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (a) | 3939 | 1387 |
| 2021 2nd Lien Term Loan, 13.07%, (3 Month Term SOFR + 8.50%), 03/30/28 (a) | 2558 | 142 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 01/17/32 (a) | 772 | 773 |
| Foundation Building Materials Holding Company LLC |  |  |
| 2024 Term Loan B2, 8.31%, (3 Month Term SOFR + 4.00%), 01/25/31 (a) | 1353 | 1355 |
| Four Seasons Hotels Ltd |  |  |
| Term Loan, 5.89%, (SOFR + 1.75%), 09/22/32 (a) | 88 | 88 |
| Fugue Finance B.V. |  |  |
| 2025 Repriced Term Loan, 6.95%, (3 Month Term SOFR + 2.75%), 01/09/32 (a) | 538 | 539 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.97%, (6 Month Term SOFR + 2.75%), 11/19/31 (a) | 418 | 418 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 05/18/30 (a) | 645 | 645 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 13841 | 13824 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 6.61%, (SOFR + 2.25%), 10/31/29 (a) | 2817 | 2813 |
| 2025 Term Loan B5 (2032), 0.00%, (SOFR + 2.25%), 07/30/32 (a) (c) | 500 | 499 |
| Hanesbrands, Inc. |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 02/20/32 (a) | 1679 | 1683 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 06/05/31 (a) | 995 | 976 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 05/20/28 (a) | 617 | 616 |
| 2024 Incremental Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 01/10/31 (a) | 2120 | 2116 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (a) | 4551 | 4551 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 04/26/30 (a) | 3419 | 3381 |
| Lippert Colipper |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 03/18/32 (a) | 314 | 315 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.56%, (1 Month Term SOFR + 6.25%), 03/01/26 (a) | 331 | 255 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/15/26 (a) | 114 | 113 |
| Peer Holding III B.V. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (a) (c) | 1608 | 1608 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 3000 | 2953 |
| Raising Cane's Restaurants, LLC |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/10/31 (a) | 109 | 109 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) (c) | 175 | 170 |
| Term Loan B, 6.93%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) | 782 | 760 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 02/08/28 (a) (c) | 250 | 235 |
| Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 02/08/28 (a) | 653 | 615 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 588 | 556 |
| 2021 Term Loan B2, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 394 | 372 |
| 2022 1st Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.00%), 06/09/28 (a) | 758 | 709 |
| Service Logic Acquisition, Inc |  |  |
| 2025 Repriced Term Loan B, 7.31%, (3 Month Term SOFR + 3.00%), 10/29/27 (a) | 1871 | 1872 |
| Somnigroup International Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 10/24/31 (a) (c) | 150 | 151 |
| Term Loan B, 6.61%, (1 Month Term SOFR + 2.25%), 10/24/31 (a) | 783 | 787 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 5.00%), 06/24/32 (a) (c) | 41 | 40 |
| 2025 Term Loan, 9.32%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) | 219 | 215 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) (c) | 65 | 62 |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 5468 | 5173 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/07/31 (a) | 1347 | 1347 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 08/03/28 (a) | 1002 | 1004 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan B, 9.30%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 3041 | 2972 |
| 2022 Term Loan B, 9.40%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 9 | 8 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 04/14/28 (a) | 918 | 903 |
| Varsity Brands, Inc. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 08/26/31 (a) | 878 | 877 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 481 | 479 |
| Weber-Stephen Products LLC |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 10/20/27 (a) | 966 | 955 |
| Weber-Stephen Products, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 12/31/49 (a) (c) | 675 | 667 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 8.95%, (3 Month Term SOFR + 4.75%), 02/12/32 (a) | 2165 | 2165 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 1123 | 1123 |
| | | 102319 |
| **Communication Services 10.5%** | **Communication Services 10.5%** | **Communication Services 10.5%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/27/29 (a) | 969 | 965 |
| 888 Acquisitions Limited |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 5.25%), 07/01/28 (a) (c) | 1500 | 1436 |
| USD Term Loan B, 9.66%, (3 Month Term SOFR + 5.25%), 07/01/28 (a) | 1499 | 1434 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 8.14%, (1 Month Term SOFR + 3.75%), 11/05/27 (a) | 159 | 159 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 8.25%, (3 Month Term SOFR + 4.00%), 04/08/30 (a) | 546 | 547 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.65%, (3 Month Term SOFR + 5.50%), 02/10/27 (a) (d) | 5298 | 3735 |
| Altice Financing S.A. |  |  |
| 2022 USD Term Loan, 9.32%, (3 Month Term SOFR + 5.00%), 10/31/27 (a) | 5493 | 4600 |
| Altice France S.A. |  |  |
| 2018 Term Loan B13, 10.50%, (Prime + 3.00%), 07/13/26 (a) | 977 | 909 |
| 2023 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 5.50%), 08/31/28 (a) (c) | 700 | 676 |
| 2023 USD Term Loan B14, 9.82%, (3 Month Term SOFR + 5.50%), 08/31/28 (a) | 7844 | 7569 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.13%, (1 Month Term SOFR + 7.00%), 01/04/29 (a) | 3651 | 3658 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.93%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 1053 | 1024 |
| High-Yield Term Loan B2, 9.93%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 625 | 607 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 11/24/28 (a) | 473 | 473 |
| Aventiv Technologies, LLC |  |  |
| 2024 Bridge Term Loan, 14.26%, (3 Month Term SOFR + 10.00%), 12/24/25 (a) | 198 | 207 |
| 2024 PIK Third Out Term Loan, 4.09%, (3 Month Term SOFR + 5.09%), 03/25/26 (a) | 1061 | 738 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 03/25/26 (a) | 220 | 220 |
| 2025 5th Amendment Incremental Bridge Loan, 14.58%, (3 Month Term SOFR + 10.00%), 03/25/26 (a) | 494 | 517 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 0.00%, (3 Month Term SOFR + 2.25%), 11/21/31 (a) (c) | 1000 | 1000 |
| 2024 Term Loan B5, 6.54%, (3 Month Term SOFR + 2.25%), 11/21/31 (a) | 1990 | 1989 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.89%, (1 Month Term SOFR + 1.75%), 10/24/30 (a) | 132 | 132 |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/17/28 (a) | 2248 | 2252 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 07/21/30 (a) | 1491 | 1490 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) (c) | 350 | 334 |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) | 4801 | 4582 |
| Coherent Corp |  |  |
| 2025 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 07/02/29 (a) | 284 | 284 |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) | 2020 | 2043 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 7.57%, (3 Month Term SOFR + 3.25%), 01/24/32 (a) | 1100 | 1088 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.78%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 2018 | 2012 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.65%, (1 Month Term SOFR + 4.50%), 01/17/28 (a) | 4952 | 4917 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 06/29/29 (a) | 447 | 417 |
| 2024 1st Lien Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 09/26/31 (a) | 586 | 540 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 271 | 271 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 7.78%, (1 Month Term SOFR + 3.50%), 06/05/32 (a) | 475 | 473 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 2205 | 2196 |
| 2025 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 05/22/32 (a) | 2464 | 2459 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.65%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 5091 | 5083 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 7.39%, (1 Month Term SOFR + 3.00%), 10/27/28 (a) | 162 | 162 |
| 2024 Term Loan B, 9.53%, (1 Month Term SOFR + 5.25%), 05/22/29 (a) | 62 | 62 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 05/17/32 (a) | 224 | 225 |
| Iridium Communications Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 09/20/30 (a) (c) | 1835 | 1735 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 7.39%, (3 Month Term SOFR + 3.39%), 09/16/32 (a) | 565 | 548 |
| Level 3 Financing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 03/29/32 (a) (c) | 70 | 70 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 6.25%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 612 | 611 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 10.32%, (1 Month Term SOFR + 6.00%), 06/01/28 (a) | 362 | 368 |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 3125 | 3103 |
| 2024 Extended Term Loan B2, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/30 (a) | 3092 | 3069 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 6.82%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) | 579 | 578 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 378 | 368 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 8.07%, (3 Month Term SOFR + 3.75%), 02/21/30 (a) | 470 | 472 |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/20/31 (a) | 350 | 351 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.61%, (3 Month Term SOFR + 9.05%), 11/01/25 (a) | 480 | 6 |
| Telesat Canada |  |  |
| Term Loan B5, 7.21%, (3 Month Term SOFR + 2.75%), 11/22/26 (a) | 3000 | 2385 |
| TKO Worldwide Holdings, LLC |  |  |
| 2024 Term Loan B4, 0.00%, (3 Month Term SOFR + 2.25%), 11/13/31 (a) (c) | 1477 | 1479 |
| 2025 Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 4074 | 4079 |
| Topgolf Callaway Brands Corp. |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 03/14/30 (a) | 213 | 211 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 159 | 139 |
| TripAdvisor Inc |  |  |
| Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 07/01/31 (a) | 213 | 208 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 05/06/28 (a) | 2018 | 2003 |
| 2024 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 2144 | 2134 |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 1270 | 1270 |
| ViaSat, Inc. |  |  |
| Term Loan, 8.93%, (1 Month Term SOFR + 4.50%), 02/23/29 (a) | 5051 | 4978 |
| 2023 Term Loan, 8.75%, (1 Month Term SOFR + 4.50%), 05/30/30 (a) | 1648 | 1620 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (a) | 1290 | 1271 |
| Voyager Parent, LLC |  |  |
| Term Loan B, 9.04%, (SOFR + 4.75%), 05/08/32 (a) | 3456 | 3461 |
| Windstream Services LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.00%), 09/24/32 (a) (c) | 760 | 752 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 0.00%, (1 Month Term SOFR + 2.50%), 04/17/28 (a) (c) | 1500 | 1495 |
| | | 102249 |
| **Financials 9.7%** | **Financials 9.7%** | **Financials 9.7%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.32%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 11207 | 11175 |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 966 | 964 |
| Albion Financing 3 S.a r.l |  |  |
| 2025 USD Term Loan, 7.21%, (3 Month Term SOFR + 3.00%), 05/21/31 (a) | 2569 | 2574 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 05/21/32 (a) (c) | 1000 | 1003 |
| 2025 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/21/32 (a) | 2430 | 2439 |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 05/15/33 (a) | 240 | 246 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 09/19/31 (a) | 3525 | 3514 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 01/23/32 (a) (c) | 700 | 700 |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 08/09/30 (a) | 2135 | 2134 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.68%, (1 Month Term SOFR + 5.25%), 02/05/28 (a) | 340 | 331 |
| 2022 Term Loan B10, 8.42%, (1 Month Term SOFR + 4.00%), 08/16/28 (a) | 1746 | 1749 |
| 2023 Term Loan B11, 8.67%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) | 1424 | 1428 |
| 2021 Second Lien Term Loan B4, 9.68%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 3265 | 3119 |
| 2024 Term Loan B12, 0.00%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) (c) | 1625 | 1618 |
| 2024 Term Loan B12, 8.57%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) | 3389 | 3374 |
| 2025 Term Loan B13, 8.57%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 752 | 747 |
| Azorra Soar TLB Finance Ltd |  |  |
| 2025 Term Loan B, 6.79%, (3 Month Term SOFR + 2.75%), 10/18/29 (a) | 362 | 362 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 335 | 336 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.07%, (1 Month Term SOFR + 2.75%), 05/10/31 (a) | 768 | 769 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 05/30/32 (a) | 495 | 471 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.43%, (1 Month Term SOFR + 4.25%), 02/11/28 (a) | 975 | 973 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 10/31/31 (a) | 2081 | 2084 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 5163 | 5066 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 230 | 231 |
| Herc Holdings Inc |  |  |
| Term Loan B, 6.25%, (1 Month Term SOFR + 2.00%), 05/17/32 (a) | 2000 | 2008 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.58%, (3 Month Term SOFR + 2.50%), 06/20/30 (a) | 4545 | 4550 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 7.15%, (1 Month Term SOFR + 3.00%), 03/18/30 (a) | 4832 | 4839 |
| IMC Financing LLC |  |  |
| Term Loan B, 7.64%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 2020 | 2033 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.20%, (3 Month Term SOFR + 2.00%), 12/10/31 (a) | 7275 | 7214 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 7.06%, (3 Month Term SOFR + 2.75%), 03/15/30 (a) | 216 | 215 |
| Jump Financial, LLC |  |  |
| 2025 1st Lien Term Loan B, 7.72%, (3 Month Term SOFR + 3.50%), 02/26/32 (a) | 703 | 707 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (a) | 203 | 149 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Moneygram International, Inc |  |  |
| 2024 Term Loan B, 8.81%, (3 Month Term SOFR + 4.75%), 06/01/30 (a) | 1940 | 1734 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 07/31/31 (a) | 1668 | 1663 |
| 2025 Incremental Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 07/31/31 (a) | 225 | 225 |
| 2025 2nd Lien Term Loan B, 10.07%, (1 Month Term SOFR + 5.75%), 01/30/32 (a) | 290 | 289 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.15%, (3 Month Term SOFR + 5.00%), 01/19/29 (a) (d) | 349 | 325 |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.44%, (3 Month Term SOFR + 3.25%), 03/01/32 (a) | 3250 | 3257 |
| Osttra Group Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 05/21/32 (a) (c) | 280 | 281 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/11/31 (a) | 2459 | 2458 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 5713 | 5704 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 Second Out Term Loan, 11.82%, (1 Month Term SOFR + 7.50%), 10/03/29 (a) (b) | 1024 | 82 |
| 2024 UnSub FLFO, 0.00%, (1 Month Term SOFR + 8.35%), 10/07/29 (a) (b) (c) | 3 | 2 |
| 2024 UnSub FLFO, 12.57%, (1 Month Term SOFR + 8.35%), 10/07/29 (a) (b) | 427 | 380 |
| Superannuation and Investments US LLC |  |  |
| 2025 Repriced Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 12/01/28 (a) | 2232 | 2239 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 967 | 966 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) (c) | 255 | 255 |
| 2024 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) | 3951 | 3945 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (a) | 108 | 108 |
| Virtu Financial LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 06/21/31 (a) | 545 | 545 |
| | | 93580 |
| **Health Care 6.4%** | **Health Care 6.4%** | **Health Care 6.4%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.70%, (3 Month Term SOFR + 4.25%), 02/01/29 (a) | 949 | 701 |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.18%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 1600 | 1511 |
| 2023 Term Loan B5, 10.07%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 675 | 653 |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 07/24/32 (a) | 3449 | 3443 |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan B6, 6.42%, (1 Month Term SOFR + 2.00%), 11/08/27 (a) | 31 | 31 |
| Aveanna Healthcare, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/11/32 (a) (c) | 205 | 205 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (a) | 4089 | 4087 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.57%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 2110 | 2076 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.56%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 1031 | 1030 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 613 | 614 |
| Embecta Corp |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 01/27/29 (a) | 397 | 397 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/23/31 (a) | 544 | 545 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.82%, (1 Month Term SOFR + 4.50%), 01/30/29 (a) | 310 | 312 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.63%, (1 Month Term SOFR + 3.50%), 10/02/28 (a) | 4885 | 4885 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.00%), 11/15/27 (a) | 3000 | 2990 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) (c) | 30 | 30 |
| 2024 Delayed Draw Term Loan, 7.82%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 5 | 5 |
| 2024 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 270 | 270 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 07/31/32 (a) | 195 | 194 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 9.32%, (1 Month Term SOFR + 5.00%), 09/20/31 (a) | 998 | 896 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 08/04/31 (a) | 1298 | 1305 |
| Jazz Financing Lux S.a r.l. |  |  |
| 2024 1st Lien Term Loan B2, 6.57%, (1 Month Term SOFR + 2.25%), 05/05/28 (a) | 4368 | 4369 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.07%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 4184 | 4173 |
| Loire Finco Luxembourg S.a. r.l. |  |  |
| 2025 USD Term Loan B, 8.31%, (3 Month Term SOFR + 4.00%), 01/31/30 (a) | 204 | 204 |
| MED ParentCo LP |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 04/15/31 (a) | 1079 | 1080 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 10/23/28 (a) | 6262 | 6261 |
| 2025 Incremental Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 10/23/30 (a) | 374 | 374 |
| National Mentor Holdings, Inc. |  |  |
| 2021 Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 02/18/28 (a) (c) | 97 | 97 |
| 2021 Term Loan C, 0.00%, (3 Month Term SOFR + 3.75%), 02/18/28 (a) (c) | 3 | 3 |
| 2021 Term Loan, 8.15%, (1 Month Term SOFR + 3.75%), 02/18/28 (a) | 132 | 131 |
| 2021 Term Loan C, 8.15%, (3 Month Term SOFR + 3.75%), 02/18/28 (a) | 21 | 21 |
| 2021 Term Loan, 8.17%, (1 Month Term SOFR + 3.75%), 02/18/28 (a) | 590 | 587 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 0.00%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) (c) | 1750 | 1704 |
| 2024 USD Term Loan, 6.41%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) | 707 | 688 |
| Padagis LLC |  |  |
| Term Loan B, 9.29%, (3 Month Term SOFR + 4.75%), 06/30/28 (a) | 4053 | 3587 |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/21/31 (a) | 2697 | 2697 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 2500 | 2492 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Raven Acquisition Holdings LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 10/25/31 (a) | 3903 | 3900 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 454 | 454 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 0.00%, (1 Month Term SOFR + 4.25%), 09/22/28 (a) (c) | 1000 | 998 |
| 2021 Term Loan, 8.64%, (1 Month Term SOFR + 4.25%), 09/22/28 (a) | 1372 | 1369 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.57%, (3 Month Term SOFR + 4.00%), 12/30/26 (a) | 967 | 927 |
| United PF Holdings LLC |  |  |
| Term Loan, 0.00%, (LIBOR + 8.50%), 12/30/27 (a) (c) | 155 | 124 |
| | | 62420 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 6546 | 6566 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 12/23/30 (a) | 392 | 393 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 03/17/28 (a) | 489 | 486 |
| C&S Wholesale Grocers LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 08/05/30 (a) (c) | 495 | 483 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 0.00%, (3 Month Term SOFR + 6.75%), 07/20/29 (a) (c) | 175 | 148 |
| 2022 Term Loan, 11.15%, (3 Month Term SOFR + 6.75%), 07/20/29 (a) | 779 | 659 |
| Celsius Holdings, Inc |  |  |
| Term Loan, 7.54%, (3 Month Term SOFR + 3.25%), 03/21/32 (a) | 389 | 389 |
| Chobani, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 10/25/27 (a) | 1174 | 1176 |
| Del Monte Foods, Inc. |  |  |
| 2025 DIP Term Loan, 5.33%, (1 Month Term SOFR + 9.50%), 04/02/26 (a) | 651 | 621 |
| 2025 PIK Roll-Up Term Loan, 13.75%, (1 Month Term SOFR + 9.60%), 04/02/26 (a) | 518 | 414 |
| 2025 PIK Roll-Up Term Loan, 13.77%, (1 Month Term SOFR + 9.50%), 04/02/26 (a) | 331 | 265 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (a) (e) (f) | 179 | 85 |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (a) (e) (f) | 165 | 79 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (a) (e) (f) | 1118 | 44 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 939 | 938 |
| 2025 Incremental Term Loan, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) (b) | 784 | 783 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/12/31 (a) | 727 | 725 |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 0.00%, (6 Month Term SOFR + 2.00%), 09/16/31 (a) (c) | 350 | 347 |
| Golden State Food LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) (c) | 1418 | 1420 |
| Term Loan B, 8.23%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) | 1906 | 1908 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.65%, (3 Month Term SOFR + 3.25%), 01/24/29 (a) | 823 | 618 |
| 2025 FLFO Term Loan, 9.80%, (3 Month Term SOFR + 5.50%), 01/24/29 (a) | 988 | 993 |
| 2025 FLTO Term Loan, 10.40%, (3 Month Term SOFR + 6.00%), 01/24/30 (a) | 853 | 347 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 6.39%, (1 Month Term SOFR + 2.25%), 03/05/32 (a) | 903 | 901 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.80%, (3 Month Term SOFR + 3.50%), 02/17/29 (a) | 140 | 136 |
| Pegasus BidCo BV |  |  |
| 2025 USD Repriced Term Loan B, 6.76%, (3 Month Term SOFR + 2.75%), 07/12/29 (a) | 3023 | 3031 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.54%, (3 Month Term SOFR + 3.25%), 04/01/29 (a) | 435 | 423 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 03/31/28 (a) | 6465 | 6462 |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 0.00%, (6 Month Term SOFR + 3.75%), 01/03/28 (a) (c) | 600 | 577 |
| 2025 USD Term Loan B12, 8.30%, (6 Month Term SOFR + 3.75%), 01/03/28 (a) | 3562 | 3423 |
|  |  | 34840 |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.42%, (1 Month Term SOFR + 4.00%), 10/28/27 (a) | 633 | 614 |
| 2022 USD Incremental Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 11/04/27 (a) (b) | 336 | 322 |
| Avient Corporation |  |  |
| 2025 Term Loan B, 6.07%, (3 Month Term SOFR + 1.75%), 08/29/29 (a) | 378 | 379 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 7.53%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 780 | 782 |
| 2025 Term Loan B7, 7.56%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 111 | 111 |
| 2025 Term Loan B7, 7.58%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 116 | 117 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 6.93%, (1 Month Term SOFR + 2.75%), 12/01/30 (a) | 673 | 675 |
| Chemours Company (The) |  |  |
| 2023 USD Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 08/10/28 (a) | 758 | 756 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.82%, (1 Month Term SOFR + 4.50%), 11/07/30 (a) | 973 | 907 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 8.08%, (3 Month Term SOFR + 3.75%), 08/04/29 (a) | 1510 | 1501 |
| Domtar Corporation |  |  |
| 2021 Term Loan B, 9.93%, (1 Month Term SOFR + 5.50%), 11/30/28 (a) | 1478 | 1355 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 1512 | 1509 |
| 2022 USD 2nd Lien Term Loan, 11.85%, (1 Month Term SOFR + 7.44%), 02/09/30 (a) | 353 | 348 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD Term Loan, 8.17%, (1 Month Term SOFR + 3.75%), 03/01/30 (a) | 171 | 150 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 3527 | 3183 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 9.02%, (6 Month Term SOFR + 4.72%), 02/04/26 (a) | 5808 | 2791 |
| 2025 USD Bridge Facility, 14.14%, (1 Month Term SOFR + 10.00%), 10/27/26 (a) (b) | 406 | 406 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 11/26/31 (a) | 1882 | 1870 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.92%), 04/29/28 (a) | 2420 | 2178 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 9.06%, (3 Month Term SOFR + 4.75%), 08/21/31 (a) | 930 | 920 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.82%, (1 Month Term SOFR + 5.50%), 03/25/30 (a) | 415 | 419 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.92%, (1 Month Term SOFR + 3.50%), 09/22/28 (a) | 1011 | 1011 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B2, 7.42%, (1 Month Term SOFR + 3.25%), 04/03/28 (a) | 653 | 653 |
| 2024 USD Term Loan B1, 7.50%, (1 Month Term SOFR + 3.25%), 04/03/28 (a) | 373 | 374 |
| Pretium Packaging, LLC |  |  |
| Second Out Term Loan A1, 8.22%, (3 Month Term SOFR + 3.90%), 10/01/28 (a) | 3272 | 1443 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.24%, (3 Month Term SOFR + 6.75%), 09/22/29 (a) | 2000 | 170 |
| SCIH Salt Holdings Inc. |  |  |
| 2021 Incremental Term Loan B, 7.20%, (6 Month Term SOFR + 3.00%), 03/16/27 (a) | 468 | 468 |
| Solstice Advanced Materials, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 09/16/32 (a) (c) | 360 | 360 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 03/18/28 (a) | 293 | 292 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 03/27/31 (a) | 167 | 168 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 01/29/28 (a) | 1017 | 1011 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 7.35%, (1 Month Term SOFR + 3.00%), 08/11/32 (a) | 425 | 426 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/25/31 (a) | 2220 | 2142 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 2.75%), 08/01/30 (a) | 3864 | 3864 |
| | | 33675 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| AL NGPL Holdings, LLC |  |  |
| Term Loan B, 6.78%, (3 Month Term SOFR + 2.25%), 04/16/28 (a) | 2792 | 2789 |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 6.80%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 4177 | 4182 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.92%, (1 Month Term SOFR + 3.50%), 11/10/29 (a) | 562 | 560 |
| Epic Crude Services, LP |  |  |
| 2025 Term Loan B, 6.83%, (3 Month Term SOFR + 2.50%), 10/15/31 (a) | 414 | 414 |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 4023 | 4020 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 6.29%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 3567 | 3559 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 02/28/30 (a) | 333 | 332 |
| Prairie ECI Acquiror LP |  |  |
| 2025 Repriced Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 08/01/29 (a) | 251 | 252 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/18/31 (a) | 680 | 682 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.81%, (3 Month Term SOFR + 2.50%), 02/16/28 (a) | 5343 | 5345 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 2833 | 2830 |
|  |  | 24965 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 298 | 298 |
| BIP PipeCo Holdings LLC |  |  |
| Term Loan B, 6.54%, (3 Month Term SOFR + 2.25%), 12/05/30 (a) | 1029 | 1027 |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 12/02/27 (a) | 2000 | 1998 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 02/26/32 (a) | 459 | 460 |
| Goodnight Water Solutions, LLC |  |  |
| 2024 Term Loan B, 8.32%, (1 Month Term SOFR + 4.00%), 05/22/29 (a) | 968 | 953 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 205 | 206 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 3658 | 3653 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 9.57%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) | 2240 | 1077 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.06%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 489 | 489 |
| Talen Energy Supply, LLC |  |  |
| 2023 Term Loan B, 6.73%, (3 Month Term SOFR + 2.50%), 05/27/30 (a) | 1624 | 1624 |
| 2024-1 Incremental Term Loan, 6.73%, (3 Month Term SOFR + 2.50%), 12/10/31 (a) | 2032 | 2032 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) (c) | 19 | 19 |
| Base Term Loan, 0.00%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) (c) | 156 | 156 |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.38%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 23 | 23 |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.54%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 118 | 118 |
| Base Term Loan, 6.54%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 1129 | 1129 |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/20/31 (a) | 4888 | 4825 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (a) | 2549 | 2549 |
|  |  | 22636 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 1740 | 1573 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan B1, 7.07%, (1 Month Term SOFR + 2.75%), 01/31/30 (a) | 129 | 129 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 08/21/30 (a) | 2240 | 2240 |
|  |  | 3942 |
| Total Senior Floating Rate Instruments (cost $892,245) | Total Senior Floating Rate Instruments (cost $892,245) | 870142 |
| **CORPORATE BONDS AND NOTES 4.1%** | **CORPORATE BONDS AND NOTES 4.1%** | **CORPORATE BONDS AND NOTES 4.1%** |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (g) | 1750 | 1826 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (g) | 1685 | 1712 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (g) | 1885 | 1861 |
| NFE Financing LLC |  |  |
| 12.00%, 11/15/29 (g) | 286 | 84 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NGL Energy Operating LLC |  |  |
| 8.38%, 02/15/32 (g) | 2500 | 2566 |
| Plains All American Pipeline, L.P. |  |  |
| 8.58%(3 Month Term SOFR + 4.37%), (a) (h) | 565 | 565 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (g) (h) | 2195 | 2173 |
| 9.50%, 02/01/29 (g) | 1000 | 1103 |
| | | 11890 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (h) | 1250 | 1217 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (g) | 1213 | 1292 |
| 7.88%, 04/01/33 (g) | 1146 | 1181 |
| OneMain Finance Corporation |  |  |
| 4.00%, 09/15/30 | 980 | 911 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 (g) | 1146 | 1188 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (g) | 1000 | 1041 |
|  |  | 6830 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (g) | 1408 | 1399 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (g) | 1132 | 1044 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (g) | 1727 | 1706 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (g) | 250 | 247 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 603 | 663 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 06/15/29 (g) | 5 | 5 |
| 4.50%, 04/01/30 (g) | 325 | 298 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 1500 | 204 |
|  |  | 5566 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (g) | 4000 | 3531 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (i) | 120 | 126 |
|  |  | 3657 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (g) | 1500 | 1477 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (g) | 15 | 15 |
| Rivian Holdings LLC |  |  |
| 10.00%, 01/15/31 (i) | 300 | 280 |
| Sabre GLBL Inc. |  |  |
| 11.13%, 07/15/30 (g) | 896 | 870 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (g) | 285 | 302 |
|  |  | 2944 |
| **Industrials 0.3%** | **Industrials 0.3%** | **Industrials 0.3%** |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (g) | 65 | 63 |
| Icahn Enterprises L.P. |  |  |
| 4.38%, 02/01/29 | 390 | 336 |
| 9.00%, 06/15/30 | 325 | 313 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (g) | 1000 | 1056 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (g) | 856 | 843 |
|  |  | 2611 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 | 615 | 596 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (g) (j) | 1949 | 1718 |
|  |  | 2314 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (g) | 1000 | 1051 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (g) | 745 | 754 |
|  |  | 1805 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (g) | 1133 | 1164 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (g) | 846 | 776 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (g) | 125 | 85 |
|  |  | 861 |
| Total Corporate Bonds And Notes (cost $39,706) | Total Corporate Bonds And Notes (cost $39,706) | 39642 |
| **INVESTMENT COMPANIES 1.7%** | **INVESTMENT COMPANIES 1.7%** | **INVESTMENT COMPANIES 1.7%** |
| Invesco Senior Loan ETF | 764 | 15995 |
| Total Investment Companies (cost $16,071) | Total Investment Companies (cost $16,071) | 15995 |
| **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Fusion Parent, LLC (b) (e) | 8 | 392 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 112 | 178 |
| iHeartMedia, Inc. - Class A (e) | 48 | 137 |
|  |  | 315 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Constellis Holdings, Inc. (e) | 21 |  |
| Elevate Textiles Inc (e) | 62 | 171 |
|  |  | 171 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| New Fortress Energy Inc. (e) (k) | 9 | 19 |
| Vantage Drilling International (b) (e) |  | 6 |
|  |  | 25 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Inotiv, Inc. (e) | 3 | 5 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| AFGlobal Corporation (b) (i) | 39 |  |
| Total Common Stocks (cost $5,409) | Total Common Stocks (cost $5,409) | 908 |
| **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%** |
| BBAM US CLO I Ltd |  |  |
| Series 2022-D1R-1A, REMIC, 7.32%, (3 Month Term SOFR + 3.00%), 03/30/38 (a) | 125 | 126 |
| Birch Grove CLO 12 Ltd |  |  |
| Series 2025-D1-12A, 5.43%, (3 Month Term SOFR + 2.75%), 04/22/38 (a) | 150 | 151 |
| Brant Point CLO 2025-8 Ltd |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (a) | 100 | 100 |
| CIFC Funding 2018-IV Ltd |  |  |
| Series 2018-D2R-4A, 8.07%, (3 Month Term SOFR + 3.75%), 01/17/38 (a) | 100 | 101 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-E-30A, REMIC, 9.55%, (3 Month Term SOFR + 5.25%), 04/15/38 (a) | 200 | 202 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-DR2-2A, 8.46%, (3 Month Term SOFR + 4.14%), 04/15/38 (a) | 100 | 101 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | 781 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Paragon Offshore Ltd. (b) (e) (l) | 8 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** |
| **Investment Companies 4.1%** | **Investment Companies 4.1%** | **Investment Companies 4.1%** |
| JNL Government Money Market Fund - Class I, 4.04% (m) (n) | 40074 | 40074 |
| Total Short Term Investments (cost $40,074) | Total Short Term Investments (cost $40,074) | 40074 |
| **Total Investments 100.0% (cost $994,280)** | **Total Investments 100.0% (cost $994,280)** | **967542** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **431** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **967973** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(c) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(d) 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.

(e) Non-income producing security.

(f) As of September 30, 2025, 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 exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $34,431 and 3.6% of the Fund.

(h) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) 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.

(j) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 18702 | 379594 | 358222 | 1082 |  |  | 40074 | 4.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AFGlobal Corporation | 07/13/17 | 2907 |  |  |
| Rivian Holdings LLC, 10.00%, 01/15/31 | 06/04/25 | 300 | 280 |  |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 120 | 126 |  |
|  |  | 3327 | 406 |  |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Clydesdale Acquisition Holdings Inc, 2025 Delayed Draw Term Loan, 1 Month Term SOFR + 3.25% | 65 |  |
| Employbridge Holding Company, 2025 First Out Term Loan, 3 Month Term SOFR + 5.50% | 557 | (179) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments (continued)** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments (continued)** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments (continued)** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Pinnacle Buyer, LLC, Term Loan, SOFR + 2.50% | 242 |  |
| Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 3 Month Term SOFR + 3.25% | 280 | 1 |
| Student Transportation of America Holdings, Inc, Delayed Draw Term Loan, 3 Month Term SOFR + 3.25% | 196 |  |
|  | 1340 | (178) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | 866703 | 3440 | 870143 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 39642 |  | 39642 |
| &nbsp;&nbsp;Investment Companies | 15995 |  |  | 15995 |
| &nbsp;&nbsp;Common Stocks | 491 | 19 | 398 | 908 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 781 |  | 781 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 40074 |  |  | 40074 |
|  | 56560 | 907145 | 3838 | 967543 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | (179) |  | (179) |
|  |  | (179) |  | (179) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation is reflected as an asset and net unrealized depreciation is reflected as a liability in the table. See Unfunded Commitments table following the Schedule of Investments.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **Japan 17.5%** | **Japan 17.5%** | **Japan 17.5%** |
| Adastria Co., Ltd. | 64 | 1302 |
| Alfresa Holdings Corporation | 167 | 2388 |
| Alps Alpine Co., Ltd. (a) | 321 | 4064 |
| Biprogy Inc. | 32 | 1298 |
| Brother Industries, Ltd. | 114 | 1907 |
| COMSYS Holdings Corporation | 49 | 1220 |
| Credit Saison Co., Ltd. | 232 | 6175 |
| Daiichikosho Co., Ltd. | 87 | 985 |
| Electric Power Development Co., Ltd. - Class D | 75 | 1404 |
| Furukawa Electric Co., Ltd. | 60 | 3672 |
| GLP J-REIT | 2 | 1645 |
| Hanwa Co., Ltd. (a) | 48 | 2037 |
| Integral Corporation (a) | 171 | 4335 |
| Kaga Electronics Co., Ltd. | 43 | 1030 |
| Kobe Steel, Ltd. (a) | 184 | 2173 |
| Kyushu Electric Power Co., Inc. (a) | 436 | 4364 |
| Lifedrink Company, Inc. (a) | 206 | 3181 |
| MARUWA Co., Ltd. | 19 | 5048 |
| Mebuki Financial Group Inc. | 239 | 1530 |
| Medipal Holdings Corporation | 134 | 2307 |
| mixi, Inc. | 101 | 2173 |
| Money Forward, Inc. (b) | 92 | 3700 |
| Nippon Electric Glass Co., Ltd. | 43 | 1423 |
| Nippon Shinyaku Co., Ltd. | 49 | 1100 |
| Nitto Boseki Co., Ltd. | 79 | 3513 |
| Nomura Real Estate Holdings, Inc. | 180 | 1145 |
| NS United Kaiun Kaisha, Ltd. | 57 | 1963 |
| OBIC Business Consultants Co., Ltd. | 56 | 3450 |
| Persol Holdings Co., Ltd. | 987 | 1801 |
| Rakus Co., Ltd. | 522 | 4778 |
| Rakuten Bank, Ltd. (b) | 105 | 5888 |
| Sankyo Co., Ltd. | 343 | 5967 |
| Santen Pharmaceutical Co., Ltd. | 160 | 1774 |
| SHIFT, Inc. (b) | 324 | 2749 |
| Ship Healthcare Holdings, Inc. | 106 | 1628 |
| Sinfonia Technology Co., Ltd. | 6 | 369 |
| Sugi Holdings Co., Ltd. | 58 | 1405 |
| Suzuken Co., Ltd. | 74 | 2931 |
| Taiheiyo Cement Corporation | 56 | 1457 |
| The Chugoku Electric Power Co., Inc. (a) | 297 | 1693 |
| Timee, Inc. (a) (b) | 390 | 3903 |
| Tohoku-Electric Power Co., Inc. | 346 | 2516 |
| Tokyo Tatemono Co., Ltd. | 78 | 1555 |
| Tokyu Fudosan Holdings Corporation | 425 | 3516 |
| Toyota Boshoku Corporation | 174 | 2891 |
| transcosmos inc. | 54 | 1347 |
| Valor Holdings Co., Ltd. | 105 | 2068 |
| Yamada Holdings Co., Ltd. | 539 | 1769 |
| Yonex Co., Ltd. | 122 | 3141 |
| Zeon Corporation | 111 | 1239 |
|  |  | 126917 |
| **United Kingdom 10.6%** | **United Kingdom 10.6%** | **United Kingdom 10.6%** |
| Ashtead Technology Holdings PLC (a) | 529 | 2483 |
| Babcock International Group PLC | 528 | 9482 |
| Balfour Beatty PLC | 188 | 1642 |
| Burberry Group PLC (b) | 290 | 4563 |
| Computacenter PLC | 49 | 1778 |
| Cranswick PLC | 94 | 6332 |
| Currys PLC | 1359 | 2559 |
| Drax Group PLC | 480 | 4513 |
| easyJet PLC | 1021 | 6370 |
| FirstGroup PLC | 556 | 1689 |
| Games Workshop Group PLC | 7 | 1390 |
| Genus PLC | 104 | 3294 |
| Inchcape PLC | 211 | 1970 |
| Jet2 PLC | 274 | 5228 |
| Keller Group PLC | 130 | 2642 |
| Klarna Group PLC (b) | 72 | 2639 |
| Melrose Industries PLC | 700 | 5734 |
| St. James's Place PLC | 347 | 5926 |
| Trustpilot Group PLC (b) | 1475 | 4493 |
| Zigup PLC | 470 | 2061 |
|  |  | 76788 |
| **Canada 8.2%** | **Canada 8.2%** | **Canada 8.2%** |
| 5N Plus Inc. (b) | 321 | 3920 |
| AGF Management Limited - Class B | 617 | 6444 |
| Air Canada (b) | 356 | 4494 |
| Canadian Apartment Properties Real Estate Investment Trust | 28 | 825 |
| Celestica Inc. (b) | 32 | 7791 |
| Centerra Gold Inc. | 269 | 2887 |
| Definity Financial Corporation | 104 | 5347 |
| Finning International Inc. | 145 | 6742 |
| Linamar Corporation | 17 | 932 |
| MDA Space Ltd. (b) | 162 | 4031 |
| OceanaGold Corporation | 214 | 4564 |
| Prairiesky Royalty Ltd. (a) | 235 | 4354 |
| RioCan Real Estate Investment Trust | 86 | 1166 |
| Russel Metals Inc. | 90 | 2688 |
| Superior Plus Corp. (a) | 275 | 1562 |
| Tamarack Valley Energy Ltd. | 404 | 1754 |
|  |  | 59501 |
| **Taiwan 6.4%** | **Taiwan 6.4%** | **Taiwan 6.4%** |
| Arcadyan Technology Corporation | 308 | 2228 |
| Asrock Inc. | 170 | 1560 |
| BizLink Holding Inc. | 130 | 4442 |
| E Ink Holdings Inc. | 530 | 4216 |
| Jentech Precision Industrial Co., Ltd. | 59 | 4712 |
| Lite-On Technology Corporation | 738 | 4206 |
| Primax Electronics Ltd | 758 | 1964 |
| SerComm Corporation | 314 | 1048 |
| Simplo Technology Co., Ltd. | 510 | 6229 |
| Supreme Electronics Co., Ltd. | 1491 | 2182 |
| T3EX Global Holdings Corp. | 469 | 1081 |
| Tripod Technology Corporation | 410 | 4058 |
| United Integrated Services Co., Ltd. | 125 | 3697 |
| Wah Lee Industrial Corp. | 286 | 899 |
| WNC Corporation | 601 | 2313 |
| WT Microelectronics Co., Ltd. | 329 | 1524 |
|  |  | 46359 |
| **China 6.1%** | **China 6.1%** | **China 6.1%** |
| FinVolution Group - Class A - ADR | 668 | 4923 |
| Fufeng Group Limited | 1825 | 2051 |
| Hello Group Inc. - ADR | 393 | 2916 |
| Joyy Inc. - Class A - ADR | 127 | 7461 |
| Legend Holdings Corporation - Class H (b) (c) | 596 | 878 |
| NetEase Cloud Music Inc. (b) | 104 | 3460 |
| TCL Electronics Holdings Limited | 3981 | 5376 |
| Weibo Corporation - Class A - ADR (a) | 314 | 3894 |
| XD Inc. (c) | 321 | 3351 |
| Xiamen Meitu Technology Co., Ltd. (a) | 3213 | 3860 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 2194 | 5745 |
|  |  | 43915 |
| **South Korea 5.9%** | **South Korea 5.9%** | **South Korea 5.9%** |
| APR Co., Ltd. | 25 | 4419 |
| Binggrae Co., Ltd. | 15 | 810 |
| GS Holdings Corp. | 52 | 1690 |
| Hanwha Corporation | 125 | 7519 |
| HD Hyundai Marine Solution Co., Ltd. | 20 | 2945 |
| Hyosung Corporation | 22 | 1314 |
| Hyundai Department Store Co., Ltd. | 21 | 1353 |
| IM Financial Group Co., Ltd. | 90 | 886 |
| KCC Corporation | 3 | 954 |
| Korean Reinsurance Company | 129 | 1004 |
| LG Innotek Co., Ltd. | 11 | 1535 |
| LS Corp. | 11 | 1350 |
| LX International Corp. | 127 | 2902 |
| Samsung Engineering Co., Ltd. | 309 | 5904 |
| Samsung Securities Co., Ltd. | 29 | 1495 |
| Samyang Holdings Corporation | 3 | 3654 |
| SM Entertainment Co., Ltd. | 15 | 1407 |
| Youngone Corporation | 40 | 1826 |
|  |  | 42967 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Italy 5.1%** | **Italy 5.1%** | **Italy 5.1%** |
| Avio S.P.A. (a) | 99 | 6223 |
| Banca Monte dei Paschi di Siena S.p.A. (a) | 547 | 4870 |
| Buzzi S.p.A. | 91 | 5048 |
| Fincantieri S.P.A. (b) | 207 | 5460 |
| Hera S.p.A. | 209 | 944 |
| Lottomatica Group S.P.A. | 279 | 7529 |
| Unipol Assicurazioni S.P.A. | 323 | 6951 |
|  |  | 37025 |
| **Germany 4.6%** | **Germany 4.6%** | **Germany 4.6%** |
| Aroundtown SA (b) | 257 | 988 |
| AUTO1 Group SE (b) | 127 | 4363 |
| HOCHTIEF Aktiengesellschaft | 10 | 2713 |
| Nordex SE (b) | 144 | 3695 |
| RENK Group AG | 62 | 6422 |
| Scout24 SE (c) | 69 | 8688 |
| TUI AG (b) (c) | 710 | 6483 |
|  |  | 33352 |
| **India 4.3%** | **India 4.3%** | **India 4.3%** |
| Cartrade Tech Limited (b) | 105 | 2901 |
| Dr. Lal Pathlabs Limited | 41 | 1435 |
| Godfrey Phillips India Limited | 82 | 3129 |
| Lic Housing Finance Limited | 257 | 1638 |
| National Aluminium Co Ltd | 1648 | 3990 |
| Poly Medicure Limited | 93 | 2038 |
| Power Finance Corporation Limited | 1114 | 5167 |
| PTC India Limited | 411 | 775 |
| Redington Limited | 1586 | 5086 |
| The Federal Bank Ltd | 1340 | 2917 |
| Triveni Turbine Limited | 383 | 2245 |
|  |  | 31321 |
| **Australia 3.7%** | **Australia 3.7%** | **Australia 3.7%** |
| AGL Energy Limited | 335 | 1968 |
| Generation Development Group Limited (a) | 771 | 3568 |
| GrainCorp Limited - Class A | 382 | 2281 |
| HUB24 Limited | 60 | 4033 |
| JB Hi-Fi Limited | 85 | 6555 |
| Metcash Limited | 425 | 1071 |
| Perenti Limited | 1513 | 2816 |
| PEXA Group Limited (b) | 338 | 3515 |
| Yancoal Australia Ltd (a) | 293 | 1030 |
|  |  | 26837 |
| **Sweden 2.9%** | **Sweden 2.9%** | **Sweden 2.9%** |
| Ambea AB (publ) (c) | 69 | 992 |
| Apotea AB (publ) (a) (b) | 402 | 3829 |
| Bonesupport Holding AB (b) | 107 | 3325 |
| Hemnet AB | 112 | 2826 |
| MIPS AB | 67 | 2438 |
| RaySearch Laboratories AB (publ) - Class B | 150 | 4027 |
| SSAB AB - Class B (a) | 229 | 1330 |
| Truecaller AB - Class B | 565 | 2497 |
|  |  | 21264 |
| **Brazil 2.1%** | **Brazil 2.1%** | **Brazil 2.1%** |
| Embraer S.A. | 369 | 5539 |
| Inter & Co, Inc. - Class A | 492 | 4542 |
| OdontoPrev S.A. (b) | 608 | 1510 |
| TOTVS S.A. | 436 | 3742 |
|  |  | 15333 |
| **Israel 2.0%** | **Israel 2.0%** | **Israel 2.0%** |
| Bezeq Israel Communications Company Ltd | 600 | 1147 |
| Tower Semiconductor Ltd. (b) | 38 | 2762 |
| Wix.Com Ltd. (b) | 25 | 4422 |
| ZIM Integrated Shipping Services Ltd | 434 | 5881 |
|  |  | 14212 |
| **Norway 1.7%** | **Norway 1.7%** | **Norway 1.7%** |
| Aker Solutions ASA (c) | 383 | 1152 |
| Hoegh Autoliners ASA | 83 | 887 |
| MPC Container Ships ASA | 897 | 1485 |
| Norwegian Air Shuttle ASA (b) | 560 | 895 |
| Protector Forsikring ASA | 76 | 3755 |
| Vend Marketplaces ASA - Class A | 116 | 4126 |
|  |  | 12300 |
| **Indonesia 1.6%** | **Indonesia 1.6%** | **Indonesia 1.6%** |
| Aneka Tambang (Persero), PT Tbk | 37114 | 7070 |
| PT Bank Syariah Indonesia Tbk | 21104 | 3295 |
| PT Indo Tambangraya Megah Tbk | 971 | 1335 |
|  |  | 11700 |
| **France 1.6%** | **France 1.6%** | **France 1.6%** |
| Air France - KLM (b) | 54 | 724 |
| Exosens | 68 | 3440 |
| Groupe Gorge (a) (b) | 37 | 4418 |
| Icade | 37 | 933 |
| SCOR SE | 52 | 1833 |
|  |  | 11348 |
| **Switzerland 1.4%** | **Switzerland 1.4%** | **Switzerland 1.4%** |
| Kuros Biosciences AG (b) | 101 | 3263 |
| SMG Swiss Marketplace Group Holding AG (b) | 94 | 5370 |
| Vifor Pharma AG (c) | 12 | 1329 |
|  |  | 9962 |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| ALK-Abello A/S - Class B (b) | 127 | 4185 |
| Dampskibsselskabet NORDEN A/S | 35 | 1288 |
| ISS A/S | 72 | 2270 |
|  |  | 7743 |
| **South Africa 1.0%** | **South Africa 1.0%** | **South Africa 1.0%** |
| Growthpoint Properties Limited | 2256 | 1931 |
| Rand Merchant Investment Holdings Limited | 755 | 3138 |
| Telkom SA Ltd | 812 | 2408 |
|  |  | 7477 |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| VSTECS Holdings Limited | 5382 | 7460 |
| **Greece 0.9%** | **Greece 0.9%** | **Greece 0.9%** |
| Piraeus Financial Holdings S.A. - Class R | 783 | 6651 |
| **Lithuania 0.9%** | **Lithuania 0.9%** | **Lithuania 0.9%** |
| Baltic Classifieds Group PLC | 1530 | 6375 |
| **Mexico 0.8%** | **Mexico 0.8%** | **Mexico 0.8%** |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Class B | 238 | 3071 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) (b) | 74 | 2542 |
|  |  | 5613 |
| **Netherlands 0.7%** | **Netherlands 0.7%** | **Netherlands 0.7%** |
| BE Semiconductor Industries N.V. | 35 | 5241 |
| **United States of America 0.7%** | **United States of America 0.7%** | **United States of America 0.7%** |
| Life360, Inc. - CHESS (b) | 145 | 5137 |
| **Austria 0.7%** | **Austria 0.7%** | **Austria 0.7%** |
| BAWAG Group AG (c) | 37 | 4874 |
| **Spain 0.7%** | **Spain 0.7%** | **Spain 0.7%** |
| Indra Sistemas SA (a) | 65 | 2932 |
| Unicaja Banco SA (c) | 682 | 1873 |
|  |  | 4805 |
| **Ireland 0.7%** | **Ireland 0.7%** | **Ireland 0.7%** |
| Icon Public Limited Company (b) | 27 | 4775 |
| **Thailand 0.6%** | **Thailand 0.6%** | **Thailand 0.6%** |
| Regional Container Lines Public Co Ltd | 3573 | 2929 |
| Sansiri Public Company Limited | 36867 | 1664 |
|  |  | 4593 |
| **Poland 0.5%** | **Poland 0.5%** | **Poland 0.5%** |
| InPost S.A. (b) | 294 | 3620 |
| **Malaysia 0.4%** | **Malaysia 0.4%** | **Malaysia 0.4%** |
| Kumpulan Sime Darby Berhad | 5619 | 3048 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Proximus | 238 | 2082 |
| **Singapore 0.2%** | **Singapore 0.2%** | **Singapore 0.2%** |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (a) (c) | 1458 | 1616 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| NOS, SGPS, SA. | 329 | 1503 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Turkey 0.2%** | **Turkey 0.2%** | **Turkey 0.2%** |
| Torunlar Gayrimenkul Yatirim Ortakligi Anonim Sirketi | 634 | 1139 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Dubai Residential REIT (b) | 2958 | 999 |
| Total Common Stocks (cost $595,324) | Total Common Stocks (cost $595,324) | 705852 |
| **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%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 30 | 4321 |
| Total Investment Companies (cost $4,350) | Total Investment Companies (cost $4,350) | 4321 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| Metalurgica Gerdau S.A. | 1064 | 1896 |
| Total Preferred Stocks (cost $2,499) | Total Preferred Stocks (cost $2,499) | 1896 |
| **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 - Class I, 4.04% (d) (e) | 9527 | 9527 |
| Total Short Term Investments (cost $9,527) | Total Short Term Investments (cost $9,527) | 9527 |
| **Total Investments 99.6% (cost $611,700)** | **Total Investments 99.6% (cost $611,700)** | **721596** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **3048** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **724644** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 8668 | 390024 | 389165 | 359 |  |  | 9527 | 1.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 211 | 6682 | 6893 | 26 |  |  |  |  |
|  | 8879 | 396706 | 396058 | 385 |  |  | 9527 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Aker Solutions ASA | 04/23/25 | 1171 | 1152 | 0.2 |
| Ambea AB (publ) | 09/25/25 | 957 | 992 | 0.1 |
| BAWAG Group AG | 04/14/25 | 4000 | 4874 | 0.7 |
| Legend Holdings Corporation - Class H | 08/22/25 | 912 | 878 | 0.1 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/21/24 | 1334 | 1616 | 0.2 |
| Scout24 SE | 11/28/22 | 6717 | 8688 | 1.2 |
| TUI AG | 12/22/23 | 5916 | 6483 | 0.9 |
| Unicaja Banco SA | 01/24/25 | 1035 | 1873 | 0.2 |
| Vifor Pharma AG | 03/01/24 | 1076 | 1329 | 0.2 |
| XD Inc. | 07/22/25 | 2460 | 3351 | 0.5 |
|  |  | 25578 | 31236 | 4.3 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 121119 | 584733 |  | 705852 |
| &nbsp;&nbsp;Investment Companies | 4321 |  |  | 4321 |
| &nbsp;&nbsp;Preferred Stocks | 1896 |  |  | 1896 |
| &nbsp;&nbsp;Short Term Investments | 9527 |  |  | 9527 |
|  | 136863 | 584733 |  | 721596 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **Industrials 22.7%** | **Industrials 22.7%** | **Industrials 22.7%** |
| AAON, Inc. | 55 | 5139 |
| AerCap Holdings N.V. | 19 | 2247 |
| AGCO Corporation | 29 | 3118 |
| Alamo Group Inc. | 21 | 4036 |
| AMETEK, Inc. | 34 | 6298 |
| API Group Corporation (a) | 174 | 5967 |
| Axon Enterprise, Inc. (a) | 5 | 3588 |
| Booz Allen Hamilton Holding Corporation - Class A | 61 | 6143 |
| Builders FirstSource, Inc. (a) | 18 | 2167 |
| Caci International Inc. - Class A (a) | 21 | 10545 |
| Carlisle Companies Incorporated | 29 | 9443 |
| Carrier Global Corporation | 40 | 2413 |
| CNH Industrial N.V. | 511 | 5547 |
| Comfort Systems USA, Inc. | 10 | 7933 |
| Copart, Inc. (a) | 141 | 6342 |
| CSX Corporation | 142 | 5057 |
| Delta Air Lines, Inc. | 133 | 7562 |
| Equifax Inc. | 33 | 8413 |
| ESAB Corporation | 41 | 4637 |
| Expeditors International of Washington, Inc. - Class A | 75 | 9189 |
| Fastenal Company | 83 | 4070 |
| Fortive Corporation | 61 | 3013 |
| FTI Consulting, Inc. (a) | 15 | 2396 |
| Genpact Limited | 69 | 2903 |
| Graco Inc. | 39 | 3271 |
| Hubbell Incorporated | 9 | 3991 |
| IDEX Corporation | 36 | 5859 |
| Knight-Swift Transportation Holdings Inc. - Class A | 103 | 4088 |
| L3Harris Technologies, Inc. | 14 | 4367 |
| Landstar System, Inc. | 21 | 2586 |
| Lincoln Electric Holdings, Inc. | 45 | 10400 |
| McGrath RentCorp | 61 | 7139 |
| Middleby Corporation, The (a) | 18 | 2340 |
| Mine Safety Appliances Company, LLC | 32 | 5506 |
| Nordson Corporation | 24 | 5333 |
| Nvent Electric Public Limited Company | 67 | 6609 |
| Oshkosh Corporation | 55 | 7146 |
| Paycom Software, Inc. | 26 | 5461 |
| Regal Rexnord Corporation | 22 | 3127 |
| Republic Services, Inc. | 14 | 3310 |
| Rockwell Automation, Inc. | 14 | 4719 |
| Rollins, Inc. | 101 | 5930 |
| Simpson Manufacturing Co., Inc. | 33 | 5470 |
| SS&C Technologies Holdings, Inc. | 118 | 10463 |
| StandardAero, Inc. (a) | 25 | 680 |
| Textron Inc. | 37 | 3111 |
| TransUnion | 42 | 3535 |
| UFP Industries, Inc. | 44 | 4073 |
| Valmont Industries, Inc. | 12 | 4719 |
| Veralto Corporation | 57 | 6130 |
| W.W. Grainger, Inc. | 5 | 4955 |
| Xylem Inc. | 82 | 12154 |
|  |  | 274638 |
| **Information Technology 16.0%** | **Information Technology 16.0%** | **Information Technology 16.0%** |
| Akamai Technologies, Inc. (a) | 57 | 4349 |
| Amphenol Corporation - Class A | 167 | 20724 |
| Autodesk, Inc. (a) | 12 | 3653 |
| Check Point Software Technologies Ltd (a) | 18 | 3688 |
| Cloudflare, Inc. - Class A (a) | 97 | 20883 |
| Confluent, Inc. - Class A (a) | 266 | 5267 |
| Datadog, Inc. - Class A (a) | 80 | 11377 |
| Fair Isaac Corporation (a) | 6 | 8565 |
| Gartner, Inc. (a) | 29 | 7559 |
| GitLab Inc. - Class A (a) | 109 | 4914 |
| Keysight Technologies, Inc. (a) | 32 | 5562 |
| Microchip Technology Incorporated | 72 | 4648 |
| MKS Inc. | 44 | 5409 |
| MongoDB, Inc. - Class A (a) | 21 | 6363 |
| Monolithic Power Systems, Inc. | 9 | 7906 |
| Nutanix, Inc. - Class A (a) | 84 | 6249 |
| Okta, Inc. - Class A (a) | 63 | 5823 |
| Palo Alto Networks, Inc. (a) | 20 | 3971 |
| Procore Technologies, Inc. (a) | 73 | 5360 |
| PTC Inc. (a) | 35 | 7107 |
| Pure Storage, Inc. - Class A (a) | 96 | 8088 |
| Synopsys, Inc. (a) | 10 | 4687 |
| Trimble Inc. (a) | 154 | 12580 |
| Vertex, Inc. - Class A (a) | 253 | 6268 |
| Workday, Inc. - Class A (a) | 21 | 5055 |
| Zebra Technologies Corporation - Class A (a) | 10 | 2897 |
| Zscaler, Inc. (a) | 15 | 4495 |
|  |  | 193447 |
| **Financials 14.4%** | **Financials 14.4%** | **Financials 14.4%** |
| American Financial Group, Inc. | 38 | 5494 |
| Arch Capital Group Ltd. | 49 | 4446 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 55 | 1566 |
| Carlyle Group Inc., The | 73 | 4578 |
| Corpay Inc (a) | 23 | 6643 |
| Cullen/Frost Bankers, Inc. | 40 | 5134 |
| Everest Group, Ltd. | 15 | 5078 |
| FactSet Research Systems Inc. | 11 | 3151 |
| Fairfax Financial Holdings Limited | 3 | 4481 |
| Fidelity National Financial, Inc. - Class A | 90 | 5473 |
| First American Financial Corporation | 48 | 3086 |
| First Citizens BancShares, Inc. - Class A | 4 | 6878 |
| Goosehead Insurance, Inc. - Class A | 99 | 7354 |
| Hamilton Lane Incorporated - Class A | 33 | 4448 |
| Hartford Insurance Group, Inc., The | 39 | 5229 |
| Houlihan Lokey, Inc. - Class A | 65 | 13261 |
| Huntington Bancshares Incorporated | 296 | 5104 |
| Kinsale Capital Group, Inc. | 11 | 4678 |
| MSCI Inc. - Class A | 11 | 5958 |
| Old Republic International Corporation | 105 | 4454 |
| Principal Financial Group, Inc. | 48 | 4013 |
| Raymond James Financial, Inc. | 30 | 5169 |
| Ryan Specialty Group Holdings, Inc. - Class A | 114 | 6425 |
| ServisFirst Bancshares, Inc. | 51 | 4147 |
| Toast, Inc. - Class A (a) | 248 | 9067 |
| TPG Inc. - Class A | 112 | 6441 |
| Tradeweb Markets Inc. - Class A | 37 | 4051 |
| Truist Financial Corporation | 110 | 5034 |
| Voya Financial, Inc. | 60 | 4456 |
| Willis Towers Watson Public Limited Company | 55 | 19016 |
|  |  | 174313 |
| **Consumer Discretionary 12.0%** | **Consumer Discretionary 12.0%** | **Consumer Discretionary 12.0%** |
| AutoZone, Inc. (a) | 1 | 2403 |
| Bath & Body Works, Inc. | 94 | 2419 |
| BorgWarner Inc. | 96 | 4241 |
| Carnival Corporation (a) | 165 | 4760 |
| CAVA Group, Inc. (a) | 56 | 3383 |
| Chewy, Inc. - Class A (a) | 82 | 3337 |
| Domino's Pizza, Inc. | 24 | 10359 |
| Expedia Group, Inc. | 46 | 9926 |
| Global-E Online Ltd. (a) | 196 | 7005 |
| Hilton Worldwide Holdings Inc. | 8 | 2101 |
| Lennar Corporation - Class A | 52 | 6540 |
| Lithia Motors, Inc. - Class A | 33 | 10324 |
| Lowe`s Companies, Inc. | 18 | 4618 |
| MercadoLibre, Inc. (a) | 5 | 12837 |
| Murphy USA Inc. | 22 | 8451 |
| On Holding AG - Class A (a) | 176 | 7439 |
| Penske Automotive Group, Inc. | 19 | 3230 |
| Planet Fitness, Inc. - Class A (a) | 15 | 1557 |
| Pool Corporation | 19 | 5740 |
| Ralph Lauren Corporation - Class A | 2 | 776 |
| Restaurant Brands International Limited Partnership (b) | 104 | 6698 |
| SharkNinja, Inc. (a) | 28 | 2841 |
| Texas Roadhouse, Inc. - Class A | 13 | 2077 |
| TopBuild Corp. (a) | 18 | 6840 |
| Tractor Supply Company | 53 | 3031 |
| Ulta Beauty, Inc. (a) | 5 | 2734 |
| Williams-Sonoma, Inc. | 6 | 1192 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wingstop Inc. | 18 | 4530 |
| Wyndham Hotels & Resorts, Inc. | 49 | 3915 |
| | | 145304 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| Agilent Technologies, Inc. | 34 | 4300 |
| Bio-Techne Corporation | 64 | 3560 |
| Cooper Companies, Inc., The (a) | 207 | 14211 |
| DexCom, Inc. (a) | 40 | 2725 |
| Edwards Lifesciences Corporation (a) | 79 | 6144 |
| Exact Sciences Corporation (a) | 90 | 4924 |
| GE HealthCare Technologies Inc. | 146 | 10969 |
| HealthEquity, Inc. (a) | 73 | 6912 |
| Hologic, Inc. (a) | 71 | 4817 |
| IDEXX Laboratories, Inc. (a) | 13 | 8451 |
| Insulet Corporation (a) | 30 | 9180 |
| Labcorp Holdings Inc. | 43 | 12436 |
| Mettler-Toledo International Inc. (a) | 9 | 11551 |
| Molina Healthcare, Inc. (a) | 13 | 2445 |
| Penumbra, Inc. (a) | 18 | 4433 |
| Quest Diagnostics Incorporated | 29 | 5532 |
| Repligen Corporation (a) | 26 | 3475 |
| Smith & Nephew PLC - ADR (b) | 106 | 3855 |
| Steris Public Limited Company | 15 | 3712 |
| Veeva Systems Inc. - Class A (a) | 15 | 4469 |
| Waters Corporation (a) | 14 | 4197 |
| West Pharmaceutical Services, Inc. | 48 | 12695 |
|  |  | 144993 |
| **Consumer Staples 7.8%** | **Consumer Staples 7.8%** | **Consumer Staples 7.8%** |
| BJ's Wholesale Club Holdings, Inc. (a) | 99 | 9258 |
| Casey's General Stores, Inc. | 15 | 8419 |
| Celsius Holdings, Inc. (a) | 173 | 9964 |
| Clorox Company, The | 20 | 2466 |
| Coca-Cola Consolidated, Inc. | 66 | 7726 |
| Constellation Brands, Inc. - Class A | 27 | 3624 |
| e.l.f. Beauty, Inc. (a) | 50 | 6624 |
| Estee Lauder Companies Inc., The - Class A | 84 | 7387 |
| Freshpet, Inc. (a) | 109 | 6013 |
| Hormel Foods Corporation | 113 | 2796 |
| Kroger Co., The | 93 | 6302 |
| Maplebear Inc. (a) | 103 | 3795 |
| McCormick & Company, Incorporated | 70 | 4717 |
| Monster Beverage 1990 Corporation (a) | 54 | 3635 |
| Performance Food Group Company (a) | 60 | 6227 |
| US Foods Holding Corp. (a) | 60 | 4620 |
|  |  | 93573 |
| **Materials 4.4%** | **Materials 4.4%** | **Materials 4.4%** |
| Amrize AG (a) (b) | 149 | 7212 |
| AptarGroup, Inc. | 29 | 3886 |
| Axalta Coating Systems Ltd. (a) | 71 | 2035 |
| CF Industries Holdings, Inc. | 55 | 4936 |
| Crown Holdings, Inc. | 48 | 4602 |
| Franco-Nevada Corporation | 21 | 4754 |
| Graphic Packaging Holding Company | 36 | 713 |
| Packaging Corporation of America | 22 | 4756 |
| RPM International Inc. | 39 | 4633 |
| Steel Dynamics, Inc. | 25 | 3426 |
| Titan America | 336 | 5015 |
| Warrior Met Coal, Inc. | 67 | 4240 |
| Westlake Corporation | 37 | 2888 |
|  |  | 53096 |
| **Real Estate 3.2%** | **Real Estate 3.2%** | **Real Estate 3.2%** |
| Camden Property Trust | 37 | 3919 |
| CoStar Group, Inc. (a) | 71 | 6004 |
| Equity Lifestyle Properties, Inc. | 84 | 5115 |
| Lamar Advertising Company - Class A | 42 | 5108 |
| Mid-America Apartment Communities, Inc. | 47 | 6624 |
| NNN REIT, Inc. | 128 | 5466 |
| SBA Communications Corporation - Class A | 11 | 2190 |
| St. Joe Company, The | 86 | 4248 |
|  |  | 38674 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| Alliant Energy Corporation | 114 | 7670 |
| American Water Works Company, Inc. | 35 | 4861 |
| CMS Energy Corporation | 78 | 5683 |
| Talen Energy Corporation (a) | 15 | 6268 |
|  |  | 24482 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| Atlanta Braves Holdings, Inc. - Series C (a) | 101 | 4183 |
| Reddit, Inc. - Class A (a) | 22 | 4985 |
| Trade Desk, Inc., The - Class A (a) | 190 | 9324 |
| Warner Music Group Corp. - Class A | 139 | 4734 |
|  |  | 23226 |
| **Energy 1.4%** | **Energy 1.4%** | **Energy 1.4%** |
| Baker Hughes Company - Class A | 94 | 4592 |
| Chord Energy Corporation | 40 | 3992 |
| Coterra Energy Inc. | 183 | 4331 |
| Devon Energy Corporation | 93 | 3261 |
|  |  | 16176 |
| Total Common Stocks (cost $1,081,890) | Total Common Stocks (cost $1,081,890) | 1181922 |
| **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 26812 | 26812 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 9407 | 9407 |
| Total Short Term Investments (cost $36,219) | Total Short Term Investments (cost $36,219) | 36219 |
| **Total Investments 100.8% (cost $1,118,109)** | **Total Investments 100.8% (cost $1,118,109)** | **1218141** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(9318)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1208823** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 38159 | 672381 | 683728 | 1409 |  |  | 26812 | 2.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 645 | 55506 | 46744 | 36 |  |  | 9407 | 0.8 |
|  | 38804 | 727887 | 730472 | 1445 |  |  | 36219 | 3.0 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1181922 |  |  | 1181922 |
| &nbsp;&nbsp;Short Term Investments | 36219 |  |  | 36219 |
|  | 1218141 |  |  | 1218141 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 95.9%** | **COMMON STOCKS 95.9%** | **COMMON STOCKS 95.9%** |
| **Information Technology 23.8%** | **Information Technology 23.8%** | **Information Technology 23.8%** |
| ACI Worldwide, Inc. (a) | 174 | 9203 |
| Advanced Energy Industries, Inc. | 63 | 10780 |
| Alkami Technology, Inc. (a) | 418 | 10396 |
| Ambarella Inc. (a) | 18 | 1500 |
| AppFolio, Inc. - Class A (a) | 25 | 6958 |
| Arlo Technologies, Inc. (a) | 66 | 1125 |
| Astera Labs, Inc. (a) | 24 | 4618 |
| Badger Meter, Inc. | 31 | 5510 |
| Bentley Systems, Incorporated - Class B | 329 | 16948 |
| Box, Inc. - Class A (a) | 146 | 4720 |
| Camtek Ltd. (a) (b) | 11 | 1156 |
| Celestica Inc. (a) | 10 | 2468 |
| Cellebrite Di Ltd (a) | 371 | 6874 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 799 | 14394 |
| Coherent Corp. (a) | 14 | 1554 |
| CommVault Systems, Inc. (a) | 85 | 16079 |
| Confluent, Inc. - Class A (a) | 65 | 1287 |
| Core Scientific, Inc. (a) (b) | 112 | 2012 |
| Credo Technology Group Holding Ltd (a) | 114 | 16701 |
| CyberArk Software Ltd. (a) | 18 | 8755 |
| Descartes Systems Group Inc., The (a) | 177 | 16773 |
| Digital Turbine USA, Inc. (a) | 2073 | 13268 |
| D-Wave Quantum Inc. (a) (b) | 93 | 2301 |
| Dynatrace, Inc. (a) | 206 | 9979 |
| Endava PLC - Class A - ADR (a) (b) | 259 | 2358 |
| Fabrinet (a) | 13 | 4878 |
| Fair Isaac Corporation (a) | 8 | 12067 |
| GitLab Inc. - Class A (a) | 171 | 7719 |
| Guidewire Software, Inc. (a) | 48 | 10944 |
| HubSpot, Inc. (a) | 2 | 1153 |
| Hut 8 Corp. (a) | 38 | 1329 |
| Impinj, Inc. (a) | 17 | 3092 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 4668 | 18997 |
| InterDigital, Inc. | 15 | 4963 |
| Itron, Inc. (a) | 24 | 2965 |
| JFROG Ltd (a) | 99 | 4687 |
| Klaviyo, Inc. - Series A (a) | 202 | 5615 |
| Lattice Semiconductor Corporation (a) | 60 | 4379 |
| Lumentum Holdings Inc. (a) | 20 | 3285 |
| MACOM Technology Solutions Holdings, Inc. (a) | 46 | 5808 |
| Mirion Technologies (US), Inc. - Class A (a) | 402 | 9354 |
| Monday.Com Ltd. (a) | 38 | 7316 |
| nCino OpCo, Inc. (a) | 818 | 22171 |
| Netskope, Inc. - Class A (a) | 269 | 6107 |
| Novanta Inc. (a) | 161 | 16133 |
| NVE Corporation | 8 | 542 |
| OneStream, Inc. - Class A (a) (b) | 279 | 5141 |
| Onto Innovation Inc. (a) | 30 | 3829 |
| OSI Systems, Inc. (a) | 7 | 1744 |
| Ouster, Inc. - Class A (a) | 26 | 712 |
| PAR Technology Corporation (a) (b) | 69 | 2729 |
| Porch Group Inc - Class A (a) | 1412 | 23688 |
| Power Integrations, Inc. | 130 | 5239 |
| Procore Technologies, Inc. (a) | 163 | 11887 |
| Rambus Inc. (a) | 157 | 16303 |
| Rubrik, Inc. - Class A (a) | 15 | 1228 |
| SailPoint, Inc. (a) (b) | 233 | 5155 |
| Semtech Corporation (a) | 329 | 23535 |
| SentinelOne, Inc. - Class A (a) | 425 | 7484 |
| ServiceTitan, Inc. - Class A (a) | 218 | 21972 |
| Silicon Motion, Inc. - ADR | 53 | 5025 |
| Sitime Corporation (a) | 52 | 15843 |
| SPS Commerce, Inc. (a) | 58 | 6005 |
| Teledyne Technologies Incorporated (a) | 32 | 18897 |
| TeraWulf Inc. (a) (b) | 157 | 1790 |
| Tower Semiconductor Ltd. (a) | 21 | 1497 |
| Tyler Technologies, Inc. (a) | 34 | 17573 |
| Varonis Systems, Inc. (a) | 310 | 17853 |
| Veeco Instruments Inc. (a) (b) | 65 | 1988 |
| Weave Communications, Inc. (a) | 97 | 650 |
| Zeta Global Holdings Corp. - Class A (a) | 106 | 2103 |
|  |  | 561091 |
| **Industrials 23.4%** | **Industrials 23.4%** | **Industrials 23.4%** |
| AAON, Inc. | 347 | 32467 |
| ACV Auctions Inc. - Class A (a) | 78 | 769 |
| Advanced Drainage Systems, Inc. | 88 | 12247 |
| AeroVironment, Inc. (a) | 12 | 3730 |
| Ameresco, Inc. - Class A (a) (b) | 175 | 5886 |
| American Superconductor Corporation (a) | 24 | 1428 |
| Applied Industrial Technologies, Inc. | 63 | 16355 |
| Archer Aviation Inc. - Class A (a) (b) | 233 | 2235 |
| Argan, Inc. | 30 | 8057 |
| Axon Enterprise, Inc. (a) | 13 | 8806 |
| Bloom Energy Corporation - Class A (a) | 43 | 3604 |
| Booz Allen Hamilton Holding Corporation - Class A | 91 | 9069 |
| Casella Waste Systems, Inc. - Class A (a) | 148 | 14066 |
| CECO Environmental Corp. (a) | 94 | 4851 |
| Comfort Systems USA, Inc. | 12 | 10033 |
| Construction Partners, Inc. - Class A (a) | 63 | 7991 |
| Crane Company | 17 | 3039 |
| CSW Industrials, Inc. | 12 | 2979 |
| Curtiss-Wright Corporation | 9 | 4728 |
| Dycom Industries, Inc. (a) | 32 | 9223 |
| Embraer S.A. - ADR | 25 | 1535 |
| Enerpac Tool Group Corp. - Class A | 452 | 18552 |
| Enovix Corporation (a) (b) | 138 | 1380 |
| Enpro Inc. | 24 | 5482 |
| ESCO Technologies Inc. | 11 | 2357 |
| Everus Construction Group, Inc. (a) | 84 | 7239 |
| Exponent, Inc. | 52 | 3593 |
| Federal Signal Corporation | 17 | 2017 |
| Flowserve Corporation | 36 | 1898 |
| FTAI Aviation Ltd. | 98 | 16166 |
| Gates Industrial Corporation PLC (a) | 76 | 1879 |
| Griffon Corporation | 37 | 2847 |
| HEICO Corporation - Class A | 83 | 21177 |
| IES Holdings, Inc. (a) (b) | 4 | 1521 |
| JBT Marel Corporation | 16 | 2308 |
| Karman Holdings Inc. (a) | 399 | 28787 |
| Kornit Digital Ltd. (a) | 172 | 2328 |
| Kratos Defense & Security Solutions, Inc. (a) | 163 | 14862 |
| Limbach Holdings, Inc. (a) (b) | 29 | 2775 |
| Loar Holdings Inc. (a) (b) | 174 | 13898 |
| McGrath RentCorp | 21 | 2414 |
| Mercury Systems, Inc. (a) | 374 | 28979 |
| Montrose Environmental Group, Inc. (a) | 468 | 12850 |
| MYR Group Inc. (a) | 7 | 1451 |
| Newpark Resources, Inc. (a) | 183 | 2072 |
| Nextracker LLC - Class A (a) | 120 | 8880 |
| NuScale Power, LLC - Class A (a) (b) | 31 | 1120 |
| Omega Flex, Inc. | 37 | 1155 |
| Parsons Corporation (a) (b) | 47 | 3865 |
| Planet Labs Inc. - Class A (a) (b) | 454 | 5891 |
| Powell Industries, Inc. (b) | 37 | 11244 |
| Qxo, Inc. (a) | 77 | 1460 |
| RBC Bearings Incorporated (a) | 12 | 4502 |
| Regal Rexnord Corporation | 69 | 9915 |
| Resideo Technologies, Inc. (a) | 25 | 1067 |
| Rocket Lab Corporation (a) (b) | 49 | 2348 |
| Saia, Inc. (a) | 91 | 27247 |
| Simpson Manufacturing Co., Inc. | 93 | 15540 |
| SiteOne Landscape Supply, Inc. (a) | 163 | 20902 |
| SPX Technologies, Inc. (a) | 13 | 2458 |
| Sterling Infrastructure, Inc. (a) | 59 | 20004 |
| Tecogen Inc. (a) (b) | 42 | 367 |
| Tetra Tech, Inc. | 61 | 2026 |
| Transcat, Inc. (a) | 18 | 1300 |
| TransUnion | 122 | 10206 |
| UL Solutions Inc. - Class A | 155 | 10955 |
| Verisk Analytics, Inc. | 54 | 13499 |
| Voyager Technologies, Inc. - Class A (a) | 120 | 3574 |
| VSE Corporation | 47 | 7744 |
| Xometry, Inc. - Class A (a) (b) | 36 | 1980 |
|  |  | 551179 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Health Care 14.7%** | **Health Care 14.7%** | **Health Care 14.7%** |
| Alkermes Public Limited Company (a) | 167 | 4988 |
| Apogee Therapeutics, Inc. (a) (b) | 51 | 2025 |
| Arcellx Inc. (a) | 37 | 3075 |
| Arrowhead Pharmaceuticals Inc (a) | 65 | 2242 |
| AtriCure, Inc. (a) | 154 | 5419 |
| Axsome Therapeutics, Inc. (a) | 69 | 8320 |
| Biohaven Ltd. (a) | 132 | 1989 |
| Bio-Techne Corporation | 97 | 5404 |
| Bridgebio Pharma, Inc. (a) | 191 | 9951 |
| Canticle Pharmaceuticals, Inc. (a) | 21 | 9752 |
| Caredx, Inc. (a) | 451 | 6552 |
| Certara, Inc. (a) | 737 | 9008 |
| Corcept Therapeutics Incorporated (a) | 15 | 1253 |
| Crinetics Pharmaceuticals, Inc. (a) | 179 | 7471 |
| Cytokinetics, Incorporated (a) | 51 | 2777 |
| Denali Therapeutics Inc. (a) | 142 | 2069 |
| Edgewise Therapeutics, Inc. (a) | 55 | 897 |
| Ensign Group, Inc., The | 32 | 5455 |
| Establishment Labs Holdings Inc. (a) (b) | 170 | 6960 |
| Exact Sciences Corporation (a) | 278 | 15228 |
| Genedx Holdings Corp. - Class A (a) | 13 | 1424 |
| Glaukos Corporation (a) | 83 | 6762 |
| Globus Medical, Inc. - Class A (a) | 36 | 2044 |
| Guardant Health, Inc. (a) | 153 | 9529 |
| HealthEquity, Inc. (a) | 345 | 32756 |
| Heartflow, Inc. (a) (b) | 95 | 3182 |
| IDEAYA Biosciences, Inc. (a) | 124 | 3387 |
| Inspire Medical Systems, Inc. (a) | 49 | 3644 |
| Irhythm Technologies, Inc. (a) | 50 | 8627 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 38 | 1458 |
| Kymera Therapeutics, Inc. (a) (b) | 40 | 2284 |
| LeMaitre Vascular, Inc. | 182 | 15951 |
| LENZ Therapeutics, Inc. (a) (b) | 22 | 1011 |
| Masimo Corporation (a) | 54 | 7953 |
| Natera, Inc. (a) | 17 | 2801 |
| National Research Corporation | 69 | 882 |
| Nuvalent, Inc. - Class A (a) | 10 | 895 |
| OptimizeRX Corporation (a) | 26 | 539 |
| Option Care Health, Inc. (a) | 96 | 2678 |
| Orthopediatrics Corp. (a) | 186 | 3447 |
| Owlet, Inc. - Class A (a) | 170 | 1444 |
| Penumbra, Inc. (a) | 19 | 4836 |
| Phreesia, Inc. (a) | 144 | 3393 |
| Procept Biorobotics Corporation (a) | 58 | 2078 |
| Protagonist Therapeutics, Inc. (a) | 68 | 4512 |
| PTC Therapeutics, Inc. (a) | 106 | 6465 |
| RadNet, Inc. (a) | 241 | 18381 |
| Repligen Corporation (a) | 88 | 11687 |
| Revolution Medicines, Inc. (a) | 124 | 5770 |
| Rhythm Pharmaceuticals, Inc. (a) | 66 | 6620 |
| Scholar Rock Holding Corporation (a) | 60 | 2247 |
| Septerna, Inc (a) (b) | 97 | 1824 |
| SI-BONE, Inc. (a) | 279 | 4114 |
| Spyre Therapeutics, Inc. (a) (b) | 45 | 761 |
| Stevanato Group Societa' Per Azioni (b) | 318 | 8191 |
| Tarsus Pharmaceuticals, Inc. (a) | 28 | 1693 |
| TransMedics Group, Inc. (a) (b) | 18 | 2020 |
| Travere Therapeutics, Inc. (a) | 34 | 807 |
| U.S. Physical Therapy, Inc. | 59 | 5014 |
| Ultragenyx Pharmaceutical Inc. (a) | 167 | 5036 |
| Vaxcyte, Inc. (a) | 52 | 1868 |
| Veracyte, Inc. (a) | 90 | 3106 |
| Viking Therapeutics, Inc. (a) (b) | 23 | 597 |
| Wave Life Sciences Ltd. (a) | 149 | 1088 |
| West Pharmaceutical Services, Inc. | 72 | 18780 |
| Xenon Pharmaceuticals Inc. (a) | 74 | 2977 |
|  |  | 347398 |
| **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** |
| Adtalem Global Education Inc. (a) | 20 | 3038 |
| Birkenstock Holding PLC (a) (b) | 149 | 6722 |
| Black Rock Coffee Bar, Inc. - Class A (a) | 158 | 3780 |
| Boot Barn Holdings, Inc. (a) | 113 | 18730 |
| Bright Horizons Family Solutions, Inc. (a) | 25 | 2747 |
| Brunello Cucinelli S.p.A. | 64 | 7044 |
| Carvana Co. - Class A (a) | 7 | 2715 |
| Cavco Industries, Inc. (a) | 5 | 2943 |
| Churchill Downs Incorporated | 94 | 9147 |
| DK Crown Holdings Inc. - Class A (a) | 290 | 10846 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 210 | 5436 |
| Dutch Bros Inc. - Class A (a) | 25 | 1288 |
| First Watch Restaurant Group, Inc. (a) | 479 | 7494 |
| Fox Factory Holding Corp. (a) | 216 | 5247 |
| Genius Sports Limited (a) | 822 | 10179 |
| Global-E Online Ltd. (a) | 106 | 3780 |
| Grand Canyon Education, Inc. (a) | 12 | 2688 |
| Green Brick Partners, Inc. (a) | 67 | 4965 |
| Installed Building Products, Inc. (b) | 75 | 18363 |
| Kura Sushi USA, Inc. - Class A (a) | 87 | 5158 |
| Life Time Group Holdings, Inc. (a) | 222 | 6117 |
| Lindblad Expeditions, LLC (a) | 70 | 894 |
| Meritage Homes Corporation | 17 | 1250 |
| Modine Manufacturing Company (a) | 108 | 15344 |
| National Vision Holdings, Inc. (a) | 53 | 1537 |
| Norwegian Cruise Line Holdings Ltd. (a) | 148 | 3653 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 201 | 25812 |
| Planet Fitness, Inc. - Class A (a) | 11 | 1126 |
| Pool Corporation | 55 | 16960 |
| Revolve Group Inc. - Class A (a) | 276 | 5872 |
| RH (a) (b) | 48 | 9702 |
| Rush Street Interactive, Inc. - Class A (a) | 90 | 1842 |
| SharkNinja, Inc. (a) | 153 | 15736 |
| Smith Douglas Homes Corp. - Class A (a) (b) | 58 | 1030 |
| Sportradar Group AG - Class A (a) | 239 | 6437 |
| Stride, Inc. (a) | 52 | 7632 |
| Sweetgreen, Inc. - Class A (a) (b) | 75 | 602 |
| Texas Roadhouse, Inc. - Class A | 79 | 13114 |
| Thor Industries, Inc. | 14 | 1470 |
| TopBuild Corp. (a) | 20 | 7921 |
| Travel + Leisure Co. | 27 | 1582 |
| Visteon Corporation | 15 | 1753 |
| Wingstop Inc. (b) | 68 | 16974 |
| Wynn Resorts, Limited | 73 | 9300 |
|  |  | 305970 |
| **Financials 9.4%** | **Financials 9.4%** | **Financials 9.4%** |
| Accelerant Holdings - Class A (a) | 47 | 705 |
| Bancorp, Inc., The (a) | 78 | 5876 |
| Customers Bancorp, Inc. (a) | 20 | 1331 |
| Dave Inc. - Class A (a) | 12 | 2312 |
| Evercore Inc. - Class A | 47 | 15903 |
| FactSet Research Systems Inc. | 34 | 9619 |
| Figure Technology Solutions, Inc. - Class A (a) | 42 | 1540 |
| Goosehead Insurance, Inc. - Class A | 91 | 6786 |
| Hamilton Lane Incorporated - Class A | 30 | 4046 |
| HCI Group, Inc. | 16 | 3020 |
| Houlihan Lokey, Inc. - Class A | 24 | 4827 |
| Jack Henry & Associates, Inc. | 70 | 10444 |
| Kinsale Capital Group, Inc. | 33 | 13906 |
| LendingClub Corporation (a) | 112 | 1703 |
| LPL Financial Holdings Inc. | 22 | 7166 |
| Marex Group PLC | 94 | 3165 |
| Moelis & Company - Class A | 218 | 15527 |
| Morningstar, Inc. | 31 | 7230 |
| Paymentus Holdings, Inc. - Class A (a) | 78 | 2396 |
| Piper Sandler Companies | 4 | 1351 |
| Primerica, Inc. | 27 | 7610 |
| Ryan Specialty Group Holdings, Inc. - Class A (b) | 411 | 23174 |
| ServisFirst Bancshares, Inc. | 86 | 6962 |
| Shift4 Payments, LLC - Class A (a) (b) | 73 | 5624 |
| Skyward Specialty Insurance Group, Inc. (a) | 133 | 6361 |
| StepStone Group Inc. - Class A | 240 | 15591 |
| StoneX Group Inc. (a) (b) | 12 | 1247 |
| Toast, Inc. - Class A (a) | 90 | 3279 |
| Triumph Financial, Inc. (a) | 89 | 4459 |
| UMB Financial Corporation | 84 | 9995 |
| Victory Capital Holdings, Inc. - Class A | 123 | 7984 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Alliance Bancorporation | 119 | 10347 |
| | | 221486 |
| **Communication Services 3.6%** | **Communication Services 3.6%** | **Communication Services 3.6%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 34 | 1669 |
| Auto Trader Group PLC | 802 | 8514 |
| Auto Trader Group PLC - ADR | 2998 | 7794 |
| Liberty Media Corporation - Series A (a) | 95 | 9042 |
| Liberty Media Corporation - Series C (a) | 128 | 12407 |
| Magnite, Inc. (a) | 760 | 16538 |
| Nexxen International Ltd (a) (b) | 110 | 1018 |
| Rightmove PLC | 1744 | 16635 |
| Rightmove PLC - ADR | 648 | 12291 |
|  |  | 85908 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Celsius Holdings, Inc. (a) | 330 | 18985 |
| e.l.f. Beauty, Inc. (a) | 32 | 4209 |
| Freshpet, Inc. (a) | 61 | 3320 |
| Oddity Tech Ltd - Class A (a) | 170 | 10551 |
| Performance Food Group Company (a) | 88 | 9159 |
| PriceSmart, Inc. (b) | 14 | 1715 |
| Primo Brands Corporation - Class A | 387 | 8543 |
| Sprouts Farmers Market, Inc. (a) | 13 | 1443 |
| SunOpta Inc. (a) | 993 | 5818 |
| The Chefs' Warehouse, Inc. (a) | 208 | 12153 |
| Turning Point Brands, Inc. | 25 | 2473 |
| Vita Coco Company, Inc., The (a) | 69 | 2909 |
| Vital Farms, Inc. (a) | 87 | 3580 |
|  |  | 84858 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Avient Corporation | 212 | 6979 |
| Carpenter Technology Corporation | 55 | 13626 |
| Hawkins, Inc. | 32 | 5875 |
| Hudbay Minerals Inc. | 98 | 1488 |
| KRC Materials, Inc. (a) | 23 | 1787 |
| Materion Corporation | 41 | 4920 |
| MP Materials Corp. - Class A (a) | 27 | 1800 |
| Pan American Silver Corp. (b) | 97 | 3748 |
| Ramaco Resources, Inc. - Class A (b) | 88 | 2921 |
| United States Lime & Minerals, Inc. | 17 | 2217 |
| USA Rare Earth, Inc. - Class A (a) (b) | 53 | 906 |
|  |  | 46267 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Cameco Corporation (b) | 31 | 2573 |
| Centrus Energy Corp. - Class A (a) (b) | 42 | 12866 |
| Gulfport Energy Operating Corporation (a) | 7 | 1335 |
| Matador Resources Company | 64 | 2893 |
| Range Resources Corporation | 107 | 4041 |
| Solaris Energy Infrastructure, Inc. - Class A | 30 | 1191 |
| TechnipFMC PLC | 189 | 7467 |
| Uranium Energy Corp. (a) | 312 | 4165 |
| Weatherford International Public Limited Company | 34 | 2301 |
|  |  | 38832 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Compass, Inc. - Class A (a) | 335 | 2689 |
| CoStar Group, Inc. (a) | 27 | 2306 |
| EastGroup Properties, Inc. | 54 | 9190 |
| Terreno Realty Corporation | 62 | 3538 |
|  |  | 17723 |
| Total Common Stocks (cost $1,918,468) | Total Common Stocks (cost $1,918,468) | 2260712 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Flexion Therapeutics, Inc. (a) (b) (c) | 491 | 5 |
| Total Rights (cost $0) | Total Rights (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 5.3%** | **SHORT TERM INVESTMENTS 5.3%** | **SHORT TERM INVESTMENTS 5.3%** |
| **Investment Companies 3.9%** | **Investment Companies 3.9%** | **Investment Companies 3.9%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 92602 | 92602 |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 33301 | 33301 |
| Total Short Term Investments (cost $125,903) | Total Short Term Investments (cost $125,903) | 125903 |
| **Total Investments 101.2% (cost $2,044,371)** | **Total Investments 101.2% (cost $2,044,371)** | **2386620** |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(28900)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2357720** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 85183 | 707185 | 699766 | 2080 |  |  | 92602 | 3.9 |
| JNL Government Money Market Fund, 4.14% - Class SL | 23978 | 404955 | 395632 | 1107 |  |  | 33301 | 1.4 |
|  | 109161 | 1112140 | 1095398 | 3187 |  |  | 125903 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2228519 | 32193 |  | 2260712 |
| &nbsp;&nbsp;Rights |  |  | 5 | 5 |
| &nbsp;&nbsp;Short Term Investments | 125903 |  |  | 125903 |
|  | 2354422 | 32193 | 5 | 2386620 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 96.7%** | **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** |
| **Industrials 24.3%** | **Industrials 24.3%** | **Industrials 24.3%** |
| ACV Auctions Inc. - Class A (a) | 271 | 2689 |
| Air Lease Corporation - Class A | 229 | 14561 |
| Alight, Inc. - Class A | 606 | 1976 |
| American Woodmark Corporation (a) | 244 | 16311 |
| Armstrong World Industries, Inc. | 57 | 11153 |
| Blue Bird Global Corporation (a) | 81 | 4676 |
| BrightView Holdings, Inc. (a) | 590 | 7911 |
| Caci International Inc. - Class A (a) | 21 | 10662 |
| Cadre Holdings, Inc. (b) | 557 | 20340 |
| CBIZ, Inc. (a) | 122 | 6435 |
| CNH Industrial N.V. | 357 | 3870 |
| CoreCivic, Inc. (a) | 574 | 11676 |
| CSW Industrials, Inc. | 25 | 6166 |
| Enerpac Tool Group Corp. - Class A | 246 | 10080 |
| ESAB Corporation | 65 | 7261 |
| Gorman- Rupp Company, The | 60 | 2784 |
| GXO Logistics Inc. (a) | 233 | 12309 |
| Hayward Holdings, Inc. (a) | 737 | 11140 |
| Helios Technologies, Inc. | 45 | 2357 |
| Hillman Solutions Corp. - Class A (a) | 2708 | 24866 |
| HNI Corporation | 97 | 4543 |
| Hub Group, Inc. - Class A | 105 | 3606 |
| Huntington Ingalls Industries, Inc. | 19 | 5531 |
| Huron Consulting Group Inc. (a) | 55 | 8088 |
| ICF International, Inc. | 100 | 9317 |
| IES Holdings, Inc. (a) (b) | 25 | 9830 |
| Insperity, Inc. | 344 | 16940 |
| Janus International Group, Inc. (a) | 1219 | 12031 |
| Korn Ferry | 29 | 2060 |
| Landstar System, Inc. | 141 | 17257 |
| Maximus, Inc. | 120 | 10969 |
| McGrath RentCorp | 111 | 12999 |
| Mine Safety Appliances Company, LLC | 55 | 9535 |
| MOOG Inc. - Class A | 24 | 4901 |
| MYR Group Inc. (a) | 53 | 11006 |
| Openlane, Inc. (a) | 65 | 1874 |
| Owens Corning | 33 | 4678 |
| Powell Industries, Inc. (b) | 9 | 2694 |
| Rentokil Initial PLC - ADR (b) | 264 | 6656 |
| Rush Enterprises, Inc. - Class A | 64 | 3438 |
| Science Applications International Corporation | 33 | 3241 |
| Simpson Manufacturing Co., Inc. | 14 | 2388 |
| Steelcase Inc. - Class A | 101 | 1743 |
| Tecnoglass Inc. | 75 | 5044 |
| Timken Company, The | 107 | 8022 |
| UFP Industries, Inc. | 48 | 4449 |
| U-Haul Holding Company - Series N | 218 | 11102 |
| Unifirst Corporation | 57 | 9606 |
| V2X, Inc. (a) | 129 | 7494 |
| Verra Mobility Corporation - Class A (a) | 742 | 18320 |
| Werner Enterprises, Inc. | 104 | 2724 |
| WESCO International, Inc. | 49 | 10305 |
| Willscot Holdings Corporation - Class A | 162 | 3428 |
|  |  | 435042 |
| **Financials 20.8%** | **Financials 20.8%** | **Financials 20.8%** |
| Amalgamated Financial Corp. | 120 | 3250 |
| Assured Guaranty Ltd. | 262 | 22144 |
| Atlantic Union Bank | 116 | 4099 |
| AXIS Capital Holdings Limited | 78 | 7440 |
| Bancorp, Inc., The (a) | 162 | 12119 |
| Bank of Hawaii Corporation (b) | 89 | 5845 |
| Bank OZK | 64 | 3256 |
| BankUnited, Inc. | 145 | 5525 |
| Berkshire Hills Bancorp, Inc. | 86 | 2044 |
| Burford Capital Limited - Class C (b) | 656 | 7845 |
| Cannae Holdings, Inc. | 265 | 4847 |
| CNA Financial Corporation | 93 | 4339 |
| CNO Financial Group, Inc. | 110 | 4348 |
| Columbia Banking System, Inc. | 431 | 11091 |
| Commerce Bancshares, Inc. | 188 | 11242 |
| Essent Group Ltd. | 140 | 8926 |
| Euronet Worldwide, Inc. (a) | 149 | 13084 |
| EVERTEC, Inc. | 130 | 4374 |
| F.N.B. Corporation | 338 | 5445 |
| Federated Hermes, Inc. - Class B | 53 | 2735 |
| First American Financial Corporation | 214 | 13740 |
| First Citizens BancShares, Inc. - Class A | 9 | 16725 |
| First Hawaiian, Inc. | 305 | 7575 |
| Genworth Financial, Inc. - Class A (a) | 1110 | 9877 |
| Glacier Bancorp, Inc. (b) | 205 | 9974 |
| Hanover Insurance Group Inc, The | 33 | 5955 |
| Independent Bank Corp. | 75 | 5188 |
| International Bancshares Corporation | 89 | 6092 |
| LendingTree, Inc. (a) | 20 | 1310 |
| Marqeta, Inc. - Class A (a) | 783 | 4134 |
| P10, Inc. - Class A (b) | 326 | 3548 |
| Radian Group Inc. | 29 | 1035 |
| Skyward Specialty Insurance Group, Inc. (a) | 425 | 20208 |
| Stewart Information Services Corporation | 107 | 7818 |
| Texas Capital Bancshares, Inc. (a) | 46 | 3904 |
| UMB Financial Corporation | 85 | 10092 |
| Virtu Financial, Inc. - Class A | 239 | 8470 |
| Virtus Investment Partners, Inc. | 53 | 10053 |
| WAFD, Inc. | 158 | 4786 |
| Wex, Inc. (a) | 58 | 9083 |
| White Mountains Insurance Group Ltd | 23 | 38966 |
| Wintrust Financial Corporation | 150 | 19914 |
| WSFS Financial Corporation | 200 | 10801 |
|  |  | 373246 |
| **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** |
| America's Car Mart, Inc. (a) (b) | 123 | 3590 |
| Dorman Products, Inc. (a) | 59 | 9259 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 370 | 9587 |
| Frontdoor, Inc. (a) | 173 | 11617 |
| Grand Canyon Education, Inc. (a) | 29 | 6311 |
| Group 1 Automotive, Inc. | 19 | 8388 |
| Hasbro, Inc. | 100 | 7592 |
| LCI Industries | 40 | 3755 |
| Les Vetements de Sport Gildan Inc. - Class A | 258 | 14889 |
| LGI Homes, Inc. (a) | 52 | 2689 |
| Lithia Motors, Inc. - Class A | 33 | 10406 |
| LKQ Corporation | 180 | 5495 |
| M/I Homes, Inc. (a) | 36 | 5239 |
| Malibu Boats, Inc. - Class A (a) | 261 | 8484 |
| Meritage Homes Corporation | 20 | 1460 |
| Modine Manufacturing Company (a) | 156 | 22137 |
| Murphy USA Inc. | 27 | 10466 |
| Patrick Industries, Inc. | 94 | 9772 |
| Pursuit Attractions And Hospitality, Inc. (a) | 78 | 2807 |
| United Parks And Resorts Inc. (a) (b) | 139 | 7169 |
| Vail Resorts, Inc. (b) | 35 | 5199 |
| Valvoline, Inc. (a) | 249 | 8928 |
| Winmark Corporation | 11 | 5451 |
| Winnebago Industries, Inc. | 207 | 6922 |
| Wyndham Hotels & Resorts, Inc. | 109 | 8733 |
| YETI Holdings, Inc. (a) | 608 | 20175 |
|  |  | 216520 |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| ACI Worldwide, Inc. (a) | 142 | 7486 |
| ACM Research, Inc. - Class A (a) | 210 | 8214 |
| Alkami Technology, Inc. (a) (b) | 235 | 5838 |
| Arrow Electronics, Inc. (a) | 32 | 3914 |
| ASGN Incorporated (a) | 219 | 10388 |
| Axcelis Technologies, Inc. (a) | 216 | 21073 |
| Cleanspark Inc. (a) (b) | 262 | 3795 |
| Cognex Corporation | 215 | 9735 |
| DigitalOcean Holdings, Inc. (a) | 98 | 3354 |
| ePlus inc. | 281 | 19914 |
| Formfactor, Inc. (a) | 333 | 12128 |
| Insight Enterprises, Inc. (a) | 65 | 7326 |
| InterDigital, Inc. (b) | 55 | 18988 |
| MKS Inc. | 85 | 10475 |
| Napco Security Technologies, Inc. | 129 | 5520 |
| NCR Voyix Corporation (a) | 183 | 2293 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Open Text Corporation | 121 | 4510 |
| PAR Technology Corporation (a) (b) | 122 | 4820 |
| Plexus Corp. (a) | 12 | 1780 |
| Silicon Motion, Inc. - ADR | 203 | 19246 |
| SPS Commerce, Inc. (a) | 43 | 4520 |
| TD SYNNEX Corporation | 30 | 4925 |
| Vontier Corporation | 208 | 8713 |
| | | 198955 |
| **Health Care 10.1%** | **Health Care 10.1%** | **Health Care 10.1%** |
| Acadia Healthcare Company, Inc. (a) | 94 | 2338 |
| AdaptHealth LLC - Class A (a) | 1027 | 9192 |
| Addus HomeCare Corporation (a) | 196 | 23173 |
| Alphatec Holdings, Inc. (a) | 287 | 4175 |
| Arcellx Inc. (a) | 19 | 1588 |
| Charles River Laboratories International, Inc. (a) | 37 | 5764 |
| CONMED Corporation | 141 | 6639 |
| Cooper Companies, Inc., The (a) | 87 | 5982 |
| CRISPR Therapeutics AG (a) (b) | 52 | 3355 |
| Dentsply Sirona Inc. | 419 | 5312 |
| Dynavax Technologies Corporation (a) (b) | 174 | 1724 |
| Embecta Corp. | 198 | 2787 |
| Encompass Health Corporation | 38 | 4876 |
| Enovis Corporation (a) (b) | 72 | 2195 |
| Ensign Group, Inc., The | 73 | 12681 |
| Evolent Health, Inc. - Class A (a) | 137 | 1157 |
| Haemonetics Corporation (a) | 97 | 4746 |
| Icon Public Limited Company (a) | 30 | 5234 |
| ICU Medical, Inc. (a) | 137 | 16382 |
| Inspire Medical Systems, Inc. (a) | 10 | 755 |
| Integer Holdings Corporation (a) | 65 | 6756 |
| Janux Therapeutics, Inc. (a) | 41 | 1011 |
| Lantheus Holdings, Inc. (a) | 182 | 9336 |
| MoonLake Immunotherapeutics AG - Class A (a) (b) | 56 | 399 |
| Pennant Group, Inc., The (a) | 326 | 8219 |
| Perrigo Company Public Limited Company (b) | 312 | 6937 |
| Praxis Precision Medicines, Inc. (a) | 23 | 1201 |
| Relay Therapeutics, Inc. (a) | 304 | 1589 |
| Smith & Nephew PLC - ADR (b) | 176 | 6402 |
| Tango Therapeutics, Inc. (a) (b) | 173 | 1456 |
| Teleflex Incorporated | 60 | 7381 |
| UFP Technologies, Inc. (a) (b) | 16 | 3117 |
| Varex Imaging Corporation (a) | 311 | 3856 |
| Vericel Corporation (a) | 96 | 3028 |
|  |  | 180743 |
| **Real Estate 4.2%** | **Real Estate 4.2%** | **Real Estate 4.2%** |
| Apple Hospitality REIT, Inc. | 346 | 4160 |
| Brandywine Realty Trust | 618 | 2578 |
| Cushman & Wakefield PLC (a) | 1019 | 16221 |
| Getty Realty Corp. | 161 | 4326 |
| Highwoods Properties, Inc. | 95 | 3033 |
| Howard Hughes Holdings Inc. (a) | 39 | 3236 |
| Independence Realty Trust, Inc. | 103 | 1692 |
| Marcus & Millichap Company | 308 | 9053 |
| PotlatchDeltic Corporation | 114 | 4658 |
| Ryman Hospitality Properties, Inc. | 173 | 15469 |
| STAG Industrial, Inc. | 152 | 5348 |
| Terreno Realty Corporation | 86 | 4855 |
|  |  | 74629 |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Ashland Inc. | 95 | 4571 |
| Century Aluminum Company (a) | 150 | 4408 |
| Commercial Metals Company | 52 | 2970 |
| Element Solutions Inc. | 890 | 22399 |
| H.B. Fuller Company | 158 | 9337 |
| Hecla Mining Company (b) | 597 | 7219 |
| KRC Materials, Inc. (a) | 53 | 4044 |
| Quaker Chemical Corporation (b) | 62 | 8195 |
| Warrior Met Coal, Inc. | 56 | 3567 |
|  |  | 66710 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Atlas Energy Solutions Inc. (b) | 586 | 6660 |
| CNX Resources Corporation (a) | 191 | 6138 |
| CVR Energy, Inc. | 65 | 2360 |
| Delek US Holdings, Inc. | 185 | 5954 |
| DHT Holdings, Inc. | 321 | 3838 |
| DMC Global Inc. (a) | 402 | 3400 |
| Gulfport Energy Operating Corporation (a) | 26 | 4701 |
| HF Sinclair Corporation | 89 | 4669 |
| Matador Resources Company | 46 | 2084 |
| Ovintiv Canada ULC | 33 | 1339 |
| Permian Resources Corporation - Class A | 474 | 6072 |
| RPC, Inc. | 933 | 4441 |
| SM Energy Company | 183 | 4574 |
| Talos Energy Inc. (a) | 292 | 2804 |
| Weatherford International Public Limited Company | 59 | 4037 |
|  |  | 63071 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| BJ's Wholesale Club Holdings, Inc. (a) | 141 | 13144 |
| Cal-Maine Foods, Inc. | 65 | 6071 |
| Dole Public Limited Company | 175 | 2351 |
| Flowers Foods, Inc. | 460 | 6009 |
| Ingles Markets, Incorporated - Class A | 55 | 3802 |
| Ingredion Incorporated | 46 | 5622 |
| Interparfums, Inc. | 84 | 8293 |
| Molson Coors Beverage Company - Class B | 33 | 1475 |
| Nomad Foods Limited | 507 | 6663 |
| PriceSmart, Inc. (b) | 37 | 4454 |
|  |  | 57884 |
| **Utilities 2.9%** | **Utilities 2.9%** | **Utilities 2.9%** |
| Avista Corporation | 65 | 2459 |
| Black Hills Corporation | 70 | 4297 |
| Hawaiian Electric Industries, Inc. (a) | 572 | 6316 |
| IDACORP, Inc. | 15 | 2011 |
| MDU Resources Group, Inc. | 355 | 6314 |
| NorthWestern Corporation | 122 | 7174 |
| Portland General Electric Company | 94 | 4157 |
| Southwest Gas Holdings, Inc. | 77 | 6041 |
| Spire Inc. | 45 | 3664 |
| Talen Energy Corporation (a) | 9 | 3768 |
| TXNM Energy, Inc. | 90 | 5074 |
|  |  | 51275 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Lumen Technologies, Inc. (a) | 326 | 1993 |
| Telephone and Data Systems, Inc. | 158 | 6179 |
| TripAdvisor, Inc. (a) | 228 | 3700 |
| Yelp Inc. (a) | 65 | 2040 |
|  |  | 13912 |
| Total Common Stocks (cost $1,568,048) | Total Common Stocks (cost $1,568,048) | 1731987 |
| **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** |
| **Investment Companies 2.4%** | **Investment Companies 2.4%** | **Investment Companies 2.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 42449 | 42449 |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 20703 | 20703 |
| Total Short Term Investments (cost $63,152) | Total Short Term Investments (cost $63,152) | 63152 |
| **Total Investments 100.2% (cost $1,631,200)** | **Total Investments 100.2% (cost $1,631,200)** | **1795139** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(3652)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1791487** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 54416 | 322669 | 334636 | 1486 |  |  | 42449 | 2.4 |
| JNL Government Money Market Fund, 4.14% - Class SL | 19164 | 203647 | 202108 | 449 |  |  | 20703 | 1.1 |
|  | 73580 | 526316 | 536744 | 1935 |  |  | 63152 | 3.5 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1731987 |  |  | 1731987 |
| &nbsp;&nbsp;Short Term Investments | 63152 |  |  | 63152 |
|  | 1795139 |  |  | 1795139 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **Information Technology 18.1%** | **Information Technology 18.1%** | **Information Technology 18.1%** |
| AppLovin Corporation - Class A (a) | 137 | 98440 |
| GoDaddy Inc. - Class A (a) | 76 | 10426 |
| Microsoft Corporation | 75 | 38721 |
| Monday.Com Ltd. (a) | 58 | 11176 |
| NVIDIA Corporation | 259 | 48380 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 79 | 22120 |
| Western Digital Corporation | 276 | 33161 |
|  |  | 262424 |
| **Financials 16.2%** | **Financials 16.2%** | **Financials 16.2%** |
| Allstate Corporation, The | 63 | 13509 |
| American International Group, Inc. | 274 | 21519 |
| Arthur J. Gallagher & Co. | 32 | 9881 |
| Berkshire Hathaway Inc. - Class B (a) | 29 | 14508 |
| Brookfield Corporation - Class A | 116 | 7927 |
| Cincinnati Financial Corporation | 80 | 12642 |
| CME Group Inc. - Class A | 45 | 12246 |
| Fairfax Financial Holdings Limited | 2 | 3327 |
| Fidelity National Information Services, Inc. | 95 | 6294 |
| Intercontinental Exchange, Inc. | 30 | 4982 |
| KKR & Co. Inc. - Class A | 42 | 5439 |
| LPL Financial Holdings Inc. | 42 | 13973 |
| Progressive Corporation, The | 123 | 30342 |
| Reinsurance Group of America, Incorporated | 121 | 23267 |
| Robinhood Markets, Inc. - Class A (a) | 218 | 31271 |
| Slide Insurance Holdings, Inc. (a) | 140 | 2215 |
| Visa Inc. - Class A | 31 | 10410 |
| Willis Towers Watson Public Limited Company | 29 | 9969 |
|  |  | 233721 |
| **Industrials 10.9%** | **Industrials 10.9%** | **Industrials 10.9%** |
| AerCap Holdings N.V. | 17 | 2110 |
| BAE Systems PLC - ADR | 294 | 32846 |
| Caci International Inc. - Class A (a) | 14 | 6959 |
| Carlisle Companies Incorporated | 18 | 6050 |
| CSX Corporation | 180 | 6373 |
| Deere & Company | 10 | 4785 |
| GE Vernova Inc. | 33 | 20046 |
| General Electric Company | 69 | 20847 |
| Rolls-Royce Holdings PLC - ADR (b) | 1407 | 22793 |
| Siemens Energy AG (a) | 301 | 35388 |
|  |  | 158197 |
| **Health Care 10.4%** | **Health Care 10.4%** | **Health Care 10.4%** |
| Becton, Dickinson and Company | 30 | 5579 |
| Cigna Group, The | 84 | 24257 |
| Eli Lilly and Company | 16 | 12361 |
| GE HealthCare Technologies Inc. | 111 | 8311 |
| Illumina, Inc. (a) | 70 | 6619 |
| Johnson & Johnson | 90 | 16678 |
| Labcorp Holdings Inc. | 24 | 6918 |
| McKesson Corporation | 22 | 16919 |
| Novartis AG - ADR | 87 | 11212 |
| Tenet Healthcare Corporation (a) | 141 | 28527 |
| UnitedHealth Group Incorporated | 39 | 13294 |
|  |  | 150675 |
| **Consumer Staples 9.5%** | **Consumer Staples 9.5%** | **Consumer Staples 9.5%** |
| Altria Group, Inc. | 376 | 24850 |
| BJ's Wholesale Club Holdings, Inc. (a) | 109 | 10177 |
| Casey's General Stores, Inc. | 6 | 3227 |
| Coca-Cola Company, The | 205 | 13592 |
| Diageo PLC - ADR | 59 | 5663 |
| Kroger Co., The | 249 | 16815 |
| Philip Morris International Inc. | 390 | 63133 |
|  |  | 137457 |
| **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** |
| Amazon.com, Inc. (a) | 182 | 39962 |
| Lennar Corporation - Class A | 28 | 3477 |
| Lithia Motors, Inc. - Class A | 13 | 4208 |
| LVMH Moet Hennessy Louis Vuitton - ADR | 45 | 5508 |
| Restaurant Brands International Limited Partnership | 99 | 6325 |
| Sea Limited - Class A - ADR (a) | 220 | 39392 |
| Starbucks Corporation | 77 | 6492 |
| Tapestry, Inc. | 208 | 23572 |
|  |  | 128936 |
| **Utilities 8.4%** | **Utilities 8.4%** | **Utilities 8.4%** |
| American Electric Power Company, Inc. | 213 | 24010 |
| American Water Works Company, Inc. | 71 | 9901 |
| Atmos Energy Corporation | 32 | 5477 |
| CenterPoint Energy, Inc. | 277 | 10742 |
| DTE Energy Company | 58 | 8167 |
| Duke Energy Corporation | 127 | 15669 |
| Exelon Corporation | 321 | 14440 |
| NextEra Energy, Inc. | 161 | 12138 |
| PPL Corporation | 210 | 7815 |
| Talen Energy Corporation (a) | 5 | 2293 |
| XCEL Energy Inc. | 142 | 11419 |
|  |  | 122071 |
| **Communication Services 8.2%** | **Communication Services 8.2%** | **Communication Services 8.2%** |
| AT&T Inc. | 1220 | 34461 |
| Meta Platforms, Inc. - Class A | 46 | 33243 |
| Spotify Technology S.A. (a) | 33 | 23174 |
| Verizon Communications Inc. | 633 | 27819 |
|  |  | 118697 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Canadian Natural Resources Limited | 302 | 9652 |
| Chevron Corporation | 65 | 10141 |
| Enbridge Inc. (b) | 248 | 12533 |
| Exxon Mobil Corporation | 193 | 21792 |
|  |  | 54118 |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| Amrize AG (a) | 128 | 6233 |
| Corteva, Inc. | 174 | 11747 |
| CRH Public Limited Company | 112 | 13385 |
|  |  | 31365 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Mid-America Apartment Communities, Inc. | 44 | 6159 |
| Welltower Inc. | 140 | 24975 |
|  |  | 31134 |
| Total Common Stocks (cost $1,150,253) | Total Common Stocks (cost $1,150,253) | 1428795 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (c) | 8 | 13 |
| Total Rights (cost $0) | Total Rights (cost $0) | 13 |
| **SHORT TERM INVESTMENTS 2.3%** | **SHORT TERM INVESTMENTS 2.3%** | **SHORT TERM INVESTMENTS 2.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 19579 | 19579 |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 13849 | 13849 |
| Total Short Term Investments (cost $33,428) | Total Short Term Investments (cost $33,428) | 33428 |
| **Total Investments 101.0% (cost $1,183,681)** | **Total Investments 101.0% (cost $1,183,681)** | **1462236** |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(14224)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1448012** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 9713 | 674529 | 664663 | 1390 |  |  | 19579 | 1.3 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 91429 | 77580 | 199 |  |  | 13849 | 1.0 |
|  | 9713 | 765958 | 742243 | 1589 |  |  | 33428 | 2.3 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1393407 | 35388 |  | 1428795 |
| &nbsp;&nbsp;Rights |  |  | 13 | 13 |
| &nbsp;&nbsp;Short Term Investments | 33428 |  |  | 33428 |
|  | 1426835 | 35388 | 13 | 1462236 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 34.5%** | **Information Technology 34.5%** | **Information Technology 34.5%** |
| Accenture Public Limited Company - Class A | 6 | 1519 |
| Adobe Inc. (a) | 4 | 1479 |
| Advanced Micro Devices, Inc. (a) | 16 | 2552 |
| Akamai Technologies, Inc. (a) | 1 | 102 |
| Amphenol Corporation - Class A | 12 | 1470 |
| Analog Devices, Inc. | 5 | 1208 |
| Apple Inc. | 145 | 36949 |
| Applied Materials, Inc. | 8 | 1588 |
| AppLovin Corporation - Class A (a) | 3 | 1906 |
| Arista Networks, Inc. (a) | 10 | 1469 |
| Autodesk, Inc. (a) | 2 | 676 |
| Broadcom Inc. | 46 | 15185 |
| Cadence Design Systems, Inc. (a) | 3 | 944 |
| CDW Corp. | 1 | 208 |
| Cisco Systems, Inc. | 39 | 2638 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 330 |
| Corning Incorporated | 8 | 629 |
| CrowdStrike Holdings, Inc. - Class A (a) | 2 | 1198 |
| Datadog, Inc. - Class A (a) | 3 | 434 |
| Dell Technologies Inc. - Class C | 3 | 416 |
| EPAM Systems, Inc. (a) | 1 | 87 |
| F5, Inc. (a) | 1 | 187 |
| Fair Isaac Corporation (a) |  | 362 |
| First Solar, Inc. (a) | 1 | 234 |
| Fortinet, Inc. (a) | 6 | 530 |
| Gartner, Inc. (a) | 1 | 201 |
| Gen Digital Inc. | 5 | 156 |
| GoDaddy Inc. - Class A (a) | 1 | 198 |
| Hewlett Packard Enterprise Company | 13 | 321 |
| HP, Inc. | 9 | 244 |
| Intel Corporation (a) | 43 | 1433 |
| International Business Machines Corporation | 9 | 2580 |
| Intuit Inc. | 3 | 1879 |
| Jabil Inc. | 1 | 234 |
| Keysight Technologies, Inc. (a) | 2 | 301 |
| KLA Corporation | 1 | 1400 |
| Lam Research Corporation | 12 | 1652 |
| Microchip Technology Incorporated | 5 | 341 |
| Micron Technology, Inc. | 11 | 1838 |
| Microsoft Corporation | 73 | 37664 |
| Monolithic Power Systems, Inc. |  | 437 |
| Motorola Solutions, Inc. | 2 | 752 |
| NetApp, Inc. | 2 | 240 |
| NVIDIA Corporation | 239 | 44530 |
| NXP Semiconductors N.V. | 2 | 559 |
| ON Semiconductor Corporation (a) | 4 | 203 |
| Oracle Corporation | 16 | 4563 |
| Palantir Technologies Inc. - Class A (a) | 22 | 4062 |
| Palo Alto Networks, Inc. (a) (b) | 7 | 1335 |
| PTC Inc. (a) | 1 | 238 |
| Qualcomm Incorporated | 10 | 1739 |
| Roper Technologies, Inc. | 1 | 523 |
| Salesforce, Inc. | 9 | 2200 |
| Seagate Technology Holdings Public Limited Company | 2 | 499 |
| ServiceNow, Inc. (a) | 2 | 1875 |
| Skyworks Solutions, Inc. | 1 | 106 |
| Super Micro Computer, Inc. (a) | 5 | 242 |
| Synopsys, Inc. (a) | 2 | 893 |
| TE Connectivity Public Limited Company | 3 | 634 |
| Teledyne Technologies Incorporated (a) |  | 275 |
| Teradyne, Inc. | 2 | 225 |
| Texas Instruments Incorporated | 9 | 1642 |
| Trimble Inc. (a) | 2 | 198 |
| Tyler Technologies, Inc. (a) |  | 225 |
| VeriSign, Inc. | 1 | 221 |
| Western Digital Corporation | 3 | 416 |
| Workday, Inc. - Class A (a) | 2 | 523 |
| Zebra Technologies Corporation - Class A (a) |  | 141 |
|  |  | 194238 |
| **Financials 13.4%** | **Financials 13.4%** | **Financials 13.4%** |
| AFLAC Incorporated | 5 | 509 |
| Allstate Corporation, The | 3 | 567 |
| American Express Company | 5 | 1755 |
| American International Group, Inc. | 6 | 441 |
| Ameriprise Financial, Inc. | 1 | 462 |
| AON Public Limited Company - Class A | 2 | 736 |
| Apollo Global Management, Inc. | 4 | 587 |
| Arch Capital Group Ltd. | 4 | 335 |
| Arthur J. Gallagher & Co. | 3 | 781 |
| Assurant, Inc. | 1 | 108 |
| Bank of America Corporation | 66 | 3423 |
| Bank of New York Mellon Corporation, The (c) | 7 | 767 |
| Berkshire Hathaway Inc. - Class B (a) | 18 | 9013 |
| BlackRock, Inc. | 1 | 1625 |
| Blackstone Inc. - Class A | 7 | 1224 |
| Block, Inc. - Class A (a) | 5 | 385 |
| Brown & Brown, Inc. | 3 | 259 |
| Capital One Financial Corporation | 6 | 1335 |
| CBOE Global Markets, Inc. | 1 | 259 |
| Charles Schwab Corporation, The | 17 | 1576 |
| Chubb Limited | 4 | 1007 |
| Cincinnati Financial Corporation | 2 | 249 |
| Citigroup Inc. | 18 | 1811 |
| Citizens Financial Group, Inc. | 4 | 219 |
| CME Group Inc. - Class A | 4 | 953 |
| Coinbase Global, Inc. - Class A (a) | 2 | 742 |
| Corpay Inc (a) | 1 | 204 |
| Erie Indemnity Company - Class A |  | 78 |
| Everest Group, Ltd. |  | 153 |
| FactSet Research Systems Inc. |  | 107 |
| Fidelity National Information Services, Inc. | 5 | 345 |
| Fifth Third Bancorp | 7 | 297 |
| Fiserv, Inc. (a) | 5 | 699 |
| Franklin Resources, Inc. | 3 | 67 |
| Global Payments Inc. | 2 | 194 |
| Globe Life Inc. | 1 | 118 |
| Goldman Sachs Group, Inc., The | 3 | 2348 |
| Hartford Insurance Group, Inc., The | 3 | 350 |
| Huntington Bancshares Incorporated | 14 | 241 |
| Interactive Brokers Group, Inc. - Class A | 4 | 293 |
| Intercontinental Exchange, Inc. | 6 | 957 |
| Invesco Ltd. | 4 | 101 |
| Jack Henry & Associates, Inc. | 1 | 113 |
| JPMorgan Chase & Co. | 27 | 8499 |
| KeyCorp | 9 | 176 |
| KKR & Co. Inc. - Class A | 7 | 865 |
| Loews Corporation | 2 | 169 |
| M&T Bank Corporation | 1 | 286 |
| Marsh & Mclennan Companies, Inc. | 5 | 973 |
| MasterCard Incorporated - Class A | 8 | 4578 |
| MetLife, Inc. | 6 | 467 |
| Moody's Corporation | 2 | 725 |
| Morgan Stanley | 12 | 1870 |
| MSCI Inc. - Class A | 1 | 428 |
| Nasdaq, Inc. | 4 | 378 |
| Northern Trust Corporation | 2 | 256 |
| PayPal Holdings, Inc. (a) | 9 | 611 |
| Principal Financial Group, Inc. | 2 | 163 |
| Progressive Corporation, The | 6 | 1399 |
| Prudential Financial, Inc. | 4 | 368 |
| Raymond James Financial, Inc. | 2 | 304 |
| Regions Financial Corporation | 9 | 230 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 1084 |
| S&P Global Inc. | 3 | 1473 |
| State Street Corporation | 3 | 334 |
| Synchrony Financial | 4 | 261 |
| T. Rowe Price Group, Inc. | 2 | 217 |
| The PNC Financial Services Group, Inc. | 4 | 774 |
| Travelers Companies, Inc., The | 2 | 623 |
| Truist Financial Corporation | 12 | 560 |
| U.S. Bancorp | 15 | 720 |
| Visa Inc. - Class A | 17 | 5657 |
| W. R. Berkley Corporation | 3 | 220 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo & Company | 31 | 2610 |
| Willis Towers Watson Public Limited Company | 1 | 335 |
| | | 75406 |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |
| Airbnb, Inc. - Class A (a) | 4 | 520 |
| Amazon.com, Inc. (a) | 95 | 20830 |
| Aptiv PLC (a) | 2 | 177 |
| AutoZone, Inc. (a) |  | 704 |
| Best Buy Co., Inc. | 2 | 142 |
| Booking Holdings Inc. |  | 1728 |
| CarMax, Inc. (a) | 2 | 73 |
| Carnival Corporation (a) | 10 | 297 |
| Chipotle Mexican Grill, Inc. (a) | 13 | 498 |
| D.R. Horton, Inc. | 3 | 470 |
| Darden Restaurants, Inc. | 1 | 211 |
| Deckers Outdoor Corporation (a) | 2 | 155 |
| Domino's Pizza, Inc. |  | 146 |
| DoorDash, Inc. - Class A (a) | 4 | 976 |
| eBay Inc. | 5 | 411 |
| Expedia Group, Inc. | 1 | 255 |
| Ford Motor Company | 39 | 466 |
| Garmin Ltd. | 2 | 388 |
| General Motors Company | 9 | 574 |
| Genuine Parts Company | 1 | 183 |
| Hasbro, Inc. | 1 | 93 |
| Hilton Worldwide Holdings Inc. | 2 | 603 |
| Home Depot, Inc., The | 10 | 3927 |
| Las Vegas Sands Corp. | 3 | 173 |
| Lennar Corporation - Class A | 2 | 265 |
| LKQ Corporation | 2 | 76 |
| Lowe`s Companies, Inc. | 6 | 1381 |
| Lululemon Athletica Inc. (a) | 1 | 192 |
| Marriott International, Inc. - Class A | 2 | 582 |
| McDonald's Corporation | 7 | 2138 |
| MGM Resorts International (a) | 2 | 68 |
| Mohawk Industries, Inc. (a) | 1 | 72 |
| Nike, Inc. - Class B | 12 | 803 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4 | 109 |
| NVR, Inc. (a) |  | 217 |
| O'Reilly Automotive, Inc. (a) | 8 | 904 |
| Pool Corporation |  | 84 |
| PulteGroup, Inc. | 2 | 256 |
| Ralph Lauren Corporation - Class A |  | 117 |
| Ross Stores, Inc. | 3 | 488 |
| Royal Caribbean Cruises Ltd. | 2 | 797 |
| Starbucks Corporation | 11 | 942 |
| Tapestry, Inc. | 2 | 228 |
| Tesla Inc. (a) | 27 | 12204 |
| TJX Companies, Inc., The | 11 | 1560 |
| Tractor Supply Company | 5 | 297 |
| Ulta Beauty, Inc. (a) |  | 250 |
| Williams-Sonoma, Inc. | 1 | 236 |
| Wynn Resorts, Limited | 1 | 119 |
| Yum! Brands, Inc. | 3 | 417 |
|  |  | 58802 |
| **Communication Services 10.0%** | **Communication Services 10.0%** | **Communication Services 10.0%** |
| Alphabet Inc. - Class A | 57 | 13821 |
| Alphabet Inc. - Class C | 46 | 11142 |
| AT&T Inc. | 70 | 1969 |
| Comcast Corporation - Class A | 36 | 1116 |
| Electronic Arts Inc. | 2 | 436 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 238 |
| Fox Corporation - Class A | 2 | 141 |
| Fox Corporation - Class B | 1 | 66 |
| Live Nation Entertainment, Inc. (a) | 2 | 251 |
| Match Group, Inc. | 2 | 77 |
| Meta Platforms, Inc. - Class A | 21 | 15570 |
| Netflix, Inc. (a) | 4 | 4979 |
| News Corporation - Class A | 4 | 113 |
| News Corporation - Class B | 1 | 31 |
| Omnicom Group Inc. | 2 | 156 |
| Paramount Skydance Corporation - Class B (b) | 2 | 45 |
| Take-Two Interactive Software, Inc. (a) | 2 | 436 |
| The Interpublic Group of Companies, Inc. | 4 | 100 |
| TKO Group Holdings Inc. - Class A | 1 | 130 |
| T-Mobile US, Inc. | 5 | 1131 |
| Trade Desk, Inc., The - Class A (a) | 4 | 202 |
| Verizon Communications Inc. | 41 | 1796 |
| Walt Disney Company, The | 18 | 2025 |
| Warner Bros. Discovery, Inc. - Series A (a) | 24 | 471 |
|  |  | 56442 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Abbott Laboratories | 17 | 2264 |
| AbbVie Inc. | 17 | 3992 |
| Agilent Technologies, Inc. | 3 | 355 |
| Align Technology, Inc. (a) | 1 | 79 |
| Amgen Inc. | 5 | 1493 |
| Baxter International Inc. | 5 | 111 |
| Becton, Dickinson and Company | 3 | 523 |
| Biogen Inc. (a) | 1 | 196 |
| Bio-Techne Corporation | 2 | 93 |
| Boston Scientific Corporation (a) | 14 | 1399 |
| Bristol-Myers Squibb Company | 20 | 898 |
| Cardinal Health, Inc. | 2 | 361 |
| Cencora, Inc. | 2 | 575 |
| Centene Corporation (a) | 5 | 178 |
| Charles River Laboratories International, Inc. (a) | 1 | 79 |
| Cigna Group, The | 3 | 759 |
| Cooper Companies, Inc., The (a) | 2 | 141 |
| CVS Health Corporation | 12 | 929 |
| Danaher Corporation | 6 | 1240 |
| Davita Inc. (a) |  | 49 |
| DexCom, Inc. (a) | 4 | 266 |
| Edwards Lifesciences Corporation (a) | 6 | 445 |
| Elevance Health, Inc. | 2 | 721 |
| Eli Lilly and Company | 8 | 5927 |
| GE HealthCare Technologies Inc. | 4 | 335 |
| Gilead Sciences, Inc. | 12 | 1359 |
| HCA Healthcare, Inc. | 2 | 665 |
| Henry Schein, Inc. (a) | 1 | 51 |
| Hologic, Inc. (a) | 2 | 147 |
| Humana Inc. | 1 | 306 |
| IDEXX Laboratories, Inc. (a) | 1 | 507 |
| Incyte Corporation (a) | 2 | 133 |
| Insulet Corporation (a) | 1 | 221 |
| Intuitive Surgical, Inc. (a) | 4 | 1577 |
| IQVIA Holdings Inc (a) | 2 | 304 |
| Johnson & Johnson | 23 | 4351 |
| Labcorp Holdings Inc. | 1 | 244 |
| McKesson Corporation | 1 | 932 |
| Medtronic, Inc. | 12 | 1177 |
| Merck & Co., Inc. | 24 | 2034 |
| Mettler-Toledo International Inc. (a) |  | 242 |
| Moderna, Inc. (a) | 3 | 87 |
| Molina Healthcare, Inc. (a) | 1 | 104 |
| Pfizer Inc. | 56 | 1425 |
| Quest Diagnostics Incorporated | 1 | 214 |
| Regeneron Pharmaceuticals, Inc. | 1 | 571 |
| ResMed Inc. (b) | 1 | 396 |
| Revvity, Inc. | 1 | 108 |
| Solventum Corporation (a) | 1 | 94 |
| Steris Public Limited Company | 1 | 242 |
| Stryker Corporation | 3 | 1250 |
| Thermo Fisher Scientific Inc. | 4 | 1801 |
| UnitedHealth Group Incorporated | 9 | 3042 |
| Universal Health Services, Inc. - Class B | 1 | 110 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 996 |
| Viatris Inc. | 11 | 108 |
| Waters Corporation (a) | 1 | 176 |
| West Pharmaceutical Services, Inc. | 1 | 192 |
| Zimmer Biomet Holdings, Inc. | 2 | 197 |
| Zoetis Inc. - Class A | 4 | 644 |
|  |  | 49415 |
| **Industrials 8.2%** | **Industrials 8.2%** | **Industrials 8.2%** |
| 3M Company | 5 | 815 |
| A. O. Smith Corporation | 1 | 85 |
| Allegion Public Limited Company | 1 | 153 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 2 | 408 |
| Automatic Data Processing, Inc. | 4 | 1146 |
| Axon Enterprise, Inc. (a) | 1 | 550 |
| Boeing Company, The (a) | 7 | 1601 |
| Broadridge Financial Solutions, Inc. | 1 | 270 |
| Builders FirstSource, Inc. (a) (b) | 1 | 136 |
| C.H. Robinson Worldwide, Inc. | 1 | 163 |
| Carrier Global Corporation | 8 | 463 |
| Caterpillar Inc. | 5 | 2169 |
| Cintas Corporation | 3 | 694 |
| Copart, Inc. (a) | 9 | 398 |
| CSX Corporation | 18 | 655 |
| Cummins Inc. | 1 | 578 |
| Dayforce, Inc. (a) | 1 | 99 |
| Deere & Company | 2 | 1134 |
| Delta Air Lines, Inc. | 6 | 367 |
| Dover Corporation | 1 | 227 |
| Eaton Corporation Public Limited Company | 4 | 1441 |
| EMCOR Group, Inc. |  | 267 |
| Emerson Electric Co. | 6 | 724 |
| Equifax Inc. | 1 | 317 |
| Expeditors International of Washington, Inc. - Class A (b) | 1 | 167 |
| Fastenal Company | 11 | 553 |
| FedEx Corporation | 2 | 515 |
| Fortive Corporation | 3 | 161 |
| GE Vernova Inc. | 3 | 1650 |
| Generac Holdings Inc. (a) | 1 | 94 |
| General Dynamics Corporation | 2 | 825 |
| General Electric Company | 10 | 3131 |
| Honeywell International Inc. | 6 | 1291 |
| Howmet Aerospace Inc. | 4 | 777 |
| Hubbell Incorporated | 1 | 229 |
| Huntington Ingalls Industries, Inc. |  | 111 |
| IDEX Corporation | 1 | 114 |
| Illinois Tool Works Inc. | 3 | 684 |
| Ingersoll Rand Inc. | 3 | 275 |
| J.B. Hunt Transport Services, Inc. | 1 | 106 |
| Jacobs Solutions Inc. | 1 | 182 |
| Johnson Controls International Public Limited Company | 6 | 687 |
| L3Harris Technologies, Inc. | 2 | 559 |
| Leidos Holdings, Inc. | 1 | 233 |
| Lennox International Inc. |  | 165 |
| Lockheed Martin Corporation | 2 | 986 |
| Masco Corporation | 2 | 128 |
| Nordson Corporation | 1 | 123 |
| Norfolk Southern Corporation | 2 | 670 |
| Northrop Grumman Corporation | 1 | 801 |
| Old Dominion Freight Line, Inc. | 2 | 260 |
| Otis Worldwide Corporation | 4 | 352 |
| PACCAR Inc | 5 | 502 |
| Parker-Hannifin Corporation | 1 | 959 |
| Paychex, Inc. | 3 | 395 |
| Paycom Software, Inc. | 1 | 103 |
| Pentair Public Limited Company | 2 | 181 |
| Quanta Services, Inc. | 1 | 608 |
| Republic Services, Inc. | 2 | 465 |
| Rockwell Automation, Inc. | 1 | 393 |
| Rollins, Inc. | 3 | 170 |
| RTX Corporation | 13 | 2179 |
| Snap-on Incorporated | 1 | 185 |
| Southwest Airlines Co. | 5 | 175 |
| Stanley Black & Decker, Inc. | 2 | 117 |
| Textron Inc. | 2 | 156 |
| Trane Technologies Public Limited Company | 2 | 921 |
| TransDigm Group Incorporated | 1 | 729 |
| Uber Technologies, Inc. (a) | 21 | 2016 |
| Union Pacific Corporation | 6 | 1353 |
| United Airlines Holdings, Inc. (a) | 3 | 297 |
| United Parcel Service, Inc. - Class B | 7 | 598 |
| United Rentals, Inc. | 1 | 613 |
| Veralto Corporation | 2 | 259 |
| Verisk Analytics, Inc. | 1 | 345 |
| W.W. Grainger, Inc. |  | 414 |
| Waste Management, Inc. | 4 | 796 |
| Westinghouse Air Brake Technologies Corporation | 2 | 332 |
| Xylem Inc. | 2 | 355 |
| | | 46305 |
| **Consumer Staples 4.9%** | **Consumer Staples 4.9%** | **Consumer Staples 4.9%** |
| Altria Group, Inc. | 17 | 1095 |
| Archer-Daniels-Midland Company | 5 | 287 |
| Brown-Forman Corporation - Class B (b) | 2 | 45 |
| Bunge Global SA | 1 | 109 |
| Campbell's Company, The (b) | 2 | 57 |
| Church & Dwight Co., Inc. | 3 | 220 |
| Clorox Company, The | 1 | 151 |
| Coca-Cola Company, The | 38 | 2528 |
| Colgate-Palmolive Company | 8 | 616 |
| Conagra Brands, Inc. | 5 | 90 |
| Constellation Brands, Inc. - Class A | 2 | 204 |
| Costco Wholesale Corporation | 4 | 4000 |
| Dollar General Corporation | 2 | 223 |
| Dollar Tree, Inc. (a) | 2 | 187 |
| Estee Lauder Companies Inc., The - Class A | 2 | 197 |
| General Mills, Inc. | 5 | 264 |
| Hershey Company, The | 1 | 268 |
| Hormel Foods Corporation | 3 | 70 |
| J. M. Smucker Company, The | 1 | 120 |
| Kellanova | 3 | 213 |
| Kenvue Inc. | 19 | 315 |
| Keurig Dr Pepper Inc. | 13 | 341 |
| Kimberly-Clark Corporation | 3 | 402 |
| Kraft Heinz Company, The | 9 | 226 |
| Kroger Co., The | 6 | 405 |
| Lamb Weston Holdings, Inc. | 1 | 81 |
| McCormick & Company, Incorporated | 2 | 163 |
| Molson Coors Beverage Company - Class B | 2 | 82 |
| Mondelez International, Inc. - Class A | 13 | 804 |
| Monster Beverage 1990 Corporation (a) | 7 | 462 |
| PepsiCo, Inc. | 14 | 1895 |
| Philip Morris International Inc. | 15 | 2484 |
| Procter & Gamble Company, The | 23 | 3505 |
| Sysco Corporation | 5 | 392 |
| Target Corporation | 4 | 399 |
| Tyson Foods, Inc. - Class A | 3 | 157 |
| Walmart Inc. | 43 | 4429 |
|  |  | 27486 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Apa Corp. (b) | 3 | 84 |
| Baker Hughes Company - Class A | 10 | 468 |
| Chevron Corporation | 19 | 2914 |
| ConocoPhillips | 12 | 1172 |
| Coterra Energy Inc. | 7 | 175 |
| Devon Energy Corporation | 7 | 229 |
| Diamondback Energy, Inc. | 2 | 268 |
| EOG Resources, Inc. | 5 | 608 |
| EQT Corporation | 6 | 318 |
| Expand Energy Corporation | 2 | 242 |
| Exxon Mobil Corporation | 42 | 4686 |
| Halliburton Company | 8 | 204 |
| Kinder Morgan, Inc. | 19 | 542 |
| Marathon Petroleum Corporation | 3 | 576 |
| Occidental Petroleum Corporation | 7 | 331 |
| ONEOK, Inc. | 6 | 448 |
| Phillips 66 | 4 | 548 |
| Schlumberger Limited | 15 | 513 |
| Targa Resources Corp. | 2 | 361 |
| Texas Pacific Land Corporation |  | 168 |
| Valero Energy Corporation | 3 | 524 |
| Williams Companies, Inc., The | 12 | 758 |
|  |  | 16137 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corporation, The | 7 | 94 |
| Alliant Energy Corporation | 3 | 177 |
| Ameren Corporation | 3 | 281 |
| American Electric Power Company, Inc. | 5 | 590 |
| American Water Works Company, Inc. | 2 | 262 |
| Atmos Energy Corporation | 2 | 273 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. | 7 | 252 |
| CMS Energy Corporation | 3 | 209 |
| Consolidated Edison, Inc. | 4 | 363 |
| Constellation Energy Group, Inc. | 3 | 1015 |
| Dominion Energy, Inc. | 8 | 519 |
| DTE Energy Company | 2 | 283 |
| Duke Energy Corporation | 8 | 941 |
| Edison International | 4 | 211 |
| Entergy Corporation | 4 | 409 |
| Evergy, Inc. | 2 | 164 |
| Eversource Energy | 4 | 260 |
| Exelon Corporation | 10 | 446 |
| FirstEnergy Corp. | 5 | 231 |
| NextEra Energy, Inc. | 20 | 1529 |
| NiSource Inc. | 4 | 192 |
| NRG Energy, Inc. | 2 | 312 |
| PG&E Corporation | 21 | 318 |
| Pinnacle West Capital Corporation | 1 | 107 |
| PPL Corporation | 7 | 265 |
| Public Service Enterprise Group Incorporated | 5 | 406 |
| Sempra | 6 | 584 |
| The Southern Company | 11 | 1034 |
| Vistra Corp. | 3 | 609 |
| WEC Energy Group Inc. | 3 | 363 |
| XCEL Energy Inc. | 6 | 454 |
| | | 13153 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Alexandria Real Estate Equities, Inc. | 2 | 130 |
| American Tower Corporation | 5 | 886 |
| AvalonBay Communities, Inc. | 1 | 267 |
| BXP, Inc. (b) | 2 | 112 |
| Camden Property Trust | 1 | 106 |
| CBRE Group, Inc. - Class A (a) | 3 | 448 |
| CoStar Group, Inc. (a) | 4 | 351 |
| Crown Castle Inc. | 4 | 409 |
| Digital Realty Trust, Inc. | 3 | 539 |
| Equinix, Inc. | 1 | 758 |
| Equity Residential | 3 | 220 |
| Essex Property Trust, Inc. | 1 | 165 |
| Extra Space Storage Inc. | 2 | 289 |
| Federal Realty Investment Trust | 1 | 85 |
| Healthpeak OP, LLC | 7 | 125 |
| Host Hotels & Resorts, Inc. | 7 | 114 |
| Invitation Homes Inc. | 6 | 168 |
| Iron Mountain Incorporated | 3 | 297 |
| Kimco Realty OP, LLC | 7 | 150 |
| Mid-America Apartment Communities, Inc. | 1 | 160 |
| ProLogis Inc. | 9 | 1041 |
| Public Storage Operating Company | 2 | 445 |
| Realty Income Corporation | 9 | 535 |
| Regency Centers Corporation | 2 | 109 |
| SBA Communications Corporation - Class A | 1 | 200 |
| Simon Property Group, Inc. | 3 | 582 |
| UDR, Inc. | 3 | 115 |
| Ventas, Inc. | 4 | 305 |
| VICI Properties Inc. | 10 | 336 |
| Welltower Inc. | 6 | 1152 |
| Weyerhaeuser Company | 7 | 185 |
|  |  | 10784 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products and Chemicals, Inc. | 2 | 600 |
| Albemarle Corporation | 1 | 89 |
| Amcor Pty Ltd | 23 | 185 |
| Avery Dennison Corporation | 1 | 118 |
| Ball Corporation | 3 | 140 |
| CF Industries Holdings, Inc. | 2 | 148 |
| Corteva, Inc. | 7 | 458 |
| Dow Inc. | 7 | 158 |
| DuPont de Nemours, Inc. | 4 | 325 |
| Eastman Chemical Company | 1 | 70 |
| Ecolab Inc. | 2 | 677 |
| Freeport-McMoRan Inc. | 14 | 561 |
| International Flavors & Fragrances Inc. | 3 | 157 |
| International Paper Company | 5 | 237 |
| Linde Public Limited Company | 5 | 2163 |
| LyondellBasell Industries N.V. - Class A | 2 | 121 |
| Martin Marietta Materials, Inc. | 1 | 381 |
| Mosaic Company, The | 3 | 104 |
| Newmont Corporation | 11 | 897 |
| Nucor Corporation | 2 | 288 |
| Packaging Corporation of America | 1 | 190 |
| PPG Industries, Inc. | 2 | 227 |
| Sherwin-Williams Company, The | 2 | 794 |
| Smurfit Westrock Public Limited Company | 5 | 213 |
| Steel Dynamics, Inc. | 1 | 183 |
| Vulcan Materials Company | 1 | 393 |
|  |  | 9877 |
| Total Common Stocks (cost $328,424) | Total Common Stocks (cost $328,424) | 558045 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| iShares Core S&P 500 ETF | 5 | 3201 |
| Total Investment Companies (cost $3,125) | Total Investment Companies (cost $3,125) | 3201 |
| **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 - Class I, 4.04% (c) (d) | 1804 | 1804 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 96 | 96 |
| Total Short Term Investments (cost $1,900) | Total Short Term Investments (cost $1,900) | 1900 |
| **Total Investments 99.9% (cost $333,449)** | **Total Investments 99.9% (cost $333,449)** | **563146** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **9** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **631** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **563786** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 553 |  | 17 | 10 | 8 | 223 | 767 | 0.2 |
| JNL Government Money Market Fund, 4.04% - Class I | 738 | 65008 | 63942 | 38 |  |  | 1804 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 671 | 4365 | 4940 | 4 |  |  | 96 |  |
|  | 1962 | 69373 | 68899 | 52 | 8 | 223 | 2667 | 0.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 7 | December 2025 | 2326 | 9 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 558045 |  |  | 558045 |
| &nbsp;&nbsp;Investment Companies | 3201 |  |  | 3201 |
| &nbsp;&nbsp;Short Term Investments | 1900 |  |  | 1900 |
|  | 563146 |  |  | 563146 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 33 |  |  | 33 |
|  | 33 |  |  | 33 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **United States of America 55.2%** | **United States of America 55.2%** | **United States of America 55.2%** |
| AbbVie Inc. | 3 | 622 |
| AECOM | 4 | 581 |
| Apple Inc. | 3 | 744 |
| Becton, Dickinson and Company | 1 | 193 |
| Broadcom Inc. | 2 | 647 |
| Cadence Design Systems, Inc. (a) | 1 | 286 |
| Emerson Electric Co. | 4 | 510 |
| Flex Ltd. (a) | 14 | 797 |
| GE HealthCare Technologies Inc. | 5 | 404 |
| Hologic, Inc. (a) | 4 | 295 |
| Jefferies Financial Group Inc. | 8 | 495 |
| LPL Financial Holdings Inc. | 1 | 372 |
| Medtronic, Inc. | 4 | 402 |
| Microsoft Corporation | 2 | 1093 |
| Monolithic Power Systems, Inc. |  | 332 |
| NextEra Energy, Inc. | 8 | 590 |
| NVIDIA Corporation | 5 | 1014 |
| Palo Alto Networks, Inc. (a) | 2 | 448 |
| Primo Brands Corporation - Class A | 12 | 274 |
| Rockwell Automation, Inc. | 2 | 647 |
| Salesforce, Inc. | 2 | 447 |
| ServiceNow, Inc. (a) |  | 458 |
| Stryker Corporation | 1 | 349 |
| Tetra Tech, Inc. | 15 | 485 |
| Veralto Corporation | 6 | 618 |
| Visa Inc. - Class A | 2 | 690 |
| Zebra Technologies Corporation - Class A (a) | 2 | 617 |
|  |  | 14410 |
| **United Kingdom 7.0%** | **United Kingdom 7.0%** | **United Kingdom 7.0%** |
| Experian PLC | 8 | 394 |
| Halma Public Limited Company | 11 | 534 |
| London Stock Exchange Group PLC | 4 | 499 |
| Relx PLC | 8 | 404 |
|  |  | 1831 |
| **Canada 4.5%** | **Canada 4.5%** | **Canada 4.5%** |
| Cameco Corporation | 6 | 542 |
| Groupe WSP Global Inc. | 2 | 409 |
| TMX Group Limited | 6 | 220 |
|  |  | 1171 |
| **Brazil 3.6%** | **Brazil 3.6%** | **Brazil 3.6%** |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 29 | 711 |
| NU Holdings Ltd. - Class A (a) | 13 | 216 |
|  |  | 927 |
| **Taiwan 3.0%** | **Taiwan 3.0%** | **Taiwan 3.0%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 3 | 792 |
| **Japan 2.8%** | **Japan 2.8%** | **Japan 2.8%** |
| Nissan Chemical Corporation | 9 | 322 |
| Terumo Corporation | 26 | 422 |
|  |  | 744 |
| **Italy 2.6%** | **Italy 2.6%** | **Italy 2.6%** |
| Prysmian S.p.A. | 7 | 670 |
| **China 2.5%** | **China 2.5%** | **China 2.5%** |
| Lenovo Group Limited | 150 | 222 |
| Xiaomi Corporation (a) (b) | 64 | 441 |
|  |  | 663 |
| **Jersey 2.5%** | **Jersey 2.5%** | **Jersey 2.5%** |
| Aptiv PLC (a) | 8 | 657 |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| Alcon AG | 5 | 369 |
| Partners Group Holding AG |  | 266 |
|  |  | 635 |
| **Hong Kong 2.4%** | **Hong Kong 2.4%** | **Hong Kong 2.4%** |
| AIA Group Limited | 65 | 618 |
| **Sweden 2.0%** | **Sweden 2.0%** | **Sweden 2.0%** |
| Spotify Technology S.A. (a) | 1 | 528 |
| **Argentina 1.9%** | **Argentina 1.9%** | **Argentina 1.9%** |
| MercadoLibre, Inc. (a) |  | 507 |
| **France 1.8%** | **France 1.8%** | **France 1.8%** |
| Danone | 5 | 458 |
| **Germany 1.6%** | **Germany 1.6%** | **Germany 1.6%** |
| SAP SE | 2 | 423 |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| Sea Limited - Class A - ADR (a) | 2 | 304 |
| **India 1.0%** | **India 1.0%** | **India 1.0%** |
| Apollo Hospitals Enterprise Limited | 3 | 266 |
| Total Common Stocks (cost $21,508) | Total Common Stocks (cost $21,508) | 25604 |
| **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 - Class I, 4.04% (c) (d) | 498 | 498 |
| Total Short Term Investments (cost $498) | Total Short Term Investments (cost $498) | 498 |
| **Total Investments 99.9% (cost $22,006)** | **Total Investments 99.9% (cost $22,006)** | **26102** |
| **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%** | **11** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **26120** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 328 | 7318 | 7148 | 23 |  |  | 498 | 1.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Xiaomi Corporation | 05/09/25 | 422 | 441 | 1.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | MSC | 11/07/25 | AUD | 552 | 365 | 7 |
| BRL/USD | BOA | 10/02/25 | BRL | 4045 | 760 | 4 |
| CHF/USD | MSC | 11/21/25 | CHF | 77 | 98 | (2) |
| CNY/USD | MSC | 10/16/25 | CNY | 1266 | 178 | 1 |
| EUR/USD | MSC | 11/21/25 | EUR | 565 | 666 |  |
| INR/USD | CIT | 11/21/25 | INR | 16804 | 189 | (2) |
| JPY/USD | MSC | 10/30/25 | JPY | 86969 | 590 | (4) |
| KRW/USD | CIT | 10/14/25 | KRW | 349836 | 249 | (6) |
| KRW/USD | SCB | 01/09/26 | KRW | 94567 | 68 |  |
| MXN/USD | MSC | 10/22/25 | MXN | 867 | 47 | 1 |
| SEK/USD | MSC | 11/20/25 | SEK | 1710 | 182 | 1 |
| USD/BRL | CIT | 10/02/25 | BRL | (346) | (65) |  |
| USD/BRL | SCB | 10/02/25 | BRL | (3699) | (695) | (21) |
| USD/BRL | BOA | 11/04/25 | BRL | (4045) | (754) | (3) |
| USD/CAD | MSC | 11/14/25 | CAD | (554) | (399) | 3 |
| USD/CHF | MSC | 11/21/25 | CHF | (195) | (246) | 1 |
| USD/GBP | MSC | 12/05/25 | GBP | (723) | (972) | 15 |
| USD/HKD | MSC | 10/14/25 | HKD | (3280) | (422) | (1) |
| USD/HKD | MSC | 10/14/25 | HKD | (545) | (70) |  |
| USD/JPY | MSC | 10/30/25 | JPY | (9867) | (67) |  |
| USD/TWD | BOA | 11/21/25 | TWD | (12244) | (403) | 10 |
| USD/TWD | MSC | 11/21/25 | TWD | (2012) | (66) |  |
| USD/TWD | UBS | 11/21/25 | TWD | (2151) | (71) |  |
| ZAR/USD | MSC | 10/14/25 | ZAR | 991 | 57 | 3 |
|  |  |  |  |  | (781) | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 19296 | 6308 |  | 25604 |
| &nbsp;&nbsp;Short Term Investments | 498 |  |  | 498 |
|  | 19794 | 6308 |  | 26102 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 46 |  | 46 |
|  |  | 46 |  | 46 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (39) |  | (39) |
|  |  | (39) |  | (39) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 18.6%** | **Information Technology 18.6%** | **Information Technology 18.6%** |
| Accenture Public Limited Company - Class A | 11 | 2624 |
| Adobe Inc. (a) | 1 | 352 |
| Advanced Micro Devices, Inc. (a) | 27 | 4384 |
| Apple Inc. | 12 | 3148 |
| Applied Materials, Inc. | 3 | 623 |
| AppLovin Corporation - Class A (a) | 3 | 2331 |
| Arista Networks, Inc. (a) | 57 | 8283 |
| Broadcom Inc. | 5 | 1618 |
| Cisco Systems, Inc. | 91 | 6247 |
| CrowdStrike Holdings, Inc. - Class A (a) | 5 | 2423 |
| Datadog, Inc. - Class A (a) | 22 | 3145 |
| Dell Technologies Inc. - Class C | 40 | 5727 |
| Dolby Laboratories, Inc. - Class A | 6 | 419 |
| Fortinet, Inc. (a) | 19 | 1588 |
| International Business Machines Corporation | 14 | 3830 |
| Intuit Inc. | 2 | 1297 |
| Lam Research Corporation | 14 | 1937 |
| Lattice Semiconductor Corporation (a) | 9 | 629 |
| Microsoft Corporation | 7 | 3865 |
| Motorola Solutions, Inc. | 5 | 2419 |
| Nutanix, Inc. - Class A (a) | 5 | 362 |
| NVIDIA Corporation | 37 | 6933 |
| Palantir Technologies Inc. - Class A (a) | 19 | 3407 |
| Palo Alto Networks, Inc. (a) | 2 | 348 |
| Roper Technologies, Inc. | 7 | 3471 |
| Salesforce, Inc. | 3 | 666 |
| ServiceNow, Inc. (a) | 3 | 2851 |
| Teledyne Technologies Incorporated (a) | 1 | 563 |
| Ubiquiti Inc. | 1 | 937 |
| Zoom Communications, Inc. - Class A (a) | 57 | 4688 |
| Zscaler, Inc. (a) | 1 | 430 |
|  |  | 81545 |
| **Industrials 14.7%** | **Industrials 14.7%** | **Industrials 14.7%** |
| AAON, Inc. | 7 | 620 |
| Automatic Data Processing, Inc. | 19 | 5615 |
| Caci International Inc. - Class A (a) | 7 | 3548 |
| Caterpillar Inc. | 3 | 1200 |
| Cintas Corporation | 10 | 2084 |
| Copart, Inc. (a) | 52 | 2322 |
| Cummins Inc. |  | 173 |
| Deere & Company | 9 | 3951 |
| FTI Consulting, Inc. (a) | 16 | 2521 |
| General Dynamics Corporation | 8 | 2704 |
| General Electric Company | 24 | 7222 |
| Illinois Tool Works Inc. | 6 | 1434 |
| Leidos Holdings, Inc. | 7 | 1246 |
| Lockheed Martin Corporation | 11 | 5254 |
| Northrop Grumman Corporation | 6 | 3433 |
| Parsons Corporation (a) (b) | 10 | 862 |
| Republic Services, Inc. | 24 | 5568 |
| Rollins, Inc. | 8 | 490 |
| RTX Corporation | 15 | 2518 |
| Trane Technologies Public Limited Company | 9 | 3608 |
| Uber Technologies, Inc. (a) | 6 | 635 |
| Verisk Analytics, Inc. | 5 | 1357 |
| Waste Management, Inc. | 26 | 5660 |
| Westinghouse Air Brake Technologies Corporation | 1 | 152 |
|  |  | 64177 |
| **Consumer Staples 14.0%** | **Consumer Staples 14.0%** | **Consumer Staples 14.0%** |
| Altria Group, Inc. | 30 | 2003 |
| Casey's General Stores, Inc. | 2 | 1218 |
| Church & Dwight Co., Inc. | 30 | 2658 |
| Coca-Cola Company, The | 80 | 5319 |
| Colgate-Palmolive Company | 58 | 4621 |
| Costco Wholesale Corporation | 6 | 5531 |
| General Mills, Inc. | 30 | 1496 |
| Hershey Company, The | 11 | 2071 |
| Hormel Foods Corporation | 47 | 1164 |
| Kimberly-Clark Corporation | 1 | 175 |
| Kroger Co., The | 78 | 5276 |
| Mondelez International, Inc. - Class A | 32 | 1971 |
| Monster Beverage 1990 Corporation (a) | 81 | 5424 |
| PepsiCo, Inc. | 31 | 4320 |
| Philip Morris International Inc. | 35 | 5640 |
| Pilgrim's Pride Corporation | 15 | 607 |
| Procter & Gamble Company, The | 34 | 5265 |
| Seaboard Corporation |  | 376 |
| Walmart Inc. | 58 | 6005 |
|  |  | 61140 |
| **Health Care 12.7%** | **Health Care 12.7%** | **Health Care 12.7%** |
| Abbott Laboratories | 43 | 5816 |
| Becton, Dickinson and Company | 4 | 755 |
| Boston Scientific Corporation (a) | 31 | 3054 |
| Cardinal Health, Inc. | 16 | 2523 |
| Cencora, Inc. | 14 | 4457 |
| Cigna Group, The | 3 | 969 |
| Danaher Corporation | 7 | 1409 |
| Edwards Lifesciences Corporation (a) | 8 | 592 |
| Elevance Health, Inc. | 4 | 1420 |
| Eli Lilly and Company | 2 | 1539 |
| Humana Inc. | 5 | 1241 |
| Johnson & Johnson | 37 | 6818 |
| McKesson Corporation | 8 | 6566 |
| Medtronic, Inc. | 13 | 1191 |
| Merck & Co., Inc. | 47 | 3908 |
| Neurocrine Biosciences, Inc. (a) | 6 | 797 |
| Regeneron Pharmaceuticals, Inc. | 3 | 1502 |
| Stryker Corporation | 2 | 569 |
| Summit Therapeutics Inc. (a) (b) | 9 | 176 |
| Thermo Fisher Scientific Inc. | 2 | 1100 |
| United Therapeutics Corporation (a) | 8 | 3426 |
| UnitedHealth Group Incorporated | 10 | 3447 |
| Veeva Systems Inc. - Class A (a) | 3 | 1006 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1041 |
| Viking Therapeutics, Inc. (a) (b) | 13 | 336 |
|  |  | 55658 |
| **Financials 12.1%** | **Financials 12.1%** | **Financials 12.1%** |
| Allstate Corporation, The | 7 | 1561 |
| Arch Capital Group Ltd. | 38 | 3488 |
| CBOE Global Markets, Inc. | 26 | 6406 |
| Chubb Limited | 21 | 5793 |
| Cincinnati Financial Corporation | 2 | 328 |
| Citigroup Inc. | 7 | 689 |
| CME Group Inc. - Class A | 23 | 6084 |
| Fiserv, Inc. (a) | 8 | 1087 |
| Hartford Insurance Group, Inc., The | 6 | 759 |
| Intercontinental Exchange, Inc. | 7 | 1206 |
| JPMorgan Chase & Co. | 6 | 1854 |
| Marsh & Mclennan Companies, Inc. | 2 | 376 |
| MasterCard Incorporated - Class A | 11 | 6123 |
| Progressive Corporation, The | 22 | 5441 |
| Travelers Companies, Inc., The | 15 | 4298 |
| Visa Inc. - Class A | 17 | 5935 |
| W. R. Berkley Corporation | 12 | 941 |
| White Mountains Insurance Group Ltd |  | 552 |
|  |  | 52921 |
| **Communication Services 10.8%** | **Communication Services 10.8%** | **Communication Services 10.8%** |
| Alphabet Inc. - Class A | 33 | 7930 |
| AT&T Inc. | 216 | 6103 |
| DoubleVerify Holdings, Inc. (a) | 51 | 611 |
| Electronic Arts Inc. | 27 | 5404 |
| Fox Corporation - Class A | 12 | 771 |
| Liberty Global Ltd. - Class A (a) | 12 | 140 |
| Meta Platforms, Inc. - Class A | 9 | 6490 |
| Netflix, Inc. (a) | 3 | 3211 |
| Roblox Corporation - Class A (a) | 17 | 2387 |
| Spotify Technology S.A. (a) | 8 | 5571 |
| The New York Times Company - Class A | 8 | 467 |
| T-Mobile US, Inc. | 10 | 2483 |
| Verizon Communications Inc. | 135 | 5919 |
|  |  | 47487 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| Airbnb, Inc. - Class A (a) | 11 | 1328 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Amazon.com, Inc. (a) | 27 | 6017 |
| AutoZone, Inc. (a) | 1 | 6186 |
| Booking Holdings Inc. | 1 | 4870 |
| Chipotle Mexican Grill, Inc. (a) | 15 | 607 |
| Deckers Outdoor Corporation (a) | 20 | 1984 |
| Dillard's, Inc. - Class A | 5 | 2846 |
| DoorDash, Inc. - Class A (a) | 2 | 603 |
| Garmin Ltd. | 10 | 2415 |
| General Motors Company | 29 | 1742 |
| McDonald's Corporation | 18 | 5588 |
| O'Reilly Automotive, Inc. (a) | 63 | 6800 |
| TJX Companies, Inc., The | 22 | 3232 |
| Williams-Sonoma, Inc. | 9 | 1787 |
| | | 46005 |
| **Energy 4.2%** | **Energy 4.2%** | **Energy 4.2%** |
| Chevron Corporation | 17 | 2710 |
| Civitas Resources, Inc. (b) | 60 | 1958 |
| ConocoPhillips | 25 | 2368 |
| Coterra Energy Inc. | 27 | 634 |
| DT Midstream, Inc. | 18 | 2014 |
| EOG Resources, Inc. | 35 | 3906 |
| Exxon Mobil Corporation | 24 | 2721 |
| Texas Pacific Land Corporation | 2 | 1863 |
|  |  | 18174 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde Public Limited Company | 8 | 3710 |
| Packaging Corporation of America | 4 | 800 |
|  |  | 4510 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Duke Energy Corporation | 16 | 2038 |
| Total Common Stocks (cost $325,360) | Total Common Stocks (cost $325,360) | 433655 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 4490 | 4490 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 185 | 185 |
| Total Short Term Investments (cost $4,675) | Total Short Term Investments (cost $4,675) | 4675 |
| **Total Investments 100.2% (cost $330,035)** | **Total Investments 100.2% (cost $330,035)** | **438330** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **11** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (732) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **437609** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 6626 | 74553 | 76689 | 521 |  |  | 4490 | 1.0 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 10382 | 10197 | 8 |  |  | 185 | 0.1 |
|  | 6626 | 84935 | 86886 | 529 |  |  | 4675 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 2 | December 2025 | 666 | 11 | 8 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 433655 |  |  | 433655 |
| &nbsp;&nbsp;Short Term Investments | 4675 |  |  | 4675 |
|  | 438330 |  |  | 438330 |
| **Assets - 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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **COMMON STOCKS 61.7%** | **COMMON STOCKS 61.7%** | **COMMON STOCKS 61.7%** |
| **Information Technology 17.1%** | **Information Technology 17.1%** | **Information Technology 17.1%** |
| Accenture Public Limited Company - Class A | 10 | 2489 |
| Accton Technology Corporation | 20 | 689 |
| Adobe Inc. (a) (b) | 12 | 4275 |
| Advanced Micro Devices, Inc. (a) | 27 | 4398 |
| Advantest Corporation | 12 | 1145 |
| Amphenol Corporation - Class A | 18 | 2225 |
| Analog Devices, Inc. | 10 | 2447 |
| Apple Inc. (b) (c) | 237 | 60473 |
| Applied Materials, Inc. | 7 | 1428 |
| ASMedia Technology Inc. | 6 | 294 |
| ASML Holding N.V. | 16 | 15883 |
| ASPEED Technology Inc. | 6 | 999 |
| Autodesk, Inc. (a) (c) | 19 | 6179 |
| Avaya Holdings Corp. (a) |  | 2 |
| Broadcom Inc. (c) | 99 | 32799 |
| Cadence Design Systems, Inc. (a) | 11 | 3810 |
| Canon Inc. | 40 | 1175 |
| Cisco Systems, Inc. | 141 | 9629 |
| Cognizant Technology Solutions Corporation - Class A | 13 | 900 |
| Confluent, Inc. - Class A (a) | 168 | 3321 |
| Core Scientific, Inc. (a) (d) | 58 | 1037 |
| CrowdStrike Holdings, Inc. - Class A (a) | 5 | 2408 |
| Dassault Systemes | 39 | 1319 |
| Datadog, Inc. - Class A (a) | 33 | 4726 |
| Dell Technologies Inc. - Class C | 19 | 2713 |
| Elm Company |  | 102 |
| eMemory Technology Inc. | 5 | 334 |
| EPAM Systems, Inc. (a) | 1 | 119 |
| Fair Isaac Corporation (a) | 1 | 980 |
| Figma, Inc. - Class A (a) (d) | 4 | 194 |
| FUJIFILM Holdings Corporation | 26 | 648 |
| Gen Digital Inc. | 24 | 689 |
| Genius Electronic Optical Co., Ltd. | 34 | 473 |
| Global Unichip Corp. | 5 | 222 |
| Hewlett Packard Enterprise Company | 55 | 1342 |
| HP, Inc. | 19 | 517 |
| HubSpot, Inc. (a) |  | 112 |
| Infosys Limited | 26 | 419 |
| Intel Corporation (a) (c) | 48 | 1610 |
| Intuit Inc. (c) | 11 | 7274 |
| Jabil Inc. | 11 | 2491 |
| Keyence Corporation | 6 | 2124 |
| King Slide Works Co., Ltd. | 6 | 654 |
| Lam Research Corporation | 31 | 4097 |
| Lenovo Group Limited | 510 | 754 |
| Logitech International S.A. - Class N | 2 | 207 |
| MediaTek Inc. | 16 | 683 |
| Microchip Technology Incorporated | 16 | 998 |
| Micron Technology, Inc. (c) | 74 | 12464 |
| Microsoft Corporation (c) | 146 | 75826 |
| MongoDB, Inc. - Class A (a) | 5 | 1497 |
| Murata Manufacturing Co., Ltd. | 147 | 2802 |
| Northern Data AG (a) | 7 | 150 |
| NVIDIA Corporation (b) (c) | 435 | 81249 |
| NXP Semiconductors N.V. | 11 | 2613 |
| Oracle Corporation (c) | 36 | 10241 |
| Palantir Technologies Inc. - Class A (a) (c) | 34 | 6277 |
| Pure Storage, Inc. - Class A (a) | 1 | 102 |
| Qualcomm Incorporated | 9 | 1561 |
| Rakus Co., Ltd. | 41 | 374 |
| Realtek Semiconductor Corporation | 61 | 1099 |
| Salesforce, Inc. (c) | 47 | 11168 |
| Samsung Electronics Co., Ltd. | 32 | 1951 |
| SAP SE | 14 | 3667 |
| ServiceNow, Inc. (a) | 5 | 4409 |
| ServiceTitan, Inc. - Class A (a) | 49 | 4959 |
| SK Hynix Inc. | 4 | 1054 |
| Skyworks Solutions, Inc. | 21 | 1610 |
| Snowflake Inc. - Class A (a) | 7 | 1667 |
| Socionext Inc. (d) | 22 | 414 |
| STMicroelectronics N.V. | 24 | 675 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR (c) | 3 | 967 |
| Taiwan Semiconductor Manufacturing Company Limited | 571 | 24672 |
| TD SYNNEX Corporation | 3 | 568 |
| TE Connectivity Public Limited Company | 6 | 1366 |
| Trend Micro Incorporated | 13 | 718 |
| VeriSign, Inc. | 3 | 754 |
| Veritas NewCo. (a) (e) | 4 | 92 |
| Veritas NewCo. (a) (e) | 6 | 133 |
| Western Digital Corporation | 10 | 1182 |
| WOM Mobile SPA (a) (e) | 1 | 13 |
| Workday, Inc. - Class A (a) | 7 | 1596 |
| Xiaomi Corporation (a) (f) | 75 | 521 |
| Zoom Communications, Inc. - Class A (a) | 1 | 112 |
|  |  | 454329 |
| **Financials 9.2%** | **Financials 9.2%** | **Financials 9.2%** |
| Abu Dhabi Commercial Bank PJSC | 28 | 112 |
| Accelerant Holdings - Class A (a) (d) | 7 | 106 |
| Admiral Group PLC | 22 | 1005 |
| AIA Group Limited |  | 2 |
| Akbank Turk Anonim Sirketi - Class A | 164 | 248 |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana - GDR (f) | 4 | 113 |
| Al Rajhi Banking and Investment Corporation | 13 | 379 |
| Allianz SE | 4 | 1771 |
| AXA | 9 | 412 |
| Axis Bank Limited | 4 | 45 |
| B3 S.A. - Brasil, Bolsa, Balcao | 469 | 1177 |
| Bajaj Finance Limited | 4 | 41 |
| Banca Monte dei Paschi di Siena S.p.A. | 208 | 1853 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 189 | 3645 |
| Banco de Sabadell, S.A. (d) | 226 | 881 |
| Banco do Brasil S.A. | 93 | 383 |
| Bank of America Corporation (c) | 364 | 18803 |
| Bankinter Sociedad Anonima (d) | 74 | 1172 |
| BB Seguridade Participacoes S.A. | 115 | 715 |
| Bullish (a) | 23 | 1477 |
| CaixaBank, S.A. | 271 | 2853 |
| Capital One Financial Corporation (c) | 59 | 12531 |
| CIMB Group Holdings Berhad | 40 | 70 |
| Citigroup Inc. (c) | 204 | 20661 |
| Coinbase Global, Inc. - Class A (a) | 1 | 419 |
| Comerica Incorporated | 2 | 129 |
| Dai-ichi Life Holdings, Inc. | 129 | 1017 |
| Daiwa Securities Group Inc. (d) | 82 | 669 |
| Deutsche Bank Aktiengesellschaft - Class N | 22 | 777 |
| DNB Bank ASA | 12 | 318 |
| EQT AB (f) | 7 | 233 |
| FactSet Research Systems Inc. | 1 | 389 |
| Fidelity National Information Services, Inc. | 8 | 555 |
| Finecobank Banca Fineco S.P.A. | 26 | 573 |
| First Citizens BancShares, Inc. - Class A |  | 601 |
| First Horizon Corporation | 11 | 238 |
| FirstRand Limited | 193 | 869 |
| Fiserv, Inc. (a) | 18 | 2257 |
| Flagstar Financial, Inc. | 90 | 1035 |
| GMO Payment Gateway, Inc. (d) | 5 | 281 |
| Goldman Sachs Group, Inc., The | 3 | 2467 |
| Grupo Cibest S.A. - ADR | 3 | 130 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 132 | 1322 |
| ICICI Bank Limited | 3 | 51 |
| Independence Holdings, LLC | 8 | 438 |
| ING Groep N.V. | 175 | 4559 |
| Interactive Brokers Group, Inc. - Class A | 4 | 302 |
| Intesa Sanpaolo S.p.A. | 2107 | 13942 |
| Invesco Ltd. | 53 | 1215 |
| Investor Aktiebolag - Class B | 22 | 686 |
| Japan Exchange Group, Inc. | 71 | 788 |
| Japan Post Bank Co., Ltd. | 184 | 2255 |
| Japan Post Holdings Co., Ltd. | 75 | 747 |
| Joint Stock Company Kaspi.Kz - ADR (f) | 2 | 170 |
| JPMorgan Chase & Co. (c) | 74 | 23489 |
| KB Financial Group Inc. | 3 | 242 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KKR & Co. Inc. - Class A | 54 | 7005 |
| Komercni banka, a.s. | 2 | 123 |
| Krungthai Card Public Company Limited | 154 | 143 |
| Lion Finance Group PLC | 1 | 110 |
| Lloyds Banking Group PLC | 619 | 700 |
| Macquarie Group Limited | 8 | 1136 |
| MarketAxess Holdings Inc. | 1 | 153 |
| Marsh & Mclennan Companies, Inc. | 46 | 9319 |
| MasterCard Incorporated - Class A (c) | 25 | 13977 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 31 | 628 |
| Metropolitan Bank & Trust Company | 61 | 71 |
| Mitsubishi UFJ Financial Group, Inc. | 40 | 642 |
| MONETA Money Bank, a.s. (f) | 7 | 60 |
| MSCI Inc. - Class A | 3 | 1445 |
| National Bank of Greece S.A. - Class R | 9 | 127 |
| NatWest Group PLC | 211 | 1483 |
| Nomura Holdings, Inc. | 104 | 764 |
| OTP Bank Nyrt. | 4 | 309 |
| Partners Group Holding AG | 2 | 2841 |
| PayPal Holdings, Inc. (a) | 30 | 1985 |
| Power Corporation of Canada (d) | 4 | 155 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 8 | 161 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 67 | 1008 |
| Principal Financial Group, Inc. | 26 | 2180 |
| Progressive Corporation, The | 57 | 14184 |
| PT Bank Mandiri (Persero) Tbk | 1200 | 318 |
| PT Bank Syariah Indonesia Tbk | 451 | 70 |
| Raiffeisen Bank International AG | 1 | 37 |
| Rasan Information Technology Company (a) | 5 | 140 |
| Raymond James Financial, Inc. | 1 | 130 |
| Robinhood Markets, Inc. - Class A (a) | 5 | 648 |
| S&P Global Inc. | 2 | 1006 |
| Sampo Oyj - Class A | 51 | 585 |
| Saudi National Bank, The | 6 | 66 |
| Schroders PLC | 59 | 297 |
| SLM Corporation (d) | 9 | 259 |
| Societe Generale | 20 | 1319 |
| St. James's Place PLC | 22 | 376 |
| State Street Corporation | 6 | 712 |
| Sumitomo Mitsui Financial Group, Inc. | 20 | 562 |
| Sun Life Financial Inc. | 42 | 2504 |
| Synchrony Financial | 19 | 1372 |
| T. Rowe Price Group, Inc. | 18 | 1886 |
| TBC Bank Group PLC | 1 | 83 |
| The PNC Financial Services Group, Inc. | 4 | 788 |
| TS Financial Holding Co., Ltd. | 298 | 176 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 713 | 243 |
| UBS Group AG | 9 | 372 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 184 | 14002 |
| Visa Inc. - Class A | 8 | 2645 |
| Wells Fargo & Company (c) | 201 | 16815 |
| XP Inc. - Class A | 4 | 74 |
| Zurich Insurance Group AG - Class N | 2 | 1270 |
| | | 243082 |
| **Consumer Discretionary 7.3%** | **Consumer Discretionary 7.3%** | **Consumer Discretionary 7.3%** |
| Airbnb, Inc. - Class A (a) | 14 | 1728 |
| Alibaba Group Holding Limited - ADR | 12 | 2103 |
| Amazon.com, Inc. (a) (b) (c) | 232 | 50889 |
| Aptiv PLC (a) | 11 | 949 |
| AutoNation, Inc. (a) | 1 | 272 |
| B&M European Value Retail S.A. | 107 | 375 |
| Best Buy Co., Inc. | 7 | 532 |
| Bloomberry Resorts Corporation | 448 | 32 |
| Booking Holdings Inc. | 1 | 4346 |
| Bridgestone Corporation | 6 | 268 |
| BYD Company Limited - Class H | 326 | 4626 |
| Caesars Entertainment, Inc. (a) | 13 | 364 |
| CarMax, Inc. (a) | 37 | 1652 |
| Century Communities, Inc. | 9 | 561 |
| Chipotle Mexican Grill, Inc. (a) | 22 | 846 |
| Compass Group PLC | 231 | 7871 |
| D.R. Horton, Inc. (c) | 45 | 7630 |
| Deckers Outdoor Corporation (a) | 3 | 317 |
| DigiPlus Interactive Corp. | 84 | 37 |
| Dillard's, Inc. - Class A (d) |  | 263 |
| DK Crown Holdings Inc. - Class A (a) | 56 | 2111 |
| eBay Inc. | 14 | 1266 |
| Eicher Motors Limited | 2 | 128 |
| Evolution AB (publ) (f) | 10 | 827 |
| Fast Retailing Co., Ltd. | 1 | 273 |
| Flutter Entertainment Public Limited Company (a) | 11 | 2793 |
| Ford Motor Company | 127 | 1517 |
| Geely Automobile Holdings Limited | 211 | 530 |
| Genius Sports Limited (a) | 80 | 996 |
| Great Wall Motor Company Limited - Class A | 450 | 1555 |
| Greek Organisation of Football Prognostics S.A. - Class R | 5 | 112 |
| Hermes International | 3 | 7992 |
| Hilton Worldwide Holdings Inc. (c) | 20 | 5248 |
| Home Depot, Inc., The | 32 | 12835 |
| Industria de Diseno Textil, S.A. | 18 | 973 |
| Isetan Mitsukoshi Holdings Ltd. (d) | 21 | 380 |
| Jawbone Inc. (e) (f) |  |  |
| JD.com, Inc. - Class A | 76 | 1329 |
| Las Vegas Sands Corp. | 68 | 3643 |
| Les Vetements de Sport Gildan Inc. - Class A | 8 | 475 |
| Lojas Renner S/A. | 265 | 744 |
| LPP Spolka Akcyjna |  | 263 |
| LVMH Moet Hennessy Louis Vuitton | 6 | 3687 |
| M/I Homes, Inc. (a) | 2 | 324 |
| Mazda Motor Corporation (d) | 55 | 398 |
| McDonald's Corporation | 12 | 3567 |
| MercadoLibre, Inc. (a) |  | 1080 |
| Meritage Homes Corporation | 7 | 509 |
| MGM Resorts International (a) | 54 | 1867 |
| Misto Holdings Corporation | 3 | 92 |
| Mr Price Group | 30 | 354 |
| Nikon Corporation (d) | 27 | 319 |
| Nissan Motor Co., Ltd. (a) | 159 | 390 |
| Pandora A/S | 4 | 458 |
| POP MART International Group Limited (f) | 57 | 1955 |
| Prosus N.V. - Class N | 30 | 2135 |
| PT Mitra Adiperkasa | 1102 | 75 |
| Rakuten Group, Inc. (a) | 83 | 539 |
| Renault | 12 | 477 |
| SAIC Motor Corporation Limited - Class A | 454 | 1090 |
| Seres Co., Ltd. - Class A | 3 | 82 |
| Shenzhou International Group Holdings Limited | 58 | 459 |
| Six Flags Entertainment Corporation (a) (d) | 24 | 546 |
| Societe d'exploitation Hoteliere | 7 | 470 |
| Suzuki Motor Corporation | 95 | 1390 |
| Tapestry, Inc. | 16 | 1800 |
| Tesla Inc. (a) (c) | 46 | 20449 |
| TJX Companies, Inc., The (c) | 71 | 10297 |
| Toll Brothers, Inc. | 12 | 1722 |
| Toyota Motor Corporation | 112 | 2150 |
| TRI Pointe Homes Holdings, Inc. (a) | 15 | 522 |
| Trip.com Group Limited | 7 | 495 |
| Wynn Macau, Limited | 805 | 746 |
| Wynn Resorts, Limited | 2 | 252 |
| Yum China Holdings, Inc. | 31 | 1358 |
| Yum China Holdings, Inc. (d) | 1 | 28 |
|  |  | 193733 |
| **Industrials 7.1%** | **Industrials 7.1%** | **Industrials 7.1%** |
| ABB Ltd - Class N | 9 | 634 |
| Air Arabia PJSC | 111 | 113 |
| Airbus SE | 17 | 4025 |
| Airtac International Group | 19 | 473 |
| Aktiebolaget Volvo - Class B | 31 | 887 |
| Amentum Holdings, Inc. (a) | 17 | 414 |
| ASSA ABLOY AB - Class B | 7 | 231 |
| Athens International Airport S.A. | 17 | 203 |
| Atlas Copco Aktiebolag - Class A | 62 | 1045 |
| BAE Systems PLC | 524 | 14556 |
| BELIMO Holding AG - Class N | 1 | 849 |
| Boeing Company, The (a) (c) | 67 | 14473 |
| Bouygues | 17 | 754 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bunzl Public Limited Company | 25 | 788 |
| CAE Inc. (a) | 9 | 270 |
| Canadian National Railway Company | 16 | 1549 |
| Carrier Global Corporation | 19 | 1120 |
| Compagnie de Saint-Gobain | 66 | 7122 |
| Daikin Industries, Ltd. |  | 3 |
| Dayforce, Inc. (a) | 6 | 437 |
| Delta Air Lines, Inc. (c) | 89 | 5045 |
| DSV A/S | 24 | 4851 |
| Eaton Corporation Public Limited Company | 3 | 1159 |
| EBARA Corporation | 8 | 182 |
| Eiffage | 8 | 1057 |
| EMCOR Group, Inc. | 1 | 633 |
| Experian PLC | 14 | 705 |
| Fortive Corporation | 14 | 686 |
| Frontken Corporation Berhad | 151 | 150 |
| Furukawa Electric Co., Ltd. (d) | 8 | 469 |
| GE Vernova Inc. | 4 | 2412 |
| Geberit AG - Class N | 2 | 1169 |
| General Dynamics Corporation | 3 | 1053 |
| General Electric Company | 31 | 9184 |
| GFL Environmental Inc. | 9 | 433 |
| Graco Inc. | 6 | 510 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 8 | 255 |
| GS Engineering & Construction Corp. | 14 | 182 |
| HD Hyundai Heavy Industries Co., Ltd. | 1 | 524 |
| HD Hyundai Marine Solution Co., Ltd. | 2 | 326 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2 | 532 |
| Hindustan Aeronautics Limited | 7 | 354 |
| Honeywell International Inc. | 5 | 1070 |
| Howmet Aerospace Inc. | 16 | 3075 |
| Huntington Ingalls Industries, Inc. | 4 | 1279 |
| Hyundai Mipo Dockyard Co., Ltd. | 4 | 607 |
| International Container Terminal Services, Inc. | 10 | 83 |
| Kawasaki Kisen Kaisha, Ltd. (d) | 53 | 757 |
| Komatsu Ltd. | 26 | 922 |
| Kone Corporation - Class B | 10 | 657 |
| Kongsberg Gruppen ASA | 24 | 782 |
| Leonardo S.p.A. | 38 | 2402 |
| Localiza Rent A Car S/A | 6 | 46 |
| Lockheed Martin Corporation | 5 | 2246 |
| MISUMI Group Inc. | 29 | 445 |
| Mitsubishi Corporation | 14 | 329 |
| Nidec Corporation | 32 | 571 |
| Nippon Yusen Kabushiki Kaisha (d) | 13 | 454 |
| Obayashi Corporation | 34 | 565 |
| Otis Worldwide Corporation | 19 | 1720 |
| Palladyne AI Corp. (a) (d) | 1 | 11 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 7 | 99 |
| PT Astra International | 595 | 207 |
| RB Global, Inc. | 7 | 810 |
| Relx PLC | 182 | 8688 |
| Rolls-Royce Holdings PLC | 373 | 5990 |
| RTX Corporation | 3 | 420 |
| Rumo S.A. | 27 | 82 |
| Safran | 3 | 934 |
| Schneider Electric SE | 2 | 680 |
| SGS S.A. | 3 | 331 |
| Shimizu Corporation | 69 | 965 |
| Siemens Energy AG (a) | 16 | 1911 |
| Sungrow Power Supply Co., Ltd. - Class A | 13 | 291 |
| Techtronic Industries Company Limited | 84 | 1073 |
| Textron Inc. | 30 | 2514 |
| Thales | 4 | 1359 |
| Thomson Reuters Corporation | 3 | 532 |
| TOTO Ltd. (d) | 24 | 626 |
| Toyota Tsusho Corporation | 32 | 880 |
| Trane Technologies Public Limited Company (c) | 36 | 15015 |
| TransDigm Group Incorporated | 7 | 8843 |
| Transurban Holdings Limited | 145 | 1329 |
| Uber Technologies, Inc. (a) (c) | 72 | 7005 |
| Union Pacific Corporation | 22 | 5309 |
| United Airlines Holdings, Inc. (a) (c) | 37 | 3527 |
| Vertiv Holdings Co - Class A | 98 | 14816 |
| Vestas Wind Systems A/S | 33 | 618 |
| Waste Management, Inc. | 5 | 1036 |
| Weichai Power Co., Ltd. - Class H | 331 | 593 |
| Wizz Air Holdings PLC (a) (d) (f) | 8 | 124 |
| Wolters Kluwer N.V. - Class C | 10 | 1419 |
| Worley Limited | 35 | 328 |
| XPO, Inc. (a) | 5 | 584 |
| Yaskawa Electric Corporation | 17 | 352 |
| | | 189128 |
| **Communication Services 6.6%** | **Communication Services 6.6%** | **Communication Services 6.6%** |
| Alphabet Inc. - Class C (c) | 193 | 46889 |
| AMC Networks, Inc. - Class A (a) | 15 | 120 |
| AT&T Inc. | 84 | 2375 |
| Cellnex Telecom, S.A. (f) | 144 | 4990 |
| Deutsche Telekom AG - Class N | 18 | 627 |
| EchoStar Corporation - Class A (a) (c) (d) | 31 | 2393 |
| Elisa Oyj | 9 | 468 |
| Emirates Integrated Telecommunications Company PJSC | 12 | 30 |
| Etihad Etisalat Company | 16 | 294 |
| Former Charter Communications Parent, Inc. - Class A (a) | 3 | 932 |
| Fox Corporation - Class A | 44 | 2803 |
| Hellenic Telecommunications Organization S.A. - Class R | 7 | 126 |
| International Games System Co., Ltd. | 12 | 311 |
| Kakaku.com, Inc. | 24 | 406 |
| KDDI Corporation | 38 | 611 |
| Krafton, Inc. (a) | 3 | 698 |
| LINEYahoo! Corporation | 301 | 968 |
| Lionsgate Studios Corp. (a) | 116 | 800 |
| Live Nation Entertainment, Inc. (a) (c) | 49 | 8038 |
| Lumen Technologies, Inc. (a) | 175 | 1070 |
| Match Group, Inc. | 89 | 3145 |
| Meta Platforms, Inc. - Class A (c) | 60 | 44191 |
| NAVER Corporation | 9 | 1808 |
| NetEase, Inc. | 31 | 926 |
| Netflix, Inc. (a) (c) | 12 | 14065 |
| NEXON Co., Ltd. | 43 | 949 |
| Nintendo Co., Ltd. | 6 | 536 |
| Omnicom Group Inc. | 18 | 1459 |
| Orange | 78 | 1268 |
| Paramount Skydance Corporation - Class B (d) | 6 | 107 |
| PT Telekomunikasi Indonesia (Persero) Tbk | 290 | 54 |
| Roblox Corporation - Class A (a) | 6 | 821 |
| SoftBank Group Corp. | 10 | 1238 |
| Spotify Technology S.A. (a) | 2 | 1111 |
| Starz Entertainment (a) | 5 | 70 |
| Take-Two Interactive Software, Inc. (a) | 3 | 889 |
| Telenor ASA | 40 | 662 |
| Tencent Holdings Limited | 131 | 11197 |
| The Interpublic Group of Companies, Inc. | 31 | 860 |
| T-Mobile US, Inc. | 4 | 915 |
| True Corporation Public Company Limited (a) | 316 | 102 |
| Verizon Communications Inc. | 95 | 4163 |
| Vodacom Group | 8 | 61 |
| Walt Disney Company, The (c) | 71 | 8121 |
| Warner Bros. Discovery, Inc. - Series A (a) (c) | 46 | 890 |
|  |  | 174557 |
| **Health Care 5.7%** | **Health Care 5.7%** | **Health Care 5.7%** |
| Abbott Laboratories | 5 | 675 |
| AbbVie Inc. | 4 | 886 |
| Alcon AG | 11 | 804 |
| Amgen Inc. | 3 | 912 |
| argenx SE - ADR (a) | 1 | 488 |
| Argenx SE (a) | 2 | 1502 |
| Asahi Intecc Co., Ltd. | 23 | 376 |
| AstraZeneca PLC | 2 | 347 |
| Bayer Aktiengesellschaft - Class N | 30 | 1005 |
| Boston Scientific Corporation (a) | 145 | 14193 |
| Bristol-Myers Squibb Company | 47 | 2104 |
| Centene Corporation (a) | 18 | 629 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Charles River Laboratories International, Inc. (a) | 3 | 466 |
| Coloplast A/S - Class B | 6 | 496 |
| CSL Limited | 4 | 520 |
| CVS Health Corporation | 9 | 676 |
| Daiichi Sankyo Company, Limited | 23 | 526 |
| Danaher Corporation | 13 | 2663 |
| Davita Inc. (a) | 2 | 281 |
| DexCom, Inc. (a) | 7 | 455 |
| Edwards Lifesciences Corporation (a) | 10 | 789 |
| Eli Lilly and Company (c) | 29 | 22199 |
| EssilorLuxottica | 37 | 11923 |
| Fresenius Medical Care AG | 9 | 495 |
| GE HealthCare Technologies Inc. | 6 | 416 |
| Genmab A/S (a) | 2 | 611 |
| Gilead Sciences, Inc. | 8 | 862 |
| Grand Round, Inc. (e) (f) | 644 | 567 |
| GSK PLC | 74 | 1578 |
| Incyte Corporation (a) | 8 | 698 |
| Insmed Incorporated (a) | 3 | 495 |
| Intuitive Surgical, Inc. (a) (c) | 20 | 8857 |
| Masimo Corporation (a) | 15 | 2217 |
| McKesson Corporation (c) | 17 | 13409 |
| Medtronic, Inc. | 110 | 10493 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 103 |
| NMC Health PLC (e) | 162 |  |
| Novartis AG - Class N | 39 | 4960 |
| Novo Nordisk A/S - Class B | 54 | 2990 |
| Olympus Corporation | 91 | 1152 |
| Pfizer Inc. | 91 | 2324 |
| Rede D'or Sao Luiz S.A. | 13 | 107 |
| Regeneron Pharmaceuticals, Inc. | 1 | 378 |
| Royalty Pharma PLC - Class A | 5 | 194 |
| Sanofi | 78 | 7327 |
| Santen Pharmaceutical Co., Ltd. (d) | 31 | 348 |
| Stryker Corporation | 32 | 11656 |
| Telix Pharmaceuticals Limited (a) (d) | 35 | 340 |
| Teva Pharmaceutical Industries Ltd - ADR (a) | 46 | 925 |
| Thermo Fisher Scientific Inc. | 6 | 2727 |
| UCB | 1 | 171 |
| UnitedHealth Group Incorporated | 4 | 1479 |
| Universal Health Services, Inc. - Class B | 3 | 689 |
| Vertex Pharmaceuticals Incorporated (a) | 9 | 3576 |
| Viatris Inc. | 103 | 1025 |
| Waters Corporation (a) | 5 | 1382 |
| West Pharmaceutical Services, Inc. |  | 96 |
| Zimmer Biomet Holdings, Inc. | 15 | 1450 |
| Zoetis Inc. - Class A | 8 | 1142 |
| | | 152154 |
| **Consumer Staples 2.8%** | **Consumer Staples 2.8%** | **Consumer Staples 2.8%** |
| Alimentation Couche-Tard Inc. | 37 | 1957 |
| Altria Group, Inc. | 40 | 2661 |
| Archer-Daniels-Midland Company | 23 | 1392 |
| British American Tobacco P.L.C. | 17 | 884 |
| Carrefour | 40 | 606 |
| Coca-Cola Company, The | 38 | 2498 |
| Costco Wholesale Corporation | 21 | 19376 |
| CP ALL Public Company Limited | 158 | 230 |
| Dollar General Corporation | 25 | 2620 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 6 | 251 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 8 | 75 |
| General Mills, Inc. | 14 | 707 |
| ITC Limited | 95 | 431 |
| J Sainsbury PLC | 287 | 1291 |
| Japan Tobacco Inc. | 85 | 2784 |
| Jeronimo Martins, SGPS, S.A. | 7 | 162 |
| Keurig Dr Pepper Inc. | 39 | 992 |
| Koninklijke Ahold Delhaize N.V. | 6 | 238 |
| KT&G Corporation | 7 | 657 |
| L'Oreal | 1 | 332 |
| Marks and Spencer Group P.L.C. | 148 | 726 |
| Nestle S.A. - Class N | 24 | 2205 |
| Nongfu Spring Co., Ltd. - Class H (f) |  | 1 |
| Philip Morris International Inc. | 56 | 9040 |
| Walmart Inc. | 218 | 22491 |
| Woolworths Group Limited | 47 | 828 |
|  |  | 75435 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| BP P.L.C. | 115 | 662 |
| Cameco Corporation (c) | 93 | 7786 |
| Canadian Natural Resources Limited | 45 | 1449 |
| Cenovus Energy Inc. | 50 | 844 |
| Cheniere Energy, Inc. | 5 | 1075 |
| Chevron Corporation | 55 | 8616 |
| Devon Energy Corporation | 4 | 132 |
| ENEOS Holdings, Inc. | 290 | 1840 |
| EOG Resources, Inc. | 32 | 3627 |
| EQT Corporation (c) | 97 | 5289 |
| Flowco Holdings Inc. - Class A | 28 | 420 |
| Idemitsu Kosan Co., Ltd. | 95 | 649 |
| Koninklijke Vopak N.V. | 5 | 218 |
| Phillips 66 | 8 | 1054 |
| Repsol S.A. | 52 | 921 |
| Santos Limited | 15 | 66 |
| Shell PLC - Class A | 302 | 10839 |
| Solaris Energy Infrastructure, Inc. - Class A | 48 | 1930 |
| Suncor Energy Inc. | 122 | 5121 |
| Targa Resources Corp. | 2 | 271 |
| TC Energy Corporation (d) | 20 | 1067 |
| Valero Energy Corporation (c) | 35 | 6006 |
| Williams Companies, Inc., The (c) | 126 | 8010 |
|  |  | 67892 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products and Chemicals, Inc. | 16 | 4268 |
| Algoma Steel Group Inc. | 88 | 313 |
| Asahi Kasei Corporation | 74 | 586 |
| Ball Corporation | 14 | 691 |
| Barrick Mining Corporation | 37 | 1203 |
| BHP Group Limited | 98 | 2746 |
| Borouge PLC | 167 | 115 |
| CEMEX S.A.B. de C.V. - Series A | 240 | 215 |
| CF Industries Holdings, Inc. | 10 | 939 |
| CRH Public Limited Company (c) | 77 | 9287 |
| DuPont de Nemours, Inc. | 10 | 812 |
| Eldorado Gold Corporation (a) | 12 | 344 |
| Fortescue Ltd | 21 | 265 |
| Freeport-McMoRan Inc. | 206 | 8085 |
| Fresnillo PLC | 44 | 1386 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 21 | 183 |
| Harmony Gold Mining Company | 63 | 1145 |
| Holcim AG | 16 | 1372 |
| Kansai Paint Co., Ltd. (d) | 22 | 352 |
| Kinross Gold Corporation | 62 | 1544 |
| Kumba Iron Ore Ltd (f) | 9 | 177 |
| Kuraray Co., Ltd. (d) | 35 | 402 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 1 | 174 |
| Louisiana-Pacific Corporation (W VA) | 6 | 499 |
| Mosaic Company, The | 31 | 1066 |
| Nippon Paint Holdings Co., Ltd. (d) |  | 1 |
| Nippon Steel Corporation (d) | 25 | 101 |
| Nissan Chemical Corporation (d) | 14 | 516 |
| Nucor Corporation | 3 | 468 |
| Nutrien Ltd. (d) | 6 | 339 |
| Quintis Limited (e) (f) (g) | 3771 |  |
| Rio Tinto Limited | 1 | 77 |
| Saudi Basic Industries Corporation | 5 | 79 |
| SSAB AB - Class A | 32 | 192 |
| SSAB AB - Class B | 50 | 290 |
| Symrise AG | 10 | 842 |
| Teck Resources Limited - Class B | 28 | 1236 |
| Vale S.A. | 8 | 85 |
| Valterra Platinum | 19 | 1338 |
| Yanbu National Petrochemical Company | 11 | 106 |
|  |  | 43839 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Ameren Corporation | 2 | 231 |
| Duke Energy Corporation | 18 | 2203 |
| E.ON SE - Class N | 51 | 955 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Elia Group | 4 | 411 |
| Eneva S.A. (a) | 93 | 290 |
| Engie | 71 | 1521 |
| Eversource Energy | 9 | 644 |
| Fortis Inc. | 5 | 255 |
| GAIL (India) Limited | 33 | 66 |
| National Grid PLC | 757 | 10853 |
| NextEra Energy, Inc. | 122 | 9204 |
| NRG Energy, Inc. | 15 | 2388 |
| Vistra Corp. | 61 | 11937 |
| | | 40958 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Aldar Properties - P J S C | 53 | 137 |
| Ayala Land Inc. | 198 | 83 |
| Digital Realty Trust, Inc. | 2 | 424 |
| Emaar Development LLC | 22 | 81 |
| Emaar Properties PJSC | 108 | 385 |
| FirstService Corporation | 2 | 399 |
| PT Ciputra Development | 2757 | 154 |
| UOL Group Limited | 29 | 173 |
| VICI Properties Inc. | 40 | 1297 |
| Welltower Inc. | 1 | 260 |
|  |  | 3393 |
| Total Common Stocks (cost $1,407,892) | Total Common Stocks (cost $1,407,892) | 1638500 |
| **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** |
| **Financials 1.8%** | **Financials 1.8%** | **Financials 1.8%** |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (h) | 280 | 270 |
| AIA Group Limited |  |  |
| 5.40%, 09/30/54 (f) | 300 | 295 |
| AIB Group Public Limited Company |  |  |
| 6.00%, (100, 07/14/31), EUR (f) (i) | 250 | 299 |
| Alexandrite Lake Lux Holdings S.a r.l. |  |  |
| 6.75%, 07/30/30, EUR (f) | 531 | 636 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (h) | 200 | 203 |
| 7.00%, 01/15/31 (h) | 50 | 52 |
| 6.50%, 10/01/31 (h) | 98 | 100 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (h) | 100 | 102 |
| 4.88%, 06/30/29 (h) | 127 | 123 |
| Ardonagh Finco Limited |  |  |
| 6.88%, 02/15/31, EUR (h) | 1475 | 1785 |
| 7.75%, 02/15/31 (d) (h) | 200 | 209 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (h) | 269 | 293 |
| Axis Bank Limited |  |  |
| 4.10%, (100, 09/08/26) (f) (i) (j) | 300 | 296 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 6.88%, (100, 12/13/30), EUR (f) (i) | 400 | 507 |
| 8.38%, (100, 06/21/28), EUR (f) (i) | 200 | 260 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 07/26/30) (i) | 73 | 74 |
| 1.95%, 10/27/26, EUR (f) | 556 | 653 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.95%, (100, 12/20/30) (i) | 200 | 202 |
| 6.30%, (100, 03/20/30) (i) | 73 | 75 |
| Bankinter Sociedad Anonima |  |  |
| 7.38%, (100, 08/15/28), EUR (f) (i) | 200 | 254 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (i) (j) | 214 | 202 |
| 7.63%, (100, 03/15/35) (d) (i) (j) | 200 | 212 |
| BNP Paribas |  |  |
| 4.63%, (100, 01/12/27) (h) (i) | 214 | 211 |
| Bper Banca S.P.A. |  |  |
| 6.50%, (100, 03/20/30), EUR (f) (i) | 200 | 245 |
| Bracken Midco1 PLC |  |  |
| 6.75%, 11/01/27, GBP (f) (k) | 183 | 245 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (f) (i) (j) | 400 | 486 |
| 6.25%, (100, 07/24/32), EUR (f) (i) | 200 | 245 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (i) | 73 | 75 |
| 6.95%, (100, 02/15/30) (i) | 76 | 78 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 4.25%, (100, 10/09/27), EUR (f) (i) | 200 | 232 |
| 6.50%, (100, 10/09/29), EUR (f) (i) (j) | 200 | 251 |
| 7.88%, (100, 07/02/29), EUR (f) (i) | 200 | 265 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.50%, (100, 11/30/26), EUR (f) (i) | 200 | 233 |
| 4.63%, (100, 10/30/27), EUR (f) (i) | 1000 | 1155 |
| 7.13%, EUR (f) (i) | 200 | 247 |
| Dongyang Life Insurance Co., Ltd. |  |  |
| 6.25%, 05/07/35 (f) | 300 | 313 |
| Dynamo NewCo II GmbH |  |  |
| 6.25%, 10/15/31, EUR (f) | 185 | 225 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (h) | 229 | 246 |
| Eurobank Ergasias Services And Holdings S.A. |  |  |
| 4.00%, 02/07/36, EUR (f) | 421 | 496 |
| First Citizens BancShares, Inc. |  |  |
| 6.25%, 03/12/40 | 2373 | 2403 |
| Flourishing Trade And Investment Ltd |  |  |
| 11.04%, 04/02/28 (e) (h) (k) | 3813 | 3952 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (h) | 200 | 205 |
| Ford Motor Credit Company LLC |  |  |
| 6.95%, 03/06/26 - 06/10/26 | 793 | 802 |
| 4.54%, 08/01/26 | 225 | 225 |
| 5.13%, 11/05/26 | 458 | 459 |
| 4.27%, 01/09/27 | 449 | 445 |
| Freedom Mortgage Corporation |  |  |
| 12.25%, 10/01/30 (h) | 100 | 112 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (h) | 200 | 213 |
| 8.38%, 04/01/32 (h) | 39 | 41 |
| FWD Group Holdings Limited |  |  |
| 5.25%, 09/22/30 (h) | 345 | 346 |
| Garfunkelux Holdco 3 S.A. |  |  |
| 9.00%, 09/01/28, EUR (f) | 336 | 403 |
| General Motors Financial Company, Inc. |  |  |
| 4.30%, 02/15/29, EUR (f) | 374 | 456 |
| Global Payments Inc. |  |  |
| 4.88%, 03/17/31, EUR | 269 | 331 |
| Goldman Sachs Group, Inc., The |  |  |
| 0.25%, 01/26/28, EUR (f) | 634 | 707 |
| 0.88%, 05/09/29, EUR (f) | 588 | 645 |
| GS Finance Corp. |  |  |
| 8.75%, (10 Year Treasury + 0.00%), 02/14/30 (l) | 4390 | 4434 |
| Howden UK Refinance PLC |  |  |
| 7.25%, 02/15/31 (h) | 400 | 412 |
| HSBC Holdings PLC |  |  |
| 6.95%, (100, 08/27/31) (i) (j) | 68 | 71 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (h) | 420 | 438 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (i) (j) | 400 | 384 |
| 7.25%, (100, 11/16/34) (f) (i) | 250 | 265 |
| Intrum Investments and Financing AB |  |  |
| 7.75%, 09/11/27 - 09/11/28, EUR (f) | 352 | 370 |
| 8.00%, 09/11/27, EUR (f) | 266 | 318 |
| 8.50%, 09/11/29 - 09/11/30, EUR (f) | 293 | 299 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (h) | 400 | 387 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (i) | 69 | 71 |
| 1.09%, 03/11/27, EUR (f) | 578 | 674 |
| 3.67%, 06/06/28, EUR (f) | 493 | 590 |
| Kodit Global 2025-1 Co Ltd |  |  |
| 4.80%, (SOFR + 0.65%), 10/02/28 (f) (l) | 390 | 390 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (h) | 291 | 310 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 06/27/30), GBP (i) | 200 | 275 |
| Minejesa Capital B.V. |  |  |
| 5.63%, 08/10/37 (h) | 200 | 199 |
| Morgan Stanley |  |  |
| 1.34%, 10/23/26, EUR | 705 | 827 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.66%, 03/02/29, EUR | 471 | 577 |
| Muangthai Capital Public Company Limited |  |  |
| 6.88%, 09/30/28 (f) | 300 | 304 |
| 7.55%, 07/21/30 | 250 | 259 |
| Muthoot Finance Limited |  |  |
| 6.38%, 03/02/30 (f) | 495 | 502 |
| Nasdaq, Inc. |  |  |
| 4.50%, 02/15/32, EUR | 390 | 490 |
| National Bank of Greece S.A. |  |  |
| 5.88%, 06/28/35, EUR (f) | 200 | 253 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.00%, 01/15/27 (h) | 79 | 79 |
| 5.50%, 08/15/28 (h) | 100 | 100 |
| 6.50%, 08/01/29 (h) | 74 | 76 |
| 5.13%, 12/15/30 (h) | 2 | 2 |
| 5.75%, 11/15/31 (h) | 81 | 82 |
| 7.13%, 02/01/32 (h) | 263 | 274 |
| Nationwide Building Society |  |  |
| 5.75%, (100, 06/20/27), GBP (f) (i) (j) | 215 | 287 |
| 7.50%, (100, 12/20/30), GBP (f) (i) | 567 | 780 |
| NatWest Group PLC |  |  |
| 7.50%, GBP (i) (j) | 225 | 308 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (h) | 937 | 1015 |
| Nexi Spa |  |  |
| 0.00%, 02/24/28, EUR (f) (j) (m) | 400 | 430 |
| NN Group N.V. |  |  |
| 5.75%, (100, 09/11/34), EUR (f) (i) | 275 | 327 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (i) | 200 | 207 |
| OneMain Finance Corporation |  |  |
| 7.13%, 11/15/31 | 75 | 78 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (h) | 291 | 303 |
| Progroup AG |  |  |
| 5.13%, 04/15/29, EUR (h) | 224 | 267 |
| 5.38%, 04/15/31, EUR (h) | 188 | 222 |
| PT Bank Negara Indonesia (persero) |  |  |
| 4.30%, (100, 03/24/27) (f) (i) | 300 | 291 |
| Ruvercap Issuances S.A. |  |  |
| 12.05%, 11/06/25, EUR (l) | 74 | 79 |
| Shift4 Payments, LLC |  |  |
| 5.50%, 05/15/33, EUR (f) | 359 | 438 |
| Stena International S.A. |  |  |
| 7.25%, 01/15/31 (f) | 1217 | 1237 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 6.45%, (100, 06/05/35) (i) | 107 | 109 |
| Texas Capital Bancshares, Inc. |  |  |
| 4.00%, 05/06/31 | 1202 | 1180 |
| UBS Group AG |  |  |
| 6.60%, (100, 08/05/30) (h) (i) (j) | 200 | 201 |
| 6.85%, (100, 09/10/29) (h) (i) (j) | 725 | 746 |
| UnipolSai Assicurazioni S.p.A. |  |  |
| 4.90%, 05/23/34, EUR (f) | 200 | 247 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 04/15/29 (h) | 75 | 74 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (h) | 402 | 409 |
| 6.25%, 03/15/31 (h) | 101 | 101 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (h) | 100 | 104 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (h) | 100 | 102 |
| 6.38%, 02/01/30 (d) (h) | 100 | 98 |
| Volkswagen International Finance N.V. |  |  |
| 5.49%, (100, 11/15/30), EUR (f) (i) | 100 | 121 |
| 5.99%, (100, 11/15/33), EUR (f) (i) | 200 | 244 |
| Wells Fargo & Company |  |  |
| 0.63%, 03/25/30, EUR (f) | 581 | 616 |
| WOM Chile Holdco SpA |  |  |
| 5.00%, 04/01/32 (h) (j) (k) | 292 | 262 |
| WOM Mobile S.A. |  |  |
| 12.50%, 04/01/31 (h) (k) | 12 | 11 |
| Worldline |  |  |
| 5.25%, 11/27/29, EUR (d) (f) | 100 | 90 |
| 5.50%, 06/10/30, EUR (f) | 100 | 90 |
| | | 48881 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| AAG FH UK Limited |  |  |
| 8.38%, 01/15/29 (h) | 200 | 196 |
| Adient Global Holdings Ltd |  |  |
| 7.50%, 02/15/33 (h) | 336 | 348 |
| Adler Pelzer Holding GmbH |  |  |
| 9.50%, 04/01/27, EUR (h) | 276 | 308 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (f) | 430 | 526 |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (j) | 697 | 1276 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.25%, 04/30/30, EUR (f) | 576 | 709 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.88%, 07/01/28 | 100 | 100 |
| 5.00%, 10/01/29 (d) | 351 | 334 |
| Aramark Services, Inc. |  |  |
| 5.00%, 02/01/28 (h) | 266 | 265 |
| Ashton Woods USA L.L.C. |  |  |
| 6.88%, 08/01/33 (h) | 201 | 203 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (h) | 654 | 640 |
| 10.38%, 03/31/29, GBP (f) | 411 | 536 |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (f) | 65 | 65 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (h) | 252 | 264 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (f) | 256 | 308 |
| Bertrand Franchise Finance |  |  |
| 5.77%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (f) (l) | 464 | 519 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 06/15/31 (h) | 303 | 292 |
| Bracelet Holdings Inc. |  |  |
| 9.25%, 07/02/28 (h) | 1635 | 1573 |
| Brookfield Residential Properties Inc. |  |  |
| 4.88%, 02/15/30 (h) | 266 | 250 |
| Bubbles BidCo S.p.A. |  |  |
| 6.23%, (3 Month EURIBOR + 4.25%), 09/30/31, EUR (f) (l) | 355 | 419 |
| 6.50%, 09/30/31, EUR (f) | 259 | 311 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (d) (h) | 155 | 148 |
| 6.00%, 10/15/32 (h) | 160 | 158 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (f) | 122 | 172 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (h) | 361 | 361 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (h) | 30 | 30 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (h) | 228 | 227 |
| 7.00%, 08/01/32 (h) | 133 | 139 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (f) | 637 | 778 |
| Ck Hutchison International 25 Ltd. |  |  |
| 4.25%, 09/26/30 (f) | 270 | 269 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (h) | 601 | 619 |
| 4.75%, 06/15/31, EUR (f) | 430 | 515 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (f) | 476 | 601 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27, GBP (f) | 840 | 1127 |
| 5.50%, 06/15/27, GBP (h) | 971 | 1303 |
| Duomo Bidco S.P.A. |  |  |
| 6.15%, (3 Month EURIBOR + 4.13%), 07/15/31, EUR (f) (l) | 441 | 521 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (h) | 654 | 720 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (h) | 185 | 176 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (f) | 392 | 460 |
| 6.13%, 06/04/31, GBP (f) | 186 | 251 |
| Forvia |  |  |
| 2.75%, 02/15/27, EUR (f) (n) | 179 | 209 |
| 6.75%, 09/15/33 (h) | 300 | 304 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (f) | 209 | 248 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (h) | 46 | 43 |
| Global Auto Holdings PLC |  |  |
| 11.50%, 08/15/29 (h) | 211 | 223 |
| Goldstory |  |  |
| 6.02%, (3 Month EURIBOR + 4.00%), 02/01/30, EUR (h) (l) | 502 | 595 |
| 6.75%, 02/01/30, EUR (h) | 669 | 815 |
| GTECH S.p.A. |  |  |
| 4.88%, 01/31/31, EUR (f) | 275 | 332 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 4.88%, 07/01/31 (h) | 246 | 229 |
| Hyundai Capital America |  |  |
| 5.51%, (SOFR + 1.35%), 03/27/30 (f) (l) | 300 | 303 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (f) (k) | 654 | 802 |
| 7.00%, 11/15/31, EUR (f) (k) | 394 | 500 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (h) | 401 | 424 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (h) | 592 | 578 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (h) | 200 | 205 |
| 7.50%, 09/01/31 (h) | 82 | 85 |
| Lions Gate Capital Holdings 1, Inc. |  |  |
| 5.50%, 04/15/29 (h) | 2662 | 2525 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (h) | 177 | 145 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (f) | 137 | 166 |
| 5.30%, (3 Month EURIBOR + 3.25%), 06/01/31, EUR (f) (l) | 207 | 244 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 186 | 180 |
| MAHLE GmbH |  |  |
| 6.50%, 05/02/31, EUR (h) | 767 | 930 |
| MGM Resorts International |  |  |
| 6.50%, 04/15/32 | 56 | 57 |
| Mohegan Escrow Issuer, LLC |  |  |
| 11.88%, 04/15/31 (h) | 326 | 342 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (f) | 294 | 310 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (h) | 239 | 246 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 (h) | 100 | 102 |
| Newell Brands Inc. |  |  |
| 6.63%, 09/15/29 | 100 | 101 |
| 6.38%, 05/15/30 | 76 | 75 |
| 6.63%, 05/15/32 (d) | 70 | 69 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (h) | 222 | 222 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (f) | 436 | 520 |
| PetSmart, LLC |  |  |
| 10.00%, 09/15/33 (h) | 300 | 303 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (h) | 828 | 1118 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (f) | 273 | 387 |
| PrestigeBidCo GmbH |  |  |
| 5.78%, (3 Month EURIBOR + 3.75%), 07/01/29, EUR (f) (l) | 358 | 422 |
| Prosus N.V. |  |  |
| 4.03%, 08/03/50 (f) | 312 | 219 |
| Rakuten Group, Inc. |  |  |
| 8.13%, (100, 12/15/29) (h) (i) | 500 | 519 |
| RCI Banque |  |  |
| 6.13%, (100, 09/24/30), EUR (f) (i) | 200 | 235 |
| 5.50%, 10/09/34, EUR (f) | 600 | 741 |
| 4.75%, 03/24/37, EUR (f) | 200 | 239 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (h) | 101 | 99 |
| 4.00%, 10/15/30 (h) | 473 | 446 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (h) | 1433 | 1388 |
| 11.13%, 07/15/30 (h) | 450 | 437 |
| Schaeffler AG |  |  |
| 4.25%, 04/01/28, EUR (f) | 200 | 238 |
| 5.38%, 04/01/31, EUR (f) | 100 | 123 |
| Shiba Bidco S.P.A. |  |  |
| 4.50%, 10/31/28, EUR (h) | 1589 | 1871 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (h) | 154 | 154 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (h) | 200 | 205 |
| STL Holding Company LLC |  |  |
| 8.75%, 02/15/29 (h) | 212 | 223 |
| Stonegate Pub Company Financing 2019 PLC |  |  |
| 8.66%, (3 Month EURIBOR + 6.63%), 07/31/29, EUR (f) (l) | 183 | 211 |
| 10.75%, 07/31/29, GBP (f) | 369 | 496 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (f) | 300 | 289 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (h) | 1192 | 1194 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 (d) | 200 | 193 |
| 5.63%, 04/30/33 (d) | 215 | 200 |
| The Unique Pub Finance Company PLC |  |  |
| 6.46%, 03/30/32, GBP (f) | 470 | 657 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (h) | 95 | 96 |
| TUI Cruises GmbH |  |  |
| 6.25%, 04/15/29, EUR (h) | 521 | 638 |
| 5.00%, 05/15/30, EUR (f) | 160 | 193 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29 (h) | 28 | 26 |
| 8.50%, 07/31/31 (h) | 279 | 288 |
| 9.38%, 08/01/32 (h) | 25 | 27 |
| Viking Cruises Limited |  |  |
| 7.00%, 02/15/29 (h) | 100 | 101 |
| 9.13%, 07/15/31 (h) | 277 | 297 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (h) | 155 | 164 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 1452 | 1431 |
| Wynn Macau, Limited |  |  |
| 5.63%, 08/26/28 (f) | 300 | 299 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (f) | 300 | 365 |
| | | 46678 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (h) | 242 | 235 |
| Altice France |  |  |
| 4.13%, 01/15/29, EUR (f) | 118 | 119 |
| 4.25%, 10/15/29, EUR (f) | 117 | 119 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (h) | 804 | 848 |
| 4.25%, 02/15/29 (d) | 804 | 702 |
| 4.25%, 02/15/29 (j) | 417 | 389 |
| 10.50%, 07/15/32 (h) | 208 | 220 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (h) | 124 | 122 |
| British Telecommunications Public Limited Company |  |  |
| 4.88%, 11/23/81 (h) | 463 | 444 |
| CCO Holdings, LLC |  |  |
| 4.25%, 02/01/31 (h) | 400 | 369 |
| 4.75%, 02/01/32 (h) | 188 | 174 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cellnex Telecom, S.A. |  |  |
| 0.75%, 11/20/31, EUR (f) (j) | 200 | 211 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.88%, 04/01/30 (h) | 100 | 105 |
| 7.13%, 02/15/31 (h) | 193 | 200 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (h) | 500 | 500 |
| Comcast Corporation |  |  |
| 0.25%, 09/14/29, EUR | 326 | 346 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (h) | 185 | 192 |
| Connect Finco S.a r.l. |  |  |
| 9.00%, 09/15/29 (d) (h) | 628 | 660 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (h) | 856 | 813 |
| 11.25%, 05/15/28 (h) | 200 | 185 |
| 11.75%, 01/31/29 (h) | 491 | 414 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (h) | 98 | 97 |
| 10.00%, 02/15/31 (h) | 500 | 500 |
| DISH Network Corporation |  |  |
| 0.00%, 12/15/25 (j) (m) | 917 | 917 |
| 3.38%, 08/15/26 (j) | 258 | 251 |
| Eircom Limited |  |  |
| 5.00%, 04/30/31, EUR (f) | 442 | 531 |
| Engineering - Ingegneria Informatica - S.P.A. |  |  |
| 8.63%, 02/15/30, EUR (f) | 215 | 271 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (h) | 135 | 143 |
| Fibercop S.P.A. |  |  |
| 4.75%, 06/30/30, EUR (f) | 132 | 157 |
| 5.13%, 06/30/32, EUR (f) | 127 | 151 |
| Frontier Communications Holdings, LLC |  |  |
| 6.00%, 01/15/30 (h) | 60 | 61 |
| 8.75%, 05/15/30 (h) | 1462 | 1528 |
| 8.63%, 03/15/31 (h) | 1100 | 1162 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (h) | 1055 | 1055 |
| 5.00%, 05/01/28 (h) | 100 | 100 |
| 6.75%, 05/01/29 (d) (h) | 610 | 616 |
| Frontier Florida LLC |  |  |
| 6.86%, 02/01/28 | 1259 | 1313 |
| Frontier North Inc. |  |  |
| 6.73%, 02/15/28 | 175 | 180 |
| Global Switch Finance B.V. |  |  |
| 1.38%, 10/07/30, EUR (f) | 242 | 268 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (h) | 100 | 108 |
| 7.25%, 08/15/33 (h) | 185 | 184 |
| Iliad Holding |  |  |
| 5.63%, 10/15/28, EUR (f) | 1693 | 2013 |
| 7.00%, 10/15/28 - 04/15/32 (h) | 800 | 815 |
| 4.25%, 01/09/32, EUR (f) | 500 | 589 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (h) | 635 | 622 |
| Kaixo Bondco Telecom S.A. |  |  |
| 5.13%, 09/30/29, EUR (f) | 273 | 324 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (h) | 195 | 199 |
| 7.00%, 03/31/34 (h) | 166 | 169 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (h) | 447 | 444 |
| Matterhorn Telecom S.A. |  |  |
| 3.13%, 09/15/26, EUR (f) | 917 | 1076 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (h) | 175 | 182 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (h) | 229 | 229 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (h) | 122 | 121 |
| 4.25%, 01/15/29 (h) | 2 | 2 |
| 4.63%, 03/15/30 (h) | 119 | 114 |
| SES |  |  |
| 4.88%, 06/24/33, EUR (f) | 175 | 213 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 (h) | 122 | 125 |
| SoftBank Group Corp. |  |  |
| 5.38%, 01/08/29, EUR (f) | 677 | 822 |
| 5.25%, 10/10/29, EUR (f) | 186 | 225 |
| 5.88%, 07/10/31, EUR (f) | 225 | 277 |
| 5.75%, 07/08/32, EUR (f) | 671 | 822 |
| 6.38%, 07/10/33, EUR (f) | 130 | 162 |
| Summer (BC) Holdco B S.a r.l. |  |  |
| 5.88%, 02/15/30, EUR (f) | 353 | 404 |
| 6.29%, (3 Month EURIBOR + 4.25%), 02/15/30, EUR (f) (l) | 199 | 229 |
| Sunrise FinCo I B.V. |  |  |
| 4.88%, 07/15/31 (h) | 750 | 715 |
| Tele Columbus AG |  |  |
| 10.00%, 03/19/29, EUR (a) (f) (k) (o) | 566 | 443 |
| Telecom Argentina S.A. |  |  |
| 9.25%, 05/28/33 (h) | 37 | 37 |
| Telecom Italia Capital |  |  |
| 7.72%, 06/04/38 | 148 | 164 |
| Telenet Finance Luxembourg Notes S.a r.l. |  |  |
| 5.50%, 03/01/28 (h) | 1000 | 981 |
| United Group B.V. |  |  |
| 6.29%, (3 Month EURIBOR + 4.25%), 02/15/31, EUR (h) (l) | 642 | 755 |
| 6.50%, 10/31/31, EUR (f) | 155 | 184 |
| Uniti Group Inc. |  |  |
| 4.75%, 04/15/28 (h) | 284 | 278 |
| Verizon Communications Inc. |  |  |
| 4.25%, 10/31/30, EUR | 506 | 625 |
| VFU Funding PLC |  |  |
| 9.62%, 02/11/27 (f) (l) (n) | 161 | 153 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (h) | 200 | 186 |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company |  |  |
| 7.88%, 03/15/32, GBP (f) | 240 | 333 |
| Virgin Media Secured Finance PLC |  |  |
| 4.25%, 01/15/30, GBP (f) | 525 | 653 |
| 4.13%, 08/15/30, GBP (f) | 761 | 931 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (f) | 1382 | 1808 |
| Virgin Media Vendor Financing Notes IV Designated Activity Company |  |  |
| 5.00%, 07/15/28 (h) | 559 | 547 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (f) | 325 | 399 |
| 4.75%, 07/15/31 (h) | 263 | 247 |
| Vodafone Group Public Limited Company |  |  |
| 4.13%, 06/04/81 | 88 | 82 |
| 8.00%, 08/30/86, GBP (f) | 228 | 334 |
| VZ Secured Financing B.V. |  |  |
| 5.00%, 01/15/32 (h) | 322 | 291 |
| 5.25%, 01/15/33, EUR (f) | 487 | 570 |
| VZ Vendor Financing II B.V. |  |  |
| 2.88%, 01/15/29, EUR (f) | 950 | 1049 |
| Windstream Services, LLC |  |  |
| 7.50%, 10/15/33 (h) | 143 | 143 |
| Zayo Group Holdings, Inc. |  |  |
| 9.25%, 03/09/30 (d) (h) (k) | 105 | 100 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (f) | 590 | 732 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (h) | 200 | 189 |
| | | 40067 |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| Air France - KLM |  |  |
| 5.75%, (100, 05/21/30), EUR (f) (i) | 200 | 240 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (h) | 372 | 377 |
| Arcosa, Inc. |  |  |
| 4.38%, 04/15/29 (h) | 238 | 232 |
| 6.88%, 08/15/32 (h) | 137 | 143 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 3.25%, 09/01/28 (h) | 400 | 380 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 2.13%, 08/15/26, EUR (f) | 1363 | 1555 |
| 4.13%, 08/15/26 (h) | 2899 | 2794 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 340 | 357 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (h) | 11 | 12 |
| 6.75%, 06/15/33 (h) | 217 | 226 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (h) | 481 | 494 |
| 6.75%, 04/15/32 (h) | 154 | 158 |
| Cornerstone Building Brands, Inc. |  |  |
| 9.50%, 08/15/29 (h) | 306 | 297 |
| Corporation De Securite Garda World |  |  |
| 4.63%, 02/15/27 (h) | 139 | 138 |
| Czechoslovak Group a.s. |  |  |
| 5.25%, 01/10/31, EUR (f) | 425 | 518 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (f) | 600 | 726 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (f) | 599 | 859 |
| Equipmentshare.Com Inc |  |  |
| 8.00%, 03/15/33 (h) | 197 | 210 |
| Fedrigoni S.P.A. |  |  |
| 6.13%, 06/15/31, EUR (f) | 575 | 670 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (f) (k) | 287 | 310 |
| Gategroup Finance (Luxembourg) S.A. |  |  |
| 3.00%, 02/28/27, CHF (f) | 505 | 622 |
| Gatwick Airport Finance PLC |  |  |
| 4.38%, 04/07/26, GBP (f) | 299 | 400 |
| Heathrow Finance PLC |  |  |
| 6.63%, 03/01/31, GBP (f) | 877 | 1183 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (h) | 269 | 281 |
| I.M.A. Industria Macchine Automatiche S.P.A. In Sigla Ima S.P.A. |  |  |
| 5.78%, (3 Month EURIBOR + 3.75%), 04/15/29, EUR (h) (l) | 516 | 611 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (h) | 354 | 359 |
| Kleopatra Finco S.a r.l. |  |  |
| 4.25%, 03/01/26, EUR (f) | 626 | 415 |
| Luna 1.5 S.a r.l. |  |  |
| 10.50%, 07/01/32, EUR (f) (k) | 234 | 284 |
| Luna 2.5 S.a r.l. |  |  |
| 5.50%, 07/01/32, EUR (f) | 143 | 170 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (h) | 735 | 743 |
| 9.25%, 04/15/27 (h) | 546 | 547 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (f) | 620 | 738 |
| Mobico Group PLC |  |  |
| 4.25%, (100, 11/26/25), GBP (f) (i) | 100 | 82 |
| 4.88%, 09/26/31, EUR (d) (f) | 366 | 338 |
| Pacific National Finance Pty Ltd |  |  |
| 7.75%, 12/11/54, AUD (n) | 290 | 197 |
| PCF GmbH |  |  |
| 4.75%, 04/15/29, EUR (f) | 158 | 142 |
| 6.78%, (3 Month EURIBOR + 4.75%), 04/15/29, EUR (f) (l) | 215 | 193 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (h) | 186 | 185 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (h) | 934 | 939 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (f) (i) | 525 | 643 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (h) | 338 | 351 |
| R. R. Donnelley & Sons Company |  |  |
| 10.88%, 08/01/29 (h) | 322 | 321 |
| Schneider Electric SE |  |  |
| 1.25%, 09/23/33, EUR (f) (j) | 800 | 950 |
| Seche Environnement |  |  |
| 4.50%, 03/25/30, EUR (f) | 100 | 119 |
| SGL Group ApS |  |  |
| 6.28%, (3 Month EURIBOR + 4.25%), 02/24/31, EUR (l) | 125 | 144 |
| Spirit AeroSystems, Inc. |  |  |
| 9.38%, 11/30/29 (h) | 798 | 841 |
| 9.75%, 11/15/30 (h) | 2298 | 2527 |
| Stem, Inc. |  |  |
| 0.50%, 12/01/28 (h) (j) | 115 | 28 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (h) | 600 | 599 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (h) (k) | 1022 | 1002 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | 551 | 540 |
| 4.88%, 05/01/29 | 354 | 349 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (f) | 1621 | 1904 |
| Weekley Homes, LLC |  |  |
| 4.88%, 09/15/28 (h) | 10 | 10 |
| | | 29453 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| AA Bond Co Limited |  |  |
| 6.50%, 01/31/26, GBP (f) (n) | 414 | 554 |
| Albion Financing 1 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (f) | 345 | 419 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (f) | 1713 | 2245 |
| 6.00%, 06/01/29 (h) | 400 | 393 |
| 7.88%, 02/15/31 (h) | 379 | 398 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (f) | 782 | 963 |
| APCOA Group GmbH |  |  |
| 6.15%, (3 Month EURIBOR + 4.13%), 04/15/31, EUR (f) (l) | 263 | 310 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 4.52%, (3 Month EURIBOR + 2.50%), 05/01/30, EUR (f) (l) | 306 | 361 |
| Avis Budget Car Rental, LLC |  |  |
| 5.38%, 03/01/29 (h) | 45 | 44 |
| 8.00%, 02/15/31 (h) | 100 | 103 |
| 8.38%, 06/15/32 (d) (h) | 300 | 314 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (f) | 161 | 202 |
| 6.13%, 11/30/28, GBP (h) | 1389 | 1741 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (h) | 1195 | 1050 |
| Bellis Acquisition Company PLC |  |  |
| 8.00%, 07/01/31, EUR (f) | 677 | 804 |
| Boels Topholding B.V. |  |  |
| 6.25%, 02/15/29, EUR (f) | 949 | 1149 |
| 5.75%, 05/15/30, EUR (h) | 178 | 216 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (f) | 297 | 357 |
| 6.04%, (3 Month EURIBOR + 4.00%), 05/17/32, EUR (f) (l) | 304 | 359 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (f) | 393 | 465 |
| DP World Salaam |  |  |
| 6.00%, (100, 10/01/25) (f) (i) | 260 | 260 |
| Elo |  |  |
| 2.88%, 01/29/26, EUR (f) | 200 | 234 |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/29 (h) | 196 | 188 |
| Fomento Economico Mexicano, S.A. B. De C.V. |  |  |
| 2.63%, 02/24/26, EUR (f) (j) | 1000 | 1172 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (f) | 302 | 359 |
| ION Platform Finance S.a r.l. |  |  |
| 6.50%, 09/30/30, EUR (f) | 241 | 283 |
| 6.88%, 09/30/32, EUR (f) | 186 | 218 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Irca S.P.A. |  |  |
| 5.76%, (3 Month EURIBOR + 3.75%), 12/15/29, EUR (f) (l) | 191 | 226 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (h) | 269 | 283 |
| Lion/Polaris Lux 4 S.A. |  |  |
| 5.56%, (3 Month EURIBOR + 3.63%), 07/01/29, EUR (f) (l) | 459 | 544 |
| Loxama |  |  |
| 6.38%, 05/31/29, EUR (f) | 854 | 1037 |
| New Immo Holding |  |  |
| 4.88%, 12/08/28, EUR (f) | 500 | 592 |
| Ocado Group PLC |  |  |
| 11.00%, 06/15/30, GBP (f) | 270 | 363 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (h) | 709 | 481 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29 (h) | 237 | 230 |
| 6.13%, 09/15/32 (h) | 100 | 102 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 161 | 195 |
| Port of Newcastle Investments (Financing) Pty Limited |  |  |
| 6.10%, 07/18/33, AUD | 180 | 122 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 (h) | 200 | 200 |
| 4.50%, 09/15/31 (h) | 114 | 107 |
| 6.38%, 03/01/33 (h) | 100 | 101 |
| 6.25%, 10/15/34 (d) (h) | 137 | 139 |
| Prestige Brands, Inc. |  |  |
| 3.75%, 04/01/31 (h) | 305 | 281 |
| PT Indofood Cbp Sukses Makmur |  |  |
| 4.75%, 06/09/51 (f) | 300 | 259 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 02/15/30, EUR (f) | 674 | 816 |
| REI Agro Limited |  |  |
| 0.00%, 11/13/14 (a) (e) (f) (j) (o) | 628 |  |
| 0.00%, 11/16/16 (a) (e) (h) (j) (o) | 185 |  |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27, EUR (f) | 485 | 568 |
| 9.25%, 10/15/27, EUR (h) | 544 | 653 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (f) | 853 | 1006 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (h) | 189 | 199 |
| | | 23665 |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (h) | 359 | 374 |
| Blue Racer Midstream, LLC |  |  |
| 7.25%, 07/15/32 (h) | 384 | 404 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (h) | 353 | 368 |
| 7.00%, 01/15/34 (h) | 396 | 393 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (h) | 448 | 446 |
| 8.38%, 07/01/28 (h) | 394 | 409 |
| 8.63%, 11/01/30 (h) | 367 | 380 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (h) | 421 | 420 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (h) | 367 | 357 |
| CVR Energy, Inc. |  |  |
| 5.75%, 02/15/28 (h) | 78 | 77 |
| 8.50%, 01/15/29 (h) | 126 | 129 |
| Deep Ocean AS |  |  |
| 6.00%, 04/08/31, EUR (f) | 143 | 169 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (d) (h) | 134 | 140 |
| 7.38%, 06/30/33 (h) | 252 | 257 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (h) | 331 | 337 |
| Ecopetrol S.A. |  |  |
| 8.88%, 01/13/33 | 149 | 161 |
| Eni S.P.A. |  |  |
| 4.88%, (100, 01/21/34), EUR (f) (i) | 325 | 387 |
| EQT Corporation |  |  |
| 7.50%, 06/01/30 | 135 | 149 |
| Genesis Energy, L.P. |  |  |
| 7.75%, 02/01/28 | 169 | 170 |
| 8.00%, 05/15/33 | 253 | 265 |
| Global Partners LP |  |  |
| 8.25%, 01/15/32 (h) | 100 | 106 |
| 7.13%, 07/01/33 (h) | 100 | 103 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (h) | 100 | 104 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/26 (f) | 228 | 225 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (h) | 300 | 314 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (h) | 313 | 308 |
| Kondor Finance PLC |  |  |
| 7.13%, 07/19/26, EUR (f) | 124 | 126 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (f) | 300 | 313 |
| Northern Oil and Gas Incorporated |  |  |
| 8.13%, 03/01/28 (h) | 122 | 124 |
| 8.75%, 06/15/31 (h) | 165 | 170 |
| 7.88%, 10/15/33 (h) | 223 | 222 |
| Occidental Petroleum Corporation |  |  |
| 5.20%, 08/01/29 | 270 | 275 |
| OEG Finance PLC |  |  |
| 7.25%, 09/27/29, EUR (f) | 643 | 790 |
| Petrobras Global Finance B.V. |  |  |
| 6.75%, 01/27/41 | 108 | 109 |
| Petroleos Mexicanos |  |  |
| 7.50%, 03/20/26 (h) | 3919 | 3895 |
| 8.75%, 06/02/29 | 53 | 57 |
| 5.95%, 01/28/31 | 104 | 101 |
| Pluspetrol Camisea S.A. |  |  |
| 6.24%, 07/03/36 (h) | 95 | 102 |
| Preem Holding AB (publ) |  |  |
| 12.00%, 06/30/27, EUR (f) | 230 | 280 |
| Puma International Financing S.A. |  |  |
| 7.75%, 04/25/29 (d) (f) | 300 | 310 |
| Raizen Fuels Finance S.A. |  |  |
| 6.45%, 03/05/34 (h) | 287 | 278 |
| 6.95%, 03/05/54 (h) | 200 | 185 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (h) | 100 | 101 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (j) | 1239 | 2227 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (h) (i) | 400 | 407 |
| Tallgrass Energy Partners, LP |  |  |
| 5.50%, 01/15/28 (h) | 102 | 102 |
| 6.00%, 12/31/30 - 09/01/31 (h) | 420 | 412 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (h) | 488 | 482 |
| Transocean Titan Financing Limited |  |  |
| 8.38%, 02/01/28 (d) (h) | 174 | 178 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 200 | 200 |
| 7.13%, 03/15/29 (h) | 194 | 200 |
| 6.25%, 10/01/33 (h) | 34 | 34 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (h) | 194 | 201 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (h) (i) | 489 | 484 |
| 7.00%, 01/15/30 (d) (h) | 258 | 267 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (h) | 67 | 68 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (d) (h) | 212 | 206 |
| Wintershall Dea GmbH |  |  |
| 6.12%, (100, 05/08/30), EUR (f) (i) | 460 | 563 |
|  |  | 20421 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (k) | 1261 | 1574 |
| alstria office AG |  |  |
| 5.50%, 03/20/31, EUR (f) | 300 | 365 |
| American Tower Corporation |  |  |
| 0.45%, 01/15/27, EUR | 1371 | 1568 |
| Aroundtown S.A. |  |  |
| 7.13%, (100, 01/16/30), EUR (f) (i) | 402 | 496 |
| 8.63%, (100, 05/07/29), GBP (f) (i) | 512 | 708 |
| Branicks Group AG |  |  |
| 2.25%, 09/22/26, EUR (f) | 200 | 186 |
| DEMIRE Deutsche Mittelstand Real Estate AG |  |  |
| 5.00%, 12/31/27, EUR (f) (n) | 793 | 875 |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (h) | 80 | 81 |
| Heimstaden Bostad AB |  |  |
| 1.38%, 03/03/27, EUR (f) | 219 | 252 |
| I&M Holdings Limited |  |  |
| 5.00%, 03/11/30, EUR (f) | 100 | 118 |
| 5.38%, 07/08/31, EUR (f) | 125 | 148 |
| Iron Mountain Incorporated |  |  |
| 4.75%, 01/15/34, EUR (f) | 487 | 572 |
| Lendlease Asia Treasury Pte Ltd. |  |  |
| 3.90%, (100, 09/30/30), SGD (f) (i) | 500 | 388 |
| Majid Al Futtaim Holding LLC |  |  |
| 6.38%, (100, 12/20/25) (f) (i) | 200 | 200 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (f) | 339 | 415 |
| New Immo Holding |  |  |
| 5.88%, 04/17/28, EUR (f) | 200 | 242 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (d) (h) | 448 | 447 |
| 4.88%, 05/15/29 (h) | 183 | 178 |
| Scentre Group Trust 1 |  |  |
| 5.35%, 09/18/35, AUD | 690 | 451 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (h) (m) | 656 | 578 |
| 8.38%, 06/15/29 | 1878 | 1907 |
| 8.63%, 11/15/31 (h) | 270 | 287 |
| 8.88%, 06/15/32 | 1547 | 1563 |
| TAG Immobilien AG |  |  |
| 0.63%, 03/11/31, EUR (j) | 200 | 245 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.75%, (100, 06/11/31), EUR (f) (i) | 400 | 477 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (h) | 1404 | 1478 |
| Vivion Investments S.a r.l. |  |  |
| 8.25%, 08/31/28, EUR (f) (k) (n) | 728 | 851 |
| Vonovia SE |  |  |
| 0.88%, 05/20/32, EUR (f) (j) | 300 | 351 |
|  |  | 17001 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A. |  |  |
| 5.00%, 10/30/30, EUR (f) | 619 | 738 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (h) | 283 | 294 |
| Amkor Technology, Inc. |  |  |
| 6.63%, 09/15/27 (h) | 210 | 210 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (f) (j) | 700 | 784 |
| Atos SE |  |  |
| 5.00%, 12/18/30, EUR (f) (n) | 548 | 606 |
| 1.00%, 12/18/32, EUR (f) (n) | 399 | 241 |
| Cedacri Mergeco S.P.A. |  |  |
| 6.66%, (3 Month EURIBOR + 4.63%), 05/15/28, EUR (f) (l) | 150 | 177 |
| Central Parent Inc. |  |  |
| 7.25%, 06/15/29 (h) | 137 | 119 |
| 8.00%, 06/15/29 (h) | 293 | 259 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (h) | 1310 | 1322 |
| 9.00%, 09/30/29 (h) | 554 | 574 |
| 8.25%, 06/30/32 (h) | 311 | 330 |
| Core Scientific, Inc. |  |  |
| 0.00%, 06/15/31 (h) (j) (m) | 145 | 162 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (h) | 264 | 273 |
| 9.00%, 02/01/31 (h) | 121 | 124 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/28 (h) | 483 | 249 |
| Helios Software Holdings, Inc. |  |  |
| 7.88%, 05/01/29, EUR (h) | 831 | 1019 |
| IPD 3 B.V. |  |  |
| 5.50%, 06/15/31, EUR (f) | 508 | 604 |
| NCR Voyix Corporation |  |  |
| 5.00%, 10/01/28 (h) | 247 | 243 |
| 5.13%, 04/15/29 (h) | 309 | 305 |
| RingCentral, Inc. |  |  |
| 8.50%, 08/15/30 (h) | 1337 | 1424 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (h) | 933 | 988 |
| 8.50%, 07/15/31 (d) (h) | 501 | 531 |
| 9.63%, 12/01/32 (h) | 795 | 901 |
| SS&C Technologies, Inc. |  |  |
| 6.50%, 06/01/32 (h) | 404 | 418 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (f) | 161 | 191 |
| 5.53%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (f) (l) | 320 | 376 |
| 5.19%, (3 Month EURIBOR + 3.25%), 07/01/32, EUR (f) (l) | 273 | 320 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (h) | 332 | 343 |
| Wolfspeed, Inc. |  |  |
| 0.00%, 05/01/26 (a) (j) (o) | 210 | 91 |
| Xerox Corporation |  |  |
| 10.25%, 10/15/30 (h) | 705 | 716 |
| 13.50%, 04/15/31 (d) (h) | 599 | 580 |
| Xerox Holdings Corporation |  |  |
| 8.88%, 11/30/29 (d) (h) | 68 | 37 |
|  |  | 15549 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Acadia Healthcare Company, Inc. |  |  |
| 5.50%, 07/01/28 (h) | 232 | 230 |
| 7.38%, 03/15/33 (d) (h) | 100 | 104 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (h) | 460 | 480 |
| Bausch+Lomb Netherlands B.V. |  |  |
| 5.87%, (3 Month EURIBOR + 3.88%), 01/15/31, EUR (f) (l) | 181 | 215 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (f) | 600 | 723 |
| Becton Dickinson Euro Finance S.a r.l. |  |  |
| 3.55%, 09/13/29, EUR | 926 | 1112 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 1100 | 1082 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (h) | 157 | 152 |
| 5.25%, 05/15/30 (h) | 238 | 215 |
| 4.75%, 02/15/31 (h) | 388 | 335 |
| 10.88%, 01/15/32 (h) | 100 | 106 |
| Dolcetto HoldCo S.p.A. |  |  |
| 5.63%, 07/14/32, EUR (f) | 311 | 374 |
| 5.64%, (3 Month EURIBOR + 3.63%), 07/14/32, EUR (f) (l) | 110 | 130 |
| Grifols, S.A. |  |  |
| 7.13%, 05/01/30, EUR (f) | 344 | 425 |
| Marcolin S.p.A. |  |  |
| 6.13%, 11/15/26, EUR (h) | 926 | 1087 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (f) | 301 | 360 |
| 5.41%, (3 Month EURIBOR + 3.38%), 06/30/32, EUR (f) (l) | 100 | 118 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (h) | 645 | 640 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (h) | 200 | 175 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.88%, 05/15/34 (h) | 400 | 371 |
| Rossini S.a r.l. |  |  |
| 5.86%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (f) (l) | 129 | 154 |
| 6.75%, 12/31/29, EUR (f) | 214 | 265 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (d) (h) | 231 | 231 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (h) | 235 | 249 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.88%, 03/31/27, EUR (f) | 328 | 378 |
| 3.75%, 05/09/27, EUR (f) | 648 | 766 |
| 7.88%, 09/15/31, EUR | 677 | 951 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.38%, 09/12/28, EUR | 582 | 661 |
| | | 12089 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (f) (i) | 171 | 209 |
| AC Energy, Inc. |  |  |
| 4.00% (f) (i) | 300 | 198 |
| AES Andes S.A. |  |  |
| 6.30%, 03/15/29 (h) | 200 | 209 |
| AGL Energy Limited |  |  |
| 5.77%, 09/30/35, AUD | 200 | 132 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (h) | 295 | 316 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (h) | 246 | 254 |
| AmeriGas Partners, L.P. |  |  |
| 9.38%, 06/01/28 (h) | 100 | 103 |
| 9.50%, 06/01/30 (h) | 198 | 207 |
| Atlantica Infraestructura Sostenible Sociedad Limitada |  |  |
| 5.63%, 02/15/32, EUR (f) | 303 | 371 |
| Calpine Corporation |  |  |
| 5.00%, 02/01/31 (h) | 305 | 304 |
| Centrica PLC |  |  |
| 6.50%, 05/21/55, GBP (f) | 513 | 706 |
| Clean Renewable Power (Mauritius) Pte. Ltd |  |  |
| 4.25%, 03/25/27 (f) | 231 | 226 |
| Continuum Energy Aura Pte. Ltd. |  |  |
| 9.50%, 02/24/27 (f) | 300 | 309 |
| Contourglobal Power Holdings S.A. |  |  |
| 5.00%, 02/28/30, EUR (f) | 257 | 308 |
| Diamond II Limited |  |  |
| 7.95%, 07/28/26 (f) | 300 | 302 |
| EDP, S.A. |  |  |
| 4.63%, 09/16/54, EUR (f) | 400 | 482 |
| Electricite de France |  |  |
| 4.38%, EUR (f) (i) | 300 | 349 |
| 5.13%, (100, 09/17/29), EUR (f) (i) | 200 | 242 |
| 5.63%, (100, 06/17/32), EUR (f) (i) | 200 | 246 |
| 7.38%, (100, 06/17/35), GBP (f) (i) | 200 | 274 |
| Iberdrola Finance Ireland Designated Activity Company |  |  |
| 1.50%, 03/27/30, EUR (f) (j) | 300 | 362 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (f) | 203 | 201 |
| National Grid PLC |  |  |
| 0.16%, 01/20/28, EUR (f) | 785 | 872 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (h) | 164 | 156 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (h) | 475 | 505 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 06/19/27, GBP (f) | 832 | 778 |
| 9.75%, 10/10/27, GBP (f) | 9 | 14 |
| 9.75%, 10/10/27, GBP (h) | 33 | 49 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (h) (m) | 6 | 7 |
| Veolia Environnement |  |  |
| 4.32%, (100, 10/24/32), EUR (f) (i) | 200 | 235 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (h) | 1615 | 1616 |
|  |  | 10542 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| A.C.N. 092 200 854 Ltd |  |  |
| 7.50%, 10/01/26 (e) (h) (k) | 506 | 58 |
| 12.00%, 10/01/28 (e) (h) (k) (n) | 7017 |  |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 292 | 278 |
| Arsenal AIC Parent LLC |  |  |
| 11.50%, 10/01/31 (h) | 317 | 352 |
| Ball Corporation |  |  |
| 4.25%, 07/01/32, EUR | 336 | 403 |
| Chemours Company, The |  |  |
| 4.63%, 11/15/29 (h) | 159 | 144 |
| 8.00%, 01/15/33 (h) | 211 | 210 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (h) | 210 | 220 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (h) | 335 | 352 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (f) | 200 | 200 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A. |  |  |
| 5.63%, 08/01/27, EUR (f) | 376 | 444 |
| GC Treasury Center Company Limited |  |  |
| 6.50%, (100, 09/10/30) (f) (i) | 300 | 305 |
| Herens Holdco S.a r.l. |  |  |
| 5.25%, 05/15/29, EUR (h) | 944 | 633 |
| INEOS Finance PLC |  |  |
| 7.25%, 03/31/31, EUR (f) | 380 | 445 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (f) | 336 | 393 |
| 6.75%, 04/15/30, EUR (f) | 266 | 291 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (d) (h) | 400 | 394 |
| Itelyum Regeneration S.p.A. |  |  |
| 5.75%, 04/15/30, EUR (f) | 111 | 132 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (f) | 261 | 322 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (f) | 379 | 136 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (d) (h) | 250 | 235 |
| Mineral Resources Limited |  |  |
| 9.25%, 10/01/28 (h) | 128 | 134 |
| 8.50%, 05/01/30 (h) | 366 | 380 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (h) | 51 | 49 |
| 3.88%, 08/15/31 (h) | 342 | 312 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 06/15/31 - 02/15/33 (h) | 542 | 545 |
| 6.13%, 02/15/33, EUR (f) | 448 | 526 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (f) | 347 | 348 |
| 6.20%, 04/14/52 (f) | 300 | 308 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (f) (k) (n) | 17 | 17 |
| 9.00%, 06/30/31 (h) (k) (n) | 22 | 22 |
| Sappi Papier Holding GmbH |  |  |
| 4.50%, 03/15/32, EUR (f) | 232 | 268 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 200 | 199 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (h) | 313 | 306 |
| Scotts Miracle-Gro Company, The |  |  |
| 4.00%, 04/01/31 | 227 | 209 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (h) | 297 | 194 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 25 | 26 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/29 (h) | 243 | 255 |
| Vedanta Resources Limited |  |  |
| 10.88%, 09/17/29 (f) | 300 | 314 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Volcan Compania Minera S.A.A. |  |  |
| 8.75%, 01/24/30 (h) | 99 | 103 |
| W. R. Grace Holdings LLC |  |  |
| 4.88%, 06/15/27 (h) | 80 | 80 |
| | | 10542 |
| Total Corporate Bonds And Notes (cost $271,281) | Total Corporate Bonds And Notes (cost $271,281) | 274888 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-D-1211, REMIC, 4.14%, 08/10/35 (l) | 665 | 604 |
| 1301 Trust 2025-AOA |  |  |
| Series 2025-A-1301, 5.23%, 08/11/30 (l) | 510 | 517 |
| 720 East CLO VII Ltd |  |  |
| Series 2025-A1-7A, 5.36%, (3 Month Term SOFR + 1.06%), 04/20/37 (l) | 420 | 419 |
| AB Carval Euro CLO II-C Designated Activity Company |  |  |
| Series D-2X, 5.79%, (3 Month EURIBOR + 3.75%), 02/15/37, EUR (f) (l) | 380 | 448 |
| AGL CLO 32 Ltd |  |  |
| Series 2024-A1-32A, 5.71%, (3 Month Term SOFR + 1.38%), 07/21/37 (l) | 250 | 251 |
| AGL Core CLO 31 Ltd |  |  |
| Series 2024-A-31A, 5.73%, (3 Month Term SOFR + 1.40%), 07/20/37 (l) | 1000 | 1004 |
| Air Canada |  |  |
| Series 2020-C-1, 10.50%, 07/15/26 | 931 | 971 |
| Ajax Mortgage Loan Trust 2021-E |  |  |
| Series 2021-A1-E, REMIC, 1.74%, 12/25/60 (n) | 2749 | 2438 |
| Series 2021-A2-E, REMIC, 2.69%, 12/25/60 (n) | 502 | 387 |
| Series 2021-M1-E, REMIC, 2.94%, 12/25/60 (n) | 203 | 150 |
| Series 2021-B1-E, REMIC, 3.73%, 12/25/60 (n) | 332 | 225 |
| Anchorage Capital CLO 17, Ltd. |  |  |
| Series 2021-A1R-17A, 5.55%, (3 Month Term SOFR + 1.23%), 02/16/38 (l) | 250 | 250 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Series 2020-E-MF1, REMIC, 1.75%, 04/15/30 | 257 | 208 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series DR-6X, 5.24%, (3 Month EURIBOR + 3.20%), 11/16/37, EUR (f) (l) | 440 | 517 |
| Arcano Euro CLO I Designated Activity Company |  |  |
| Series D-1X, 5.59%, (3 Month EURIBOR + 3.40%), 04/25/39, EUR (f) (l) | 520 | 614 |
| Arcano Euro CLO II Designated Activity Company |  |  |
| Series D-2X, 5.30%, 07/25/39, EUR (f) (l) | 230 | 270 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.53%, (1 Month Term SOFR + 1.38%), 07/19/38 (l) | 1020 | 1022 |
| Arini European CLO IV Designated Activity Company |  |  |
| Series D-4X, 5.53%, (3 Month EURIBOR + 3.50%), 01/15/38, EUR (f) (l) | 630 | 742 |
| Arini European CLO V Designated Activity Company |  |  |
| Series D-5X, 5.15%, (3 Month EURIBOR + 2.80%), 01/17/39, EUR (f) (l) | 340 | 399 |
| Atrium Hotel Portfolio Trust 2025-ATRM |  |  |
| Series 2025-A-ATRM, REMIC, 5.80%, (1 Month Term SOFR + 1.65%), 08/15/42 (l) | 255 | 255 |
| Aurium CLO Vii Designated Activity Company |  |  |
| Series DR-7X, 5.16%, (3 Month EURIBOR + 3.15%), 10/15/38, EUR (f) (l) | 150 | 177 |
| Aurium CLO XIII Designated Activity Company |  |  |
| Series D-13X, 5.17%, (3 Month EURIBOR + 2.80%), 04/15/38, EUR (f) (l) | 230 | 270 |
| Avoca CLO XVIII Designated Activity Company |  |  |
| Series DR-18X, 5.08%, (3 Month EURIBOR + 3.05%), 04/15/38, EUR (f) (l) | 250 | 296 |
| Avoca Static CLO I Designated Activity Company |  |  |
| Series DR-1X, 4.93%, (3 Month EURIBOR + 2.90%), 01/15/35, EUR (f) (l) | 220 | 259 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-C-MAR, REMIC, 7.77%, 12/13/29 (l) | 830 | 863 |
| Ballyrock CLO 14 Ltd. |  |  |
| Series 2020-A1AR-14A, 5.71%, (3 Month Term SOFR + 1.38%), 07/20/37 (l) | 3500 | 3509 |
| BAMLL Commercial Mortgage Securities Trust 2025-ASHF |  |  |
| Series 2025-E-ASHF, REMIC, 9.40%, (1 Month Term SOFR + 5.25%), 02/16/27 (l) | 1232 | 1237 |
| Bankers Healthcare Group Securitization Trust 2020-A |  |  |
| Series 2020-C-A, 5.17%, 09/17/31 | 110 | 110 |
| Battalion CLO X Ltd. |  |  |
| Series 2016-A2R2-10A, 6.13%, (3 Month Term SOFR + 1.81%), 01/25/35 (l) | 250 | 250 |
| BAY 2025-LIVN Mortgage Trust |  |  |
| Series 2025-A-LIVN, REMIC, 5.95%, (1 Month Term SOFR + 1.18%), 05/17/27 (l) | 250 | 251 |
| Bayview Commercial Asset Trust 2006-3 |  |  |
| Series 2006-M1-3A, REMIC, 4.78%, (1 Month Term SOFR + 0.62%), 10/27/36 (l) (n) | 33 | 32 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-C-TALL, REMIC, 5.47%, (1 Month Term SOFR + 1.32%), 03/16/37 (l) (n) | 744 | 681 |
| Benchmark 2021-B23 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B23, REMIC, 1.25%, 02/18/54 (l) | 8258 | 404 |
| Benefit Street Partners CLO Ltd |  |  |
| Series 2015-A1R-6BR, 5.51%, (3 Month Term SOFR + 1.18%), 04/20/38 (l) | 500 | 500 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-E-5MW, REMIC, 7.91%, 10/10/30 (l) | 1132 | 1126 |
| BHMS Commercial Mortgage Trust 2025-ATLS |  |  |
| Series 2025-A-ATLS, REMIC, 5.89%, (1 Month Term SOFR + 1.85%), 08/16/27 (l) (n) | 570 | 571 |
| Birch Grove CLO 12 Ltd |  |  |
| Series 2025-A1-12A, 5.51%, (3 Month Term SOFR + 1.17%), 04/22/38 (l) | 4600 | 4604 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-B-22A, 6.08%, (3 Month Term SOFR + 1.76%), 07/15/31 (l) | 252 | 252 |
| BMP 2024-MF23 |  |  |
| Series 2024-E-MF23, 7.54%, (1 Month Term SOFR + 3.39%), 06/15/26 (l) | 376 | 376 |
| BWAY Corporation |  |  |
| Series 2013-D-1515, REMIC, 3.63%, 03/10/33 | 581 | 530 |
| BX Commercial Mortgage Trust 2020-VIV4 |  |  |
| Series 2020-A-VIV4, REMIC, 2.84%, 03/11/30 | 237 | 219 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-G-SOAR, REMIC, 7.06%, (1 Month Term SOFR + 2.91%), 06/15/38 (l) | 1231 | 1232 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 4.95%, (1 Month Term SOFR + 0.80%), 10/15/38 (l) | 129 | 129 |
| Series 2021-F-XL2, REMIC, 6.51%, (1 Month Term SOFR + 2.36%), 10/15/38 (l) | 1757 | 1755 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 12/15/26 (l) | 1407 | 1411 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-A-KING, REMIC, 5.69%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 484 | 484 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 05/15/29 (l) | 309 | 310 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.54%, (1 Month Term SOFR + 1.39%), 03/15/26 (l) | 670 | 670 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 4.08%, 12/11/29 (l) | 1238 | 1170 |
| Series 2019-E-OC11, REMIC, 4.08%, 12/11/29 (l) | 1735 | 1588 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 04/15/29 (l) | 786 | 787 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 7.04%, (1 Month Term SOFR + 2.89%), 06/15/26 (l) | 410 | 411 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-F-VLT4, REMIC, 8.09%, (1 Month Term SOFR + 3.94%), 06/15/26 (l) | 1025 | 1029 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 5.88%, 06/14/35 (l) | 360 | 371 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 7.09%, (1 Month Term SOFR + 2.94%), 03/15/27 (l) | 727 | 725 |
| BX Trust 2025-VLT6 |  |  |
| Series 2025-A-VLT6, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 03/15/27 (l) | 307 | 307 |
| Capital Four CLO VIII Designated Activity Company |  |  |
| Series D-8X, 5.19%, (3 Month EURIBOR + 3.25%), 10/25/37, EUR (f) (l) | 520 | 612 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-B-CD6, REMIC, 3.91%, 11/15/27 (l) | 132 | 126 |
| CFSP 2024-AHP1 A |  |  |
| Series 2024-A-AHP1, REMIC, 6.50%, 04/17/37 | 805 | 781 |
| CIFC European Funding CLO II Designated Activity Company |  |  |
| Series B1-2X, 3.63%, (3 Month EURIBOR + 1.60%), 04/15/33, EUR (f) (l) | 100 | 117 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-A1R-3A, 5.50%, (3 Month Term SOFR + 1.18%), 03/31/38 (l) | 1800 | 1799 |
| CIFC Funding 2019-IV Ltd |  |  |
| Series 2019-A1R2-4A, 5.65%, (3 Month Term SOFR + 1.30%), 07/15/38 (l) | 3000 | 3012 |
| Series 2019-BR2-4A, 6.20%, (3 Month Term SOFR + 1.85%), 07/15/38 (l) | 1300 | 1305 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (l) | 1300 | 1303 |
| CIFC Funding 2024-III Ltd |  |  |
| Series 2024-A1-3A, REMIC, 5.81%, (3 Month Term SOFR + 1.48%), 07/21/37 (l) | 300 | 302 |
| CIFC Funding 2025-II Ltd |  |  |
| Series 2025-A-2A, 5.43%, (3 Month Term SOFR + 1.13%), 04/15/38 (l) | 250 | 250 |
| COMM 2024-WCL1 MORTGAGE TRUST |  |  |
| Series 2024-E-WCL1, REMIC, 8.64%, (1 Month Term SOFR + 4.49%), 06/15/26 (l) | 490 | 487 |
| Community Loan Servicing, LLC |  |  |
| Series 2005-M6-3A, REMIC, 5.32%, (1 Month Term SOFR + 1.16%), 11/25/35 (l) (n) | 36 | 39 |
| Concord Music Royalties LLC |  |  |
| Series 2024-A-1A, 5.64%, 10/20/29 | 441 | 445 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-E-DFW1, REMIC, 8.04%, (1 Month Term SOFR + 3.95%), 08/15/41 (l) | 480 | 481 |
| Contego CLO V Designated Activity Company |  |  |
| Series DR-5X, 5.13%, (3 Month EURIBOR + 3.10%), 10/15/37, EUR (f) (l) | 340 | 400 |
| Contego CLO VII Designated Activity Company |  |  |
| Series DR-7X, 5.42%, (3 Month EURIBOR + 3.45%), 01/23/38, EUR (f) (l) | 430 | 507 |
| Contego CLO XI Designated Activity Company |  |  |
| Series DR-11X, 5.93%, (3 Month EURIBOR + 3.20%), 11/22/38, EUR (f) (l) | 320 | 376 |
| Cook Park CLO, Ltd. |  |  |
| Series 2018-B-1A, 5.98%, (3 Month Term SOFR + 1.66%), 04/17/30 (l) | 258 | 258 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.56%, 11/18/25 (l) | 96 | 94 |
| CSMC 2020-FACT |  |  |
| Series 2020-E-FACT, REMIC, 9.63%, (1 Month Term SOFR + 5.48%), 10/15/37 (l) | 200 | 186 |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company |  |  |
| Series DR-1X, 4.84%, (3 Month EURIBOR + 2.80%), 09/18/33, EUR (f) (l) | 1030 | 1204 |
| DBGS 2024-SBL |  |  |
| Series 2024-A-SBL, REMIC, 6.03%, (1 Month Term SOFR + 1.88%), 08/17/26 (l) | 110 | 110 |
| DGWD Trust 2025-INFL |  |  |
| Series 2025-A-INFL, REMIC, 5.75%, (1 Month Term SOFR + 1.60%), 08/15/27 (l) | 824 | 826 |
| Diameter Capital CLO 9 Ltd |  |  |
| Series 2025-A-9A, 5.50%, (3 Month Term SOFR + 1.17%), 04/20/38 (l) | 250 | 250 |
| DK Trust 2025-LXP |  |  |
| Series 2025-A-LXP, REMIC, 5.74%, (1 Month Term SOFR + 1.59%), 08/15/27 (l) | 171 | 171 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-E10-ELM, REMIC, 7.79%, 06/11/27 (l) | 918 | 932 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-BRR-2A, 6.03%, (3 Month Term SOFR + 1.70%), 10/20/37 (l) | 350 | 351 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-F-ELP, REMIC, 6.93%, (1 Month Term SOFR + 2.78%), 11/15/38 (l) | 1002 | 1000 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-D-ESH, REMIC, 6.51%, (1 Month Term SOFR + 2.36%), 07/15/38 (l) | 1836 | 1836 |
| Series 2021-E-ESH, REMIC, 7.11%, (1 Month Term SOFR + 2.96%), 07/15/38 (l) | 1170 | 1170 |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company |  |  |
| Series 2023-DR-1X, 4.84%, (3 Month EURIBOR + 2.70%), 02/15/38, EUR (f) (l) | 440 | 517 |
| Flatiron CLO 28 Ltd |  |  |
| Series 2024-A1R-1A, 5.24%, (3 Month Term SOFR + 1.08%), 07/15/36 (l) | 250 | 250 |
| FNA 8, LLC |  |  |
| Series 2025-A-1, 5.62%, 03/15/45 (l) | 973 | 981 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.52%, (1 Month Term SOFR + 1.39%), 08/19/42 (l) | 810 | 811 |
| Golub Capital Partners CLO 77 B Ltd |  |  |
| Series 2024-A1-77A, 5.57%, (3 Month Term SOFR + 1.25%), 01/25/38 (l) | 250 | 250 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 1590 | 1612 |
| Goodleap Sustainable Home Solutions Trust 2021-3 |  |  |
| Series 2021-A-3CS, REMIC, 2.10%, 03/20/36 | 433 | 332 |
| GreenSky Home Improvement Trust 2024-1 |  |  |
| Series 2024-A4-1, 5.67%, 06/25/59 | 925 | 942 |
| Series 2024-B-1, 5.87%, 06/25/59 | 148 | 151 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.28%, (1 Month Term SOFR + 1.13%), 07/15/39 (l) | 53 | 53 |
| GS Mortgage Securities Corporation Trust 2021-DM |  |  |
| Series 2021-E-DM, REMIC, 7.20%, (1 Month Term SOFR + 3.05%), 11/15/36 (l) | 1303 | 1296 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.21%, (1 Month Term SOFR + 1.06%), 10/15/26 (l) | 239 | 238 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.41%, (1 Month Term SOFR + 1.26%), 06/16/36 (l) | 230 | 218 |
| GS Mortgage Securities Corporation Trust 2025-800D |  |  |
| Series 2025-A-800D, REMIC, 6.80%, (1 Month Term SOFR + 2.65%), 11/18/27 (l) | 1439 | 1443 |
| GS Mortgage Securities Trust 2020-GC47 |  |  |
| Series 2020-AS-GC47, REMIC, 2.73%, 04/12/30 | 676 | 613 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.66%, 12/12/53 (l) | 933 | 60 |
| Hambridge Euro CLO 1 Designated Activity Company |  |  |
| Series D-1X, 0.00%, (3 Month EURIBOR + 3.30%), 10/20/38, EUR (f) (l) | 310 | 364 |
| Harvest CLO XXXII Designated Activity Company |  |  |
| Series D-32X, 5.54%, (3 Month EURIBOR + 3.60%), 07/27/37, EUR (f) (l) | 322 | 380 |
| Henley CLO XI Designated Activity Company |  |  |
| Series D-11X, 4.97%, (3 Month EURIBOR + 2.60%), 04/25/39, EUR (f) (l) | 490 | 574 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Henley CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.88%, (3 Month EURIBOR + 3.10%), 01/15/38, EUR (f) (l) | 320 | 377 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-A-ORL, REMIC, 5.69%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 821 | 822 |
| Series 2024-D-ORL, REMIC, 7.34%, (1 Month Term SOFR + 3.19%), 05/15/26 (l) | 867 | 866 |
| Holland Park CLO Designated Activity Company |  |  |
| Series A1RR-1X, 2.95%, (3 Month EURIBOR + 0.92%), 11/14/32, EUR (f) (l) | 49 | 58 |
| Hudson Yards 2016-10HY Mortgage Trust |  |  |
| Series 2016-E-10HY, REMIC, 2.98%, 08/12/26 (l) | 138 | 132 |
| Huntington National Bank, The |  |  |
| Series 2024-B2-1, 5.79%, (SOFR 30-Day Average + 1.40%), 02/20/28 (h) (l) | 544 | 545 |
| Series 2025-B2-2, 5.59%, (1 Month Term SOFR + 1.20%), 09/20/33 (l) | 393 | 393 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-DFL-WPT, REMIC, 6.96%, (1 Month Term SOFR + 2.74%), 07/08/33 (l) (n) | 192 | 96 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.71%, (1 Month Term SOFR + 2.56%), 04/15/26 (l) | 1108 | 1109 |
| Series 2021-F-MHC, REMIC, 7.21%, (1 Month Term SOFR + 3.06%), 04/15/26 (l) | 520 | 521 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-C-OPO, REMIC, 3.45%, 01/08/27 (l) | 481 | 399 |
| J.P. Morgan Mortgage Trust 2021-INV5 |  |  |
| Series 2021-A2A-INV5, REMIC, 2.50%, 07/25/43 (l) | 2316 | 1920 |
| J.P. Morgan Mortgage Trust 2021-INV7 |  |  |
| Series 2021-A3A-INV7, REMIC, 2.50%, 02/25/28 (l) | 3243 | 2917 |
| Series 2021-A4A-INV7, REMIC, 2.50%, 07/25/43 (l) | 1620 | 1112 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 179 | 158 |
| Jubilee CLO 2024-XXIX Designated Activity Company |  |  |
| Series 2024-D-29X, 5.23%, (3 Month EURIBOR + 3.20%), 01/17/39, EUR (f) (l) | 540 | 635 |
| JW Commercial Mortgage Trust 2024-MRCO |  |  |
| Series 2024-D-MRCO, REMIC, 7.34%, (1 Month Term SOFR + 3.19%), 06/15/26 (l) | 340 | 342 |
| KSL Commercial Mortgage Trust 2024-HT2 |  |  |
| Series 2024-A-HT2, REMIC, 5.69%, (1 Month Term SOFR + 1.54%), 12/15/26 (l) | 573 | 573 |
| LBA Trust 2024-BOLT |  |  |
| Series 2024-A-BOLT, REMIC, 5.74%, (1 Month Term SOFR + 1.59%), 06/15/26 (l) | 650 | 651 |
| Series 2024-F-BOLT, REMIC, 8.59%, (1 Month Term SOFR + 4.44%), 06/15/26 (l) | 149 | 147 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.60%, (1 Month Term SOFR + 1.45%), 11/01/29 (l) | 830 | 832 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2024-A2-2A, 5.76%, 12/20/29 (h) | 1168 | 1186 |
| Mariner Finance Issuance Trust 2024- A |  |  |
| Series 2024-A-AA, 5.13%, 09/22/36 | 837 | 846 |
| Series 2024-D-AA, 6.77%, 09/22/36 | 139 | 141 |
| MCR 2024-TWA Mortgage Trust |  |  |
| Series 2024-E-TWA, REMIC, 8.73%, 06/12/27 | 314 | 319 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-A-FL6, 5.35%, (1 Month Term SOFR + 1.21%), 07/18/36 (l) | 24 | 24 |
| MF1 2025-FL20 LLC |  |  |
| Series 2025-A-FL20, 5.59%, (1 Month Term SOFR + 1.45%), 08/18/29 (l) | 970 | 974 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| Series 2021-F-W10, REMIC, 7.52%, (1 Month Term SOFR + 3.37%), 12/16/26 (l) | 695 | 693 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.37%, (1 Month Term SOFR + 2.22%), 04/15/26 (l) | 1222 | 1223 |
| Series 2021-F-MHC, REMIC, 6.87%, (1 Month Term SOFR + 2.72%), 04/15/26 (l) | 137 | 137 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-G-STOR, REMIC, 7.02%, (1 Month Term SOFR + 2.86%), 07/15/38 (l) | 602 | 602 |
| MidOcean Credit CLO XVIII LLC |  |  |
| Series 2025-A1-18A, 5.42%, (3 Month Term SOFR + 0.00%), 10/18/35 (l) | 2000 | 2001 |
| Morgan Stanley Capital I Trust 2018-MP |  |  |
| Series 2018-A-MP, REMIC, 4.42%, 07/13/28 (l) | 338 | 318 |
| Navient Private Education Loan Trust 2021-D |  |  |
| Series 2021-B-DA, 2.61%, 04/15/60 | 219 | 209 |
| Series 2021-C-DA, 3.48%, 04/15/60 | 585 | 551 |
| Series 2021-A-DA, 5.51%, (Prime + -1.99%), 04/15/60 (l) | 765 | 760 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1787 | 1836 |
| Navient Refinance Loan Trust 2025-B |  |  |
| Series 2025-A-B, 4.72%, 12/15/34 | 1080 | 1079 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-B1-A, 2.85%, 04/20/62 | 981 | 885 |
| Series 2021-D-A, 4.93%, 04/20/62 | 930 | 861 |
| Nelnet Student Loan Trust 2021-B |  |  |
| Series 2021-C-BA, 3.57%, 04/20/62 | 980 | 895 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-C-CA, 3.36%, 04/20/62 | 130 | 113 |
| Nelnet Student Loan Trust 2025-A |  |  |
| Series 2025-A1B-AA, 5.47%, (SOFR 30-Day Average + 1.10%), 03/15/57 (l) | 1781 | 1776 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1B-CA, REMIC, 5.69%, (SOFR 30-Day Average + 1.35%), 08/15/36 (l) | 1162 | 1162 |
| Series 2025-D-CA, REMIC, 5.82%, 08/15/36 | 660 | 659 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| Series 2016-A1R3-21A, 5.65%, (3 Month Term SOFR + 1.32%), 01/20/39 (l) | 6600 | 6612 |
| Neuberger Berman Loan Advisers CLO 26 Ltd |  |  |
| Series 2017-BR2-26A, 6.08%, (3 Month Term SOFR + 1.75%), 10/18/38 (l) | 500 | 502 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 5.36%, (1 Month Term SOFR + 1.27%), 02/16/27 (l) | 406 | 404 |
| OCP CLO 2014-5, Ltd. |  |  |
| Series 2014-A2R-5A, 5.98%, (3 Month Term SOFR + 1.66%), 04/28/31 (l) | 200 | 200 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.67%, (3 Month Term SOFR + 1.34%), 11/26/37 (l) | 700 | 702 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-BR-1A, 6.18%, (3 Month Term SOFR + 1.86%), 07/17/30 (l) | 2000 | 2002 |
| OHA Credit Partners Ltd |  |  |
| Series 2023-A-15RA, 5.60%, (3 Month Term SOFR + 1.29%), 07/20/38 (l) | 1300 | 1304 |
| Oha Credit Partners X Ltd |  |  |
| Series 2014-AR2-10RA, 5.46%, (3 Month Term SOFR + 1.13%), 04/20/38 (l) | 250 | 250 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-A-APT, REMIC, 5.75%, 07/17/29 (l) | 420 | 429 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-A-P11, REMIC, 5.52%, 08/12/30 (l) | 427 | 433 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 24 | 24 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-D-2X, 5.19%, (3 Month EURIBOR + 3.15%), 05/15/34, EUR (f) (l) | 380 | 446 |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company |  |  |
| Series 2024-D-3X, 5.09%, (3 Month EURIBOR + 3.05%), 05/15/34, EUR (f) (l) | 320 | 374 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Penta CLO 17 Designated Activity Company |  |  |
| Series 2024-D-17X, 5.29%, (3 Month EURIBOR + 3.25%), 08/15/38, EUR (f) (l) | 350 | 414 |
| Pikes Peak CLO 4 |  |  |
| Series 2019-ARR-4A, 5.47%, (3 Month Term SOFR + 1.21%), 07/15/34 (l) | 250 | 250 |
| PKHL Commercial Mortgage Trust 2021-MF |  |  |
| Series 2021-F-MF, REMIC, 7.61%, (1 Month Term SOFR + 3.46%), 07/15/38 (l) | 141 | 66 |
| PRM5 Trust 2025-PRM5 |  |  |
| Series 2025-D-PRM5, REMIC, 5.62%, 03/10/28 (l) | 900 | 896 |
| Prodigy Finance CM2021-1 Designated Activity Company |  |  |
| Series 2021-B-1A, 6.77%, (1 Month Term SOFR + 2.61%), 07/25/51 (l) | 49 | 49 |
| Series 2021-C-1A, 8.02%, (1 Month Term SOFR + 3.86%), 07/25/51 (l) | 43 | 43 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-F-SFR3, REMIC, 3.44%, 05/19/26 | 419 | 415 |
| Providus CLO II Designated Activity Company |  |  |
| Series DRR-2X, 5.23%, (3 Month EURIBOR + 3.20%), 10/15/38, EUR (f) (l) | 346 | 407 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-A2-1A, 5.04%, 10/05/55 | 1171 | 1167 |
| Recette CLO, Ltd. |  |  |
| Series 2015-BRR-1A, 5.99%, (3 Month Term SOFR + 1.66%), 04/20/34 (l) | 250 | 250 |
| Regatta 31 Funding Ltd |  |  |
| Series 2025-A1-1A, 5.43%, (3 Month Term SOFR + 1.17%), 03/25/38 (l) | 1600 | 1601 |
| Regatta XVIII Funding Ltd |  |  |
| Series 2021-A1R-1A, 5.48%, (3 Month Term SOFR + 1.16%), 04/15/38 (l) | 250 | 250 |
| Republic Finance Issuance Trust 2024-A |  |  |
| Series 2024-A-A, 5.91%, 06/21/27 | 1284 | 1300 |
| Republic Finance Issuance Trust 2025-A |  |  |
| Series 2025-A-A, 4.59%, 11/20/29 | 1359 | 1359 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2025-A2A-1A, 5.09%, 08/15/30 | 982 | 984 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company |  |  |
| Series 2025-D-1X, 5.21%, (3 Month EURIBOR + 3.00%), 10/25/37, EUR (f) (l) | 430 | 505 |
| RR 28 Ltd |  |  |
| Series 2024-A1R-28RA, 5.87%, (3 Month Term SOFR + 1.55%), 04/15/37 (l) | 762 | 763 |
| SCG Commercial Mortgage Trust 2025-DLFN |  |  |
| Series 2025-E-DLFN, REMIC, 7.10%, 03/15/27 (l) | 520 | 520 |
| Signal Harmonic CLO I Designated Activity Company |  |  |
| Series DR-1X, 5.42%, (3 Month EURIBOR + 3.50%), 07/15/38, EUR (f) (l) | 180 | 213 |
| Silver Point CLO 7 LTD |  |  |
| Series 2024-A1-7A, 5.68%, (3 Month Term SOFR + 1.36%), 01/15/38 (l) | 250 | 251 |
| Silver Point CLO 8 Ltd |  |  |
| Series 2025-A1-8A, 5.43%, (3 Month Term SOFR + 1.21%), 04/15/38 (l) | 150 | 150 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 5.63%, (3 Month Term SOFR + 1.32%), 07/19/38 (l) | 3000 | 3010 |
| Series 2021-A2R-20A, 5.88%, (3 Month Term SOFR + 1.57%), 07/19/38 (l) | 3000 | 3004 |
| SLM Private Education Loan Trust 2010-C |  |  |
| Series 2010-A5-C, 9.01%, (1 Month Term SOFR + 4.86%), 10/15/41 (l) | 1335 | 1399 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-B-A, 2.31%, 01/15/53 | 209 | 204 |
| Series 2021-C-A, 2.99%, 01/15/53 | 1715 | 1508 |
| SMB Private Education Loan Trust 2021-C |  |  |
| Series 2021-B-C, REMIC, 2.30%, 01/15/53 | 142 | 138 |
| Series 2021-C-C, REMIC, 3.00%, 01/15/53 | 108 | 97 |
| Series 2021-D-C, REMIC, 3.93%, 01/15/53 | 33 | 30 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.62%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 1093 | 1093 |
| SoFi Personal Loan Trust 2023-1 |  |  |
| Series 2023-A-1, 6.00%, 09/13/27 (l) | 604 | 612 |
| Series 2023-R1-1, 0.00%, 11/12/30 (l) | 27 | 913 |
| Sona Fios CLO III DAC |  |  |
| Series D-3X, 5.27%, (3 Month EURIBOR + 3.25%), 04/20/37, EUR (f) (l) | 690 | 815 |
| Sona Fios CLO V Designated Activity Company |  |  |
| Series D-5X, 5.33%, (3 Month EURIBOR + 3.30%), 08/25/38, EUR (f) (l) | 260 | 306 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (a) (o) | 24 | 23 |
| Series 2017-A-1, 0.00%, 02/15/30 (a) (o) | 714 | 651 |
| Series 2017-AA-1, 0.00%, 02/15/30 (a) (o) | 271 | 254 |
| SPLT_24-1: A ABS |  |  |
| Series 2024-A-1, 6.06%, 02/12/31 | 583 | 587 |
| SPLT_24-1: R1 ABS |  |  |
| Series 2024-R1-1, 0.00%, 02/12/31 (l) | 24 | 377 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.00%, (1 Month Term SOFR + 0.85%), 11/15/38 (l) | 216 | 216 |
| Series 2021-F-MFP, REMIC, 6.89%, (1 Month Term SOFR + 2.74%), 11/15/38 (l) | 1261 | 1260 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-F-MFP2, REMIC, 6.88%, (1 Month Term SOFR + 2.73%), 11/16/26 (l) | 360 | 360 |
| Subway Funding LLC |  |  |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 827 | 847 |
| Symphony CLO XXI Ltd |  |  |
| Series 2019-AR2-21A, 5.22%, (3 Month Term SOFR + 0.90%), 07/15/32 (l) | 237 | 237 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1239 | 1245 |
| TCW CLO 2023-1 Ltd |  |  |
| Series 2023-A1R-1A, 5.72%, (3 Month Term SOFR + 1.38%), 03/31/38 (l) | 2000 | 2007 |
| Texas Debt Capital CLO 2023-I Ltd |  |  |
| Series 2023-D1R-1A, 7.05%, (3 Month Term SOFR + 2.75%), 07/20/38 (l) | 1300 | 1309 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company |  |  |
| Series 2025-D-1X, 5.20%, (3 Month EURIBOR + 3.00%), 04/16/39, EUR (f) (l) | 520 | 611 |
| TICP CLO VI 2016-2, Ltd. |  |  |
| Series 2016-AR2-6A, 5.70%, (3 Month Term SOFR + 1.38%), 01/17/34 (l) | 250 | 250 |
| TICP CLO XII, Ltd. |  |  |
| Series 2018-BR-12A, 6.23%, (3 Month Term SOFR + 1.91%), 07/17/34 (l) | 250 | 250 |
| Tikehau CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.27%, (3 Month EURIBOR + 3.25%), 10/20/38, EUR (f) (l) | 570 | 673 |
| TRESTLES CLO III LTD |  |  |
| Series 2020-A1R-3A, 5.72%, (3 Month Term SOFR + 1.39%), 10/20/37 (l) | 1250 | 1253 |
| Truist Bank |  |  |
| Series 2025-B-1, 4.73%, 12/15/28 | 1330 | 1331 |
| UBS Commercial Mortgage Trust 2019-C17 |  |  |
| Series 2019-A4-C17, REMIC, 2.92%, 09/17/29 | 180 | 169 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-A-2, REMIC, 2.90%, 05/01/28 | 115 | 108 |
| Upgrade Master Pass-Thru Trust Series 2025-ST6 |  |  |
| Series 2025-A-ST6, 4.61%, 10/15/32 | 399 | 399 |
| UPX HIL 2025-1 Issuer Trust |  |  |
| Series 2025-A-1, 5.16%, 06/25/32 | 1343 | 1348 |
| Usaa Ultra Short-Term Bond Fund |  |  |
| Series 2019-AR2-75A, 5.62%, (3 Month Term SOFR + 1.30%), 04/17/34 (l) | 3000 | 3001 |
| Victory Street CLO I Designated Activity Company |  |  |
| Series D-1X, 5.48%, (3 Month EURIBOR + 3.45%), 01/15/38, EUR (f) (l) | 480 | 565 |
| VNDO Trust 2016-350P |  |  |
| Series 2016-D-350P, REMIC, 3.90%, 01/12/27 (l) | 325 | 318 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Voya CLO 2017-2, Ltd. |  |  |
| Series 2017-A2AR-2A, 6.23%, (3 Month Term SOFR + 1.91%), 06/07/30 (l) | 1300 | 1304 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-C1-2A, 6.43%, (3 Month Term SOFR + 2.11%), 07/15/31 (l) | 700 | 701 |
| Wells Fargo Commercial Mortgage Trust 2018-1745 |  |  |
| Series 2018-A-1745, REMIC, 3.75%, 06/15/28 (l) | 211 | 194 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.79%, 07/17/53 (l) | 4783 | 324 |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  |  |
| Interest Only, Series 2021-XA-C59, REMIC, 1.49%, 04/17/54 (l) | 2804 | 160 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2024-A-1CHI, REMIC, 5.31%, 07/15/27 (l) | 417 | 422 |
| Whitebox CLO I Ltd |  |  |
| Series 2019-BRR-1A, 6.07%, (3 Month Term SOFR + 1.75%), 07/24/36 (l) | 250 | 250 |
| Whitebox CLO V Ltd |  |  |
| Series 2025-A1-5A, 5.64%, (3 Month Term SOFR + 1.36%), 07/20/38 (l) | 3000 | 3016 |
| Series 2025-B-5A, 5.98%, (3 Month Term SOFR + 1.70%), 07/20/38 (l) | 700 | 703 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $174,737) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $174,737) | 171644 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.2%** |
| **Sovereign 3.6%** | **Sovereign 3.6%** | **Sovereign 3.6%** |
| Arab Republic of Egypt |  |  |
| 24.46%, 10/01/27, EGP | 6389 | 135 |
| 24.14%, 12/03/27, EGP | 794 | 17 |
| 21.38%, 02/04/28, EGP | 8581 | 173 |
| 23.44%, 07/01/28, EGP | 6970 | 146 |
| 5.63%, 04/16/30, EUR (f) | 106 | 118 |
| 8.50%, 01/31/47 (h) | 200 | 176 |
| 7.50%, 02/16/61 (h) | 200 | 157 |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/34 (h) (n) | 93 | 60 |
| 0.00%, 02/01/30 - 02/01/36 (h) (n) | 53 | 26 |
| CBB International Sukuk Company S.P.C |  |  |
| 5.45%, 09/16/32 (f) | 219 | 215 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 82 | 68 |
| 6.85%, 08/12/35, PEN (h) | 2325 | 702 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.00%, 04/20/33 | 329 | 358 |
| Estado Espanol |  |  |
| 2.70%, 01/31/30, EUR | 4676 | 5532 |
| 3.15%, 04/30/35, EUR (h) | 1139 | 1331 |
| Gobierno de la Republica de Guatemala |  |  |
| 7.05%, 10/04/32 (h) | 260 | 286 |
| 6.60%, 06/13/36 (h) | 200 | 212 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (h) (n) | 16 | 15 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 9.75%, 07/20/33, UYU | 5901 | 163 |
| 5.25%, 09/10/60 | 135 | 127 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.00%, 09/03/26, MXN | 44544 | 2422 |
| 8.50%, 03/01/29, MXN | 16602 | 918 |
| 7.50%, 05/26/33, MXN | 54945 | 2833 |
| 8.00%, 02/21/36, MXN | 9800 | 505 |
| 7.75%, 11/13/42, MXN | 5928 | 282 |
| 7.38%, 05/13/55 | 594 | 655 |
| Gouvernement De France |  |  |
| 3.20%, 05/25/35, EUR (h) | 1272 | 1460 |
| Government of Barbados, The |  |  |
| 8.00%, 06/26/35 (h) | 85 | 88 |
| Government of Canada |  |  |
| 2.75%, 03/01/30, CAD | 7049 | 5067 |
| Government of Ireland |  |  |
| 2.60%, 10/18/34, EUR (f) | 15365 | 17525 |
| Government of Saudi Arabia |  |  |
| 4.50%, 04/17/30 (f) | 399 | 403 |
| 5.00%, 01/18/53 (h) | 316 | 284 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 8024 | 10895 |
| Latvia, Republic of |  |  |
| 5.13%, 07/30/34 (h) | 200 | 205 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.00%, 05/16/29, EUR (f) | 240 | 304 |
| Malaysia, Government of |  |  |
| 4.64%, 11/07/33, MYR | 6312 | 1620 |
| 3.83%, 07/05/34, MYR | 1497 | 364 |
| 4.46%, 03/31/53, MYR | 688 | 177 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 5.75%, 11/03/27, COP | 8298900 | 1979 |
| 7.75%, 09/18/30, COP | 5531900 | 1249 |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 4110 | 591 |
| Morocco, Kingdom of |  |  |
| 5.95%, 03/08/28 (h) | 200 | 208 |
| 4.75%, 04/02/35, EUR (h) | 135 | 163 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (h) | 200 | 208 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27, BRL | 15160 | 2729 |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 404 | 484 |
| 4.34%, 03/07/42 | 354 | 314 |
| Presidencia de la Republica Dominicana |  |  |
| 4.50%, 01/30/30 (h) | 370 | 363 |
| 7.05%, 02/03/31 (h) | 150 | 162 |
| 10.75%, 06/01/36, DOP (h) | 30250 | 520 |
| Republic of Indonesia, The Government of, The |  |  |
| 7.00%, 05/15/27, IDR | 19263000 | 1191 |
| 6.75%, 07/15/35, IDR | 16615000 | 1021 |
| 8.25%, 05/15/36, IDR | 9178000 | 625 |
| 7.13%, 06/15/38, IDR (f) | 13785000 | 854 |
| Romania, Government of |  |  |
| 2.12%, 07/16/31, EUR (f) | 56 | 56 |
| 5.88%, 07/11/32, EUR (h) | 60 | 72 |
| 6.25%, 09/10/34, EUR (h) | 148 | 179 |
| 6.75%, 07/11/39, EUR (h) | 51 | 61 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (h) | 344 | 351 |
| 5.38%, 09/12/33, EUR (f) | 45 | 57 |
| 7.00%, 10/24/35, HUF | 203300 | 619 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 4209 | 4987 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 51469 | 2991 |
| 7.00%, 02/28/31, ZAR | 41875 | 2301 |
| 8.50%, 01/31/37, ZAR | 21211 | 1130 |
| 5.00%, 10/12/46 | 200 | 150 |
| 5.75%, 09/30/49 | 353 | 283 |
| Thailand, Kingdom of |  |  |
| 2.50%, 11/17/29, THB | 80127 | 2602 |
| 4.00%, 06/17/55, THB | 588 | 26 |
| The Philippines, Government of |  |  |
| 6.25%, 02/28/29, PHP | 31410 | 547 |
| 6.38%, 04/28/35, PHP | 51720 | 910 |
| The Republic of Uzbekistan |  |  |
| 5.38%, 05/29/27, EUR (h) | 108 | 131 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 31.08%, 11/08/28, TRY | 7148 | 161 |
| 30.00%, 09/12/29, TRY | 4100 | 91 |
| Urad Vlady Ceske Republiky |  |  |
| 5.00%, 09/30/30, CZK | 34890 | 1751 |
| 4.50%, 11/11/32, CZK | 18690 | 910 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 04/25/29, PLN | 9724 | 2776 |
| 4.75%, 07/25/29, PLN | 5478 | 1512 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.88%, 10/04/33 | 38 | 38 |
| 5.00%, 10/25/34 - 10/25/35, PLN | 5831 | 1550 |
| 5.50%, 04/04/53 | 58 | 56 |
| Vlada Crne Gore |  |  |
| 2.88%, 12/16/27, EUR (f) | 106 | 122 |
| Vlada NA Republika Severna Makedonija |  |  |
| 6.96%, 03/13/27, EUR (f) | 115 | 140 |
| | | 95245 |
| **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** |
| Treasury, United States Department of |  |  |
| 4.00%, 12/15/25 (b) | 20893 | 20893 |
| 4.13%, 02/28/27 (b) | 1380 | 1388 |
|  |  | 22281 |
| **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 3.50%, 10/15/55 (p) | 20495 | 18727 |
| **Municipal 0.1%** | **Municipal 0.1%** | **Municipal 0.1%** |
| Grand Canyon University |  |  |
| 7.38%, 10/01/29 | 555 | 582 |
| Port of Beaumont Industrial Development Authority |  |  |
| 10.00%, 07/01/26 | 785 | 789 |
|  |  | 1371 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series XFX-KL06, REMIC, 1.46%, 12/25/29 (l) | 1332 | 53 |
| Interest Only, Series X1-K105, REMIC, 1.64%, 01/25/30 (l) | 1700 | 92 |
| Interest Only, Series X1-K109, REMIC, 1.69%, 04/25/30 (l) | 2337 | 135 |
| Interest Only, Series X1-K110, REMIC, 1.76%, 04/25/30 (l) | 1301 | 78 |
| Interest Only, Series X1-K116, REMIC, 1.52%, 07/25/30 (l) | 1192 | 65 |
| Interest Only, Series 2020-X1-K120, REMIC, 1.12%, 10/25/30 (l) | 7606 | 314 |
| Series 2022-B1-DNA1, REMIC, 7.76%, (SOFR 30-Day Average + 3.40%), 01/25/32 (l) | 331 | 340 |
|  |  | 1077 |
| **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series X1-KW09, REMIC, 0.92%, 05/25/29 (l) | 8664 | 177 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M13, REMIC, 3.88%, 09/25/30 (l) | 235 | 231 |
|  |  | 408 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Urzad Rady Ministrow |  |  |
| 2.00%, 08/25/36, PLN (q) | 1024 | 252 |
| Total Government And Agency Obligations (cost $135,500) | Total Government And Agency Obligations (cost $135,500) | 139361 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.1%** | **SENIOR FLOATING RATE INSTRUMENTS 5.1%** | **SENIOR FLOATING RATE INSTRUMENTS 5.1%** |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| Altar Bidco, Inc. |  |  |
| Term Loan, 9.58%, (3 Month Term SOFR + 5.60%), 11/09/28 (l) | 2318 | 2195 |
| Atos SE |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 2.60%), 12/17/29, EUR (l) (r) | 1000 | 1246 |
| Aviv Group GmbH |  |  |
| Term Loan, 6.10%, (EURIBOR + 4.00%), 01/29/32, EUR (l) | 1434 | 1693 |
| Bock Capital Bidco B.V. |  |  |
| Term Loan, 5.48%, (3 Month EURIBOR + 4.00%), 06/29/28, EUR (l) | 912 | 1073 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (l) | 866 | 867 |
| Boxer Parent Co Inc |  |  |
| Term Loan B, 5.53%, (EURIBOR + 3.50%), 07/30/31, EUR (l) | 1488 | 1752 |
| Cegid SAS |  |  |
| Term Loan, 4.78%, (3 Month EURIBOR + 3.25%), 01/16/30, EUR (l) | 1500 | 1764 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2032), 7.48%, (3 Month Term SOFR + 3.25%), 08/07/32 (l) | 504 | 505 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (l) | 606 | 606 |
| DRI Holdings, Inc |  |  |
| Term Loan, 9.67%, (1 Month Term SOFR + 5.25%), 12/15/28 (l) | 542 | 531 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 08/30/30 (l) | 1733 | 1730 |
| GoTo Group Inc |  |  |
| Term Loan, 9.22%, (3 Month Term SOFR + 4.75%), 04/28/28 (l) | 348 | 213 |
| IGT Holding IV AB |  |  |
| Term Loan, 5.23%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (l) | 1333 | 1573 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 6.75%, (3 Month Term SOFR + 2.75%), 11/13/31 (l) | 1992 | 1989 |
| ION Platform Finance S.a r.l. |  |  |
| Term Loan, 0.00%, (EURIBOR + 4.00%), 09/20/30, EUR (l) (r) | 2824 | 3282 |
| ION Trading Finance Limited |  |  |
| Term Loan, 5.75%, (EURIBOR + 3.75%), 04/03/28, EUR (l) | 1000 | 1170 |
| ITG Communications, LLC |  |  |
| Term Loan B, 8.95%, (3 Month Term SOFR + 4.75%), 07/01/31 (l) | 1399 | 1381 |
| Lorca Telecom BidCo S.A. |  |  |
| Term Loan, 4.56%, (3 Month EURIBOR + 2.75%), 03/25/31, EUR (l) | 1774 | 2081 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 03/01/29 (l) | 1162 | 1108 |
| Mosel Bidco Se |  |  |
| Term Loan, 5.73%, (EURIBOR + 3.75%), 09/16/30, EUR (l) | 1239 | 1460 |
| Polaris Newco LLC |  |  |
| Term Loan, 5.78%, (3 Month EURIBOR + 4.00%), 06/02/28, EUR (l) | 1984 | 2166 |
| Redstone Holdco 2 L.P. |  |  |
| Term Loan, 9.32%, (3 Month Term SOFR + 4.75%), 04/27/28 (l) | 1348 | 684 |
| Verifone Sys Inc |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 5.50%), 08/18/28 (l) (r) | 63 | 61 |
| Term Loan, 10.07%, (3 Month Term SOFR + 5.50%), 08/18/28 (l) | 1419 | 1370 |
| X Corp. |  |  |
| Term Loan, 10.96%, (3 Month Term SOFR + 6.50%), 10/27/29 (l) | 138 | 135 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 279 | 280 |
| Xerox Corp |  |  |
| Term Loan, 8.22%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 39 | 36 |
| 2023 Term Loan B, 8.30%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 96 | 89 |
|  |  | 33040 |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| AERNNOVA Aerospace SAU |  |  |
| Term Loan B, 5.98%, (EURIBOR + 4.00%), 02/27/30, EUR (l) | 1303 | 1520 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 07/31/31 (l) | 724 | 723 |
| Apleona |  |  |
| Term Loan B, 5.48%, (3 Month EURIBOR + 3.75%), 12/31/29, EUR (l) | 1200 | 1418 |
| Applegreen Ireland Investments Finance Ltd. |  |  |
| Term Loan, 7.03%, (3 Month EURIBOR + 5.00%), 01/24/32, EUR (l) | 854 | 1012 |
| Arctera US Holdings LLC |  |  |
| Term Loan, 12.30%, (3 Month Term SOFR + 8.00%), 12/10/29 (l) | 306 | 309 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 08/19/30 (l) | 57 | 57 |
| Artemis Bidco Ltd |  |  |
| Term Loan, 5.77%, (EURIBOR + 3.75%), 05/28/32, EUR (l) | 1654 | 1946 |
| Beach Acquisition Bidco LLC |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.50%), 06/25/32, EUR (l) (r) | 1821 | 2143 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.49%, (1 Month Term SOFR + 3.17%), 03/30/29 (l) | 857 | 856 |
| Edge Finco PLC |  |  |
| Term Loan, 5.53%, (EURIBOR + 3.50%), 09/01/31, EUR (l) | 1162 | 1372 |
| Emerald Technologies (U.S.) AcquisitionCo Inc. |  |  |
| Term Loan, 10.60%, (3 Month Term SOFR + 6.25%), 02/03/29 (e) (l) | 621 | 429 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 01/13/29 (k) (l) | 968 | 966 |
| FNZ Group Entities Ltd |  |  |
| Term Loan, 9.97%, (SONIA + 6.00%), 10/30/31, GBP (l) | 1500 | 1614 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.00%), 02/01/29 (l) | 282 | 282 |
| Gategroup Finance International S.a r.l |  |  |
| Term Loan, 6.24%, (EURIBOR + 4.25%), 05/28/32, EUR (l) | 1416 | 1679 |
| Inspired Finco Holdings Ltd |  |  |
| Term Loan, 5.12%, (EURIBOR + 3.25%), 02/05/31, EUR (l) | 1079 | 1271 |
| Modulaire Group Holdings Ltd. |  |  |
| Term Loan, 0.00%, (EURIBOR + 4.42%), 07/02/31, EUR (l) (r) | 2000 | 2222 |
| Nielsen Consumer Inc. |  |  |
| Term Loan, 4.89%, (EURIBOR + 3.25%), 10/31/30, EUR (l) | 1326 | 1557 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 01/31/32 (l) | 851 | 849 |
| Platea BC Bidco AB |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) (r) | 101 | 120 |
| Term Loan, 5.48%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 898 | 1061 |
| Sector Alarm Holding AS |  |  |
| Term Loan, 5.53%, (EURIBOR + 3.50%), 06/14/29, EUR (l) | 814 | 960 |
| Speed Midco 3 S.a r.l. |  |  |
| Term Loan, 0.00%, (EURIBOR + 2.75%), 09/19/32, EUR (l) (r) | 1500 | 1761 |
| Tackle Group S.a r.l. |  |  |
| Term Loan, 5.37%, (EURIBOR + 3.25%), 05/18/28, EUR (l) | 891 | 1047 |
| Tackle S.a r.l. |  |  |
| Term Loan B2, 5.37%, (EURIBOR + 3.25%), 05/22/28, EUR (l) | 984 | 1159 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (l) | 494 | 493 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 9.45%, (3 Month Term SOFR + 5.00%), 01/07/29 (l) | 650 | 557 |
| | | 29383 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Accell Group N.V. |  |  |
| Term Loan, 0.00%, 12/31/49, EUR (e) (l) (r) | 1000 | 787 |
| Belron Finance US LLC |  |  |
| Term Loan, 4.97%, (3 Month EURIBOR + 3.00%), 10/16/31, EUR (l) | 1325 | 1561 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 01/24/31 (l) | 1340 | 1336 |
| CDR Firefly Bidco PLC |  |  |
| Term Loan, 8.97%, (EURIBOR + 4.75%), 04/29/29, GBP (l) | 1642 | 2210 |
| Clarios |  |  |
| Term Loan, 5.12%, (3 Month EURIBOR + 3.25%), 01/28/32, EUR (l) | 1500 | 1768 |
| HBX Group |  |  |
| Term Loan, 4.87%, (3 Month EURIBOR + 2.75%), 02/14/32, EUR (l) | 1685 | 1980 |
| Hestiafloor 2 |  |  |
| Term Loan, 5.48%, (EURIBOR + 3.50%), 02/27/30, EUR (l) | 588 | 695 |
| Hydrofarm Holdings Group, Inc. |  |  |
| Term Loan, 10.07%, (LIBOR + 5.50%), 10/21/28 (e) (l) | 377 | 309 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 04/26/30 (l) | 626 | 619 |
| Jack Ohio Finance LLC |  |  |
| 2025 Term Loan B, 8.32%, (1 Month Term SOFR + 4.00%), 01/28/32 (l) | 253 | 250 |
| Maverick Gaming LLC |  |  |
| Term Loan, 15.75%, (SOFR + 7.50%), 06/03/28 (e) (l) | 297 | 267 |
| Term Loan, 15.75%, (SOFR + 7.50%), 06/03/28 (l) | 521 | 287 |
| Parts Europe |  |  |
| Term Loan, 5.27%, (EURIBOR + 3.25%), 02/03/31, EUR (l) | 1132 | 1332 |
| PAX Holdco Spain SLU |  |  |
| Term Loan, 6.04%, (EURIBOR + 4.00%), 12/31/29, EUR (l) | 1632 | 1927 |
| Peer Holdings III BV |  |  |
| Term Loan, 4.73%, (EURIBOR + 2.75%), 07/01/31, EUR (l) | 1600 | 1881 |
| Peninsula Pacific Entertainment LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.75%), 08/14/32 (e) (l) (r) | 1242 | 1239 |
| Speedster Bidco GmbH |  |  |
| Term Loan, 5.88%, (3 Month EURIBOR + 3.75%), 10/17/31, EUR (l) | 1110 | 1310 |
|  |  | 19758 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.78%, (1 Month Term SOFR + 7.50%), 08/01/28 (l) | 6 | 6 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.84%, (3 Month Term SOFR + 3.25%), 08/05/28 (l) | 658 | 638 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.54%, (3 Month Term SOFR + 2.25%), 11/21/31 (l) | 142 | 142 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.75%, (Prime + 1.50%), 04/15/27 (l) | 294 | 284 |
| DirectTV Financing, LLC |  |  |
| Term Loan, 9.81%, (3 Month Term SOFR + 5.50%), 02/15/31 (l) | 1067 | 1041 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 07/22/27 (l) | 39 | 39 |
| Entain PLC |  |  |
| EUR Term Loan B3, 5.29%, (EURIBOR + 3.50%), 06/30/28, EUR (l) | 967 | 1142 |
| International Entertainment JJCO 3 Ltd |  |  |
| Term Loan, 8.97%, (SONIA + 4.75%), 04/02/32, GBP (l) | 2294 | 3096 |
| Matterhorn Telecom S.A. |  |  |
| Term Loan, 4.53%, (3 Month EURIBOR + 2.75%), 01/16/32, EUR (l) | 1000 | 1177 |
| RunItOneTime LLC |  |  |
| Term Loan, 5.32%, (SOFR + 11.50%), 04/21/26 (e) (l) | 107 | 103 |
| Term Loan, 16.85%, (SOFR + 12.50%), 07/07/26 (e) (l) | 41 | 40 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Runitonetime LLC. |  |  |
| Term Loan, 16.82%, (SOFR + 2.00%), 08/21/26 (e) (l) | 34 | 33 |
| Stage Entertainment |  |  |
| Term Loan, 6.03%, (EURIBOR + 4.00%), 06/29/29, EUR (l) | 1000 | 1182 |
| Tele Columbus AG |  |  |
| Term Loan B, 10.00%, (EURIBOR + 4.00%), 01/01/29, EUR (l) | 1099 | 849 |
| Zegona HoldCo Ltd |  |  |
| Term Loan, 4.83%, (EURIBOR + 3.00%), 07/09/29, EUR (l) | 516 | 608 |
| Ziggo BV |  |  |
| Term Loan, 4.88%, (3 Month EURIBOR + 3.00%), 01/16/29, EUR (l) | 6053 | 7001 |
| | | 17381 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 08/06/32 (l) | 425 | 426 |
| Bellis Acquisition Company PLC |  |  |
| Term Loan B, 6.31%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 1654 | 1874 |
| Froneri International Limited |  |  |
| Term Loan, 4.58%, (3 Month EURIBOR + 2.50%), 09/30/31, EUR (l) | 1000 | 1173 |
| Froneri International Ltd. |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.00%), 12/31/49, EUR (l) (r) | 2035 | 2391 |
| Market Bidco Ltd |  |  |
| Term Loan, 6.53%, (3 Month EURIBOR + 4.50%), 11/04/30, EUR (l) | 430 | 505 |
| Obol France 25 |  |  |
| Term Loan, 7.19%, (EURIBOR + 5.00%), 12/31/28, EUR (l) | 1000 | 1151 |
| Pegasus BidCo B.V. |  |  |
| Term Loan B, 5.54%, (3 Month EURIBOR + 3.50%), 07/12/29, EUR (l) | 1333 | 1571 |
| United Petfood |  |  |
| Term Loan, 4.58%, (3 Month EURIBOR + 2.75%), 02/26/32, EUR (l) | 1135 | 1331 |
| Upfield B.V. |  |  |
| Term Loan, 9.51%, (SONIA + 5.25%), 01/03/28, GBP (l) | 1150 | 1511 |
|  |  | 11933 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| AI Sirona Luxembourg Acquisition Sarl |  |  |
| Term Loan, 5.87%, (EURIBOR + 4.00%), 09/30/28, EUR (l) | 1000 | 1177 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (l) | 673 | 672 |
| HomeVi |  |  |
| Term Loan, 6.78%, (3 Month EURIBOR + 5.00%), 12/31/29, EUR (l) | 1500 | 1765 |
| Median BV |  |  |
| Term Loan B - B1, 6.91%, (3 Month EURIBOR + 5.00%), 10/14/27, EUR (l) | 1637 | 1921 |
| Nidda Healthcare Holding GmbH |  |  |
| Term Loan, 5.53%, (EURIBOR + 3.50%), 02/21/30, EUR (l) | 1399 | 1645 |
| Ramsay Sante |  |  |
| Term Loan, 5.24%, (EURIBOR + 3.25%), 08/13/31, EUR (l) | 900 | 1058 |
|  |  | 8238 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| IFCO Management GmbH |  |  |
| Term Loan, 5.38%, (EURIBOR + 3.50%), 11/24/29, EUR (l) | 1000 | 1178 |
| INEOS Finance PLC |  |  |
| Term Loan, 5.12%, (EURIBOR + 3.25%), 02/07/31, EUR (l) | 1000 | 1094 |
| Term Loan, 5.37%, (EURIBOR + 3.50%), 06/23/31, EUR (l) | 1000 | 1097 |
| INEOS Quattro Holdings UK Limited |  |  |
| Term Loan, 6.37%, (EURIBOR + 4.50%), 03/31/29, EUR (l) | 1210 | 1304 |
| Nobian Finance BV |  |  |
| Term Loan B, 5.53%, (3 Month EURIBOR + 3.50%), 07/04/30, EUR (l) | 1895 | 2199 |
|  |  | 6872 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 12/30/27 (l) | 739 | 739 |
| Solaris Energy Infrastructure |  |  |
| Term Loan, 10.30%, (3 Month Term SOFR + 6.00%), 08/31/29 (e) (l) | 2971 | 2994 |
| Stakeholder Midstream LLC |  |  |
| Term Loan, 8.04%, (SOFR + 4.00%), 08/19/32 (l) | 1371 | 1372 |
|  |  | 5105 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Boots Group Finco LP |  |  |
| Term Loan, 8.72%, (SONIA + 4.75%), 07/22/32, GBP (l) | 1449 | 1963 |
| Cervantes Bidco SL |  |  |
| Term Loan, 5.29%, (3 Month EURIBOR + 3.75%), 12/31/29, EUR (l) | 742 | 875 |
|  |  | 2838 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| West Deptford Energy Holdings LLC |  |  |
| Term Loan, 8.32%, (SOFR + 4.00%), 07/19/32 (l) | 558 | 553 |
| Total Senior Floating Rate Instruments (cost $130,156) | Total Senior Floating Rate Instruments (cost $130,156) | 135101 |
| **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** |
| iShares Broad USD High Yield Corporate Bond ETF (g) | 81 | 3078 |
| iShares China Large-Cap ETF (c) (d) (g) | 167 | 6857 |
| iShares Core S&P Small Cap ETF (g) | 12 | 1468 |
| iShares MSCI Brazil ETF (d) (g) | 41 | 1258 |
| iShares MSCI China ETF (d) (g) | 84 | 5551 |
| KraneShares CSI China Internet ETF | 81 | 3396 |
| SPDR Blackstone Senior Loan ETF (d) | 33 | 1363 |
| SPDR Gold Shares (c) | 130 | 46080 |
| SPDR S&P Homebuilders ETF (d) | 12 | 1362 |
| SPDR S&P Regional Banking ETF | 66 | 4185 |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 85 | 2159 |
| VanEck Semiconductor ETF (d) | 6 | 2012 |
| Total Investment Companies (cost $69,924) | Total Investment Companies (cost $69,924) | 78769 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Banco Bradesco S/A. (j) | 588 | 1956 |
| Citigroup Capital XIII, 10.94%, 10/30/40 | 70 | 2115 |
| Wells Fargo & Company - Series A, 7.50% (i) (j) | 1 | 1102 |
|  |  | 5173 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Roche Holding AG | 2 | 715 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Gerdau S.A. | 150 | 468 |
| Total Preferred Stocks (cost $5,692) | Total Preferred Stocks (cost $5,692) | 6356 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Evgo Inc. (a) | 23 | 4 |
| Hippo Holdings Inc. (a) | 20 |  |
| Latch, Inc. (a) (e) | 53 |  |
| Offerpad Solutions Inc. (a) | 35 | 2 |
| Palladyne AI Corp. (a) | 121 | 24 |
| Total Warrants (cost $441) | Total Warrants (cost $441) | 30 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Walgreens Boots Alliance, Inc. (a) (e) | 38 | 20 |
| Total Rights (cost $0) | Total Rights (cost $0) | 20 |
| **SHORT TERM INVESTMENTS 7.9%** | **SHORT TERM INVESTMENTS 7.9%** | **SHORT TERM INVESTMENTS 7.9%** |
| **Investment Companies 6.8%** | **Investment Companies 6.8%** | **Investment Companies 6.8%** |
| JNL Government Money Market Fund - Class I, 4.04% (g) (s) | 180546 | 180546 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (g) (s) | 27167 | 27167 |
| **Treasury Securities 0.1%** | **Treasury Securities 0.1%** | **Treasury Securities 0.1%** |
| Arab Republic of Egypt |  |  |
| 22.03%, 11/18/25, EGP | 6325 | 128 |
| 23.50%, 11/25/25, EGP | 2850 | 57 |
| 22.11%, 12/16/25, EGP | 20825 | 412 |
| Presidencia da Republica |  |  |
| 13.12%, 01/01/26, BRL | 3579 | 649 |
|  |  | 1246 |
| Total Short Term Investments (cost $208,866) | Total Short Term Investments (cost $208,866) | 208959 |
| **Total Investments 100.0% (cost $2,404,489)** | **Total Investments 100.0% (cost $2,404,489)** | **2653628** |
| **Total Purchased Options 0.5% (cost $10,846)** | **Total Purchased Options 0.5% (cost $10,846)** | **12129** |
| **Other Derivative Instruments (0.5)%** | **Other Derivative Instruments (0.5)%** | **(12432)** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (28) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2653297** |

---

(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 is subject to a written call option.

(d) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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) Investment in affiliate.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $131,362 and 5.0% of the Fund.

(i) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(j) Convertible security.

(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 has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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.

(m) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(n) 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 September 30, 2025.

(o) As of September 30, 2025, 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.

(p) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $18,823.

(q) Treasury inflation indexed note, par amount is adjusted for inflation.

(r) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| iShares 0-5 Year TIPS Bond ETF | 3079 |  | 3126 | 43 | 107 | (60) |  |  |
| iShares Biotechnology ETF | 2644 |  | 2656 | 3 | (206) | 218 |  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 2998 |  |  | 137 |  | 80 | 3078 | 0.1 |
| iShares China Large-Cap ETF |  | 14781 | 8838 | 40 | 404 | 510 | 6857 | 0.3 |
| iShares Core S&P Small Cap ETF | 1423 |  |  | 14 |  | 45 | 1468 | 0.1 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3392 | 8671 | 12201 | 16 | 119 | 19 |  |  |
| iShares Latin America 40 ETF | 730 |  | 844 |  | (68) | 182 |  |  |
| iShares MSCI Brazil ETF | 914 |  |  | 21 |  | 344 | 1258 |  |
| iShares MSCI China ETF | 3950 |  |  | 45 |  | 1601 | 5551 | 0.2 |
| iShares MSCI Emerging Markets ETF | 354 |  | 378 |  | 1 | 23 |  |  |
| iShares Russell 2000 ETF |  | 19385 | 19360 |  | (25) |  |  |  |
| iShares Russell Mid-Cap Growth ETF | 495 |  | 469 |  | 97 | (123) |  |  |
| JNL Government Money Market Fund, 4.04% - Class I | 251956 | 665493 | 736903 | 6985 |  |  | 180546 | 6.8 |
| JNL Government Money Market Fund, 4.14% - Class SL | 37793 | 799994 | 810620 | 1512 |  |  | 27167 | 1.0 |
| Quintis Limited |  |  |  |  |  |  |  |  |
|  | 309728 | 1508324 | 1595395 | 8816 | 429 | 2839 | 225925 | 8.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| A2a S.P.A., 5.00% (callable at 100, 06/11/29) | 06/04/24 | 185 | 209 |  |
| AA Bond Co Limited, 6.50%, 01/31/26 | 04/23/24 | 514 | 554 |  |
| AB Carval Euro CLO II-C Designated Activity Company, Series D-2X, 5.79%, 02/15/37 | 07/05/24 | 412 | 448 |  |
| AC Energy, Inc., 4.00% | 02/13/25 | 200 | 198 |  |
| Afflelou, 6.00%, 07/25/29 | 07/17/24 | 470 | 526 |  |
| AIA Group Limited, 5.40%, 09/30/54 | 02/12/25 | 282 | 295 |  |
| AIB Group Public Limited Company, 6.00% (callable at 100, 07/14/31) | 01/07/25 | 259 | 299 |  |
| Air France - KLM, 5.75% (callable at 100, 05/21/30) | 05/15/25 | 223 | 240 |  |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana | 10/22/24 | 82 | 113 |  |
| Albion Financing 1 S.a r.l., 5.38%, 05/21/30 | 05/14/25 | 385 | 419 |  |
| Alexandrite Lake Lux Holdings S.a r.l., 6.75%, 07/30/30 | 07/24/25 | 625 | 636 |  |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 02/08/24 | 1997 | 2245 | 0.1 |
| Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30 | 03/19/24 | 649 | 709 | 0.1 |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A., 5.00%, 10/30/30 | 06/26/25 | 725 | 738 | 0.1 |
| alstria office AG, 5.50%, 03/20/31 | 03/14/25 | 324 | 365 |  |
| Altice France, 4.13%, 01/15/29 | 10/21/24 | 101 | 119 |  |
| Altice France, 4.25%, 10/15/29 | 10/22/24 | 100 | 119 |  |
| Amber FinCo PLC, 6.63%, 07/15/29 | 07/04/24 | 850 | 963 | 0.1 |
| AMS-Osram AG, 2.13%, 11/03/27 | 11/15/23 | 652 | 784 | 0.1 |
| APCOA Group GmbH, 6.15%, 04/15/31 | 09/25/24 | 293 | 310 |  |
| Arab Republic of Egypt, 5.63%, 04/16/30 | 05/03/24 | 97 | 118 |  |
| Arbour CLO VI Designated Activity Company, Series DR-6X, 5.24%, 11/16/37 | 09/20/24 | 491 | 517 |  |
| Arcano Euro CLO I Designated Activity Company, Series D-1X, 5.59%, 04/25/39 | 03/12/25 | 566 | 614 |  |
| Arcano Euro CLO II Designated Activity Company, Series D-2X, 5.30%, 07/25/39 | 06/27/25 | 269 | 270 |  |
| Ardagh Packaging Finance Public Limited Company, 2.13%, 08/15/26 | 12/10/24 | 931 | 978 | 0.1 |
| Ardagh Packaging Finance Public Limited Company, 2.13%, 08/15/26 | 07/28/25 | 588 | 577 |  |
| Arena Luxembourg Finance S.a r.l., 4.52%, 05/01/30 | 03/25/25 | 330 | 361 |  |
| Arini European CLO IV Designated Activity Company, Series D-4X, 5.53%, 01/15/38 | 10/24/24 | 682 | 742 | 0.1 |
| Arini European CLO V Designated Activity Company, Series D-5X, 5.15%, 01/17/39 | 02/21/25 | 356 | 399 |  |
| Aroundtown S.A., 7.13% (callable at 100, 01/16/30) | 07/24/24 | 349 | 496 |  |
| Aroundtown S.A., 8.63% (callable at 100, 05/07/29) | 01/24/25 | 619 | 708 | 0.1 |
| Aston Martin Capital Holdings Limited, 10.38%, 03/31/29 | 07/09/24 | 541 | 536 |  |
| Atlantica Infraestructura Sostenible Sociedad Limitada, 5.63%, 02/15/32 | 10/23/24 | 327 | 371 |  |
| Atos SE, 5.00%, 12/18/30 | 01/10/25 | 361 | 606 |  |
| Atos SE, 1.00%, 12/18/32 | 02/05/25 | 144 | 241 |  |
| Aurium CLO Vii Designated Activity Company, Series DR-7X, 5.16%, 10/15/38 | 08/14/25 | 175 | 177 |  |
| Aurium CLO XIII Designated Activity Company, Series D-13X, 5.17%, 04/15/38 | 01/30/25 | 239 | 270 |  |
| Avianca MidCo 2 PLC, 9.00%, 12/01/28 | 08/06/25 | 63 | 65 |  |
| Avoca CLO XVIII Designated Activity Company, Series DR-18X, 5.08%, 04/15/38 | 12/13/24 | 262 | 296 |  |
| Avoca Static CLO I Designated Activity Company, Series DR-1X, 4.93%, 01/15/35 | 11/04/24 | 239 | 259 |  |
| Axis Bank Limited, 4.10% (callable at 100, 09/08/26) | 02/10/25 | 289 | 296 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 6.88% (callable at 100, 12/13/30) | 06/04/24 | 435 | 507 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 8.38% (callable at 100, 06/21/28) | 07/25/24 | 228 | 260 |  |
| Bank of America Corporation, 1.95%, 10/27/26 | 04/20/23 | 599 | 653 |  |
| Bankinter Sociedad Anonima, 7.38% (callable at 100, 08/15/28) | 01/28/25 | 220 | 254 |  |
| Bausch+Lomb Netherlands B.V., 5.87%, 01/15/31 | 06/18/25 | 207 | 215 |  |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 09/11/25 | 732 | 723 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 01/18/24 | 192 | 202 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 06/26/25 | 300 | 308 |  |
| Bellis Acquisition Company PLC, 8.00%, 07/01/31 | 06/18/25 | 798 | 804 | 0.1 |
| Bertrand Franchise Finance, 5.77%, 07/18/30 | 05/30/24 | 506 | 519 |  |
| Boels Topholding B.V., 6.25%, 02/15/29 | 03/12/24 | 1060 | 1149 | 0.1 |
| Bper Banca S.P.A., 6.50% (callable at 100, 03/20/30) | 11/13/24 | 211 | 245 |  |
| Bracken Midco1 PLC, 6.75%, 11/01/27 | 12/03/24 | 229 | 245 |  |
| Branicks Group AG, 2.25%, 09/22/26 | 09/19/25 | 191 | 186 |  |
| Bubbles BidCo S.p.A., 6.23%, 09/30/31 | 09/18/24 | 393 | 419 |  |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 09/18/24 | 288 | 311 |  |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 07/24/24 | 430 | 486 |  |
| CaixaBank, S.A., 6.25% (callable at 100, 07/24/32) | 01/16/25 | 206 | 245 |  |
| Capital Four CLO VIII Designated Activity Company, Series D-8X, 5.19%, 10/25/37 | 09/20/24 | 580 | 612 |  |
| CBB International Sukuk Company S.P.C, 5.45%, 09/16/32 | 12/09/22 | 203 | 215 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 12/11/24 | 160 | 172 |  |
| Cedacri Mergeco S.P.A., 6.66%, 05/15/28 | 09/29/25 | 178 | 177 |  |
| Cellnex Telecom, S.A. | 03/18/22 | 5126 | 4990 | 0.2 |
| Cellnex Telecom, S.A., 0.75%, 11/20/31 | 04/03/24 | 192 | 211 |  |
| Centrica PLC, 6.50%, 05/21/55 | 05/14/24 | 647 | 706 | 0.1 |
| CIFC European Funding CLO II Designated Activity Company, Series B1-2X, 3.63%, 04/15/33 | 07/07/20 | 112 | 117 |  |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 03/14/24 | 718 | 778 | 0.1 |
| Ck Hutchison International 25 Ltd., 4.25%, 09/26/30 | 09/23/25 | 269 | 269 |  |
| Clarios Global LP, 4.75%, 06/15/31 | 06/04/25 | 491 | 515 |  |
| Clean Renewable Power (Mauritius) Pte. Ltd, 4.25%, 03/25/27 | 02/12/25 | 226 | 226 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| COMMERZBANK Aktiengesellschaft, 4.25% (callable at 100, 10/09/27) | 07/23/24 | 194 | 232 |  |
| COMMERZBANK Aktiengesellschaft, 6.50% (callable at 100, 10/09/29) | 07/29/24 | 216 | 251 |  |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 06/25/24 | 214 | 265 |  |
| Contego CLO V Designated Activity Company, Series DR-5X, 5.13%, 10/15/37 | 03/03/25 | 356 | 400 |  |
| Contego CLO VII Designated Activity Company, Series DR-7X, 5.42%, 01/23/38 | 12/11/24 | 451 | 507 |  |
| Contego CLO XI Designated Activity Company, Series DR-11X, 5.93%, 11/22/38 | 10/29/24 | 346 | 376 |  |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27 | 03/14/25 | 309 | 309 |  |
| Contourglobal Power Holdings S.A., 5.00%, 02/28/30 | 01/23/25 | 268 | 308 |  |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 05/08/25 | 333 | 357 |  |
| Currenta Group Holdings S.a r.l., 6.04%, 05/17/32 | 05/08/25 | 341 | 359 |  |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company, Series DR-1X, 4.84%, 09/18/33 | 03/13/25 | 1117 | 1204 | 0.1 |
| Czechoslovak Group a.s., 5.25%, 01/10/31 | 06/25/25 | 495 | 518 |  |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 03/12/24 | 553 | 601 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 06/18/25 | 451 | 465 |  |
| Deep Ocean AS, 6.00%, 04/08/31 | 09/24/25 | 168 | 169 |  |
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27 | 06/20/25 | 878 | 875 | 0.1 |
| Deuce Finco PLC, 5.50%, 06/15/27 | 11/28/23 | 1020 | 1127 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 4.50% (callable at 100, 11/30/26) | 05/17/24 | 195 | 233 |  |
| Deutsche Bank Aktiengesellschaft, 4.63% (callable at 100, 10/30/27) | 01/24/25 | 1000 | 1155 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 7.13% | 03/24/25 | 216 | 247 |  |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 01/08/25 | 621 | 726 | 0.1 |
| Diamond II Limited, 7.95%, 07/28/26 | 03/17/25 | 302 | 302 |  |
| Dolcetto HoldCo S.p.A., 5.63%, 07/14/32 | 06/25/25 | 363 | 374 |  |
| Dolcetto HoldCo S.p.A., 5.64%, 07/14/32 | 06/25/25 | 128 | 130 |  |
| Dongyang Life Insurance Co., Ltd., 6.25%, 05/07/35 | 04/28/25 | 299 | 313 |  |
| DP World Salaam, 6.00% (callable at 100, 10/01/25) | 12/15/22 | 259 | 260 |  |
| Duomo Bidco S.P.A., 6.15%, 07/15/31 | 07/03/24 | 476 | 521 |  |
| Dynamo NewCo II GmbH, 6.25%, 10/15/31 | 09/25/24 | 206 | 225 |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 10/03/24 | 786 | 859 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 09/09/24 | 439 | 482 |  |
| Eircom Limited, 5.00%, 04/30/31 | 06/20/25 | 510 | 531 |  |
| Electricite de France, 4.38% | 09/29/25 | 350 | 349 |  |
| Electricite de France, 5.13% (callable at 100, 09/17/29) | 09/10/24 | 219 | 242 |  |
| Electricite de France, 5.63% (callable at 100, 06/17/32) | 09/10/24 | 221 | 246 |  |
| Electricite de France, 7.38% (callable at 100, 06/17/35) | 09/10/24 | 262 | 274 |  |
| Elo, 2.88%, 01/29/26 | 01/20/25 | 204 | 234 |  |
| Engineering - Ingegneria Informatica - S.P.A., 8.63%, 02/15/30 | 01/29/25 | 224 | 271 |  |
| Eni S.P.A., 4.88% (callable at 100, 01/21/34) | 01/14/25 | 332 | 387 |  |
| EQT AB | 07/29/25 | 232 | 233 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 12/09/22 | 198 | 200 |  |
| Eurobank Ergasias Services And Holdings S.A., 4.00%, 02/07/36 | 02/04/25 | 435 | 496 |  |
| Evolution AB (publ) | 01/22/25 | 739 | 827 | 0.1 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A., 5.63%, 08/01/27 | 07/09/24 | 404 | 444 |  |
| Fedrigoni S.P.A., 6.13%, 06/15/31 | 07/24/24 | 611 | 670 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 05/09/24 | 309 | 310 |  |
| Fibercop S.P.A., 4.75%, 06/30/30 | 06/18/25 | 151 | 157 |  |
| Fibercop S.P.A., 5.13%, 06/30/32 | 06/18/25 | 146 | 151 |  |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company, Series 2023-DR-1X, 4.84%, 02/15/38 | 02/07/25 | 454 | 517 |  |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 05/22/25 | 442 | 460 |  |
| Flutter Treasury Designated Activity Company, 6.13%, 06/04/31 | 05/22/25 | 250 | 251 |  |
| Fomento Economico Mexicano, S.A. B. De C.V., 2.63%, 02/24/26 | 09/26/25 | 1170 | 1172 | 0.1 |
| Forvia, 2.75%, 02/15/27 | 05/18/23 | 186 | 209 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 10/23/24 | 225 | 248 |  |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 07/16/25 | 351 | 359 |  |
| Garfunkelux Holdco 3 S.A., 9.00%, 09/01/28 | 09/11/25 | 409 | 403 |  |
| Gategroup Finance (Luxembourg) S.A., 3.00%, 02/28/27 | 06/18/25 | 607 | 622 |  |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26 | 01/27/25 | 371 | 400 |  |
| GC Treasury Center Company Limited, 6.50% (callable at 100, 09/10/30) | 09/03/25 | 300 | 305 |  |
| General Motors Financial Company, Inc., 4.30%, 02/15/29 | 04/23/24 | 407 | 456 |  |
| Global Switch Finance B.V., 1.38%, 10/07/30 | 07/24/24 | 242 | 268 |  |
| Goldman Sachs Group, Inc., The, 0.25%, 01/26/28 | 04/21/23 | 637 | 707 | 0.1 |
| Goldman Sachs Group, Inc., The, 0.88%, 05/09/29 | 01/18/24 | 576 | 645 |  |
| Government of Ireland, 2.60%, 10/18/34 | 06/28/24 | 16263 | 17525 | 0.7 |
| Government of Saudi Arabia, 4.50%, 04/17/30 | 12/09/22 | 401 | 403 |  |
| Grand Round, Inc. | 03/31/15 | 1774 | 567 |  |
| Grifols, S.A., 7.13%, 05/01/30 | 12/11/24 | 361 | 425 |  |
| GTECH S.p.A., 4.88%, 01/31/31 | 04/24/25 | 313 | 332 |  |
| Hambridge Euro CLO 1 Designated Activity Company, Series D-1X, 0.00%, 10/20/38 | 09/17/25 | 367 | 364 |  |
| Harvest CLO XXXII Designated Activity Company, Series D-32X, 5.54%, 07/27/37 | 05/31/24 | 349 | 380 |  |
| Heathrow Finance PLC, 6.63%, 03/01/31 | 10/03/24 | 1125 | 1183 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Heimstaden Bostad AB, 1.38%, 03/03/27 | 03/13/24 | 224 | 252 |  |
| Henley CLO XI Designated Activity Company, Series D-11X, 4.97%, 04/25/39 | 02/10/25 | 505 | 574 |  |
| Henley CLO XII Designated Activity Company, Series D-12X, 5.88%, 01/15/38 | 10/22/24 | 345 | 377 |  |
| Holland Park CLO Designated Activity Company, Series A1RR-1X, 2.95%, 11/14/32 | 07/10/20 | 55 | 58 |  |
| Hyundai Capital America, 5.51%, 03/27/30 | 03/24/25 | 300 | 303 |  |
| I&M Holdings Limited, 5.00%, 03/11/30 | 12/04/24 | 105 | 118 |  |
| I&M Holdings Limited, 5.38%, 07/08/31 | 04/01/25 | 134 | 148 |  |
| Iberdrola Finance Ireland Designated Activity Company, 1.50%, 03/27/30 | 03/20/25 | 326 | 362 |  |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 11/21/23 | 733 | 802 | 0.1 |
| IHO Verwaltungs GmbH, 7.00%, 11/15/31 | 03/18/25 | 433 | 500 |  |
| Iliad Holding, 5.63%, 10/15/28 | 12/06/23 | 1832 | 2013 | 0.1 |
| Iliad Holding, 4.25%, 01/09/32 | 09/02/25 | 582 | 589 |  |
| India Cleantech Energy, 4.70%, 08/10/26 | 02/12/25 | 225 | 225 |  |
| INEOS Finance PLC, 7.25%, 03/31/31 | 09/23/25 | 449 | 445 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 03/05/24 | 378 | 393 |  |
| INEOS Quattro Finance 2 plc, 6.75%, 04/15/30 | 10/02/24 | 294 | 291 |  |
| ING Groep N.V., 7.25% (callable at 100, 11/16/34) | 09/05/24 | 250 | 265 |  |
| Intrum Investments and Financing AB, 7.75%, 09/11/27 | 07/29/25 | 144 | 139 |  |
| Intrum Investments and Financing AB, 8.00%, 09/11/27 | 07/17/25 | 286 | 318 |  |
| Intrum Investments and Financing AB, 7.75%, 09/11/28 | 07/29/25 | 241 | 231 |  |
| Intrum Investments and Financing AB, 8.50%, 09/11/29 | 07/29/25 | 174 | 165 |  |
| Intrum Investments and Financing AB, 8.50%, 09/11/30 | 07/29/25 | 139 | 134 |  |
| ION Platform Finance S.a r.l., 6.50%, 09/30/30 | 09/30/25 | 283 | 283 |  |
| ION Platform Finance S.a r.l., 6.88%, 09/30/32 | 09/30/25 | 218 | 218 |  |
| IPD 3 B.V., 5.50%, 06/15/31 | 04/29/25 | 585 | 604 |  |
| Irca S.P.A., 5.76%, 12/15/29 | 11/27/24 | 202 | 226 |  |
| Iron Mountain Incorporated, 4.75%, 01/15/34 | 09/05/25 | 570 | 572 |  |
| Itelyum Regeneration S.p.A., 5.75%, 04/15/30 | 03/26/25 | 119 | 132 |  |
| Jawbone Inc. | 01/25/17 |  |  |  |
| Joint Stock Company Kaspi.Kz | 06/26/24 | 256 | 170 |  |
| JPMorgan Chase & Co., 1.09%, 03/11/27 | 05/18/23 | 604 | 674 | 0.1 |
| JPMorgan Chase & Co., 3.67%, 06/06/28 | 11/13/24 | 528 | 590 |  |
| Jubilee CLO 2024-XXIX Designated Activity Company, Series 2024-D-29X, 5.23%, 01/17/39 | 09/27/24 | 603 | 635 |  |
| Kaixo Bondco Telecom S.A., 5.13%, 09/30/29 | 06/12/24 | 289 | 324 |  |
| Kleopatra Finco S.a r.l., 4.25%, 03/01/26 | 07/31/24 | 657 | 415 |  |
| Kodit Global 2025-1 Co Ltd, 4.80%, 10/02/28 | 09/23/25 | 390 | 390 |  |
| Kondor Finance PLC, 7.13%, 07/19/26 | 05/21/24 | 125 | 126 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 07/23/24 | 153 | 164 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 09/03/25 | 157 | 158 |  |
| Kumba Iron Ore Ltd | 04/05/22 | 258 | 177 |  |
| Lendlease Asia Treasury Pte Ltd., 3.90% (callable at 100, 09/30/30) | 09/22/25 | 390 | 388 |  |
| Lion/Polaris Lux 4 S.A., 5.56%, 07/01/29 | 06/26/24 | 492 | 544 |  |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 05/14/24 | 148 | 166 |  |
| Lottomatica S.p.A., 5.30%, 06/01/31 | 05/14/24 | 224 | 244 |  |
| Loxama, 6.38%, 05/31/29 | 03/12/24 | 957 | 1037 | 0.1 |
| Luna 1.5 S.a r.l., 10.50%, 07/01/32 | 08/08/25 | 272 | 284 |  |
| Luna 2.5 S.a r.l., 5.50%, 07/01/32 | 06/18/25 | 164 | 170 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 08/08/24 | 296 | 136 |  |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag, 6.00%, 05/16/29 | 11/08/23 | 256 | 304 |  |
| Majid Al Futtaim Holding LLC, 6.38% (callable at 100, 12/20/25) | 12/09/22 | 194 | 200 |  |
| Matterhorn Telecom S.A., 3.13%, 09/15/26 | 09/05/23 | 970 | 1076 | 0.1 |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 06/26/25 | 726 | 738 | 0.1 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29 | 02/13/25 | 315 | 313 |  |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 06/11/25 | 346 | 360 |  |
| Mehilainen Yhtiot Oy, 5.41%, 06/30/32 | 06/11/25 | 115 | 118 |  |
| Mobico Group PLC, 4.25% (callable at 100, 11/26/25) | 10/14/24 | 120 | 82 |  |
| Mobico Group PLC, 4.88%, 09/26/31 | 05/09/25 | 390 | 338 |  |
| MONETA Money Bank, a.s. | 05/22/24 | 35 | 60 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 02/13/25 | 198 | 201 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 07/09/24 | 326 | 310 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 01/30/25 | 349 | 415 |  |
| Muangthai Capital Public Company Limited, 6.88%, 09/30/28 | 03/24/25 | 303 | 304 |  |
| Muthoot Finance Limited, 6.38%, 03/02/30 | 08/26/25 | 495 | 502 |  |
| National Bank of Greece S.A., 5.88%, 06/28/35 | 07/25/24 | 226 | 253 |  |
| National Grid PLC, 0.16%, 01/20/28 | 05/24/23 | 779 | 872 | 0.1 |
| Nationwide Building Society, 5.75% (callable at 100, 06/20/27) | 07/25/24 | 264 | 287 |  |
| Nationwide Building Society, 7.50% (callable at 100, 12/20/30) | 09/09/24 | 726 | 780 | 0.1 |
| New Immo Holding, 5.88%, 04/17/28 | 09/11/25 | 239 | 242 |  |
| New Immo Holding, 4.88%, 12/08/28 | 06/05/25 | 568 | 592 |  |
| Nexi Spa, 0.00%, 02/24/28 | 07/25/24 | 386 | 430 |  |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 07/10/25 | 510 | 520 |  |
| NN Group N.V., 5.75% (callable at 100, 09/11/34) | 03/04/25 | 292 | 327 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Nongfu Spring Co., Ltd. - Class H | 09/26/24 |  | 1 |  |
| Ocado Group PLC, 11.00%, 06/15/30 | 05/01/25 | 359 | 363 |  |
| OEG Finance PLC, 7.25%, 09/27/29 | 06/30/25 | 779 | 790 | 0.1 |
| Olympus Water US Holding Corporation, 6.13%, 02/15/33 | 09/25/25 | 522 | 526 |  |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company, Series 2024-D-2X, 5.19%, 05/15/34 | 07/16/24 | 414 | 446 |  |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company, Series 2024-D-3X, 5.09%, 05/15/34 | 10/17/24 | 347 | 374 |  |
| PCF GmbH, 4.75%, 04/15/29 | 10/23/24 | 146 | 142 |  |
| PCF GmbH, 6.78%, 04/15/29 | 07/24/24 | 205 | 193 |  |
| Penta CLO 17 Designated Activity Company, Series 2024-D-17X, 5.29%, 08/15/38 | 06/14/24 | 375 | 414 |  |
| Pinnacle Bidco PLC, 10.00%, 10/11/28 | 10/03/24 | 375 | 387 |  |
| POP MART International Group Limited | 07/08/25 | 1858 | 1955 | 0.1 |
| Preem Holding AB (publ), 12.00%, 06/30/27 | 04/02/25 | 255 | 280 |  |
| PrestigeBidCo GmbH, 5.78%, 07/01/29 | 06/19/24 | 382 | 422 |  |
| Prosus N.V., 4.03%, 08/03/50 | 07/25/25 | 209 | 219 |  |
| Providus CLO II Designated Activity Company, Series DRR-2X, 5.23%, 10/15/38 | 09/19/24 | 386 | 407 |  |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 05/14/25 | 583 | 643 |  |
| PT Bank Negara Indonesia (persero), 4.30% (callable at 100, 03/24/27) | 02/12/25 | 287 | 291 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 12/09/22 | 344 | 348 |  |
| PT Freeport Indonesia, 6.20%, 04/14/52 | 02/20/25 | 298 | 308 |  |
| PT Indofood Cbp Sukses Makmur, 4.75%, 06/09/51 | 03/10/25 | 249 | 259 |  |
| Puma International Financing S.A., 7.75%, 04/25/29 | 02/13/25 | 305 | 310 |  |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 06/20/24 | 727 | 816 | 0.1 |
| Quintis Limited | 11/03/17 | 1905 |  |  |
| RCI Banque, 6.13% (callable at 100, 09/24/30) | 09/17/25 | 236 | 235 |  |
| RCI Banque, 5.50%, 10/09/34 | 06/25/24 | 654 | 741 | 0.1 |
| RCI Banque, 4.75%, 03/24/37 | 03/10/25 | 216 | 239 |  |
| REI Agro Limited, 0.00%, 11/13/14 | 08/26/11 | 499 |  |  |
| Republic of Indonesia, The Government of, The, 7.13%, 06/15/38 | 09/23/24 | 885 | 854 | 0.1 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company, Series 2025-D-1X, 5.21%, 10/25/37 | 03/07/25 | 466 | 505 |  |
| Romania, Government of, 2.12%, 07/16/31 | 12/13/22 | 48 | 56 |  |
| Rossini S.a r.l., 5.86%, 12/31/29 | 07/11/24 | 141 | 154 |  |
| Rossini S.a r.l., 6.75%, 12/31/29 | 07/11/24 | 233 | 265 |  |
| Samarco Mineracao S.A., 9.00%, 06/30/31 | 02/13/24 | 17 | 17 |  |
| Sandor-Palota, 5.38%, 09/12/33 | 01/25/24 | 50 | 57 |  |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | 03/05/25 | 250 | 268 |  |
| Schaeffler AG, 4.25%, 04/01/28 | 03/25/25 | 216 | 238 |  |
| Schaeffler AG, 5.38%, 04/01/31 | 03/25/25 | 108 | 123 |  |
| Schneider Electric SE, 1.25%, 09/23/33 | 09/16/25 | 949 | 950 | 0.1 |
| Seche Environnement, 4.50%, 03/25/30 | 03/18/25 | 109 | 119 |  |
| SES, 4.88%, 06/24/33 | 06/17/25 | 200 | 213 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 05/08/25 | 411 | 438 |  |
| Signal Harmonic CLO I Designated Activity Company, Series DR-1X, 5.42%, 07/15/38 | 08/14/25 | 210 | 213 |  |
| SoftBank Group Corp., 5.38%, 01/08/29 | 06/27/24 | 726 | 822 | 0.1 |
| SoftBank Group Corp., 5.25%, 10/10/29 | 07/02/25 | 220 | 225 |  |
| SoftBank Group Corp., 5.88%, 07/10/31 | 07/02/25 | 266 | 277 |  |
| SoftBank Group Corp., 5.75%, 07/08/32 | 06/27/24 | 718 | 822 | 0.1 |
| SoftBank Group Corp., 6.38%, 07/10/33 | 07/02/25 | 153 | 162 |  |
| Sona Fios CLO III DAC, Series D-3X, 5.27%, 04/20/37 | 08/02/24 | 753 | 815 | 0.1 |
| Sona Fios CLO V Designated Activity Company, Series D-5X, 5.33%, 08/25/38 | 07/08/25 | 305 | 306 |  |
| Stena International S.A., 7.25%, 01/15/31 | 03/10/25 | 1228 | 1237 | 0.1 |
| Stonegate Pub Company Financing 2019 PLC, 8.66%, 07/31/29 | 07/31/24 | 198 | 211 |  |
| Stonegate Pub Company Financing 2019 PLC, 10.75%, 07/31/29 | 07/31/24 | 476 | 496 |  |
| Studio City Finance Limited, 5.00%, 01/15/29 | 02/13/25 | 278 | 289 |  |
| Summer (BC) Holdco B S.a r.l., 5.88%, 02/15/30 | 02/07/25 | 392 | 404 |  |
| Summer (BC) Holdco B S.a r.l., 6.29%, 02/15/30 | 02/07/25 | 206 | 229 |  |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 06/18/25 | 185 | 191 |  |
| TeamSystem S.p.A., 5.53%, 07/31/31 | 07/17/24 | 350 | 376 |  |
| TeamSystem S.p.A., 5.19%, 07/01/32 | 06/18/25 | 313 | 320 |  |
| Tele Columbus AG, 10.00%, 03/19/29 | 03/21/24 | 489 | 443 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.88%, 03/31/27 | 08/02/23 | 336 | 378 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 3.75%, 05/09/27 | 07/27/23 | 681 | 766 | 0.1 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company, Series 2025-D-1X, 5.20%, 04/16/39 | 03/13/25 | 564 | 611 |  |
| Thames Water Utilities Finance PLC, 4.00%, 06/19/27 | 04/16/24 | 961 | 778 | 0.1 |
| Thames Water Utilities Finance PLC, 9.75%, 10/10/27 | 07/24/25 | 9 | 14 |  |
| The Unique Pub Finance Company PLC, 6.46%, 03/30/32 | 02/12/24 | 618 | 657 |  |
| Tikehau CLO XII Designated Activity Company, Series D-12X, 5.27%, 10/20/38 | 06/27/24 | 610 | 673 | 0.1 |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 11/19/24 | 170 | 193 |  |
| Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31) | 09/02/25 | 463 | 477 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| UnipolSai Assicurazioni S.p.A., 4.90%, 05/23/34 | 05/16/24 | 217 | 247 |  |
| United Group B.V., 6.50%, 10/31/31 | 10/09/24 | 170 | 184 |  |
| Vedanta Resources Limited, 10.88%, 09/17/29 | 02/13/25 | 312 | 314 |  |
| Veolia Environnement, 4.32% (callable at 100, 10/24/32) | 09/17/25 | 236 | 235 |  |
| Verisure Holding AB, 3.25%, 02/15/27 | 01/23/23 | 507 | 568 |  |
| Verisure Midholding AB, 5.25%, 02/15/29 | 01/25/23 | 866 | 1006 | 0.1 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 02/13/23 | 1715 | 1904 | 0.1 |
| VFU Funding PLC, 9.62%, 02/11/27 | 06/21/23 | 143 | 153 |  |
| Victory Street CLO I Designated Activity Company, Series D-1X, 5.48%, 01/15/38 | 11/04/24 | 522 | 565 |  |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company, 7.88%, 03/15/32 | 07/31/25 | 328 | 333 |  |
| Virgin Media Secured Finance PLC, 4.25%, 01/15/30 | 10/03/23 | 545 | 653 |  |
| Virgin Media Secured Finance PLC, 4.13%, 08/15/30 | 01/16/24 | 859 | 931 | 0.1 |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/04/23 | 1658 | 1808 | 0.1 |
| Vivion Investments S.a r.l., 8.25%, 08/31/28 | 12/13/24 | 745 | 851 | 0.1 |
| Vlada Crne Gore, 2.88%, 12/16/27 | 03/15/24 | 109 | 122 |  |
| Vlada NA Republika Severna Makedonija, 6.96%, 03/13/27 | 11/03/23 | 125 | 140 |  |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 01/27/25 | 351 | 399 |  |
| Vodafone Group Public Limited Company, 8.00%, 08/30/86 | 03/15/24 | 309 | 334 |  |
| Volkswagen International Finance N.V., 5.49% (callable at 100, 11/15/30) | 05/12/25 | 111 | 121 |  |
| Volkswagen International Finance N.V., 5.99% (callable at 100, 11/15/33) | 05/12/25 | 222 | 244 |  |
| Vonovia SE, 0.88%, 05/20/32 | 05/13/25 | 336 | 351 |  |
| VZ Secured Financing B.V., 5.25%, 01/15/33 | 09/08/25 | 573 | 570 |  |
| VZ Vendor Financing II B.V., 2.88%, 01/15/29 | 03/12/24 | 952 | 1049 | 0.1 |
| Wells Fargo & Company, 0.63%, 03/25/30 | 11/13/24 | 549 | 616 |  |
| Wintershall Dea GmbH, 6.12% (callable at 100, 05/08/30) | 04/29/25 | 524 | 563 |  |
| Wizz Air Holdings PLC | 04/03/24 | 202 | 124 |  |
| Worldline, 5.25%, 11/27/29 | 09/10/25 | 98 | 90 |  |
| Worldline, 5.50%, 06/10/30 | 06/03/25 | 113 | 90 |  |
| Wynn Macau, Limited, 5.63%, 08/26/28 | 02/13/25 | 293 | 299 |  |
| Xiaomi Corporation | 03/26/25 | 507 | 521 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 10/23/24 | 171 | 190 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 07/30/25 | 526 | 542 |  |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 06/04/25 | 342 | 365 |  |
|  |  | 149834 | 155664 | 5.9 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 58 | March 2026 |  | 13965 | 4 | 1 |
| Australia 10 Year Bond | 437 | December 2025 | AUD | 49581 | 88 | (27) |
| Chicago Board Options Exchange Volatility Index | 2 | December 2025 |  | 43 |  | (3) |
| Chicago Board Options Exchange Volatility Index | 2 | April 2026 |  | 44 |  | (1) |
| Chicago Board Options Exchange Volatility Index | 2 | May 2026 |  | 43 |  |  |
| Euro BOBL | 539 | December 2025 | EUR | 63484 | 13 | 18 |
| Euro Bund | 336 | December 2025 | EUR | 42983 | (12) | 253 |
| Euro OAT | 110 | December 2025 | EUR | 13203 | 1 | 169 |
| Euro Schatz | 72 | December 2025 | EUR | 7711 |  | (9) |
| Euro STOXX 50 Price Index | 73 | December 2025 | EUR | 3939 | 9 | 124 |
| FTSE 100 Index | 2 | December 2025 | GBP | 185 | 1 | 4 |
| Italy Government BTP Bond | 95 | December 2025 | EUR | 11259 | 6 | 147 |
| Japan 10 Year Bond | 18 | December 2025 | JPY | 2468166 | (13) | (162) |
| KOSPI 200 Index | 122 | December 2025 | KRW | 13475755 |  | 751 |
| Long Gilt | 108 | December 2025 | GBP | 9772 | (7) | 53 |
| NIFTY 50 Index | 132 | October 2025 |  | 6552 | (12) | (15) |
| Nikkei 225 Index | 142 | December 2025 | JPY | 6165888 | (134) | 1514 |
| Russell 2000 Index | 116 | December 2025 |  | 14308 | (34) | (66) |
| S&P 500 Index | 280 | December 2025 |  | 93676 | 341 | 667 |
| S&P/TSX 60 Index | 6 | December 2025 | CAD | 2089 | 4 | 28 |
| STOXX Banks Index | 551 | December 2025 | EUR | 6300 | 16 | 123 |
| United States 5 Year Note | 895 | January 2026 |  | 97927 | 35 | (197) |
| United States Long Bond | 163 | December 2025 |  | 18557 | (41) | 448 |
| United States Ultra Bond | 1045 | December 2025 |  | 122520 | (588) | 2946 |
|  |  |  |  |  | (323) | 6766 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Chicago Board Options Exchange Volatility Index | (1) | October 2025 |  | (21) |  | 4 |
| Chicago Board Options Exchange Volatility Index | (4) | November 2025 |  | (85) |  | 8 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Chicago Board Options Exchange Volatility Index | (1) | January 2026 |  | (22) |  | 1 |
| Euro Buxl 30 Year Bond | (15) | December 2025 | EUR | (1668) | 4 | (58) |
| NASDAQ 100 Stock Index | (270) | December 2025 |  | (132808) | (346) | (1662) |
| United States 10 Year Note | (1234) | December 2025 |  | (138125) | 21 | (700) |
| United States 10 Year Ultra Bond | (2162) | December 2025 |  | (245498) | 135 | (3301) |
| United States 2 Year Note | (790) | January 2026 |  | (164551) | (63) | (84) |
|  |  |  |  |  | (249) | (5792) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Receiving | 9.31<br> (M) | 01/09/26 | MXN | 43904 |  | (11) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 06/19/26 | MXN | 46101 |  | (11) |
| 28-Day MEXIBOR (M) | Receiving | 8.97<br> (M) | 12/14/29 | MXN | 9218 |  | (29) |
| 28-Day MEXIBOR (M) | Receiving | 8.65<br> (M) | 02/07/30 | MXN | 9850 |  | (26) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 05/06/30 | MXN | 4433 |  | (4) |
| 28-Day MEXIBOR (M) | Paying | 8.47<br> (M) | 02/25/26 | MXN | 76642 |  | 18 |
| 28-Day MEXIBOR (M) | Paying | 7.73<br> (M) | 05/11/26 | MXN | 23608 |  | 4 |
| 28-Day MEXIBOR (M) | Paying | 9.26<br> (M) | 11/18/26 | MXN | 368829 | 8 | 445 |
| 28-Day MEXIBOR (M) | Paying | 9.04<br> (M) | 11/14/29 | MXN | 135897 | 6 | 444 |
| 28-Day MEXIBOR (M) | Paying | 7.82<br> (M) | 06/07/30 | MXN | 8813 |  | 10 |
| 28-Day MEXIBOR (M) | Paying | 7.72<br> (M) | 06/24/30 | MXN | 5735 |  | 5 |
| 28-Day MEXIBOR (M) | Paying | 7.69<br> (M) | 07/30/30 | MXN | 32764 | 2 | 29 |
| 3M JIBAR (Q) | Receiving | 8.02<br> (Q) | 03/26/26 | ZAR | 30810 |  | (9) |
| 3M JIBAR (Q) | Receiving | 8.15<br> (Q) | 05/07/26 | ZAR | 44841 | (1) | (17) |
| 3M JIBAR (Q) | Receiving | 6.94<br> (Q) | 09/17/26 | ZAR | 37265 | (1) | (2) |
| 3M JIBAR (Q) | Receiving | 6.92<br> (Q) | 09/23/26 | ZAR | 7160 |  |  |
| 3M JIBAR (Q) | Receiving | 7.25<br> (Q) | 03/19/27 | ZAR | 17380 |  | (7) |
| 3M JIBAR (Q) | Receiving | 6.99<br> (Q) | 09/17/27 | ZAR | 7821 |  | (2) |
| 3M JIBAR (Q) | Receiving | 7.94<br> (Q) | 03/19/30 | ZAR | 32421 | (2) | (70) |
| 3M JIBAR (Q) | Receiving | 7.60<br> (Q) | 09/17/30 | ZAR | 14589 | (1) | (20) |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 44674 | 10 | 355 |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 22337 | 5 | 177 |
| 3M JIBAR (Q) | Paying | 9.92<br> (Q) | 09/20/33 | ZAR | 22337 | 5 | 179 |
| 6M BUBOR (S) | Paying | 6.50<br> (A) | 03/19/27 | HUF | 194072 |  | 1 |
| 6M BUBOR (S) | Paying | 5.68<br> (A) | 09/17/27 | HUF | 270932 |  | (8) |
| 6M BUBOR (S) | Paying | 5.76<br> (A) | 09/17/27 | HUF | 408000 |  | (10) |
| 6M BUBOR (S) | Paying | 6.55<br> (A) | 03/19/30 | HUF | 77570 |  | 2 |
| 6M BUBOR (S) | Paying | 5.96<br> (A) | 09/17/30 | HUF | 34906 |  | (1) |
| 6M EURIBOR (S) | Receiving | 0.02<br> (A) | 08/26/31 | EUR | 15925 | (35) | 2255 |
| 6M EURIBOR (S) | Paying | 3.00<br> (S) | 03/05/29 | EUR | 23857 | 51 | 636 |
| 6M EURIBOR (S) | Paying | 2.90<br> (A) | 04/30/29 | EUR | 26623 | 25 | 607 |
| 6M EURIBOR (S) | Paying | 2.87<br> (A) | 06/11/29 | EUR | 19266 | 19 | 426 |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 01/31/30 | EUR | 346 |  | 1 |
| 6M EURIBOR (S) | Paying | 2.63<br> (A) | 01/31/30 | EUR | 468 | 1 | (4) |
| 6M EURIBOR (S) | Paying | 2.43<br> (A) | 02/03/30 | EUR | 695 | 1 | 3 |
| 6M EURIBOR (S) | Paying | 2.20<br> (A) | 06/04/30 | EUR | 4886 | 8 | (40) |
| 6M PRIBOR (S) | Paying | 3.46<br> (A) | 03/19/30 | CZK | 18218 |  | (16) |
| 6M PRIBOR (S) | Paying | 3.56<br> (A) | 06/18/30 | CZK | 4572 |  | (3) |
| 6M PRIBOR (S) | Paying | 3.66<br> (A) | 06/18/30 | CZK | 7410 |  | (4) |
| 6M PRIBOR (S) | Paying | 3.41<br> (A) | 09/17/30 | CZK | 13590 |  | (15) |
| 6M PRIBOR (S) | Paying | 3.55<br> (A) | 09/17/30 | CZK | 17667 | 1 | (14) |
| 6M WIBOR (S) | Receiving | 4.21<br> (A) | 09/17/26 | PLN | 3178 |  | 1 |
| 6M WIBOR (S) | Receiving | 5.24<br> (S) | 09/19/26 | PLN | 7062 | (2) | (17) |
| 6M WIBOR (S) | Receiving | 5.13<br> (A) | 03/19/27 | PLN | 3523 |  | (12) |
| 6M WIBOR (S) | Receiving | 5.14<br> (A) | 03/19/27 | PLN | 5872 |  | (21) |
| 6M WIBOR (S) | Receiving | 3.97<br> (A) | 09/17/27 | PLN | 4228 | (1) | 2 |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1504 | (1) | 1 |
| 6M WIBOR (S) | Receiving | 4.10<br> (A) | 12/17/30 | PLN | 1527 | (1) | 1 |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1527 | (1) | 1 |
| 6M WIBOR (S) | Paying | 4.94<br> (A) | 03/19/30 | PLN | 2299 | 1 | 20 |
| 6M WIBOR (S) | Paying | 4.04<br> (A) | 09/17/30 | PLN | 2358 | 2 | (3) |
| 7-Day China Fixing Repo Rate (Q) | Paying | 1.45<br> (Q) | 09/17/30 | CNY | 10526 | 3 | (14) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.28<br> (A) | 03/09/26 | JPY | 4330863 | 2 | 39 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/06/54 | JPY | 440458 | 2 | (612) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/11/54 | JPY | 440457 | 2 | (612) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Paying | 13.14<br> (A) | 01/02/29 | BRL | 2906 |  | (1) |
| BRAZIBOR (A) | Paying | 13.01<br> (A) | 01/02/29 | BRL | 5889 |  | (3) |
| ESTR Volume Weighted Trimmed Mean Rate (A) | Paying | 2.34<br> (A) | 01/19/33 | EUR | 11820 | 29 | (89) |
| HICP (A) | Paying | 2.69<br> (A) | 08/15/32 | EUR | 2335 | 8 | 88 |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.40<br> (Q) | 09/17/28 | KRW | 2630770 | (1) | (7) |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.40<br> (Q) | 09/17/28 | KRW | 3315128 | (1) | (9) |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/27 | INR | 304464 |  | 46 |
| MIBOR (S) | Paying | 5.54<br> (S) | 09/17/28 | INR | 220662 |  |  |
| MIBOR (S) | Paying | 6.26<br> (S) | 03/20/29 | INR | 94215 |  | 23 |
| MIBOR (S) | Paying | 6.30<br> (S) | 03/20/29 | INR | 115151 |  | 30 |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/34 | INR | 38724 |  | 13 |
| MIBOR (S) | Paying | 6.35<br> (S) | 03/20/34 | INR | 38724 |  | 13 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.18<br> (A) | 02/10/28 | GBP | 134798 | 40 | (794) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.86<br> (A) | 06/20/28 | GBP | 10155 | 8 | 354 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/17/28 | GBP | 9358 | 11 | 121 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/21/28 | GBP | 9372 | 11 | 122 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.00<br> (A) | 01/16/30 | GBP | 20893 | 31 | 201 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.10<br> (A) | 11/07/54 | GBP | 7500 | 63 | (837) |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.35<br> (Q) | 09/17/35 | THB | 9669 | (3) | (3) |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.38<br> (Q) | 09/17/35 | THB | 9669 | (2) | (2) |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.61<br> (Q) | 09/17/35 | THB | 4956 | 2 | 2 |
| U.S. SOFR (A) | Receiving | 3.88<br> (A) | 03/20/27 |  | 1380 |  | (8) |
| U.S. SOFR (A) | Receiving | 3.45<br> (A) | 01/26/28 |  | 36886 | (16) | (127) |
| U.S. SOFR (A) | Receiving | 3.27<br> (A) | 02/05/28 |  | 37186 | (16) | (9) |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 12/15/36 |  | 7381 | 6 | 173 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 09/29/43 |  | 2537 | 5 | (100) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/03/53 |  | 8127 | 25 | 421 |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/02/54 |  | 74211 | 239 | 3782 |
| U.S. SOFR (A) | Paying | 4.93<br> (A) | 04/26/26 |  | 172694 | 20 | 991 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 05/08/26 |  | 38002 | 5 | 144 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 07/22/26 |  | 16524 | 3 | 79 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 10/28/26 |  | 59862 | 13 | 239 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/14/27 |  | 55300 | 14 | 358 |
| U.S. SOFR (A) | Paying | 4.73<br> (A) | 04/26/27 |  | 206451 | 64 | 3798 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 05/30/27 |  | 45464 | 15 | 464 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 05/30/27 |  | 45464 | 15 | 500 |
| U.S. SOFR (A) | Paying | 4.20<br> (A) | 10/23/27 |  | 15436 | 7 | 248 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/26/28 |  | 36886 | 16 | 514 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 08/20/28 |  | 37166 | 21 | 154 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 04/26/29 |  | 265430 | 169 | 9935 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 05/06/29 |  | 37974 | 23 | 830 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/29 |  | 18554 | 10 | 211 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/23/30 |  | 20893 | 10 | 527 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 02/19/30 |  | 20761 | 9 | (125) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 02/24/30 |  | 18047 | 8 | 387 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 04/26/34 |  | 203666 | 12 | 11136 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/34 |  | 12495 | (1) | 46 |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 12/26/34 |  | 21606 | (2) | 76 |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 01/06/35 |  | 16913 | (2) | 97 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 03/27/35 |  | 16742 | (2) | 149 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/09/35 |  | 8525 | (2) | 67 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 04/26/54 |  | 8103 | (26) | 133 |
|  |  |  |  |  |  | 946 | 38406 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | (88) |  | 190 |
| CDX.NA.HY.41.V2 (Q) | N/A | 5.00 | 12/20/28 | 936 | (73) | (1) | (68) |
| CDX.NA.HY.44 (Q) | N/A | 5.00 | 06/20/30 | 7865 | (628) | (2) | (78) |
| CDX.NA.IG.44 (Q) | N/A | 1.00 | 06/20/30 | 14603 | (332) | (1) | (8) |
|  |  |  |  |  | (1121) | (4) | 36 |
| **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.V4 (Q) | 1.88 | 5.00 | 12/20/27 | (3189) | 208 | 4 | 206 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** |
| **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) ($) |
| CDX.NA.HY.41.V2 (Q) | 2.32 | 5.00 | 12/20/28 | (6116) | 479 | 6 | 255 |
| CDX.NA.IG.39 (Q) | 0.25 | 1.00 | 12/20/27 | (2318) | 38 |  | 34 |
| ITRAXX.EUR.XO.42.V3 (Q) | 2.32 | 5.00 | 12/20/29 | (15439) | 1836 | 27 | 246 |
| ITRAXX.EUR.XO.43.V2 (Q) | 2.41 | 5.00 | 06/20/30 | (246) | 31 | 1 | 6 |
|  |  |  |  |  | 2592 | 38 | 747 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Chicago Board Options Exchange Volatility Index | Call | 40.00 | 10/22/25 | 134 | 536 | 2 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Alphabet Inc. | Call | 240.00 | 10/17/25 | 248 | 5952 | 217 |
| Alphabet Inc. | Call | 225.00 | 10/17/25 | 306 | 6885 | 620 |
| Alphabet Inc. | Call | 250.00 | 11/21/25 | 85 | 2125 | 92 |
| Alphabet Inc. | Call | 240.00 | 11/21/25 | 201 | 4824 | 318 |
| Alphabet Inc. | Put | 245.00 | 11/21/25 | 85 | 2083 | 111 |
| Amazon.com, Inc. | Call | 240.00 | 11/21/25 | 224 | 5376 | 106 |
| American Airlines Group Inc. | Put | 11.00 | 10/17/25 | 149 | 164 | 5 |
| Apple Inc. | Call | 245.00 | 10/17/25 | 105 | 2573 | 124 |
| Apple Inc. | Call | 240.00 | 10/17/25 | 322 | 7728 | 522 |
| Apple Inc. | Call | 250.00 | 11/21/25 | 149 | 3725 | 195 |
| Apple Inc. | Call | 235.00 | 11/21/25 | 161 | 3784 | 384 |
| ASML Holding N.V. | Call | 840.00 | 10/17/25 | 32 | 2688 | 435 |
| Booking Holdings Inc. | Call | 5900.00 | 12/19/25 | 8 | 4720 | 90 |
| Broadcom Inc. | Call | 390.00 | 10/17/25 | 24 | 936 | 2 |
| Broadcom Inc. | Call | 350.00 | 12/19/25 | 137 | 4795 | 292 |
| Citigroup Inc. | Call | 105.00 | 11/21/25 | 426 | 4473 | 138 |
| D.R. Horton, Inc. | Call | 185.00 | 11/21/25 | 106 | 1961 | 43 |
| D.R. Horton, Inc. | Call | 175.00 | 11/21/25 | 107 | 1873 | 80 |
| Delta Air Lines, Inc. | Call | 62.50 | 12/19/25 | 902 | 5638 | 229 |
| Freeport-McMoRan Inc. | Call | 48.00 | 10/17/25 | 330 | 1584 | 2 |
| Informatica Inc. | Call | 35.00 | 11/21/25 | 47 | 165 |  |
| Intuit Inc. | Call | 700.00 | 11/21/25 | 51 | 3570 | 127 |
| iShares China Large-Cap ETF | Call | 42.00 | 10/17/25 | 5805 | 24381 | 296 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 80.00 | 10/17/25 | 260 | 2080 | 3 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 79.00 | 10/17/25 | 387 | 3057 | 3 |
| iShares Russell 2000 ETF | Put | 235.00 | 10/17/25 | 68 | 1598 | 13 |
| iShares Russell 2000 ETF | Put | 230.00 | 10/17/25 | 73 | 1679 | 6 |
| McDonald's Corporation | Call | 330.00 | 11/21/25 | 88 | 2904 | 14 |
| Meta Platforms, Inc. | Call | 820.00 | 10/17/25 | 32 | 2624 | 4 |
| Meta Platforms, Inc. | Call | 830.00 | 11/21/25 | 32 | 2656 | 39 |
| Microsoft Corporation | Call | 560.00 | 10/17/25 | 57 | 3192 | 2 |
| MongoDB, Inc. | Call | 360.00 | 11/21/25 | 96 | 3456 | 55 |
| NVIDIA Corporation | Call | 185.00 | 11/21/25 | 73 | 1351 | 98 |
| NVIDIA Corporation | Call | 185.00 | 12/19/25 | 320 | 5920 | 513 |
| Paramount Skydance Corporation | Call | 22.00 | 10/17/25 | 179 | 394 | 4 |
| Sabre Corporation | Call | 4.00 | 10/17/25 | 120 | 48 |  |
| Sabre Corporation | Call | 2.50 | 10/17/25 | 149 | 37 |  |
| SPDR Gold Shares | Call | 360.00 | 11/21/25 | 2566 | 92376 | 2123 |
| SPDR Gold Shares | Call | 345.00 | 12/19/25 | 1203 | 41504 | 2262 |
| SPDR S&P 500 ETF Trust | Call | 670.00 | 10/03/25 | 1934 | 129578 | 162 |
| SPDR S&P 500 ETF Trust | Call | 672.00 | 10/03/25 | 973 | 65386 | 41 |
| SPDR S&P 500 ETF Trust | Call | 667.00 | 10/10/25 | 385 | 25680 | 172 |
| SPDR S&P 500 ETF Trust | Put | 655.00 | 10/10/25 | 579 | 37925 | 115 |
| SPDR S&P 500 ETF Trust | Put | 645.00 | 10/17/25 | 30 | 1935 | 7 |
| SPDR S&P 500 ETF Trust | Put | 642.00 | 10/17/25 | 30 | 1926 | 6 |
| SPDR S&P Regional Banking ETF | Call | 67.00 | 10/17/25 | 884 | 5923 | 23 |
| Tesla Inc. | Call | 360.00 | 10/17/25 | 64 | 2304 | 559 |
| Uber Technologies, Inc. | Call | 100.00 | 12/19/25 | 305 | 3050 | 200 |
| United Airlines Holdings, Inc. | Call | 105.00 | 12/19/25 | 370 | 3885 | 211 |
| Valero Energy Corporation | Call | 170.00 | 12/19/25 | 236 | 4012 | 251 |
| Walt Disney Company, The | Call | 120.00 | 11/21/25 | 212 | 2544 | 69 |
| Warner Bros. Discovery, Inc. | Call | 22.00 | 10/17/25 | 104 | 229 | 3 |
| Warner Bros. Discovery, Inc. | Call | 17.00 | 10/17/25 | 120 | 204 | 35 |
| Wells Fargo & Company | Call | 85.00 | 10/17/25 | 355 | 3018 | 70 |
|  |  |  |  |  |  | 11491 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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** | **Put/Call** | **Option Type** | **Barrier**<br>**Price ($)** | **Barrier**<br>**Price ($)** | **Exercise**<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** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| EUR/CZK Spot Rate | BCL | Put | One-touch | CZK | 24.00 | CZK | 24.00 | 12/22/25 | EUR | 49000 | 8 |
| EUR/USD Spot Rate | MSC | Call | Up-and-out |  | 1.21 |  | 1.19 | 10/16/25 | EUR | 3115313 | 2 |
| USD/CAD Spot Rate | RBC | Call | Up-and-out | CAD | 1.42 | CAD | 1.40 | 11/28/25 |  | 4031000 | 8 |
| USD/INR Spot Rate | BCL | Put | One-touch | INR | 86.00 | INR | 86.00 | 11/03/25 |  | 64000 |  |
| USD/INR Spot Rate | BOA | Put | Down-and-out | INR | 85.05 | INR | 87.00 | 11/10/25 |  | 771000 |  |
| USD/THB Spot Rate | BOA | Call | One-touch | THB | 33.50 | THB | 33.50 | 12/03/25 |  | 56000 | 6 |
|  |  |  |  |  |  |  |  |  |  |  | 24 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<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** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| CDX.NA.HY.44, 06/20/30 | BOA | Put |  | 107.00 | 10/15/25 | 2675000 |  | 2675 | 2 |
| CDX.NA.HY.44, 06/20/30 | RBC | Put |  | 105.50 | 10/15/25 | 3865000 |  | 3865 | 1 |
|  |  |  |  |  |  |  |  |  | 3 |
| **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** | **Foreign Currency Options** |
| EUR/USD Spot Rate | BNP | Call |  | 1.17 | 10/29/25 | 967000 | EUR | 967 | 12 |
| EUR/USD Spot Rate | BOA | Call |  | 1.20 | 10/08/25 | 20655000 | EUR | 20655 | 8 |
| EUR/USD Spot Rate | GSC | Call |  | 1.17 | 10/02/25 | 776000 | EUR | 776 | 4 |
| EUR/USD Spot Rate | JPM | Call |  | 1.19 | 10/29/25 | 725500 | EUR | 726 | 3 |
| USD/MXN Spot Rate | BCL | Call | MXN | 19.20 | 10/29/25 | 838000 |  | 838 | 1 |
| USD/MXN Spot Rate | MSC | Call | MXN | 19.00 | 10/16/25 | 646000 |  | 646 |  |
| EUR/USD Spot Rate | BNP | Put |  | 1.17 | 10/07/25 | 953000 | EUR | 953 | 1 |
| EUR/USD Spot Rate | JPM | Put |  | 1.18 | 10/01/25 | 27213500 | EUR | 27214 | 55 |
| EUR/USD Spot Rate | JPM | Put |  | 1.18 | 10/10/25 | 577000 | EUR | 577 | 3 |
| GBP/JPY Spot Rate | CIT | Put | JPY | 196.00 | 12/04/25 | 2418750 | GBP | 2419 | 36 |
| USD/JPY Spot Rate | DUB | Put | JPY | 142.00 | 10/08/25 | 23834000 |  | 23834 | 2 |
| USD/SGD Spot Rate | MSC | Put | SGD | 1.27 | 10/16/25 | 904000 |  | 904 |  |
| USD/TWD Spot Rate | MSC | Put | TWD | 29.70 | 10/16/25 | 616000 |  | 616 |  |
|  |  |  |  |  |  |  |  |  | 125 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Euro STOXX 600 Banks Price Index | BOA | Call | EUR | 240.00 | 11/21/25 | 642 | EUR | 7704 | 185 |
| Euro STOXX 600 Banks Price Index | BOA | Put | EUR | 210.00 | 10/17/25 | 149 | EUR | 1565 | 3 |
| Euro STOXX 600 Banks Price Index | BOA | Put | EUR | 180.00 | 10/17/25 | 60 | EUR | 540 |  |
|  |  |  |  |  |  |  |  |  | 188 |
| **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** | **Interest Rate Swaptions** |
| U.S. SOFR, 12/01/55 | GSC | Call |  | 3.65 | 11/26/25 | 18845000 |  | 18845 | 104 |
| U.S. SOFR, 11/03/55 | JPM | Call |  | 3.80 | 10/30/25 | 12677000 |  | 12677 | 84 |
| U.S. SOFR, 01/16/56 | MSC | Call |  | 3.80 | 01/14/26 | 5536000 |  | 5536 | 104 |
|  |  |  |  |  |  |  |  |  | 292 |
| **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** | **Options on Securities** |
| Rheinmetall Aktiengesellschaft | BOA | Put | EUR | 1600.00 | 10/17/25 | 20 | EUR | 3200 | 4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Alphabet Inc. | Call | 260.00 | 10/17/25 | 35 | 910 | (5) |
| Alphabet Inc. | Call | 280.00 | 11/21/25 | 85 | 2380 | (25) |
| Alphabet Inc. | Call | 210.00 | 12/19/25 | 82 | 1722 | (322) |
| Alphabet Inc. | Call | 220.00 | 12/19/25 | 178 | 3916 | (554) |
| Alphabet Inc. | Call | 250.00 | 01/16/26 | 90 | 2250 | (140) |
| Alphabet Inc. | Put | 210.00 | 11/21/25 | 85 | 1785 | (22) |
| Alphabet Inc. | Put | 200.00 | 12/19/25 | 160 | 3200 | (39) |
| Amazon.com, Inc. | Call | 260.00 | 12/19/25 | 104 | 2704 | (28) |
| Amazon.com, Inc. | Call | 270.00 | 01/16/26 | 98 | 2646 | (26) |
| Amazon.com, Inc. | Put | 200.00 | 11/21/25 | 224 | 4480 | (86) |
| Amazon.com, Inc. | Put | 180.00 | 01/16/26 | 98 | 1764 | (26) |
| Apple Inc. | Call | 255.00 | 10/17/25 | 37 | 944 | (18) |
| Apple Inc. | Call | 255.00 | 11/21/25 | 161 | 4106 | (162) |
| Apple Inc. | Call | 250.00 | 12/19/25 | 86 | 2150 | (132) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Apple Inc. | Call | 240.00 | 12/19/25 | 321 | 7704 | (712) |
| Apple Inc. | Call | 270.00 | 01/16/26 | 81 | 2187 | (65) |
| Apple Inc. | Put | 230.00 | 11/21/25 | 149 | 3427 | (33) |
| Autodesk, Inc. | Call | 330.00 | 10/17/25 | 11 | 363 | (3) |
| Autodesk, Inc. | Call | 350.00 | 01/16/26 | 10 | 350 | (8) |
| Bank of America Corporation | Call | 55.00 | 10/17/25 | 72 | 396 | (2) |
| Bank of America Corporation | Call | 52.50 | 10/17/25 | 206 | 1082 | (20) |
| Bank of America Corporation | Call | 52.50 | 12/19/25 | 95 | 499 | (21) |
| Bank of America Corporation | Call | 60.00 | 01/16/26 | 205 | 1230 | (11) |
| Boeing Company, The | Call | 265.00 | 12/19/25 | 22 | 583 | (5) |
| Boeing Company, The | Call | 260.00 | 12/19/25 | 22 | 572 | (6) |
| Boeing Company, The | Call | 270.00 | 01/16/26 | 31 | 837 | (9) |
| Boeing Company, The | Put | 200.00 | 10/17/25 | 31 | 620 | (4) |
| Boeing Company, The | Put | 180.00 | 01/16/26 | 31 | 558 | (10) |
| Booking Holdings Inc. | Put | 4900.00 | 12/19/25 | 8 | 3920 | (91) |
| Boston Scientific Corporation | Put | 90.00 | 01/16/26 | 69 | 621 | (15) |
| Broadcom Inc. | Call | 410.00 | 10/17/25 | 48 | 1968 | (2) |
| Broadcom Inc. | Call | 410.00 | 12/19/25 | 160 | 6560 | (110) |
| Broadcom Inc. | Call | 380.00 | 12/19/25 | 96 | 3648 | (117) |
| Broadcom Inc. | Call | 370.00 | 12/19/25 | 23 | 851 | (34) |
| Broadcom Inc. | Call | 380.00 | 01/16/26 | 44 | 1672 | (67) |
| Broadcom Inc. | Put | 300.00 | 12/19/25 | 160 | 4800 | (234) |
| Cameco Corporation | Call | 90.00 | 10/17/25 | 19 | 171 | (3) |
| Cameco Corporation | Call | 100.00 | 12/19/25 | 31 | 310 | (9) |
| Cameco Corporation | Call | 95.00 | 01/16/26 | 49 | 466 | (25) |
| Capital One Financial Corporation | Call | 240.00 | 10/17/25 | 14 | 336 | (1) |
| Capital One Financial Corporation | Call | 250.00 | 12/19/25 | 50 | 1250 | (12) |
| Capital One Financial Corporation | Call | 260.00 | 01/16/26 | 39 | 1014 | (9) |
| Circle Internet Group, Inc. | Put | 110.00 | 10/17/25 | 105 | 1155 | (16) |
| Citigroup Inc. | Call | 110.00 | 10/17/25 | 129 | 1419 | (7) |
| Citigroup Inc. | Call | 100.00 | 12/19/25 | 82 | 820 | (56) |
| Citigroup Inc. | Put | 90.00 | 11/21/25 | 426 | 3834 | (52) |
| Costco Wholesale Corporation | Put | 850.00 | 10/17/25 | 9 | 765 | (1) |
| Costco Wholesale Corporation | Put | 840.00 | 01/16/26 | 9 | 756 | (11) |
| CRH Public Limited Company | Call | 110.00 | 12/19/25 | 54 | 594 | (74) |
| CRH Public Limited Company | Call | 135.00 | 01/16/26 | 41 | 554 | (12) |
| CRH Public Limited Company | Put | 90.00 | 01/16/26 | 41 | 369 | (3) |
| D.R. Horton, Inc. | Call | 210.00 | 01/16/26 | 12 | 252 | (3) |
| D.R. Horton, Inc. | Put | 155.00 | 11/21/25 | 106 | 1643 | (40) |
| D.R. Horton, Inc. | Put | 145.00 | 11/21/25 | 107 | 1552 | (20) |
| Delta Air Lines, Inc. | Call | 72.50 | 12/19/25 | 1804 | 13079 | (144) |
| Delta Air Lines, Inc. | Call | 70.00 | 12/19/25 | 10 | 70 | (1) |
| EchoStar Corporation | Call | 80.00 | 10/17/25 | 74 | 592 | (17) |
| Eli Lilly and Company | Call | 900.00 | 01/16/26 | 14 | 1260 | (25) |
| EQT Corporation | Call | 60.00 | 10/17/25 | 52 | 312 | (1) |
| EQT Corporation | Call | 65.00 | 01/16/26 | 52 | 338 | (7) |
| EQT Corporation | Put | 42.00 | 12/19/25 | 806 | 3385 | (30) |
| EQT Corporation | Put | 45.00 | 12/19/25 | 806 | 3627 | (58) |
| EQT Corporation | Put | 40.00 | 01/16/26 | 52 | 208 | (2) |
| Freeport-McMoRan Inc. | Put | 40.00 | 10/17/25 | 330 | 1320 | (65) |
| Hilton Worldwide Holdings Inc. | Call | 300.00 | 10/17/25 | 17 | 510 |  |
| Hilton Worldwide Holdings Inc. | Put | 230.00 | 10/17/25 | 12 | 276 | (1) |
| Intel Corporation | Call | 35.00 | 10/17/25 | 480 | 1680 | (63) |
| Intel Corporation | Put | 25.00 | 11/21/25 | 1199 | 2998 | (35) |
| Intuit Inc. | Call | 730.00 | 10/17/25 | 2 | 146 |  |
| Intuit Inc. | Put | 630.00 | 11/21/25 | 51 | 3213 | (60) |
| Intuit Inc. | Put | 560.00 | 01/16/26 | 4 | 224 | (3) |
| Intuitive Surgical, Inc. | Call | 575.00 | 01/16/26 | 7 | 403 | (3) |
| Intuitive Surgical, Inc. | Put | 410.00 | 10/17/25 | 7 | 287 | (1) |
| Intuitive Surgical, Inc. | Put | 380.00 | 01/16/26 | 7 | 266 | (7) |
| iShares China Large-Cap ETF | Call | 45.00 | 10/17/25 | 5805 | 26123 | (58) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Call | 82.00 | 01/16/26 | 1083 | 8881 | (22) |
| iShares Russell 2000 ETF | Put | 210.00 | 10/17/25 | 68 | 1428 | (1) |
| iShares Russell 2000 ETF | Put | 200.00 | 10/17/25 | 73 | 1460 | (1) |
| JPMorgan Chase & Co. | Call | 325.00 | 10/17/25 | 51 | 1658 | (19) |
| JPMorgan Chase & Co. | Call | 315.00 | 10/17/25 | 129 | 4064 | (102) |
| JPMorgan Chase & Co. | Call | 325.00 | 12/19/25 | 28 | 910 | (30) |
| JPMorgan Chase & Co. | Call | 350.00 | 01/16/26 | 37 | 1295 | (19) |
| Live Nation Entertainment, Inc. | Call | 185.00 | 10/17/25 | 39 | 722 |  |
| Live Nation Entertainment, Inc. | Call | 195.00 | 01/16/26 | 29 | 566 | (6) |
| Live Nation Entertainment, Inc. | Put | 135.00 | 10/17/25 | 29 | 392 | (4) |
| Live Nation Entertainment, Inc. | Put | 130.00 | 01/16/26 | 29 | 377 | (5) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| MasterCard Incorporated | Call | 650.00 | 12/19/25 | 26 | 1690 | (9) |
| McDonald's Corporation | Put | 285.00 | 11/21/25 | 88 | 2508 | (22) |
| McKesson Corporation | Call | 780.00 | 10/17/25 | 9 | 702 | (11) |
| McKesson Corporation | Call | 840.00 | 01/16/26 | 9 | 756 | (15) |
| McKesson Corporation | Put | 590.00 | 10/17/25 | 9 | 531 |  |
| McKesson Corporation | Put | 580.00 | 01/16/26 | 9 | 522 | (3) |
| Meta Platforms, Inc. | Call | 900.00 | 11/21/25 | 64 | 5760 | (27) |
| Meta Platforms, Inc. | Call | 860.00 | 12/19/25 | 18 | 1548 | (22) |
| Meta Platforms, Inc. | Call | 920.00 | 01/16/26 | 22 | 2024 | (18) |
| Meta Platforms, Inc. | Put | 700.00 | 10/17/25 | 64 | 4480 | (38) |
| Meta Platforms, Inc. | Put | 600.00 | 01/16/26 | 22 | 1320 | (22) |
| Micron Technology, Inc. | Call | 160.00 | 10/17/25 | 9 | 144 | (10) |
| Micron Technology, Inc. | Call | 150.00 | 12/19/25 | 23 | 345 | (62) |
| Micron Technology, Inc. | Call | 155.00 | 01/16/26 | 28 | 434 | (73) |
| Microsoft Corporation | Call | 580.00 | 12/19/25 | 172 | 9976 | (86) |
| Microsoft Corporation | Call | 605.00 | 01/16/26 | 56 | 3388 | (21) |
| Microsoft Corporation | Put | 420.00 | 01/16/26 | 56 | 2352 | (15) |
| MongoDB, Inc. | Put | 260.00 | 11/21/25 | 96 | 2496 | (36) |
| Netflix, Inc. | Call | 1500.00 | 01/16/26 | 2 | 300 | (3) |
| Netflix, Inc. | Put | 970.00 | 01/16/26 | 2 | 194 | (3) |
| NextEra Energy, Inc. | Put | 60.00 | 01/16/26 | 82 | 492 | (4) |
| NVIDIA Corporation | Call | 210.00 | 11/21/25 | 73 | 1533 | (31) |
| NVIDIA Corporation | Call | 200.00 | 11/21/25 | 132 | 2640 | (92) |
| NVIDIA Corporation | Call | 220.00 | 12/19/25 | 405 | 8910 | (165) |
| NVIDIA Corporation | Call | 210.00 | 12/19/25 | 320 | 6720 | (201) |
| NVIDIA Corporation | Call | 230.00 | 01/16/26 | 169 | 3887 | (67) |
| NVIDIA Corporation | Put | 160.00 | 11/21/25 | 54 | 864 | (17) |
| NVIDIA Corporation | Put | 160.00 | 12/19/25 | 320 | 5120 | (143) |
| NVIDIA Corporation | Put | 140.00 | 01/16/26 | 169 | 2366 | (41) |
| Oracle Corporation | Call | 330.00 | 12/19/25 | 323 | 10659 | (403) |
| Oracle Corporation | Call | 280.00 | 12/19/25 | 20 | 560 | (59) |
| Palantir Technologies Inc. | Call | 200.00 | 12/19/25 | 2 | 40 | (3) |
| Salesforce, Inc. | Call | 310.00 | 01/16/26 | 21 | 651 | (6) |
| Salesforce, Inc. | Put | 195.00 | 01/16/26 | 21 | 410 | (9) |
| SPDR Gold Shares | Call | 380.00 | 11/21/25 | 3849 | 146262 | (1055) |
| SPDR Gold Shares | Put | 335.00 | 11/21/25 | 2566 | 85961 | (568) |
| SPDR Gold Shares | Put | 310.00 | 12/19/25 | 802 | 24862 | (59) |
| SPDR S&P 500 ETF Trust | Put | 645.00 | 10/10/25 | 868 | 55986 | (89) |
| SPDR S&P 500 ETF Trust | Put | 600.00 | 10/17/25 | 60 | 3600 | (2) |
| SPDR S&P Regional Banking ETF | Put | 59.00 | 10/17/25 | 884 | 5216 | (33) |
| Taiwan Semiconductor Manufacturing Company Limited | Call | 270.00 | 12/19/25 | 38 | 1026 | (97) |
| Tesla Inc. | Call | 420.00 | 10/17/25 | 40 | 1680 | (143) |
| Tesla Inc. | Call | 500.00 | 12/19/25 | 4 | 200 | (12) |
| Tesla Inc. | Call | 460.00 | 12/19/25 | 9 | 414 | (40) |
| Tesla Inc. | Call | 480.00 | 01/16/26 | 16 | 768 | (72) |
| TJX Companies, Inc., The | Call | 150.00 | 10/17/25 | 46 | 690 | (2) |
| Trane Technologies Public Limited Company | Call | 450.00 | 10/17/25 | 6 | 270 | (1) |
| Uber Technologies, Inc. | Call | 110.00 | 12/19/25 | 610 | 6710 | (192) |
| United Airlines Holdings, Inc. | Call | 125.00 | 12/19/25 | 740 | 9250 | (113) |
| United Airlines Holdings, Inc. | Call | 115.00 | 12/19/25 | 12 | 138 | (4) |
| Valero Energy Corporation | Call | 170.00 | 01/16/26 | 15 | 255 | (19) |
| Valero Energy Corporation | Put | 135.00 | 12/19/25 | 236 | 3186 | (29) |
| Walt Disney Company, The | Call | 140.00 | 01/16/26 | 32 | 448 | (3) |
| Walt Disney Company, The | Put | 105.00 | 10/17/25 | 32 | 336 | (1) |
| Walt Disney Company, The | Put | 100.00 | 11/21/25 | 212 | 2120 | (22) |
| Walt Disney Company, The | Put | 95.00 | 01/16/26 | 32 | 304 | (3) |
| Warner Bros. Discovery, Inc. | Call | 25.00 | 10/17/25 | 104 | 260 | (1) |
| Warner Bros. Discovery, Inc. | Call | 20.00 | 10/17/25 | 120 | 240 | (10) |
| Wells Fargo & Company | Call | 90.00 | 10/17/25 | 128 | 1152 | (7) |
| Williams Companies, Inc., The | Call | 65.00 | 10/17/25 | 67 | 436 | (5) |
|  |  |  |  |  |  | (8627) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| CDX.NA.HY.44, 06/20/30 | BOA | Put | 104.50 | 10/15/25 | 2675000 | 2675 |  |
| CDX.NA.HY.44, 06/20/30 | RBC | Put | 100.00 | 10/15/25 | 3865000 | 3865 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<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** | **Foreign Currency Options** |
| EUR/USD Spot Rate | BNP | Call |  | 1.19 | 10/29/25 | 1451000 | EUR | 1451 | (6) |
| EUR/USD Spot Rate | BOA | Put |  | 1.14 | 10/08/25 | 20655000 | EUR | 20655 | (1) |
| EUR/USD Spot Rate | JPM | Put |  | 1.17 | 10/01/25 | 27213500 | EUR | 27214 |  |
| GBP/JPY Spot Rate | CIT | Put | JPY | 192.00 | 12/04/25 | 3628125 | GBP | 3628 | (27) |
| USD/BRL Spot Rate | CIT | Put | BRL | 5.25 | 12/12/25 | 7745000 |  | 7745 | (55) |
| USD/IDR Spot Rate | BOA | Put | IDR | 16000.00 | 12/12/25 | 7745000 |  | 7745 | (10) |
| USD/JPY Spot Rate | DUB | Call | JPY | 151.00 | 10/08/25 | 23834000 |  | 23834 | (13) |
| USD/JPY Spot Rate | HSB | Put | JPY | 146.50 | 10/01/25 | 6063609 |  | 6064 |  |
| USD/MXN Spot Rate | CIT | Put | MXN | 18.00 | 12/15/25 | 7745000 |  | 7745 | (42) |
| USD/TWD Spot Rate | MSC | Call | TWD | 30.50 | 10/16/25 | 616000 |  | 616 | (3) |
| USD/ZAR Spot Rate | HSB | Put | ZAR | 16.80 | 12/12/25 | 7655000 |  | 7655 | (39) |
|  |  |  |  |  |  |  |  |  | (196) |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Euro STOXX 600 Banks Price Index | BOA | Put | EUR | 205.00 | 11/21/25 | 321 | EUR | 3290 | (28) |
| **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** | **Interest Rate Swaptions** |
| 6M PRIBOR, 10/30/30 | JPM | Call |  | 3.70 | 10/27/25 | 16117792 | CZK | 16118 |  |
| 6M PRIBOR, 10/30/30 | MSC | Call |  | 3.70 | 10/27/25 | 10745195 | CZK | 10745 |  |
| U.S. SOFR, 11/18/30 | GSC | Call |  | 3.10 | 11/14/25 | 31440000 |  | 31440 | (45) |
| U.S. SOFR, 11/25/30 | GSC | Call |  | 3.07 | 11/21/25 | 39722000 |  | 39722 | (59) |
| U.S. SOFR, 12/01/55 | GSC | Call |  | 3.15 | 11/26/25 | 18845000 |  | 18845 | (7) |
| U.S. SOFR, 11/03/55 | JPM | Call |  | 3.50 | 10/30/25 | 12677000 |  | 12677 | (8) |
| U.S. SOFR, 11/20/30 | JPM | Call |  | 3.10 | 11/18/25 | 39875000 |  | 39875 | (63) |
| U.S. SOFR, 12/11/27 | JPM | Call |  | 2.75 | 12/09/25 | 6076205 |  | 6076 | (2) |
| U.S. SOFR, 01/02/36 | JPM | Call |  | 3.30 | 12/30/25 | 15110000 |  | 15110 | (54) |
| U.S. SOFR, 11/24/30 | MSC | Call |  | 3.05 | 11/20/25 | 39377000 |  | 39377 | (52) |
| U.S. SOFR, 12/24/27 | MSC | Call |  | 2.85 | 12/22/25 | 181053000 |  | 181053 | (122) |
| U.S. SOFR, 01/16/56 | MSC | Call |  | 3.50 | 01/14/26 | 5536000 |  | 5536 | (34) |
| U.S. SOFR, 01/16/56 | MSC | Call |  | 3.25 | 01/14/26 | 2768000 |  | 2768 | (6) |
| U.S. SOFR, 10/17/30 | BCL | Put |  | 3.90 | 10/15/25 | 6925000 |  | 6925 |  |
| U.S. SOFR, 12/30/27 | DUB | Put |  | 3.55 | 12/26/25 | 17479000 |  | 17479 | (15) |
| U.S. SOFR, 12/16/30 | GSC | Put |  | 3.55 | 12/12/25 | 42223000 |  | 42223 | (123) |
| U.S. SOFR, 09/22/29 | GSC | Put |  | 4.30 | 09/20/27 | 120519000 |  | 120519 | (355) |
| U.S. SOFR, 12/19/27 | JPM | Put |  | 3.45 | 12/17/25 | 9188653 |  | 9189 | (12) |
| U.S. SOFR, 01/02/36 | JPM | Put |  | 4.00 | 12/30/25 | 15110000 |  | 15110 | (55) |
|  |  |  |  |  |  |  |  |  | (1012) |
| **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** | **Options on Securities** |
| Rheinmetall Aktiengesellschaft | BOA | Put | EUR | 1400.00 | 10/17/25 | 20 | EUR | 2800 | (2) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| ARS/USD | GSC | 12/11/25 | ARS | 381582 | 237 | (21) |
| ARS/USD | CIT | 01/26/26 | ARS | 245701 | 146 | (21) |
| ARS/USD | JPM | 01/26/26 | ARS | 167229 | 99 | (13) |
| AUD/USD | CBA | 12/17/25 | AUD | 63611 | 42129 | (18) |
| BRL/EUR | HSB | 12/17/25 | EUR | (9009) | (10624) | 190 |
| BRL/USD | BCL | 10/02/25 | BRL | 16774 | 3152 | 77 |
| BRL/USD | GSC | 10/02/25 | BRL | 2410 | 453 | 1 |
| BRL/USD | JPM | 10/02/25 | BRL | 18070 | 3395 | (3) |
| BRL/USD | JPM | 11/04/25 | BRL | 14690 | 2737 | (4) |
| BRL/USD | MSC | 11/04/25 | BRL | 2388 | 445 | (1) |
| BRL/USD | BCL | 12/17/25 | BRL | 2386 | 440 | 9 |
| CAD/USD | RBC | 12/17/25 | CAD | 7385 | 5326 | (12) |
| CAD/USD | RBS | 12/17/25 | CAD | 62521 | 45088 | (207) |
| CHF/USD | UBS | 12/17/25 | CHF | 53015 | 67216 | 128 |
| CLP/USD | CIT | 10/30/25 | CLP | 215152 | 224 | (2) |
| CNY/USD | DUB | 10/30/25 | CNY | 24722 | 3479 | (5) |
| CNY/USD | BOA | 12/17/25 | CNY | 29249 | 4128 | 10 |
| CNY/USD | HSB | 12/17/25 | CNY | 305529 | 43122 | (74) |
| CNY/USD | JPM | 12/17/25 | CNY | 4783 | 675 | 1 |
| COP/USD | CIT | 10/30/25 | COP | 5768376 | 1466 | (22) |
| CZK/USD | JPM | 10/30/25 | CZK | 51021 | 2462 | (26) |
| DKK/USD | MSC | 12/17/25 | DKK | 81035 | 12812 | 30 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| EGP/USD | CIT | 10/02/25 | EGP | 7036 | 147 | 1 |
| EGP/USD | CIT | 11/20/25 | EGP | 16796 | 343 | 33 |
| EUR/CHF | BCL | 12/17/25 | CHF | (11836) | (15006) | 11 |
| EUR/USD | MSC | 10/16/25 | EUR | 439 | 516 |  |
| EUR/USD | GSC | 10/30/25 | EUR | 290 | 341 | 2 |
| EUR/USD | JPM | 10/30/25 | EUR | 197 | 232 | (1) |
| EUR/USD | JPM | 12/17/25 | EUR | 405 | 478 | (4) |
| EUR/USD | MSC | 12/17/25 | EUR | 4714 | 5559 | (3) |
| EUR/USD | MSC | 12/17/25 | EUR | 1731 | 2041 | 15 |
| EUR/USD | UBS | 12/17/25 | EUR | 9535 | 11246 | (37) |
| EUR/USD | UBS | 12/17/25 | EUR | 46800 | 55191 | 130 |
| GBP/EUR | CIB | 12/17/25 | EUR | (5396) | (6364) | (53) |
| GBP/USD | CIB | 12/17/25 | GBP | 20882 | 28087 | (174) |
| GBP/USD | MSC | 12/17/25 | GBP | 2335 | 3140 | 23 |
| GBP/USD | SGS | 12/17/25 | GBP | 2625 | 3530 |  |
| GBP/USD | TDB | 12/17/25 | GBP | 983 | 1322 | (9) |
| HKD/USD | HSB | 12/17/25 | HKD | 52094 | 6705 | (1) |
| HUF/USD | UBS | 10/30/25 | HUF | 459802 | 1382 | (8) |
| HUF/USD | GSC | 12/17/25 | HUF | 1060639 | 3178 | 41 |
| IDR/USD | CIT | 10/30/25 | IDR | 64175554 | 3850 | (11) |
| INR/USD | CIT | 10/30/25 | INR | 379650 | 4269 | (21) |
| JPY/EUR | DUB | 12/17/25 | EUR | (17178) | (20258) | (154) |
| JPY/USD | CIB | 10/30/25 | JPY | 81757 | 555 | (1) |
| JPY/USD | CBA | 12/17/25 | JPY | 926965 | 6318 | (35) |
| JPY/USD | JPM | 12/17/25 | JPY | 21268691 | 144971 | (745) |
| KRW/USD | HSB | 10/30/25 | KRW | 469817 | 335 | (3) |
| KRW/USD | CIT | 12/17/25 | KRW | 17501203 | 12522 | (135) |
| MXN/EUR | MSC | 12/17/25 | EUR | (8976) | (10585) | 159 |
| MXN/USD | JPM | 10/30/25 | MXN | 59444 | 3236 | 8 |
| MYR/USD | BCL | 10/30/25 | MYR | 16905 | 4022 | (14) |
| NGN/USD | MSC | 11/04/25 | NGN | 279966 | 186 | 7 |
| NGN/USD | CIT | 12/05/25 | NGN | 284403 | 186 | 8 |
| NOK/CHF | GSC | 12/17/25 | CHF | (11599) | (14706) | (101) |
| NZD/USD | CBA | 12/17/25 | NZD | 2414 | 1404 | (36) |
| PEN/USD | CIT | 10/30/25 | PEN | 2365 | 681 | 5 |
| PEN/USD | JPM | 11/25/25 | PEN | 564 | 162 | 1 |
| PLN/USD | CIB | 10/30/25 | PLN | 8116 | 2232 | (17) |
| PLN/USD | GSC | 12/17/25 | PLN | 18191 | 4998 | 16 |
| SEK/USD | RBC | 12/17/25 | SEK | 96249 | 10273 | (67) |
| SGD/USD | BOA | 12/17/25 | SGD | 7160 | 5583 | (41) |
| THB/USD | MSC | 10/30/25 | THB | 119626 | 3700 | (60) |
| TRY/USD | SGS | 10/24/25 | TRY | 84543 | 1995 | 63 |
| TRY/USD | UBS | 12/17/25 | TRY | 114216 | 2579 | 38 |
| TWD/USD | BCL | 12/17/25 | TWD | 393030 | 12969 | (165) |
| USD/ARS | CIT | 12/11/25 | ARS | (101418) | (63) | 5 |
| USD/ARS | GSC | 12/11/25 | ARS | (92082) | (57) | 4 |
| USD/ARS | CIT | 01/26/26 | ARS | (217620) | (129) | 11 |
| USD/BRL | BCL | 10/02/25 | BRL | (19869) | (3733) | (80) |
| USD/BRL | HSB | 10/02/25 | BRL | (2412) | (453) | (2) |
| USD/BRL | JPM | 10/02/25 | BRL | (14575) | (2739) | 2 |
| USD/BRL | JPM | 11/04/25 | BRL | (18070) | (3366) | 5 |
| USD/CAD | SCB | 10/30/25 | CAD | (464) | (334) | 2 |
| USD/CAD | TDB | 12/17/25 | CAD | (6818) | (4917) | 23 |
| USD/CHF | SGS | 10/30/25 | CHF | (134) | (169) | 1 |
| USD/CNY | SCB | 11/25/25 | CNY | (4246) | (599) | 3 |
| USD/COP | CIT | 11/25/25 | COP | (13490807) | (3416) | 44 |
| USD/CZK | RBS | 11/25/25 | CZK | (57948) | (2798) | 26 |
| USD/EGP | CIT | 10/02/25 | EGP | (7036) | (147) | (10) |
| USD/EGP | CIT | 01/05/26 | EGP | (7036) | (142) | (2) |
| USD/EUR | DUB | 10/16/25 | EUR | (1238) | (1453) |  |
| USD/EUR | CIT | 10/30/25 | EUR | (290) | (341) |  |
| USD/EUR | UBS | 11/25/25 | EUR | (309) | (364) | 3 |
| USD/EUR | DUB | 12/17/25 | EUR | (54567) | (64352) | (148) |
| USD/EUR | DUB | 12/17/25 | EUR | (3342) | (3941) | 17 |
| USD/EUR | JPM | 12/17/25 | EUR | (1547) | (1825) | (1) |
| USD/EUR | JPM | 12/17/25 | EUR | (2296) | (2708) | 18 |
| USD/EUR | MSC | 12/17/25 | EUR | (1739) | (2051) | 4 |
| USD/GBP | BCL | 12/17/25 | GBP | (28924) | (38904) | 241 |
| USD/GBP | HSB | 12/17/25 | GBP | (1201) | (1616) | 11 |
| USD/HKD | SCB | 12/17/25 | HKD | (201957) | (25994) | 2 |
| USD/HUF | RBS | 11/25/25 | HUF | (208179) | (625) | 5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/IDR | BOA | 11/25/25 | IDR | (60413089) | (3623) | 41 |
| USD/IDR | RBC | 12/17/25 | IDR | (591996) | (35) |  |
| USD/INR | SGS | 12/17/25 | INR | (44525) | (499) | 4 |
| USD/JPY | BCL | 10/30/25 | JPY | (50428) | (342) | (1) |
| USD/JPY | MSC | 12/17/25 | JPY | (626085) | (4267) | 24 |
| USD/MXN | HSB | 11/25/25 | MXN | (117396) | (6373) | (1) |
| USD/MXN | SCB | 11/25/25 | MXN | (9371) | (509) | (1) |
| USD/MXN | TDB | 12/17/25 | MXN | (37219) | (2016) | (34) |
| USD/MYR | MSC | 11/25/25 | MYR | (7459) | (1776) | 12 |
| USD/NOK | MSC | 12/17/25 | NOK | (120087) | (12036) | 63 |
| USD/PEN | GSC | 10/30/25 | PEN | (1296) | (373) | (4) |
| USD/PEN | SGS | 10/30/25 | PEN | (1186) | (341) | (3) |
| USD/PEN | CIT | 11/25/25 | PEN | (560) | (161) | (1) |
| USD/PEN | JPM | 11/25/25 | PEN | (2247) | (646) | (2) |
| USD/PHP | CIT | 11/25/25 | PHP | (84699) | (1453) | 35 |
| USD/PLN | GSC | 11/25/25 | PLN | (909) | (250) |  |
| USD/PLN | UBS | 11/25/25 | PLN | (22810) | (6270) | 66 |
| USD/THB | MSC | 11/25/25 | THB | (83108) | (2575) | 53 |
| USD/TRY | BCL | 10/24/25 | TRY | (30583) | (722) | (39) |
| USD/TRY | BCL | 12/26/25 | TRY | (14645) | (328) |  |
| USD/UYU | CIT | 11/25/25 | UYU | (8834) | (221) | (1) |
| USD/ZAR | RBS | 11/25/25 | ZAR | (165082) | (9522) | (68) |
| ZAR/EUR | HSB | 12/17/25 | EUR | (6088) | (7179) | 82 |
| ZAR/USD | TDB | 10/30/25 | ZAR | 40262 | 2327 | (2) |
| ZAR/USD | GSC | 11/25/25 | ZAR | 45870 | 2646 | 12 |
| ZAR/USD | UBS | 11/25/25 | ZAR | 10292 | 594 | 2 |
| ZAR/USD | GSC | 12/17/25 | ZAR | 54024 | 3111 | 42 |
|  |  |  |  |  | 292077 | (855) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Receiving | BCL | 14.18<br> (A) | 01/02/26 | BRL | 5496 |  | (1) |
| BRAZIBOR (A) | Receiving | BCL | 14.79<br> (A) | 01/02/26 | BRL | 2473 |  |  |
| BRAZIBOR (A) | Paying | BCL | 13.33<br> (A) | 01/02/29 | BRL | 1021 |  |  |
| BRAZIBOR (A) | Paying | BCL | 14.03<br> (A) | 01/02/29 | BRL | 2269 |  | 7 |
| BRAZIBOR (A) | Paying | BCL | 13.34<br> (A) | 01/02/29 | BRL | 4562 |  | 1 |
| BRAZIBOR (A) | Paying | BCL | 13.00<br> (A) | 01/02/29 | BRL | 18531 |  | (21) |
| BRAZIBOR (A) | Paying | BCL | 13.04<br> (A) | 01/02/31 | BRL | 2959 |  | (4) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 150 |  | (2) |
| BRAZIBOR (A) | Paying | BNP | 9.79<br> (A) | 01/04/27 | BRL | 4784 |  | (68) |
| BRAZIBOR (A) | Paying | BNP | 10.03<br> (A) | 01/04/27 | BRL | 19707 |  | (297) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 26802 |  | (392) |
| BRAZIBOR (A) | Paying | BOA | 9.97<br> (A) | 01/04/27 | BRL | 22621 |  | (342) |
| BRAZIBOR (A) | Paying | BOA | 10.12<br> (A) | 01/04/27 | BRL | 27934 |  | (409) |
| BRAZIBOR (A) | Paying | BOA | 12.95<br> (A) | 01/02/29 | BRL | 10350 |  | (14) |
| BRAZIBOR (A) | Paying | BOA | 13.00<br> (A) | 01/02/29 | BRL | 12045 |  | (14) |
| BRAZIBOR (A) | Paying | BOA | 13.12<br> (A) | 01/02/29 | BRL | 48379 |  | (33) |
| Colombian Interbank Rate (A) | Receiving | BCL | 8.07<br> (A) | 09/17/26 | COP | 115948 |  |  |
| Colombian Interbank Rate (Q) | Receiving | BCL | 7.25<br> (Q) | 09/25/26 | COP | 257662 |  | 1 |
| Colombian Interbank Rate (Q) | Receiving | BCL | 8.23<br> (Q) | 09/17/30 | COP | 3391133 |  | 17 |
| Colombian Interbank Rate (Q) | Receiving | MSC | 8.64<br> (Q) | 04/04/30 | COP | 3817872 |  | 1 |
|  |  |  |  |  |  |  |  | (1570) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Ally Financial Inc. (Q)  | GSC | N/A | 5.00 | 06/20/30  | 380  | (61)  | (58)  | (3)  |
| Boeing Company, The (Q)  | DUB | N/A | 1.00 | 12/20/28  | 1300  | (22)  | (7)  | (15)  |
| Boeing Company, The (Q)  | JPM | N/A | 1.00 | 06/20/29  | 1300  | (23)  | 16  | (39)  |
| BorgWarner Inc. (Q)  | BNP | N/A | 1.00 | 12/20/27  | 210  | (4)  | 3  | (7)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 80  | —  | 8  | (8)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 50  | —  | 4  | (4)  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation 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) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Deutsche Bank Aktiengesellschaft (Q)  | BNP | N/A | 1.00 | 12/20/29  | 752  | (10)  | (4)  | (6)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 225  | (33)  | (29)  | (4)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 112  | (17)  | (13)  | (4)  |
| Hertz Vehicle Financing II LP (Q)  | JPM | N/A | 5.00 | 12/20/25  | 60  | —  | 2  | (2)  |
| Intesa Sanpaolo SPA (Q)  | JPM | N/A | 1.00 | 12/20/29  | 722  | (7)  | (1)  | (6)  |
| Intesa Sanpaolo SPA (Q)  | BNP | N/A | 1.00 | 06/20/30  | 802  | (24)  | (15)  | (9)  |
| Southwest Airlines Co. (Q)  | GSC | N/A | 1.00 | 12/20/30  | 905  | 4  | 4  | —  |
| Occidental Petroleum Corporation (Q)  | DUB | N/A | 1.00 | 06/20/30  | 230  | (3)  | (1)  | (2)  |
| Government of the Republic of Panama (Q)  | JPM | N/A | 1.00 | 12/20/30  | 90  | 2  | 2  | —  |
| Pitney Bowes Inc. (Q)  | BCL | N/A | 1.00 | 12/20/27  | 80  | —  | 20  | (20)  |
| Pitney Bowes Inc. (Q)  | BOA | N/A | 1.00 | 12/20/27  | 115  | —  | 24  | (24)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 60  | 1  | 17  | (16)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 40  | —  | 11  | (11)  |
| Pitney Bowes Inc. (Q)  | GSC | N/A | 1.00 | 12/20/27  | 70  | —  | 18  | (18)  |
| Simon Property Group, Inc. (Q)  | JPM | N/A | 1.00 | 06/20/28  | 645  | (11)  | 16  | (27)  |
| Simon Property Group, L.P. (Q)  | BNP | N/A | 1.00 | 06/20/30  | 185  | (4)  | (1)  | (3)  |
| Telecom Italia S.p.A. (Q)  | GSC | N/A | 1.00 | 12/20/29  | 323  | —  | 14  | (14)  |
| UBS Group AG (Q)  | JPM | N/A | 1.00 | 06/20/28  | 1318  | (26)  | 37  | (63)  |
| Xerox Corporation (Q)  | JPM | N/A | 1.00 | 12/20/27  | 120  | 41  | 14  | 27  |
|  |  |  |  |  | 10174 | (197) | 81 | (278) |
| **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** |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 2.32 | 5.00 | 12/20/29  | (688)  | 71  | 38  | 33  |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 2.32 | 5.00 | 12/20/29  | (688)  | 70  | 37  | 33  |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 2.32 | 5.00 | 12/20/29  | (1339)  | 137  | 142  | (5)  |
| AXA (Q)  | BNP | 0.41 | 1.00 | 06/20/30  | (802)  | 22  | 15  | 7  |
| Forvia (Q)  | GSC | 2.28 | 5.00 | 12/20/29  | (189)  | 20  | 12  | 8  |
| Eutelsat SA (Q)  | BNP | 2.54 | 5.00 | 12/20/30  | (344)  | 39  | 39  | —  |
| Eutelsat SA (Q)  | DUB | 2.09 | 5.00 | 12/20/29  | (187)  | 21  | (16)  | 37  |
| Eutelsat SA (Q)  | JPM | 2.34 | 5.00 | 06/20/30  | (210)  | 24  | 6  | 18  |
| Hannover Ruck SE (Q)  | BNP | 0.65 | 1.00 | 12/20/29  | (376)  | 5  | 2  | 3  |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen (Q)  | BNP | 0.64 | 1.00 | 12/20/29  | (376)  | 6  | 2  | 4  |
| Swedbank AB (Q)  | JPM | 0.82 | 1.00 | 12/20/29  | (722)  | 5  | (2)  | 7  |
| Vistra Operations Company LLC (Q)  | JPM | 0.98 | 5.00 | 12/20/30  | (120)  | 23  | 23  | —  |
| Vistra Operations Company LLC (Q)  | JPM | 0.98 | 5.00 | 12/20/30  | (65)  | 12  | 12  | —  |
| Vistra Operations Company LLC (Q)  | JPM | 0.40 | 5.00 | 12/20/25  | (337)  | 4  | 18  | (14)  |
| ZF Friedrichshafen AG (Q)  | DUB | 2.98 | 5.00 | 12/20/28  | (347)  | 20  | 23  | (3)  |
|  |  |  |  |  | (6790) | 479 | 351 | 128 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| ABN AMRO Bank N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (12756) | (400) | (9) |
| Accelerant Holdings (MT) | BOA | OBFR -0.15% (M) | TBD | (7147) | (115) | 8 |
| Adyen N.V. (MT) | JPM | OBFR +0.00% (M) | TBD | 1395 | 2278 | (41) |
| Alexandria Real Estate Equities, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11225) | (964) | 15 |
| ALFA, S.A.B. de C.V. (MT) | BOA | OBFR -0.85% (M) | TBD | (92044) | (73) | (1) |
| ALFA, S.A.B. de C.V. (MT) | JPM | OBFR -0.50% (M) | TBD | (235243) | (178) | (10) |
| Align Technology, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4456) | (580) | 22 |
| Alstom (MT) | BOA | OBFR -0.26% (M) | TBD | (24945) | (630) | (21) |
| AMC Networks, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 28632 | 226 | 9 |
| Amcor Pty Ltd (MT) | BOA | OBFR -0.15% (M) | TBD | (147339) | (1207) | (3) |
| Atlantic Union Bank (MT) | JPM | OBFR -0.15% (M) | TBD | (2320) | (82) | 1 |
| Axon Enterprise, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1102) | (849) | 58 |
| Bachem Holding AG (MT) | JPM | OBFR -0.26% (M) | TBD | (1279) | (100) | 6 |
| Bank of Montreal (MT) | BOA | OBFR -0.20% (M) | TBD | (17634) | (2287) | (9) |
| Barratt Redrow PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (194262) | (972) | (48) |
| Barry Callebaut AG (MT) | JPM | OBFR -0.47% (M) | TBD | (620) | (883) | 34 |
| BASF SE (MT) | BOA | OBFR -0.26% (M) | TBD | (30759) | (1528) | (8) |
| Baxter International Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (60625) | (1379) | (8) |
| BE Semiconductor Industries N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (6177) | (893) | (31) |
| BeOne Medicines AG (MT) | BOA | OBFR -0.05% (M) | TBD | (27100) | (703) | (16) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **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>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Block, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (25636) |  | (1979) | 128 |
| Brandywine Realty Trust (MT) | JPM | OBFR -0.15% (M) | TBD | (813) |  | (4) |  |
| Brookfield Asset Management Ltd. (MT) | BOA | OBFR -0.20% (M) | TBD | (28658) |  | (1763) | 116 |
| Brown-Forman Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (23163) |  | (622) | (10) |
| Builders FirstSource, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (5019) |  | (611) | 3 |
| Bullish (MT) | BCL | OBFR -3.62% (M) | TBD | (8012) |  | (554) | 44 |
| C.H. Robinson Worldwide, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (17142) |  | (2297) | 19 |
| Chailease Holding Company Limited (MT) | BOA | OBFR -0.35% (M) | TBD | (119025) |  | (468) | 32 |
| China Construction Bank Corporation (MT) | BOA | OBFR -0.05% (M) | TBD | (991000) |  | (950) |  |
| China Railway Group Limited (MT) | BOA | OBFR -0.17% (M) | TBD | (698000) |  | (339) | (14) |
| China Resources Power Holdings Company Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (1866) |  | (5) |  |
| China Resources Power Holdings Company Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (426511) |  | (983) | (14) |
| Cirsa Enterprises SA (MT) | JPM | ESTR +0.26% (M) | TBD | 14252 | EUR | 214 | 9 |
| Clariant AG (MT) | BOA | OBFR -0.26% (M) | TBD | (20931) |  | (196) | 1 |
| Community Financial System, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2206) |  | (133) | 3 |
| Continental Aktiengesellschaft (MT) | BOA | OBFR -0.26% (M) | TBD | (5449) |  | (359) | (2) |
| Convatec Group PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (132355) |  | (414) |  |
| Cosan S.A. (MT) | JPM | OBFR -0.40% (M) | TBD | (68828) |  | (95) | 15 |
| Cosan S.A. (MT) | BOA | OBFR -1.60% (M) | TBD | (58985) |  | (68) |  |
| CoStar Group, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (9447) |  | (815) | 19 |
| CRRC Corporation Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (520000) |  | (406) | (3) |
| CVB Financial Corp. (MT) | JPM | OBFR -0.15% (M) | TBD | (5610) |  | (113) | 8 |
| Davide Campari-Milano N.V. (MT) | BOA | OBFR -0.29% (M) | TBD | (104876) |  | (690) | 28 |
| Derayah Financial (MT) | JPM | OBFR +0.75% (M) | TBD | 14191 |  | 96 | 24 |
| DiaSorin S.p.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (2945) |  | (271) | 10 |
| DISCO Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (2100) |  | (676) | 17 |
| DMG Mori Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (34281) |  | (688) | (7) |
| Dollar Tree, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1157) |  | (109) |  |
| Dow Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11393) |  | (264) | 3 |
| Eagle Bancorp, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5166 |  | 102 | 2 |
| Elevance Health, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2383) |  | (758) | (20) |
| Emirates Integrated Telecommunications Company PJSC (MT) | JPM | OBFR +0.75% (M) | TBD | 148124 |  | 372 | (1) |
| Enphase Energy, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (249) |  | (10) | 1 |
| Entain PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (15906) |  | (185) | (4) |
| Expand Energy Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (28825) |  | (2836) | (224) |
| FedEx Corporation (MT) | BOA | OBFR +0.00% (M) | TBD | (4602) |  | (1059) | (33) |
| First Solar, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4295) |  | (941) | (5) |
| Flagstar Financial, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 91333 |  | 1176 | (124) |
| Flynas Company (MT) | JPM | OBFR +0.75% (M) | TBD | 10451 |  | 209 | 4 |
| Formosa Chemicals & Fibre Corporation (MT) | JPM | OBFR -0.35% (M) | TBD | (3000) |  | (3) |  |
| Formosa Chemicals & Fibre Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (264000) |  | (254) | (4) |
| Formosa Plastics Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (308000) |  | (394) | 3 |
| Fujitsu Limited (MT) | BOA | OBFR -0.11% (M) | TBD | (59800) |  | (1487) | 76 |
| G&L Beijer Ref AB (MT) | JPM | OBFR -0.28% (M) | TBD | (13109) |  | (231) | 27 |
| G&L Beijer Ref AB (MT) | BOA | OBFR -0.26% (M) | TBD | (3467) |  | (57) | 3 |
| Genuine Parts Company (MT) | BOA | OBFR -0.15% (M) | TBD | (7012) |  | (968) | (3) |
| Georg Fischer AG (MT) | JPM | OBFR -0.26% (M) | TBD | (1968) |  | (162) | 8 |
| Georg Fischer AG (MT) | BOA | OBFR -0.26% (M) | TBD | (3802) |  | (296) | (2) |
| Grifols, S.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (40719) |  | (571) | (21) |
| Halliburton Company (MT) | BOA | OBFR -0.15% (M) | TBD | (20223) |  | (457) | (44) |
| Hapvida Participacoes E Investimentos S/A (MT) | BOA | OBFR -0.30% (M) | TBD | (30707) |  | (215) | 9 |
| Harmonic Drive Systems Inc. (MT) | BOA | OBFR -0.13% (M) | TBD | (21500) |  | (446) | 60 |
| HUTCHMED (China) Limited (MT) | BOA | OBFR -0.65% (M) | TBD | (18000) |  | (61) | 3 |
| HUTCHMED (China) Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (18000) |  | (59) | 1 |
| Iberdrola, Sociedad Anonima (MT) | JPM | OBFR +0.00% (M) | TBD | 29700 |  | 547 | 14 |
| IBIDEN Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (2800) |  | (171) |  |
| IHI Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (30800) |  | (480) | (96) |
| Iluka Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (91934) |  | (383) | (4) |
| IMCD N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (3901) |  | (420) | 16 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Informatica Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5264 | 130 |  |
| Innolux Corporation (MT) | BOA | OBFR -0.35% (M) | TBD | (1366000) | (635) | (15) |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (29607) | (1367) | 11 |
| International Paper Company (MT) | JPM | OBFR -0.25% (M) | TBD | (14838) | (697) | 12 |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (44748) | (2066) | (9) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | BOA | OBFR -1.30% (M) | TBD | (30826) | (2507) | 6 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | JPM | OBFR -0.81% (M) | TBD | (32765) | (3655) | (2) |
| Japan Steel Works, Ltd., The (MT) | BOA | OBFR -0.15% (M) | TBD | (12200) | (702) | (41) |
| JD Health International Inc. (MT) | BOA | OBFR -0.30% (M) | TBD | (91950) | (799) | 17 |
| JD Sports Fashion PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (507996) | (598) | (54) |
| JD Sports Fashion PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (56619) | (73) | 1 |
| JFE Holdings, Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (18700) | (238) | 3 |
| KADOKAWA Future Publishing Co., Ltd. (MT) | BOA | OBFR -0.14% (M) | TBD | (19800) | (476) | (6) |
| Kering (MT) | BOA | OBFR +0.00% (M) | TBD | (7558) | (2358) | (167) |
| KeyCorp (MT) | BOA | OBFR -0.15% (M) | TBD | (57748) | (1081) | 3 |
| Kobayashi Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (6500) | (238) | (1) |
| Kuaishou Technology (MT) | BOA | OBFR -0.26% (M) | TBD | (79200) | (754) | (111) |
| Lamb Weston Holdings, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1196) | (69) |  |
| Lamb Weston Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3491) | (193) | (9) |
| LG Energy Solution Ltd. (MT) | BOA | OBFR -0.35% (M) | TBD | (1359) | (341) | 2 |
| Li Auto Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (122600) | (1572) | (7) |
| Lululemon Athletica Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4428) | (772) | (16) |
| Lynas Rare Earths Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (30114) | (285) | (51) |
| M3, Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (38000) | (599) | (19) |
| Marfrig Global Foods S.A (MT) | JPM | OBFR -12.00% (M) | TBD | (17182) | (72) | 9 |
| Marfrig Global Foods S.A (MT) | BOA | OBFR -0.41% (M) | TBD | (19886) | (78) | 6 |
| Marvell Technology, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (7483) | (594) | (35) |
| MatsukiyoCocokara & Co. (MT) | BOA | OBFR -0.25% (M) | TBD | (26700) | (545) | (1) |
| Meituan (MT) | BOA | OBFR -0.15% (M) | TBD | (24400) | (319) | (7) |
| Mercari, Inc. (MT) | BOA | OBFR -0.25% (M) | TBD | (41598) | (640) | 1 |
| Mercari, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (34) | (1) |  |
| Mineral Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (47436) | (1176) | (118) |
| Mizuho Bank, Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (29800) | (669) | 12 |
| MMG Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (932000) | (705) | (104) |
| Molina Healthcare, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (5528) | (1005) | (52) |
| Molson Coors Beverage Company (MT) | BOA | OBFR -0.15% (M) | TBD | (41947) | (1890) | (6) |
| Natura Cosmeticos S.A. (MT) | BOA | OBFR -0.40% (M) | TBD | (45201) | (79) |  |
| Natura Cosmeticos S.A. (MT) | JPM | OBFR -5.05% (M) | TBD | (2390) | (4) |  |
| Nec Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (35100) | (1108) | (20) |
| Neste Oyj (MT) | BOA | OBFR -0.26% (M) | TBD | (30935) | (585) | 17 |
| NEXTDC Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (14518) | (158) | (5) |
| NIKE, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (6593) | (469) | 8 |
| Nippon Express Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (1000) | (23) | (9) |
| Norfolk Southern Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (4034) | (1174) | (37) |
| Northern Star Resources Ltd (MT) | JPM | OBFR -0.25% (M) | TBD | (90756) | (1218) | (233) |
| Norwegian Cruise Line Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (72209) | (1833) | 56 |
| Novozymes A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (16943) | (1020) | (19) |
| NU Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (57601) | (938) | 17 |
| Occidental Petroleum Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (11823) | (541) | (20) |
| Oji Holdings Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (50600) | (283) |  |
| Ono Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.13% (M) | TBD | (56500) | (656) | (10) |
| Orlen S A (MT) | BOA | OBFR -0.50% (M) | TBD | (22530) | (512) | (24) |
| Packaging Corporation of America (MT) | BOA | OBFR -0.15% (M) | TBD | (5931) | (1263) | (35) |
| Paramount Skydance Corporation (MT) | JPM | OBFR +0.00% (M) | TBD | 5333 | 87 | 14 |
| Pernod Ricard (MT) | BOA | OBFR -0.26% (M) | TBD | (11915) | (1218) | 46 |
| Pool Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (3031) | (946) | 7 |
| POSCO Future M Co., Ltd. (MT) | BOA | OBFR -11.00% (M) | TBD | (1803) | (183) | (3) |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR -18.00% (M) | TBD | (2324) | (222) | (19) |
| Postal Savings Bank of China Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (1506000) | (1070) | 15 |
| Power Corporation of Canada (MT) | JPM | OBFR -0.25% (M) | TBD | (3584) | (150) | (6) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Prio S.A. (MT) | BOA | OBFR -0.30% (M) | TBD | (66720) | (476) | (1) |
| Provident Financial Services, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (7913) | (157) | 5 |
| Puma SE (MT) | BOA | OBFR -0.26% (M) | TBD | (15723) | (398) | 7 |
| Quanta Services, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1389) | (552) | (24) |
| Rakuten Group, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (99) | (1) |  |
| Rasan Information Technology Company (MT) | JPM | OBFR +0.75% (M) | TBD | 16522 | 417 | 34 |
| Restaurant Brands International Limited Partnership (MT) | BOA | OBFR -0.20% (M) | TBD | (37799) | (2445) | 3 |
| Revvity, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (8106) | (697) | (13) |
| Ryohin Keikaku Co., Ltd. (MT) | BOA | OBFR -0.11% (M) | TBD | (34800) | (701) | 9 |
| Sandoz Group AG (MT) | BOA | OBFR -0.26% (M) | TBD | (14271) | (866) | 17 |
| Sapporo Holdings Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (6800) | (341) | 2 |
| Sartorius Stedim Biotech (MT) | JPM | OBFR -0.26% (M) | TBD | (1635) | (334) | 3 |
| Sasol (MT) | JPM | OBFR -0.40% (M) | TBD | (91196) | (652) | 83 |
| SATS Ltd. (MT) | JPM | OBFR -0.30% (M) | TBD | (87200) | (223) | (6) |
| SBI Holdings, Inc. (MT) | BOA | OBFR -1.00% (M) | TBD | (10800) | (475) | 4 |
| Seatrium Limited (MT) | BOA | OBFR -1.50% (M) | TBD | (272700) | (497) | (6) |
| Seatrium Limited (MT) | JPM | OBFR -1.25% (M) | TBD | (153800) | (282) | (1) |
| Sembcorp Industries Ltd (MT) | BOA | OBFR -0.30% (M) | TBD | (42800) | (201) | 1 |
| Sembcorp Industries Ltd (MT) | JPM | OBFR -0.30% (M) | TBD | (36700) | (175) | 4 |
| ServisFirst Bancshares, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1904) | (165) | 12 |
| SGH Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (13998) | (455) | (13) |
| Sharp Corporation (MT) | JPM | OBFR -0.47% (M) | TBD | (45400) | (269) | 15 |
| Sharp Corporation (MT) | BOA | OBFR -1.34% (M) | TBD | (9200) | (53) | 2 |
| Sigma Healthcare Ltd (MT) | JPM | OBFR -0.25% (M) | TBD | (133966) | (265) | 1 |
| SMG Swiss Marketplace Group Holding AG (MT) | JPM | OBFR +0.26% (M) | TBD | 455 | 26 |  |
| Smurfit Westrock Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (37638) | (1634) | 33 |
| Solventum Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (3928) | (290) | 3 |
| Starbucks Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (5323) | (454) | 4 |
| SUMCO Corporation (MT) | BOA | OBFR -0.25% (M) | TBD | (49200) | (525) | (3) |
| Super Micro Computer, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (28202) | (1322) | (29) |
| Swatch Group AG, The (MT) | JPM | OBFR -0.30% (M) | TBD | (667) | (124) | (2) |
| Swatch Group AG, The (MT) | BOA | OBFR -0.30% (M) | TBD | (3132) | (600) | 8 |
| Synopsys, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4151) | (2124) | 77 |
| Talabat Holding PLC (MT) | JPM | OBFR +0.75% (M) | TBD | 820142 | 272 | (23) |
| Target Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (17223) | (1494) | (50) |
| Teledyne Technologies Incorporated (MT) | BOA | OBFR -0.15% (M) | TBD | (2365) | (1344) | (41) |
| Teleperformance SE (MT) | BOA | OBFR -0.26% (M) | TBD | (4524) | (334) | (4) |
| Temenos AG (MT) | BOA | OBFR -0.26% (M) | TBD | (9282) | (753) | 4 |
| Toyota Industries Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (4300) | (484) | 1 |
| Treasury Wine Estates Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (13768) | (69) | (9) |
| Truist Financial Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (6571) | (298) | (2) |
| UNIZO Holdings Company, Limited (MT) | BOA | OBFR -0.15% (M) | TBD | (21100) | (1165) | 56 |
| Vanguard Intermediate-Term Corporate Bond ETF (MT) | JPM | OBFR -0.15% (M) | TBD | (30290) | (2549) | (3) |
| Warner Bros. Discovery, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 2245 | 43 | 1 |
| Wise PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (17390) | (250) | 9 |
| Xinyi Glass Holdings Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (245292) | (271) | (18) |
| Xinyi Glass Holdings Limited (MT) | JPM | OBFR -0.75% (M) | TBD | (39746) | (44) | (2) |
| Yakult Honsha Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (31400) | (523) | 4 |
| Zealand Pharma A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (4947) | (348) | (13) |
| Zensho Holdings Co., Ltd. (MT) | BOA | OBFR -0.11% (M) | TBD | (5800) | (384) | 4 |
|  |  |  |  |  |  | (846) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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** |
| iShares Broad USD High Yield Corporate Bond ETF (A) | SOFR +0.25% (A) | BNP | 12/19/25 | 970 |  | (1) |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR -0.25% (A) | BNP | 12/19/25 | 7167 |  | (12) |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR -0.10% (A) | GSC | 12/19/25 | 3505 |  | (6) |
| iShares Broad USD High Yield Corporate Bond ETF (A) | SOFR +0.20% (A) | JPM | 12/19/25 | 3986 |  | (5) |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.15% (Q) | JPM | 12/19/25 | 8781 |  | 12 |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR -0.20% (A) | JPM | 12/19/25 | 5956 |  | (11) |
|  |  |  |  |  |  | (23) |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| Citi EQ US 1W Volatility Carry Index‡ (Q) | OBFR +0.00% (Q) | BOA | 12/19/25 | 205 |  | (15) |
| Deutsche Bank Variable Notional Long-Short Credit Index (Q) | Fixed Rate of +0.00% (Q) | DUB | 12/19/25 | 130 |  | 2 |
| Goldman Sachs Rate Volatility Index‡ (Q) | Fixed Rate of +0.00% (Q) | GSC | 12/19/25 | 117 |  | (6) |
| Goldman Sachs Systematic Equity Skew Index‡ (Q) | Fixed Rate of +0.00% (Q) | GSC | 12/19/25 | 87 |  | (7) |
| J.P. Morgan Emerging Market FX Volatility Index‡ (Q) | Fixed Rate of +0.00% (Q) | JPM | 12/19/25 | 133 |  | 2 |
|  |  |  |  |  |  | (24) |
| **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** |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR -0.69% (A) | GSC | 12/19/25 | (11372) |  | 36 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR -0.50% (A) | JPM | 12/19/25 | (7850) |  | 25 |
|  |  |  |  |  |  | 61 |

---

‡Total Return Swap 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1252691 | 385004 | 805 | 1638500 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 270878 | 4010 | 274888 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 171644 |  | 171644 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 139361 |  | 139361 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 128900 | 6201 | 135101 |
| &nbsp;&nbsp;Investment Companies | 78769 |  |  | 78769 |
| &nbsp;&nbsp;Preferred Stocks | 5641 | 715 |  | 6356 |
| &nbsp;&nbsp;Warrants | 30 |  |  | 30 |
| &nbsp;&nbsp;Rights |  |  | 20 | 20 |
| &nbsp;&nbsp;Short Term Investments | 207713 | 1246 |  | 208959 |
|  | 1544844 | 1097748 | 11036 | 2653628 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Purchased Barrier Options |  | 10 |  | 10 |
| &nbsp;&nbsp;Futures Contracts | 6508 | 751 |  | 7259 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 42134 |  | 42134 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 937 |  | 937 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 11493 |  |  | 11493 |
| &nbsp;&nbsp;OTC Purchased Options |  | 626 |  | 626 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1870 |  | 1870 |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | 27 |  | 27 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 177 |  | 177 |
| &nbsp;&nbsp;OTC Contracts for Difference |  | 1528 |  | 1528 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 75 | 2 | 77 |
|  | 18001 | 48135 | 2 | 66138 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Global Allocation Fund (continued)** | **JNL/BlackRock Global Allocation Fund (continued)** | **JNL/BlackRock Global Allocation Fund (continued)** | **JNL/BlackRock Global Allocation Fund (continued)** | **JNL/BlackRock Global Allocation Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (6285) |  |  | (6285) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (3728) |  | (3728) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (154) |  | (154) |
| &nbsp;&nbsp;Exchange Traded Written Options | (8627) |  |  | (8627) |
| &nbsp;&nbsp;OTC Written Options |  | (1238) |  | (1238) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (2725) |  | (2725) |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | (1597) |  | (1597) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (327) |  | (327) |
| &nbsp;&nbsp;OTC Contracts for Difference |  | (2374) |  | (2374) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (35) | (28) | (63) |
|  | (14912) | (12178) | (28) | (27118) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.3%** | **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** |
| **United States of America 39.4%** | **United States of America 39.4%** | **United States of America 39.4%** |
| Bunge Global SA | 175 | 14218 |
| Chevron Corporation | 238 | 36978 |
| Corteva, Inc. | 492 | 33287 |
| Deere & Company | 21 | 9832 |
| EOG Resources, Inc. | 115 | 12885 |
| EQT Corporation | 148 | 8061 |
| Exxon Mobil Corporation | 431 | 48610 |
| Freeport-McMoRan Inc. | 379 | 14862 |
| Graphic Packaging Holding Company | 275 | 5380 |
| HF Sinclair Corporation | 142 | 7427 |
| Mosaic Company, The | 695 | 24095 |
| Newmont Corporation | 430 | 36248 |
| Packaging Corporation of America | 103 | 22382 |
| Permian Resources Corporation - Class A | 379 | 4854 |
| TechnipFMC PLC | 146 | 5751 |
| Williams Companies, Inc., The | 123 | 7786 |
|  |  | 292656 |
| **Canada 21.6%** | **Canada 21.6%** | **Canada 21.6%** |
| Barrick Mining Corporation | 760 | 24889 |
| Kinross Gold Corporation | 555 | 13801 |
| Nutrien Ltd. | 556 | 32625 |
| Red Lake Madsen Mine Ltd. (a) (b) | 427 |  |
| Suncor Energy Inc. | 584 | 24448 |
| Teck Resources Limited - Class B | 306 | 13428 |
| Wheaton Precious Metals Corp. | 456 | 50991 |
|  |  | 160182 |
| **United Kingdom 15.2%** | **United Kingdom 15.2%** | **United Kingdom 15.2%** |
| Anglo American PLC | 900 | 33871 |
| Mondi PLC | 553 | 7618 |
| Rio Tinto PLC | 226 | 14887 |
| Shell PLC - Class A | 1569 | 56127 |
|  |  | 112503 |
| **Ireland 5.1%** | **Ireland 5.1%** | **Ireland 5.1%** |
| CRH Public Limited Company | 96 | 11544 |
| Smurfit Westrock Public Limited Company | 613 | 26080 |
|  |  | 37624 |
| **Brazil 3.7%** | **Brazil 3.7%** | **Brazil 3.7%** |
| Vale S.A. - ADR | 2543 | 27614 |
| **Switzerland 2.8%** | **Switzerland 2.8%** | **Switzerland 2.8%** |
| Glencore PLC | 4459 | 20500 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| AngloGold Ashanti PLC | 108 | 7577 |
| Valterra Platinum | 113 | 8075 |
|  |  | 15652 |
| **Norway 1.8%** | **Norway 1.8%** | **Norway 1.8%** |
| Norsk Hydro ASA | 1996 | 13594 |
| **Luxembourg 1.7%** | **Luxembourg 1.7%** | **Luxembourg 1.7%** |
| ArcelorMittal - ADR (c) | 350 | 12642 |
| **Zambia 1.3%** | **Zambia 1.3%** | **Zambia 1.3%** |
| First Quantum Minerals Ltd (a) | 430 | 9727 |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| UPM-Kymmene Oyj | 311 | 8518 |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| Novozymes A/S - Class B | 128 | 7877 |
| **Germany 0.9%** | **Germany 0.9%** | **Germany 0.9%** |
| Heidelberg Materials AG | 29 | 6671 |
| **Democratic Republic of the Congo 0.5%** | **Democratic Republic of the Congo 0.5%** | **Democratic Republic of the Congo 0.5%** |
| Ivanhoe Mines Ltd - Class A (a) | 360 | 3819 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (b) (d) | 5692 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 106 |  |
| Total Common Stocks (cost $658,797) | Total Common Stocks (cost $658,797) | 729579 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.04% (e) (f) | 12914 | 12914 |
| Total Short Term Investments (cost $12,914) | Total Short Term Investments (cost $12,914) | 12914 |
| **Total Investments 100.0% (cost $671,711)** | **Total Investments 100.0% (cost $671,711)** | **742493** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **92** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **742585** |

---

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(c) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 22076 | 343270 | 352432 | 386 |  |  | 12914 | 1.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 71 | 211265 | 211336 | 147 |  |  |  |  |
|  | 22147 | 554535 | 563768 | 533 |  |  | 12914 | 1.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 11/23/21 | 25117 |  |  |
| Public Joint Stock Company Polyus | 06/10/20 | 15311 |  |  |
|  |  | 40428 |  |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 551841 | 177738 |  | 729579 |
| &nbsp;&nbsp;Short Term Investments | 12914 |  |  | 12914 |
|  | 564755 | 177738 |  | 742493 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 100.3%** | **COMMON STOCKS 100.3%** | **COMMON STOCKS 100.3%** |
| **Information Technology 53.0%** | **Information Technology 53.0%** | **Information Technology 53.0%** |
| Amphenol Corporation - Class A | 297 | 36781 |
| Apple Inc. | 1238 | 315311 |
| AppLovin Corporation - Class A (a) | 180 | 129227 |
| ASM International N.V. | 62 | 37292 |
| ASML Holding N.V. - ADR | 28 | 27196 |
| Broadcom Inc. | 954 | 314780 |
| Cadence Design Systems, Inc. (a) | 265 | 93099 |
| Corning Incorporated | 365 | 29952 |
| Fair Isaac Corporation (a) | 12 | 18517 |
| Intuit Inc. | 202 | 138133 |
| Microsoft Corporation | 949 | 491629 |
| NVIDIA Corporation | 3503 | 653592 |
| Oracle Corporation | 231 | 64966 |
| Shopify Inc. - Class A (a) | 212 | 31436 |
| Snowflake Inc. - Class A (a) | 88 | 19750 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 391 | 109284 |
|  |  | 2510945 |
| **Consumer Discretionary 15.3%** | **Consumer Discretionary 15.3%** | **Consumer Discretionary 15.3%** |
| Amazon.com, Inc. (a) | 1754 | 385193 |
| Carvana Co. - Class A (a) | 200 | 75588 |
| Ferrari N.V. | 185 | 89752 |
| Hilton Worldwide Holdings Inc. | 193 | 50155 |
| Tesla Inc. (a) | 279 | 124273 |
|  |  | 724961 |
| **Communication Services 12.0%** | **Communication Services 12.0%** | **Communication Services 12.0%** |
| Former Charter Communications Parent, Inc. - Class A (a) | 11 | 3004 |
| Meta Platforms, Inc. - Class A | 414 | 304212 |
| Netflix, Inc. (a) | 127 | 151593 |
| Spotify Technology S.A. (a) | 155 | 108069 |
|  |  | 566878 |
| **Financials 8.8%** | **Financials 8.8%** | **Financials 8.8%** |
| Adyen N.V. (a) (b) | 36 | 57155 |
| Blue Owl Capital Inc. - Class A | 1972 | 33391 |
| KKR & Co. Inc. - Class A | 725 | 94221 |
| S&P Global Inc. | 103 | 49951 |
| Visa Inc. - Class A | 533 | 181952 |
|  |  | 416670 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| Boston Scientific Corporation (a) | 505 | 49251 |
| Danaher Corporation | 170 | 33635 |
| Eli Lilly and Company | 160 | 122406 |
| Intuitive Surgical, Inc. (a) | 160 | 71416 |
|  |  | 276708 |
| **Industrials 4.3%** | **Industrials 4.3%** | **Industrials 4.3%** |
| Axon Enterprise, Inc. (a) | 95 | 67911 |
| Howmet Aerospace Inc. | 289 | 56765 |
| Trane Technologies Public Limited Company | 64 | 27105 |
| TransDigm Group Incorporated | 21 | 27677 |
| Vertiv Holdings Co - Class A | 159 | 24002 |
|  |  | 203460 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| CoStar Group, Inc. (a) | 353 | 29743 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| Sherwin-Williams Company, The | 50 | 17273 |
| Total Common Stocks (cost $2,582,824) | Total Common Stocks (cost $2,582,824) | 4746638 |
| **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 - Class I, 4.04% (c) (d) | 6666 | 6666 |
| Total Short Term Investments (cost $6,666) | Total Short Term Investments (cost $6,666) | 6666 |
| **Total Investments 100.4% (cost $2,589,490)** | **Total Investments 100.4% (cost $2,589,490)** | **4753304** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(18535)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4734769** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 19634 | 439420 | 452388 | 288 |  |  | 6666 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 115209 | 115209 | 38 |  |  |  |  |
|  | 19634 | 554629 | 567597 | 326 |  |  | 6666 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 N.V. | 07/17/25 | 63339 | 57155 | 1.2 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4652191 | 94447 |  | 4746638 |
| &nbsp;&nbsp;Short Term Investments | 6666 |  |  | 6666 |
|  | 4658857 | 94447 |  | 4753304 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 96.3%** | **COMMON STOCKS 96.3%** | **COMMON STOCKS 96.3%** |
| **United Kingdom 28.8%** | **United Kingdom 28.8%** | **United Kingdom 28.8%** |
| AstraZeneca PLC | 537 | 82211 |
| Barclays PLC | 15926 | 81654 |
| BP P.L.C. | 8979 | 51522 |
| British American Tobacco P.L.C. | 480 | 25476 |
| Diageo PLC | 2019 | 48276 |
| GSK PLC | 2236 | 47927 |
| National Grid PLC | 3248 | 46568 |
| NatWest Group PLC | 2642 | 18568 |
| Prudential Public Limited Company | 2843 | 39740 |
| Reckitt Benckiser Group PLC | 1156 | 89004 |
| Relx PLC | 792 | 37942 |
| Rolls-Royce Holdings PLC | 5396 | 86657 |
| SEGRO Public Limited Company | 3100 | 27298 |
| Smith & Nephew PLC | 1087 | 19708 |
| Smiths Group PLC | 215 | 6819 |
| Standard Chartered PLC | 1271 | 24620 |
| The Berkeley Group Holdings PLC | 408 | 21052 |
|  |  | 755042 |
| **France 18.9%** | **France 18.9%** | **France 18.9%** |
| Alstom (a) | 3708 | 96864 |
| BNP Paribas | 591 | 54121 |
| Capgemini | 284 | 41285 |
| Compagnie de Saint-Gobain | 534 | 57880 |
| Kering | 442 | 147891 |
| LVMH Moet Hennessy Louis Vuitton | 25 | 15154 |
| Sanofi | 513 | 48372 |
| Societe Generale | 503 | 33425 |
|  |  | 494992 |
| **Japan 10.9%** | **Japan 10.9%** | **Japan 10.9%** |
| FANUC Corporation | 1942 | 56014 |
| Murata Manufacturing Co., Ltd. | 2502 | 47548 |
| Nintendo Co., Ltd. | 148 | 12791 |
| Renesas Electronics Corporation | 6256 | 72040 |
| SMC Corporation | 171 | 52305 |
| Sompo Holdings, Inc. | 1032 | 31939 |
| Sumitomo Mitsui Financial Group, Inc. | 485 | 13621 |
|  |  | 286258 |
| **Germany 7.7%** | **Germany 7.7%** | **Germany 7.7%** |
| Deutsche Bank Aktiengesellschaft - Class N | 900 | 31883 |
| Deutsche Telekom AG - Class N | 1421 | 48478 |
| E.ON SE - Class N | 795 | 15001 |
| Infineon Technologies AG - Class N | 1347 | 52752 |
| SAP SE | 198 | 53059 |
|  |  | 201173 |
| **Netherlands 7.2%** | **Netherlands 7.2%** | **Netherlands 7.2%** |
| Akzo Nobel N.V. | 833 | 59619 |
| Heineken N.V. | 567 | 44413 |
| ING Groep N.V. | 1361 | 35509 |
| Koninklijke Philips N.V. | 1847 | 50344 |
|  |  | 189885 |
| **South Korea 5.1%** | **South Korea 5.1%** | **South Korea 5.1%** |
| Samsung Electronics Co., Ltd. | 1581 | 94936 |
| Samsung Fire & Marine Insurance Co., Ltd. | 47 | 14966 |
| Shinhan Financial Group Co., Ltd. | 484 | 24428 |
|  |  | 134330 |
| **Canada 3.0%** | **Canada 3.0%** | **Canada 3.0%** |
| Barrick Mining Corporation | 863 | 28335 |
| Canadian Pacific Kansas City Limited (b) | 692 | 51553 |
|  |  | 79888 |
| **Italy 2.9%** | **Italy 2.9%** | **Italy 2.9%** |
| ENEL - SPA | 3108 | 29506 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 614 | 46740 |
|  |  | 76246 |
| **Belgium 2.4%** | **Belgium 2.4%** | **Belgium 2.4%** |
| Anheuser-Busch InBev | 674 | 40277 |
| Syensqo | 289 | 23334 |
|  |  | 63611 |
| **United States of America 2.0%** | **United States of America 2.0%** | **United States of America 2.0%** |
| Carnival Corporation (a) | 1839 | 53176 |
| **China 1.5%** | **China 1.5%** | **China 1.5%** |
| Tencent Holdings Limited | 457 | 38882 |
| **Denmark 1.5%** | **Denmark 1.5%** | **Denmark 1.5%** |
| Novo Nordisk A/S - Class B | 692 | 38240 |
| **Sweden 1.0%** | **Sweden 1.0%** | **Sweden 1.0%** |
| Hexagon Aktiebolag - Class B | 2166 | 25860 |
| **Singapore 1.0%** | **Singapore 1.0%** | **Singapore 1.0%** |
| United Overseas Bank Limited | 953 | 25595 |
| **Switzerland 0.8%** | **Switzerland 0.8%** | **Switzerland 0.8%** |
| Glencore PLC | 4649 | 21369 |
| **Ireland 0.7%** | **Ireland 0.7%** | **Ireland 0.7%** |
| Smurfit Westrock Public Limited Company | 429 | 18246 |
| **Luxembourg 0.7%** | **Luxembourg 0.7%** | **Luxembourg 0.7%** |
| ArcelorMittal | 485 | 17528 |
| **Greece 0.2%** | **Greece 0.2%** | **Greece 0.2%** |
| Eurobank Ergasias Services And Holdings S.A. - Class R | 1744 | 6742 |
| Total Common Stocks (cost $2,089,447) | Total Common Stocks (cost $2,089,447) | 2527063 |
| **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** |
| **Switzerland 2.6%** | **Switzerland 2.6%** | **Switzerland 2.6%** |
| Roche Holding AG | 203 | 67442 |
| Total Preferred Stocks (cost $60,320) | Total Preferred Stocks (cost $60,320) | 67442 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 31009 | 31009 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 10442 | 10442 |
| Total Short Term Investments (cost $41,451) | Total Short Term Investments (cost $41,451) | 41451 |
| **Total Investments 100.5% (cost $2,191,218)** | **Total Investments 100.5% (cost $2,191,218)** | **2635956** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(12651)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2623305** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 9333 | 450239 | 449130 | 1167 |  |  | 10442 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10658 | 120855 | 100504 | 224 |  |  | 31009 | 1.2 |
|  | 19991 | 571094 | 549634 | 1391 |  |  | 41451 | 1.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/HKD | SSB | 10/03/25<br> HKD | (11043) | (1419) |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 151310 | 2375753 |  | 2527063 |
| &nbsp;&nbsp;Preferred Stocks |  | 67442 |  | 67442 |
| &nbsp;&nbsp;Short Term Investments | 41451 |  |  | 41451 |
|  | 192761 | 2443195 |  | 2635956 |
| **Assets - 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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 44.7%** | **Information Technology 44.7%** | **Information Technology 44.7%** |
| Apple Inc. | 379 | 96456 |
| ASML Holding N.V. - ADR | 28 | 26894 |
| Broadcom Inc. | 86 | 28225 |
| Datadog, Inc. - Class A (a) | 59 | 8387 |
| Fair Isaac Corporation (a) | 5 | 6884 |
| Intuit Inc. | 51 | 34875 |
| Marvell Technology, Inc. | 159 | 13367 |
| Microsoft Corporation | 253 | 130849 |
| NVIDIA Corporation | 1089 | 203141 |
| Oracle Corporation | 105 | 29586 |
| Palo Alto Networks, Inc. (a) | 199 | 40580 |
| Salesforce, Inc. | 58 | 13785 |
| ServiceNow, Inc. (a) | 11 | 10307 |
| Synopsys, Inc. (a) | 53 | 25953 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 96 | 26764 |
|  |  | 696053 |
| **Communication Services 13.3%** | **Communication Services 13.3%** | **Communication Services 13.3%** |
| Alphabet Inc. - Class A | 173 | 41982 |
| Meta Platforms, Inc. - Class A | 142 | 104430 |
| Netflix, Inc. (a) | 51 | 61463 |
|  |  | 207875 |
| **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** |
| Airbnb, Inc. - Class A (a) | 175 | 21243 |
| Amazon.com, Inc. (a) | 549 | 120459 |
| Chipotle Mexican Grill, Inc. (a) | 78 | 3065 |
| Starbucks Corporation | 205 | 17372 |
| Tesla Inc. (a) | 89 | 39679 |
|  |  | 201818 |
| **Industrials 8.8%** | **Industrials 8.8%** | **Industrials 8.8%** |
| Airbus SE - ADR | 370 | 21548 |
| Eaton Corporation Public Limited Company | 94 | 34980 |
| Parker-Hannifin Corporation | 8 | 6369 |
| RTX Corporation | 130 | 21812 |
| Uber Technologies, Inc. (a) | 270 | 26480 |
| W.W. Grainger, Inc. | 26 | 25111 |
|  |  | 136300 |
| **Financials 8.0%** | **Financials 8.0%** | **Financials 8.0%** |
| Marsh & Mclennan Companies, Inc. | 86 | 17347 |
| PayPal Holdings, Inc. (a) | 312 | 20891 |
| S&P Global Inc. | 41 | 19936 |
| Visa Inc. - Class A | 197 | 67144 |
|  |  | 125318 |
| **Health Care 6.3%** | **Health Care 6.3%** | **Health Care 6.3%** |
| Intuitive Surgical, Inc. (a) | 71 | 31499 |
| Stryker Corporation | 62 | 23042 |
| Thermo Fisher Scientific Inc. | 48 | 23462 |
| Vertex Pharmaceuticals Incorporated (a) | 50 | 19660 |
|  |  | 97663 |
| **Materials 2.5%** | **Materials 2.5%** | **Materials 2.5%** |
| Linde Public Limited Company | 32 | 15295 |
| Sherwin-Williams Company, The | 68 | 23563 |
|  |  | 38858 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| Equinix, Inc. | 25 | 19408 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Monster Beverage 1990 Corporation (a) | 275 | 18537 |
| Total Common Stocks (cost $815,864) | Total Common Stocks (cost $815,864) | 1541830 |
| **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 - Class I, 4.04% (b) (c) | 8589 | 8589 |
| Total Short Term Investments (cost $8,589) | Total Short Term Investments (cost $8,589) | 8589 |
| **Total Investments 99.5% (cost $824,453)** | **Total Investments 99.5% (cost $824,453)** | **1550419** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **7400** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1557819** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 8912 | 234403 | 234726 | 473 |  |  | 8589 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 27946 | 27946 | 11 |  |  |  |  |
|  | 8912 | 262349 | 262672 | 484 |  |  | 8589 | 0.6 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1541830 |  |  | 1541830 |
| &nbsp;&nbsp;Short Term Investments | 8589 |  |  | 8589 |
|  | 1550419 |  |  | 1550419 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Real Estate 96.7%** | **Real Estate 96.7%** | **Real Estate 96.7%** |
| Agree Realty Corporation | 21 | 1459 |
| American Homes 4 Rent - Class A | 38 | 1275 |
| American Tower Corporation | 31 | 5986 |
| Americold Realty Trust, Inc. | 18 | 224 |
| BXP, Inc. | 22 | 1653 |
| Caretrust REIT, Inc. | 33 | 1132 |
| Crown Castle Inc. | 64 | 6134 |
| Digital Realty Trust, Inc. | 39 | 6647 |
| Equinix, Inc. | 3 | 2647 |
| Equity Lifestyle Properties, Inc. | 11 | 639 |
| Equity Residential | 9 | 607 |
| Essex Property Trust, Inc. | 10 | 2627 |
| Extra Space Storage Inc. | 23 | 3272 |
| Healthcare Realty Trust Incorporated - Class A | 94 | 1700 |
| Highwoods Properties, Inc. | 37 | 1176 |
| Host Hotels & Resorts, Inc. | 136 | 2322 |
| Hudson Pacific Properties, Inc. (a) | 87 | 239 |
| Invitation Homes Inc. | 97 | 2848 |
| Iron Mountain Incorporated | 27 | 2764 |
| Kilroy Realty Corporation (b) | 18 | 749 |
| Kimco Realty OP, LLC | 76 | 1666 |
| Kite Realty Naperville, LLC | 36 | 812 |
| Lamar Advertising Company - Class A | 3 | 393 |
| Omega Healthcare Investors, Inc. | 30 | 1275 |
| OUTFRONT Media Inc. | 25 | 450 |
| ProLogis Inc. | 46 | 5242 |
| Public Storage Operating Company | 6 | 1719 |
| Realty Income Corporation | 22 | 1332 |
| SBA Communications Corporation - Class A | 9 | 1763 |
| Simon Property Group, Inc. | 14 | 2688 |
| Sun Communities, Inc. | 18 | 2333 |
| UDR, Inc. | 44 | 1649 |
| VICI Properties Inc. | 29 | 954 |
| Welltower Inc. | 56 | 9911 |
| Weyerhaeuser Company | 83 | 2057 |
|  |  | 80344 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| Boyd Gaming Corporation | 6 | 535 |
| Caesars Entertainment, Inc. (a) | 36 | 959 |
|  |  | 1494 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| PACS Group, Inc. (a) | 16 | 218 |
| Total Common Stocks (cost $84,018) | Total Common Stocks (cost $84,018) | 82056 |
| **WARRANTS 0.5%** | **WARRANTS 0.5%** | **WARRANTS 0.5%** |
| Hudson Pacific Properties, Inc. (a) (c) | 153 | 419 |
| Total Warrants (cost $339) | Total Warrants (cost $339) | 419 |
| **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 - Class I, 4.04% (d) (e) | 75 | 75 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 26 | 26 |
| Total Short Term Investments (cost $101) | Total Short Term Investments (cost $101) | 101 |
| **Total Investments 99.4% (cost $84,458)** | **Total Investments 99.4% (cost $84,458)** | **82576** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **487** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **83063** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 978 | 23944 | 24847 | 17 |  |  | 75 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 26 |  |  |  |  | 26 |  |
|  | 978 | 23970 | 24847 | 17 |  |  | 101 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 82056 |  |  | 82056 |
| &nbsp;&nbsp;Warrants |  | 419 |  | 419 |
| &nbsp;&nbsp;Short Term Investments | 101 |  |  | 101 |
|  | 82157 | 419 |  | 82576 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **Japan 21.7%** | **Japan 21.7%** | **Japan 21.7%** |
| Advantest Corporation | 11 | 1115 |
| AEON Co., Ltd. | 29 | 348 |
| Ain Holdings Inc. | 3 | 137 |
| Ajinomoto Co., Inc. | 10 | 296 |
| Aozora Bank, Ltd. (a) | 35 | 543 |
| Asahi Group Holdings, Ltd. | 40 | 475 |
| ASICS Corporation | 19 | 508 |
| Astellas Pharma Inc. (a) | 82 | 888 |
| Bandai Namco Holdings Inc. | 8 | 276 |
| Baycurrent Inc. | 4 | 235 |
| Bridgestone Corporation | 14 | 629 |
| Canon Inc. | 19 | 564 |
| Capcom Co., Ltd. | 11 | 289 |
| Central Japan Railway Company | 6 | 158 |
| Chubu Electric Power Co., Ltd. | 13 | 174 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 302 |
| Concordia Financial Group, Ltd. | 70 | 534 |
| Cosmo Energy Holdings Co., Ltd. | 23 | 554 |
| Daifuku Co., Ltd. | 8 | 266 |
| Dai-ichi Life Holdings, Inc. | 85 | 669 |
| Daiichi Sankyo Company, Limited | 10 | 222 |
| Daikin Industries, Ltd. | 3 | 370 |
| Daito Trust Construction Co., Ltd. | 9 | 188 |
| Daiwa House Industry Co., Ltd. | 12 | 431 |
| Daiwa Securities Group Inc. (a) | 30 | 241 |
| Daiwabo Holdings Co., Ltd. | 46 | 926 |
| DENSO Corporation | 24 | 342 |
| DIC Corporation | 35 | 858 |
| DISCO Corporation | 2 | 470 |
| DOWA Holdings Co., Ltd. | 56 | 2058 |
| East Japan Railway Company | 7 | 159 |
| EBARA Corporation | 22 | 502 |
| Eisai Co., Ltd. | 7 | 236 |
| ENEOS Holdings, Inc. | 163 | 1032 |
| EXEO Group, Inc. | 85 | 1236 |
| FANUC Corporation | 2 | 69 |
| Fast Retailing Co., Ltd. | 2 | 455 |
| Fuji Corporation Co., Ltd. | 29 | 520 |
| Fuji Electric Co., Ltd. | 4 | 248 |
| FUJIFILM Holdings Corporation | 9 | 226 |
| Fujikura Ltd. | 8 | 744 |
| Fujitsu Limited | 17 | 400 |
| Hamamatsu Photonics K.K. | 53 | 568 |
| Hankyu Hanshin Holdings, Inc. | 8 | 221 |
| HASEKO Corporation | 37 | 624 |
| Hitachi, Ltd. | 62 | 1640 |
| Honda Motor Co., Ltd. - ADR (a) | 1 | 23 |
| Honda Motor Co., Ltd. (a) | 51 | 525 |
| HOYA Corporation | 4 | 499 |
| Idemitsu Kosan Co., Ltd. | 48 | 329 |
| IHI Corporation | 32 | 587 |
| Inpex Corporation | 91 | 1653 |
| Isuzu Motors Limited | 47 | 594 |
| ITOCHU Corporation | 8 | 467 |
| J.Front Retailing Co., Ltd. | 22 | 360 |
| Japan Airlines Co., Ltd. | 6 | 119 |
| Japan Airport Terminal Co., Ltd. | 21 | 653 |
| Japan Exchange Group, Inc. | 30 | 335 |
| Japan Post Bank Co., Ltd. | 17 | 210 |
| Japan Post Holdings Co., Ltd. | 16 | 163 |
| Japan Tobacco Inc. | 12 | 382 |
| JEOL Ltd. | 21 | 726 |
| Kaga Electronics Co., Ltd. | 3 | 72 |
| Kajima Corporation | 5 | 134 |
| Kanematsu Corporation | 28 | 579 |
| Kao Corporation | 10 | 414 |
| Kawasaki Heavy Industries, Ltd. | 6 | 423 |
| KDDI Corporation | 42 | 666 |
| Keio Corporation (a) | 2 | 39 |
| Keyence Corporation | 1 | 224 |
| Kikkoman Corporation (a) | 28 | 235 |
| Kintetsu Group Holdings Co., Ltd (a) | 21 | 440 |
| Kirin Holdings Company, Limited | 12 | 182 |
| Koei Tecmo Holdings Co., Ltd. | 8 | 100 |
| Komatsu Ltd. | 10 | 349 |
| Konami Group Corporation | 2 | 289 |
| Konica Minolta, Inc. | 250 | 891 |
| Kubota Corporation | 31 | 391 |
| Kurita Water Industries Ltd. | 7 | 249 |
| KYOCERA Corporation | 35 | 463 |
| Kyushu Electric Power Co., Inc. | 22 | 216 |
| Lasertec Co., Ltd. | 2 | 330 |
| LINEYahoo! Corporation | 35 | 114 |
| Lion Corporation | 27 | 284 |
| LIXIL Corporation | 63 | 779 |
| Mabuchi Motor Co., Ltd. | 68 | 1187 |
| Makita Corporation | 5 | 165 |
| Marubeni Corporation | 14 | 337 |
| MARUWA Co., Ltd. | 1 | 286 |
| MatsukiyoCocokara & Co. | 4 | 73 |
| Mebuki Financial Group Inc. | 147 | 937 |
| Meiji Holdings Co., Ltd. | 6 | 129 |
| Mercari, Inc. (b) | 74 | 1136 |
| Minebeamitsumi Inc. | 59 | 1119 |
| MIRAIT ONE Corporation | 14 | 269 |
| Mitsubishi Chemical Group Corporation | 110 | 634 |
| Mitsubishi Corporation | 29 | 700 |
| Mitsubishi Electric Corporation | 9 | 232 |
| Mitsubishi Estate Co., Ltd. | 10 | 223 |
| Mitsubishi Heavy Industries, Ltd. | 22 | 579 |
| Mitsubishi Logistics Corporation | 31 | 251 |
| Mitsubishi Materials Corporation | 87 | 1638 |
| Mitsubishi UFJ Financial Group, Inc. | 76 | 1222 |
| Mitsui & Co., Ltd. | 17 | 413 |
| Mitsui E&S Co., Ltd. | 8 | 230 |
| Mitsui Fudosan Co., Ltd. | 17 | 183 |
| Mitsui Mining & Smelting Co., Ltd. | 21 | 1615 |
| Mitsui O.S.K. Lines, Ltd. | 8 | 240 |
| Mizuho Financial Group, Inc. | 22 | 725 |
| MonotaRO Co., Ltd. | 4 | 57 |
| MS&AD Insurance Group Holdings, Inc. | 28 | 632 |
| Murata Manufacturing Co., Ltd. | 12 | 236 |
| Nagase & Co., Ltd. | 57 | 1235 |
| Nagoya Railroad Co., Ltd. | 13 | 160 |
| Nec Corporation | 9 | 276 |
| Nidec Corporation | 14 | 240 |
| Nifco Inc. | 37 | 1116 |
| Nihon M&A Center Holdings Inc. | 10 | 51 |
| Nintendo Co., Ltd. | 2 | 164 |
| Nippon Express Co., Ltd. | 34 | 763 |
| Nippon Gas Co., Ltd. | 73 | 1370 |
| Nippon Paint Holdings Co., Ltd. | 21 | 143 |
| Nippon Sanso Holdings Corporation | 2 | 57 |
| Nippon Steel Corporation | 79 | 327 |
| Nippon Telegraph and Telephone Corporation | 213 | 223 |
| Nippon Yusen Kabushiki Kaisha | 18 | 601 |
| Nipro Corporation | 12 | 119 |
| Nissan Chemical Corporation | 16 | 567 |
| Nissan Motor Co., Ltd. (a) (b) | 64 | 158 |
| Nissin Food Holdings Co., Ltd. (a) | 2 | 38 |
| Niterra Co., Ltd. | 3 | 116 |
| Nitori Holdings Co., Ltd. | 18 | 339 |
| Nitto Denko Corporation | 24 | 569 |
| Nomura Holdings, Inc. | 52 | 378 |
| Nomura Holdings, Inc. - ADR (a) | 4 | 28 |
| Nomura Research Institute, Ltd. | 6 | 242 |
| OBIC Business Consultants Co., Ltd. | 1 | 31 |
| OBIC Co., Ltd. | 4 | 139 |
| Olympus Corporation | 45 | 564 |
| OMRON Corporation | 2 | 50 |
| Ono Pharmaceutical Co., Ltd. | 4 | 44 |
| Oriental Land Co., Ltd. | 7 | 171 |
| ORIX Corporation | 18 | 478 |
| Otsuka Holdings Co., Ltd. | 7 | 346 |
| Pan Pacific International Holdings Corporation | 37 | 240 |
| Panasonic Holdings Corporation | 41 | 443 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pigeon Corporation | 46 | 553 |
| Rakuten Bank, Ltd. (b) | 1 | 78 |
| Rakuten Group, Inc. (b) | 40 | 259 |
| Recruit Holdings Co., Ltd. | 13 | 681 |
| Renesas Electronics Corporation | 29 | 329 |
| Resona Holdings, Inc. | 34 | 351 |
| Resonac Graphite America Inc. | 59 | 2006 |
| Ryohin Keikaku Co., Ltd. | 4 | 76 |
| Sankyu Co., Ltd. | 6 | 312 |
| Santen Pharmaceutical Co., Ltd. | 159 | 1765 |
| Sapporo Holdings Limited | 12 | 599 |
| Sawai Group Holdings Co., Ltd. | 19 | 263 |
| SBI Holdings, Inc. | 6 | 248 |
| SCREEN Holdings Co., Ltd. (a) | 2 | 137 |
| SCSK Corporation | 4 | 123 |
| Secom Co., Ltd. | 2 | 88 |
| Sekisui Chemical Co., Ltd. | 30 | 563 |
| Sekisui House, Ltd. | 24 | 546 |
| Seven & I Holdings Co., Ltd. | 48 | 649 |
| Shimadzu Corporation | 6 | 144 |
| Shimano Inc. | 2 | 168 |
| Shin-Etsu Chemical Co., Ltd. | 23 | 755 |
| Shionogi & Co., Ltd. | 18 | 313 |
| Ship Healthcare Holdings, Inc. | 62 | 963 |
| Shiseido Company, Limited | 7 | 116 |
| Sinfonia Technology Co., Ltd. | 10 | 621 |
| SKYLARK Holdings Co., Ltd. | 53 | 1096 |
| SMC Corporation | 1 | 214 |
| Socionext Inc. | 35 | 657 |
| SoftBank Corp. | 230 | 339 |
| SoftBank Group Corp. | 29 | 3625 |
| Sojitz Corporation | 36 | 944 |
| Sompo Holdings, Inc. | 18 | 564 |
| Sony Financial Group Inc. | 89 | 98 |
| Sony Group Corporation | 89 | 2554 |
| Sotetsu Holdings Inc. | 18 | 328 |
| Subaru Corporation. | 51 | 1044 |
| SUMCO Corporation | 120 | 1273 |
| Sumitomo Bakelite Co., Ltd. | 17 | 579 |
| Sumitomo Chemical Company, Limited | 346 | 1092 |
| Sumitomo Corporation | 11 | 307 |
| Sumitomo Electric Industries, Ltd. | 31 | 883 |
| Sumitomo Forestry Co., Ltd. | 48 | 572 |
| Sumitomo Heavy Industries, Ltd. | 18 | 421 |
| Sumitomo Mitsui Financial Group, Inc. - ADR (a) | 3 | 50 |
| Sumitomo Mitsui Financial Group, Inc. | 32 | 888 |
| Sumitomo Mitsui Trust Group, Inc. | 14 | 395 |
| Sumitomo Realty & Development Co., Ltd. | 12 | 521 |
| Suzuki Motor Corporation | 37 | 546 |
| Sysmex Corporation | 14 | 174 |
| T&D Holdings, Inc. | 13 | 311 |
| Taisei Corporation | 3 | 172 |
| Takeda Pharmaceutical Company Limited | 24 | 699 |
| TDK Corporation | 42 | 607 |
| TechnoPro Holdings, Inc. | 48 | 1566 |
| Teijin Limited | 26 | 225 |
| Terumo Corporation | 16 | 264 |
| The Hachijuni Bank, Ltd. | 107 | 1116 |
| The Kansai Electric Power Company, Incorporated | 15 | 210 |
| TIS Inc. | 4 | 115 |
| Toho Co., Ltd. | 1 | 58 |
| TOHO GAS Co., Ltd. (a) | 6 | 173 |
| Tokai Carbon Co., Ltd. | 152 | 1058 |
| Tokio Marine Holdings, Inc. | 26 | 1085 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 36 | 168 |
| Tokyo Electron Limited | 4 | 773 |
| Tokyo Gas Co., Ltd. | 6 | 217 |
| Tokyu Fudosan Holdings Corporation | 217 | 1793 |
| Toray Industries, Inc. | 28 | 181 |
| Tosoh Corporation | 59 | 876 |
| TOTO Ltd. | 19 | 492 |
| Toyo Suisan Kaisha, Ltd. | 3 | 200 |
| Toyo Tire Corporation | 27 | 704 |
| Toyota Industries Corporation | 1 | 112 |
| Toyota Motor Corporation | 185 | 3530 |
| Toyota Tsusho Corporation | 17 | 483 |
| Trend Micro Incorporated | 4 | 213 |
| Tsumura & Co. | 40 | 986 |
| UBE Corporation (a) | 45 | 697 |
| Unicharm Corporation | 46 | 300 |
| United Supermarkets Holdings Inc. | 40 | 261 |
| West Japan Railway Company | 11 | 248 |
| Yakult Honsha Co., Ltd. (a) | 16 | 253 |
| Yamaha Corporation (a) | 14 | 93 |
| Yamaha Motor Co., Ltd. | 49 | 370 |
| Yamato Holdings Co., Ltd. | 42 | 667 |
| Yaskawa Electric Corporation | 16 | 348 |
| Yoshinoya Holdings Co., Ltd. | 34 | 686 |
| | | 120848 |
| **United Kingdom 11.6%** | **United Kingdom 11.6%** | **United Kingdom 11.6%** |
| 3i Group PLC | 24 | 1343 |
| Anglo American PLC | 31 | 1178 |
| AstraZeneca PLC - ADR | 9 | 695 |
| AstraZeneca PLC | 17 | 2593 |
| Auto Trader Group PLC | 118 | 1251 |
| BAE Systems PLC | 25 | 687 |
| Barclays PLC | 188 | 966 |
| Barclays PLC - ADR | 6 | 116 |
| Barratt Redrow PLC | 159 | 834 |
| Beazley Ireland Holdings PLC | 87 | 1061 |
| Bellway p.l.c. | 14 | 470 |
| BP P.L.C. - ADR | 8 | 279 |
| BP P.L.C. | 335 | 1921 |
| British American Tobacco P.L.C. | 16 | 872 |
| BT Group PLC | 397 | 1018 |
| Bunzl Public Limited Company | 8 | 239 |
| Burberry Group PLC (b) | 62 | 970 |
| Centrica PLC | 418 | 939 |
| Compass Group PLC | 19 | 635 |
| Croda International Public Limited Company | 3 | 109 |
| Diageo PLC - ADR | 1 | 119 |
| Diageo PLC | 21 | 512 |
| Diploma PLC | 1 | 102 |
| Drax Group PLC | 31 | 290 |
| Experian PLC | 24 | 1225 |
| Fiat Chrysler Automobiles N.V. | 45 | 418 |
| Frasers Group PLC (b) | 14 | 140 |
| Games Workshop Group PLC | 2 | 435 |
| GSK PLC | 56 | 1205 |
| GSK PLC - ADR (a) | 1 | 35 |
| Haleon PLC | 226 | 1009 |
| Haleon PLC - ADR | 1 | 9 |
| Halma Public Limited Company | 3 | 126 |
| Howden Joinery Group PLC | 102 | 1159 |
| HSBC Holdings PLC - ADR (a) | 8 | 576 |
| HSBC Holdings PLC | 199 | 2809 |
| Imperial Brands PLC | 5 | 232 |
| Inchcape PLC | 23 | 215 |
| Informa PLC | 101 | 1246 |
| InterContinental Hotels Group PLC | 1 | 148 |
| InterContinental Hotels Group PLC - ADR | 1 | 94 |
| Intertek Group PLC | 12 | 769 |
| Ithaca Energy PLC | 35 | 93 |
| J Sainsbury PLC | 62 | 280 |
| JD Sports Fashion PLC | 28 | 37 |
| Jet2 PLC | 4 | 70 |
| Kingfisher PLC | 586 | 2438 |
| Legal & General Group PLC | 166 | 534 |
| Lion Finance Group PLC | 5 | 546 |
| Lloyds Banking Group PLC - ADR (a) | 17 | 75 |
| Lloyds Banking Group PLC | 704 | 795 |
| London Stock Exchange Group PLC | 1 | 171 |
| Man Group PLC | 119 | 285 |
| Marks and Spencer Group P.L.C. | 243 | 1194 |
| Melrose Industries PLC | 23 | 191 |
| Mondi PLC | 28 | 380 |
| National Grid PLC | 24 | 338 |
| National Grid PLC - ADR (a) | 2 | 138 |
| NatWest Group PLC | 261 | 1831 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Next PLC | 3 | 429 |
| NMC Health PLC (c) | 1 |  |
| Paragon Banking Group PLC | 23 | 267 |
| Pennon Group PLC | 47 | 298 |
| Reckitt Benckiser Group PLC | 22 | 1688 |
| Relx PLC | 25 | 1191 |
| Relx PLC - ADR | 5 | 249 |
| Rio Tinto PLC - ADR | 1 | 66 |
| Rio Tinto PLC | 24 | 1596 |
| Rolls-Royce Holdings PLC | 143 | 2303 |
| RS Group PLC | 80 | 609 |
| Serco Group PLC | 91 | 290 |
| Severn Trent PLC | 6 | 223 |
| Shell PLC - Class A | 115 | 4117 |
| Shell PLC - Class A - ADR | 13 | 898 |
| Smith & Nephew PLC - ADR (a) | 5 | 199 |
| Smith & Nephew PLC | 36 | 655 |
| Smiths Group PLC | 9 | 299 |
| Softcat PLC | 58 | 1226 |
| Spirax Group PLC | 3 | 243 |
| SSE PLC | 37 | 868 |
| St. James's Place PLC | 42 | 711 |
| Standard Chartered PLC | 9 | 179 |
| Subsea 7 S.A. | 6 | 119 |
| Tate & Lyle Public Limited Company | 18 | 108 |
| Tesco PLC | 239 | 1437 |
| The Sage Group PLC. | 19 | 283 |
| Unilever PLC | 18 | 1087 |
| Unilever PLC - ADR | 8 | 499 |
| United Utilities PLC | 30 | 461 |
| Vistry Group PLC | 11 | 94 |
| Vodafone Group Public Limited Company | 987 | 1146 |
| Wise PLC - Class A (b) | 10 | 134 |
| WPP 2012 Limited | 30 | 147 |
| | | 64564 |
| **Canada 11.1%** | **Canada 11.1%** | **Canada 11.1%** |
| Agnico Eagle Mines Limited | 12 | 2038 |
| Alamos Gold Inc - Class A | 33 | 1144 |
| Algonquin Power & Utilities Corp. (a) | 91 | 488 |
| Alimentation Couche-Tard Inc. | 9 | 504 |
| ARC Resources Ltd. | 63 | 1140 |
| Aritzia, Inc. (b) | 3 | 155 |
| ATCO Ltd. - Class I | 5 | 175 |
| ATS Corporation (a) (b) | 6 | 145 |
| Bank of Montreal | 11 | 1405 |
| Bank of Nova Scotia, The | 16 | 1008 |
| Banque Nationale Du Canada (a) | 7 | 750 |
| Barrick Mining Corporation | 52 | 1701 |
| Bombardier Inc. - Class B (b) | 5 | 663 |
| Boyd Group Services Inc. (a) | 2 | 376 |
| Brookfield Corporation - Class A | 8 | 552 |
| Brookfield Infrastructure Corporation - Class A | 3 | 140 |
| Brookfield Wealth Solutions Ltd. - Class A | 6 | 377 |
| CAE Inc. (b) | 4 | 107 |
| Cameco Corporation (a) | 3 | 227 |
| Canadian Imperial Bank of Commerce | 16 | 1302 |
| Canadian National Railway Company | 7 | 698 |
| Canadian Natural Resources Limited | 55 | 1762 |
| Canadian Pacific Kansas City Limited (a) | 7 | 503 |
| Capital Power Corporation (a) | 9 | 432 |
| Celestica Inc. (b) | 6 | 1378 |
| Cenovus Energy Inc. | 82 | 1393 |
| CGI Inc. - Class A | 6 | 506 |
| CGI Inc. - Class A |  | 34 |
| Colliers International Group Inc. | 2 | 281 |
| Constellation Software Inc. |  | 543 |
| Descartes Systems Group Inc., The (b) | 1 | 113 |
| Dollarama Inc. | 7 | 910 |
| Eldorado Gold Corporation (b) | 62 | 1798 |
| Element Fleet Management Corp. | 17 | 445 |
| Emera Incorporated (d) | 6 | 283 |
| Empire Company Limited - Class A | 2 | 72 |
| Enbridge Inc. | 13 | 676 |
| EQB Inc. | 4 | 288 |
| Fairfax Financial Holdings Limited |  | 175 |
| Finning International Inc. | 31 | 1420 |
| FirstService Corporation | 3 | 629 |
| Fortis Inc. | 1 | 54 |
| Fortis Inc. | 8 | 415 |
| Franco-Nevada Corporation | 1 | 292 |
| GFL Environmental Inc. | 1 | 62 |
| Great-West Lifeco Inc. | 4 | 174 |
| Groupe Atkinsrealis Inc. | 4 | 296 |
| Groupe WSP Global Inc. | 4 | 755 |
| Hydro One Limited | 1 | 39 |
| iA Societe Financiere Inc. | 9 | 1001 |
| IGM Financial Inc. | 4 | 162 |
| Imperial Oil Limited | 6 | 570 |
| Intact Financial Corporation | 5 | 912 |
| International Petroleum Corporation (b) | 6 | 106 |
| Kinross Gold Corporation | 90 | 2239 |
| Les Vetements de Sport Gildan Inc. - Class A | 15 | 894 |
| Loblaw Companies Limited | 11 | 421 |
| Magna International Inc. | 17 | 824 |
| Manulife Financial Corporation | 19 | 577 |
| MDA Space Ltd. (b) | 5 | 127 |
| MEG Energy Corp. | 55 | 1113 |
| Methanex Corporation | 6 | 250 |
| Metro Inc. - Class A | 7 | 497 |
| Nutrien Ltd. | 17 | 1024 |
| ONEX Corporation | 13 | 1148 |
| Open Text Corporation | 20 | 766 |
| Orogen Royalties Inc. | 4 | 160 |
| Pan American Silver Corp. | 32 | 1233 |
| Pembina Pipeline Corporation | 22 | 873 |
| Prairiesky Royalty Ltd. (a) | 14 | 262 |
| Premium Brands Holdings Corporation | 3 | 199 |
| Quebecor Inc. - Class B | 2 | 74 |
| Restaurant Brands International Limited Partnership | 11 | 693 |
| Rogers Communications Inc. - Class B (a) | 11 | 374 |
| Royal Bank of Canada |  | 54 |
| Royal Bank of Canada | 31 | 4567 |
| Saputo Inc. | 3 | 65 |
| Shopify Inc. - Class A (b) | 2 | 223 |
| Shopify Inc. - Class A (b) |  | 55 |
| South Bow Corporation (a) | 5 | 145 |
| Spin Master Corp. (e) | 1 | 15 |
| Stantec Inc. | 2 | 259 |
| Sun Life Financial Inc. | 25 | 1486 |
| Suncor Energy Inc. | 37 | 1563 |
| TC Energy Corporation (a) | 6 | 336 |
| Teck Resources Limited - Class B | 8 | 346 |
| TFI International Inc. (a) | 2 | 204 |
| Thomson Reuters Corporation | 1 | 169 |
| TMX Group Limited | 6 | 245 |
| Toromont Industries Ltd. | 9 | 973 |
| Toronto-Dominion Bank, The | 3 | 250 |
| Toronto-Dominion Bank, The | 13 | 1048 |
| Tourmaline Oil Corp (a) | 8 | 363 |
| Triple Flag Precious Metals Corp. | 2 | 53 |
| Wheaton Precious Metals Corp. | 1 | 137 |
| Whitecap Resources Inc. (a) | 210 | 1606 |
| Winpak Ltd. (a) | 5 | 144 |
|  |  | 61628 |
| **Germany 7.9%** | **Germany 7.9%** | **Germany 7.9%** |
| Adidas AG - Class N | 4 | 885 |
| Allianz SE | 3 | 1401 |
| Aumovio SE (b) | 3 | 135 |
| Aurubis AG | 4 | 490 |
| BASF SE - Class N | 44 | 2213 |
| Bayer Aktiengesellschaft - Class N | 5 | 159 |
| Bayerische Motoren Werke Aktiengesellschaft | 6 | 653 |
| Beiersdorf Aktiengesellschaft | 1 | 128 |
| Brenntag SE - Class N | 13 | 767 |
| Continental Aktiengesellschaft | 7 | 435 |
| Covestro AG (b) | 9 | 623 |
| CTS Eventim AG & Co. KGaA | 9 | 899 |
| Daimler Truck Holding AG | 24 | 1004 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Deutsche Bank Aktiengesellschaft - Class N | 25 | 878 |
| Deutsche Borse Aktiengesellschaft - Class N | 4 | 975 |
| Deutsche Lufthansa Aktiengesellschaft | 35 | 295 |
| Deutsche Post AG - Class N | 36 | 1629 |
| Deutsche Telekom AG - Class N | 93 | 3159 |
| DW Property Invest GmbH | 3 | 68 |
| E.ON SE - Class N | 117 | 2205 |
| Elia Group | 2 | 223 |
| Fraport AG Frankfurt Airport Services Worldwide (b) | 2 | 147 |
| freenet AG - Class N | 15 | 484 |
| Fresenius Medical Care AG | 14 | 759 |
| Fresenius SE & Co. KGaA | 12 | 671 |
| GEA Group Aktiengesellschaft | 24 | 1803 |
| Hannover Ruck SE - Class N | 3 | 826 |
| Hapag-Lloyd Aktiengesellschaft (d) | 1 | 113 |
| Heidelberg Materials AG | 1 | 154 |
| Henkel AG & Co. KGaA |  | 7 |
| Hensoldt AG | 9 | 1154 |
| Infineon Technologies AG - Class N | 30 | 1158 |
| Kion Group AG | 9 | 640 |
| Knorr - Bremse Aktiengesellschaft (d) | 6 | 580 |
| LEG Immobilien SE | 5 | 372 |
| Mercedes-Benz Group AG - Class N | 14 | 879 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 165 |
| MTU Aero Engines AG - Class N | 2 | 713 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1320 |
| Nemetschek SE | 1 | 113 |
| Puma SE | 9 | 220 |
| Qiagen N.V. (a) |  | 22 |
| Qiagen N.V. | 12 | 550 |
| Rheinmetall Aktiengesellschaft | 2 | 4419 |
| RTL Group S.A. | 3 | 113 |
| RWE Aktiengesellschaft | 22 | 974 |
| SAP SE | 5 | 1285 |
| Scout24 SE (d) | 5 | 611 |
| Siemens Aktiengesellschaft - Class N | 3 | 868 |
| Siemens Energy AG (b) | 8 | 956 |
| Siemens Healthineers AG (d) | 4 | 202 |
| Sixt SE | 1 | 122 |
| Stroer SE & Co. KGaA | 4 | 198 |
| Symrise AG | 4 | 339 |
| Talanx Aktiengesellschaft | 3 | 448 |
| Volkswagen Aktiengesellschaft | 1 | 163 |
| Vonovia SE | 9 | 284 |
| Zalando SE (b) (d) | 22 | 659 |
| | | 43715 |
| **France 7.7%** | **France 7.7%** | **France 7.7%** |
| Aeroports de Paris | 1 | 165 |
| Airbus SE | 6 | 1378 |
| Alstom (b) | 19 | 505 |
| Amundi (d) | 4 | 343 |
| AXA | 16 | 769 |
| Biomerieux S.A. | 1 | 182 |
| BNP Paribas | 8 | 713 |
| Bouygues | 11 | 514 |
| Bureau Veritas | 14 | 450 |
| Capgemini | 4 | 620 |
| Carrefour | 82 | 1237 |
| Compagnie de Saint-Gobain | 9 | 978 |
| Compagnie Generale des Etablissements Michelin | 28 | 1028 |
| Credit Agricole S.A. | 15 | 296 |
| Danone | 11 | 948 |
| Dassault Aviation | 1 | 189 |
| Dassault Systemes | 5 | 161 |
| Edenred | 7 | 161 |
| Eiffage | 7 | 961 |
| Elis Services | 8 | 218 |
| Engie | 95 | 2039 |
| EssilorLuxottica | 1 | 398 |
| Eurazeo | 3 | 230 |
| Eurofins Scientific SE | 12 | 895 |
| Gaztransport Et Technigaz | 4 | 781 |
| Getlink S.E. | 6 | 104 |
| Hermes International |  | 809 |
| IPSEN | 2 | 328 |
| JCDecaux SE | 22 | 401 |
| Kering | 1 | 257 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 4 | 912 |
| Legrand | 4 | 582 |
| L'Oreal | 2 | 763 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1987 |
| Nexans | 2 | 292 |
| Orange | 121 | 1967 |
| Pernod Ricard | 2 | 189 |
| Publicis Groupe S.A. | 4 | 400 |
| Renault | 37 | 1499 |
| Rexel | 54 | 1780 |
| Safran | 3 | 1048 |
| Sanofi | 10 | 920 |
| Sartorius Stedim Biotech |  | 31 |
| Schneider Electric SE | 2 | 542 |
| Societe d'exploitation Hoteliere | 22 | 1386 |
| Societe Generale | 28 | 1859 |
| Spie S.A. | 13 | 708 |
| Technip Energies N.V. | 15 | 687 |
| Teleperformance SE | 4 | 289 |
| Thales | 3 | 926 |
| Tikehau Capital | 5 | 108 |
| TotalEnergies SE | 58 | 3564 |
| Veolia Environnement | 9 | 318 |
| VINCI | 11 | 1563 |
| Vivendi SE | 63 | 224 |
| VusionGroup |  | 132 |
|  |  | 42734 |
| **Switzerland 7.3%** | **Switzerland 7.3%** | **Switzerland 7.3%** |
| ABB Ltd - Class N | 11 | 767 |
| Alcon AG | 6 | 463 |
| Alcon AG | 8 | 624 |
| ALSO Holding AG - Class N | 1 | 213 |
| Amrize AG (b) | 15 | 712 |
| Avolta AG - Class N | 9 | 512 |
| BELIMO Holding AG - Class N | 1 | 568 |
| BKW Energie AG | 1 | 171 |
| Bucher Industries AG | 4 | 1813 |
| Compagnie Financiere Richemont S.A. | 4 | 816 |
| Datwyler Holding AG | 1 | 154 |
| EMS-Chemie Holding AG |  | 285 |
| Geberit AG - Class N | 3 | 1958 |
| Georg Fischer AG - Class N | 15 | 1213 |
| Givaudan S.A. - Class N |  | 317 |
| Glencore PLC | 153 | 704 |
| Helvetia Holding AG | 4 | 1091 |
| Holcim AG | 16 | 1369 |
| INFICON Holding AG | 1 | 112 |
| International Workplace Group PLC | 21 | 62 |
| Julius Bar Gruppe AG - Class N | 27 | 1888 |
| Lonza Group AG | 2 | 1027 |
| Nestle S.A. - Class N | 45 | 4178 |
| Novartis AG - ADR | 11 | 1442 |
| Novartis AG - Class N | 34 | 4303 |
| Partners Group Holding AG |  | 533 |
| PSP Swiss Property AG - Class N | 3 | 454 |
| Roche Holding AG |  | 136 |
| Schindler Holding AG - Class N | 1 | 236 |
| SGS S.A. | 3 | 273 |
| Siegfried Holding AG | 6 | 626 |
| Sika AG | 2 | 512 |
| SoftwareONE Holding AG | 2 | 18 |
| Sonova Holding AG | 3 | 701 |
| Sulzer AG - Class N | 1 | 146 |
| Swiss Life Holding AG - Class N | 1 | 819 |
| Swiss Prime Site AG - Class N | 39 | 5492 |
| Swiss Re AG | 1 | 126 |
| Swisscom AG - Class N | 1 | 800 |
| Swissquote Group Holding SA - Class N | 1 | 821 |
| UBS Group AG |  | 17 |
| UBS Group AG | 29 | 1216 |
| VAT Group AG (d) |  | 64 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zurich Insurance Group AG - Class N | 1 | 974 |
| | | 40726 |
| **Australia 5.8%** | **Australia 5.8%** | **Australia 5.8%** |
| AGL Energy Limited | 19 | 111 |
| ALS Limited | 36 | 469 |
| Ampol Limited | 18 | 353 |
| Ansell Limited | 32 | 676 |
| ANZ Group Holdings Limited | 29 | 640 |
| Aristocrat Leisure Limited | 5 | 246 |
| ASX Limited | 2 | 78 |
| Atlas Arteria Limited | 39 | 127 |
| AUB Group Limited | 11 | 231 |
| Australian Pipeline Trust | 20 | 120 |
| BHP Group Limited - ADR | 8 | 462 |
| BHP Group Limited | 119 | 3347 |
| BHP Group Limited | 6 | 163 |
| BlueScope Steel Limited | 22 | 338 |
| Brambles Limited | 57 | 932 |
| Breville Group Limited (a) | 23 | 452 |
| Car Group Limited | 2 | 52 |
| Cleanaway Waste Management Limited | 237 | 435 |
| Coles Group Limited | 46 | 706 |
| Commonwealth Bank of Australia | 10 | 1057 |
| Computershare Limited | 23 | 537 |
| CSL Limited | 5 | 607 |
| Dalrymple Bay Infrastructure Limited | 19 | 56 |
| Downer EDI Limited | 59 | 289 |
| Dyno Nobel Limited | 607 | 1249 |
| EBOS Group Limited | 5 | 90 |
| Endeavour Group Limited | 4 | 10 |
| Evolution Mining Limited | 131 | 951 |
| Flight Centre Travel Group Limited | 5 | 39 |
| Fortescue Ltd | 40 | 493 |
| Genesis Minerals Limited (b) | 62 | 242 |
| Harvey Norman Holdings Ltd | 17 | 84 |
| HUB24 Limited | 3 | 211 |
| IDP Education Limited | 5 | 22 |
| Insurance Australia Group Limited | 104 | 566 |
| JB Hi-Fi Limited | 8 | 603 |
| Lendlease Corporation Limited | 44 | 162 |
| Lynas Rare Earths Limited (b) | 22 | 251 |
| Macquarie Group Limited | 2 | 334 |
| Medibank Private Limited | 135 | 432 |
| Metcash Limited | 261 | 658 |
| National Australia Bank Limited | 40 | 1171 |
| Netwealth Group Limited | 7 | 141 |
| New Hope Corporation Limited (a) | 371 | 963 |
| NEXTDC Limited (b) | 9 | 102 |
| Nine Entertainment Co. Holdings Limited | 197 | 158 |
| Northern Star Resources Ltd | 62 | 984 |
| Orica Limited | 34 | 478 |
| Origin Energy Limited | 13 | 110 |
| Orora Limited | 81 | 112 |
| Pilbara Minerals Limited (a) (b) | 44 | 74 |
| Premier Investments Limited | 18 | 234 |
| Qantas Airways Limited | 15 | 109 |
| QBE Insurance Group Limited | 58 | 792 |
| Regis Healthcare Limited | 10 | 41 |
| Rio Tinto Limited | 10 | 818 |
| Santos Limited | 190 | 848 |
| SEEK Limited | 13 | 255 |
| Sonic Healthcare Limited | 15 | 217 |
| Steadfast Group Ltd | 37 | 144 |
| Suncorp Group Limited | 46 | 624 |
| Super Retail Group Limited | 22 | 236 |
| Technology One Limited | 14 | 366 |
| Telstra Corporation Limited | 66 | 210 |
| Transurban Holdings Limited | 20 | 186 |
| Treasury Wine Estates Limited | 63 | 296 |
| Ventia Services Group Limited (d) | 106 | 359 |
| Wesfarmers Limited | 11 | 668 |
| Westpac Banking Corporation | 39 | 1005 |
| WiseTech Global Limited | 4 | 233 |
| Woodside Energy Group Ltd | 54 | 828 |
| Woodside Energy Group Ltd - ADR (a) | 3 | 45 |
| Woolworths Group Limited | 28 | 500 |
| Zip Co Limited (b) | 54 | 157 |
|  |  | 32345 |
| **Netherlands 3.6%** | **Netherlands 3.6%** | **Netherlands 3.6%** |
| Aalberts N.V. | 27 | 886 |
| ABN AMRO Bank N.V. - DUTCHCERT (d) | 54 | 1724 |
| Adyen N.V. (b) (d) |  | 244 |
| Arcadis N.V. | 5 | 251 |
| ASM International N.V. | 1 | 843 |
| ASML Holding N.V. - ADR | 1 | 1071 |
| ASML Holding N.V. | 3 | 2793 |
| ASR Nederland N.V. | 11 | 745 |
| BE Semiconductor Industries N.V. | 3 | 417 |
| CTP N.V. | 6 | 135 |
| Euronext N.V. (d) | 6 | 857 |
| Heineken N.V. | 7 | 535 |
| IMCD N.V. | 6 | 649 |
| ING Groep N.V. | 27 | 711 |
| Just Eat Takeaway.Com N.V. (b) (d) | 16 | 388 |
| Koninklijke Ahold Delhaize N.V. | 38 | 1550 |
| Koninklijke KPN N.V. | 255 | 1224 |
| Koninklijke Philips N.V. - ADR (a) (d) | 2 | 55 |
| Koninklijke Philips N.V. | 18 | 487 |
| Koninklijke Vopak N.V. | 22 | 1020 |
| NN Group N.V. | 17 | 1223 |
| Prosus N.V. - Class N | 11 | 746 |
| Randstad N.V. | 3 | 112 |
| STMicroelectronics N.V. | 14 | 391 |
| Wolters Kluwer N.V. - Class C | 7 | 1024 |
|  |  | 20081 |
| **Italy 3.6%** | **Italy 3.6%** | **Italy 3.6%** |
| Acea S.p.A. | 3 | 65 |
| Assicurazioni Generali Societa' Per Azioni | 5 | 206 |
| Azimut Holding S.p.A. | 9 | 354 |
| Banca Mediolanum SpA | 8 | 168 |
| Banca Monte dei Paschi di Siena S.p.A. | 158 | 1409 |
| Banco BPM Societa' Per Azioni | 126 | 1898 |
| Bper Banca S.P.A. | 53 | 590 |
| Brunello Cucinelli S.p.A. (a) | 10 | 1135 |
| Buzzi S.p.A. | 9 | 519 |
| Credito Emiliano S.P.A. | 17 | 272 |
| De' Longhi S.p.A. | 1 | 50 |
| ENEL - SPA | 106 | 1008 |
| Eni S.P.A. | 81 | 1424 |
| Ferrari N.V. | 1 | 345 |
| Ferrari N.V. |  | 214 |
| Finecobank Banca Fineco S.P.A. | 27 | 579 |
| Hera S.p.A. | 199 | 897 |
| Intesa Sanpaolo S.p.A. | 159 | 1055 |
| Iren S.p.A. | 34 | 106 |
| Italgas S.p.A. | 64 | 592 |
| Iveco Group N.V. | 33 | 719 |
| Leonardo S.p.A. | 8 | 497 |
| Moncler S.p.A. | 7 | 386 |
| Poste Italiane - Societa' Per Azioni (d) | 10 | 236 |
| Prada S.p.A. | 13 | 78 |
| Prysmian S.p.A. | 2 | 175 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 7 | 449 |
| Reply S.p.A. | 2 | 319 |
| Snam S.p.A. | 39 | 233 |
| Sol S.P.A. | 2 | 139 |
| Telecom Italia S.p.A. | 1756 | 921 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 30 | 306 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 28 | 2142 |
| Unipol Assicurazioni S.P.A. | 14 | 295 |
|  |  | 19781 |
| **Spain 2.8%** | **Spain 2.8%** | **Spain 2.8%** |
| Acciona,S.A. | 2 | 347 |
| ACS, Actividades de Construccion y Servicios, S.A. | 12 | 944 |
| AENA, S.M.E., S.A. | 11 | 302 |
| Amadeus IT Holding, S.A. (d) | 18 | 1422 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Banco Bilbao Vizcaya Argentaria, S.A. | 108 | 2073 |
| Banco Bilbao Vizcaya Argentaria, S.A. - ADR | 14 | 272 |
| Banco de Sabadell, S.A. | 381 | 1486 |
| Banco Santander, S.A. | 197 | 2063 |
| Bankinter Sociedad Anonima | 67 | 1057 |
| CaixaBank, S.A. | 86 | 903 |
| Cellnex Telecom, S.A. (d) | 4 | 136 |
| Corporacion Acciona Energias Renovables, S.A. (a) | 3 | 65 |
| Enagas S.A. | 12 | 191 |
| Endesa, S.A. | 10 | 334 |
| Fluidra S.A. | 2 | 47 |
| Grifols, S.A. - Class A | 24 | 353 |
| Iberdrola, Sociedad Anonima | 24 | 450 |
| Industria de Diseno Textil, S.A. | 10 | 535 |
| Logista Integral SA. | 6 | 212 |
| Mapfre SA | 70 | 332 |
| Naturgy Energy Group S.A. | 5 | 166 |
| Redeia Corporacion S.A. | 18 | 343 |
| Repsol S.A. | 41 | 723 |
| Telefonica, S.A. (a) | 162 | 837 |
| Viscofan, S.A. | 3 | 219 |
| | | 15812 |
| **Sweden 2.8%** | **Sweden 2.8%** | **Sweden 2.8%** |
| AAK AB (publ) | 2 | 63 |
| AB Sagax - Class B | 3 | 57 |
| Addlife AB - Class B | 19 | 350 |
| Addnode Group Aktiebolag (publ) - Class B | 10 | 108 |
| Addtech AB - Class B | 8 | 248 |
| Aktiebolaget Electrolux - Class B (b) | 15 | 82 |
| Aktiebolaget SKF - Class B | 14 | 358 |
| Aktiebolaget Volvo - Class A | 5 | 138 |
| Aktiebolaget Volvo - Class B | 43 | 1239 |
| Alfa Laval AB | 3 | 159 |
| ASSA ABLOY AB - Class B | 6 | 197 |
| Atlas Copco Aktiebolag - Class A | 26 | 436 |
| Atlas Copco Aktiebolag - Class B | 15 | 220 |
| Avanza Bank Holding AB | 15 | 564 |
| Axfood AB | 5 | 158 |
| Betsson AB - Class B | 13 | 217 |
| Bilia AB - Class A | 4 | 47 |
| Billerud Aktiebolag (publ) | 42 | 378 |
| Boliden AB (b) | 10 | 417 |
| Bonesupport Holding AB (b) | 1 | 21 |
| Bravida Holding AB (d) | 22 | 212 |
| Bure Equity AB | 13 | 392 |
| Camurus AB (b) |  | 29 |
| Castellum Aktiebolag (a) | 24 | 273 |
| Dometic Group AB (publ) (d) | 39 | 203 |
| Electrolux Professional AB (publ) - Class B | 20 | 129 |
| Elekta AB (publ) - Class B | 42 | 214 |
| Epiroc Aktiebolag - Class A | 8 | 162 |
| Epiroc Aktiebolag - Class B | 5 | 101 |
| EQT AB (d) | 1 | 25 |
| Essity Aktiebolag (publ) - Class A |  | 12 |
| Essity Aktiebolag (publ) - Class B | 13 | 336 |
| Evolution AB (publ) (d) | 2 | 130 |
| G&L Beijer Ref AB - Class B | 3 | 52 |
| Getinge AB - Class B | 19 | 405 |
| H & M Hennes & Mauritz AB - Class B (a) | 10 | 188 |
| Hexagon Aktiebolag - Class B | 13 | 152 |
| Hexpol AB - Class B | 9 | 77 |
| HMS Networks AB (b) | 1 | 45 |
| Husqvarna Aktiebolag - Class B | 12 | 67 |
| Indutrade Aktiebolag | 1 | 22 |
| Lifco AB (Publ) - Class B | 2 | 67 |
| Lindab International AB | 7 | 149 |
| Loomis AB - Class B | 9 | 371 |
| Medicover AB - Class B | 12 | 341 |
| Mycronic AB (publ) | 10 | 236 |
| NCC Aktiebolag - Class B | 10 | 227 |
| NIBE Industrier AB - Class B | 22 | 86 |
| Nordnet AB | 9 | 255 |
| Nyfosa AB | 15 | 130 |
| Peab AB - Class B | 23 | 185 |
| SAAB Aktiebolag - Class B | 1 | 72 |
| Sandvik Aktiebolag | 19 | 541 |
| Scandic Hotels Group AB | 37 | 350 |
| Skandinaviska Enskilda Banken AB - Class A | 18 | 355 |
| Skanska AB - Class B | 9 | 222 |
| Skistar Aktiebolag - Class B | 6 | 106 |
| SSAB AB - Class B | 25 | 143 |
| Svenska Cellulosa Aktiebolaget SCA - Class A | 1 | 14 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 16 | 218 |
| Svenska Handelsbanken AB - Class A | 14 | 187 |
| Svenska Handelsbanken AB - Class B (a) | 1 | 13 |
| SWECO Civil AB - Class B | 11 | 185 |
| Swedbank AB - Class A | 12 | 376 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 1 | 28 |
| Tele2 AB - Class B | 18 | 307 |
| Telefonaktiebolaget LM Ericsson - Class A | 1 | 7 |
| Telefonaktiebolaget LM Ericsson - Class B (a) | 59 | 491 |
| Telia Company AB | 128 | 490 |
| Thule Group AB (d) | 2 | 58 |
| Trelleborg AB - Class B | 4 | 131 |
| Truecaller AB - Class B | 73 | 324 |
| Vitrolife AB | 3 | 35 |
| Volvo Cars AB - Class B (a) (b) | 10 | 20 |
| Wihlborgs Fastigheter AB | 27 | 263 |
|  |  | 15666 |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| A.P. Moller - Maersk A/S - Class A |  | 80 |
| A.P. Moller - Maersk A/S - Class B |  | 139 |
| Ambu A/S - Class B | 9 | 125 |
| Cadeler A/S (b) (e) | 24 | 122 |
| Carlsberg A/S - Class B | 3 | 301 |
| Coloplast A/S - Class B | 3 | 250 |
| Danske Bank A/S | 24 | 1043 |
| Demant A/S (b) | 12 | 401 |
| DSV A/S | 2 | 487 |
| Genmab A/S (b) | 2 | 463 |
| H. Lundbeck A/S - Class B | 38 | 273 |
| NKT A/S (b) | 8 | 796 |
| Novo Nordisk A/S - Class B | 40 | 2231 |
| Novozymes A/S - Class B | 8 | 466 |
| Orsted A/S (b) (d) | 2 | 40 |
| Pandora A/S | 7 | 905 |
| Ringkjobing Landbobank. Aktieselskab | 6 | 1507 |
| Rockwool A/S - Class A | 1 | 19 |
| Rockwool A/S - Class B | 14 | 510 |
| Tryg A/S | 8 | 203 |
| Vestas Wind Systems A/S | 23 | 434 |
|  |  | 10795 |
| **Hong Kong 1.4%** | **Hong Kong 1.4%** | **Hong Kong 1.4%** |
| AIA Group Limited | 115 | 1103 |
| Bank of East Asia, Limited, The | 146 | 228 |
| BOC Hong Kong (Holdings) Limited | 42 | 197 |
| Budweiser Brewing Company APAC Limited (d) | 46 | 49 |
| Cathay Pacific Airways Limited | 83 | 112 |
| CK Asset Holdings Limited | 48 | 234 |
| CK Hutchison Holdings Limited | 40 | 263 |
| CK Infrastructure Holdings Limited | 15 | 99 |
| CLP Holdings Limited | 22 | 178 |
| Dfi Retail Group Holdings Limited | 17 | 56 |
| First Pacific Company Limited | 252 | 211 |
| Guotai Junan International Holdings Limited (a) | 32 | 19 |
| Hang Lung Properties Limited (a) | 528 | 592 |
| Hang Seng Bank, Limited | 5 | 78 |
| HK Electric Investments Limited | 72 | 55 |
| HKT Trust | 203 | 301 |
| Hong Kong And China Gas Company Limited - The- | 235 | 204 |
| Hong Kong Exchanges and Clearing Limited | 13 | 748 |
| Johnson Electric Holdings Limited (a) | 6 | 31 |
| MH Development Limited (b) (c) | 12 |  |
| MTR Corporation Limited (a) | 34 | 115 |
| New World Development Company Limited (a) (b) | 104 | 104 |
| PCCW Limited | 80 | 55 |
| Sino Land Company Limited | 237 | 299 |
| SITC International Holdings Company Limited | 107 | 412 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sun Hung Kai Properties Limited | 15 | 179 |
| SUNeVision Holdings Ltd. (a) | 46 | 41 |
| Swire Pacific Limited - Class A | 13 | 106 |
| Swire Properties Limited | 48 | 136 |
| Techtronic Industries Company Limited | 24 | 300 |
| United Laboratories International Holdings Ltd (a) | 128 | 247 |
| VTech Holdings Limited | 13 | 101 |
| WH Group Limited (d) | 400 | 434 |
| Wharf Real Estate Investment Company Limited | 43 | 127 |
| Xinyi Glass Holdings Limited (a) | 161 | 187 |
| Yue Yuen Industrial (Holdings) Limited | 99 | 170 |
| | | 7771 |
| **Finland 1.4%** | **Finland 1.4%** | **Finland 1.4%** |
| Elisa Oyj | 19 | 986 |
| Fortum Oyj | 25 | 470 |
| Hiab Oyj - Class B | 8 | 472 |
| Huhtamaki Oyj | 7 | 240 |
| Kesko Oyj - Class B | 6 | 138 |
| Kone Corporation - Class B | 4 | 303 |
| Konecranes Abp | 8 | 682 |
| Metso Oyj (a) | 35 | 483 |
| Neste Oyj | 6 | 105 |
| Nokia Oyj | 84 | 402 |
| Nokia Oyj - Series A - ADR (a) | 17 | 82 |
| Nordea Bank Abp | 58 | 951 |
| Orion Oyj - Class B | 3 | 222 |
| Sampo Oyj - Class A | 46 | 526 |
| Sampo Oyj - Class A | 31 | 352 |
| Stora Enso Oyj - Class R (a) | 24 | 258 |
| UPM-Kymmene Oyj | 12 | 316 |
| Valmet Oy (a) | 8 | 260 |
| Wartsila Oyj Abp | 13 | 379 |
|  |  | 7627 |
| **Israel 1.3%** | **Israel 1.3%** | **Israel 1.3%** |
| Africa Israel Residences Ltd. | 1 | 56 |
| Alrov Properties & Lodgings Ltd. |  | 8 |
| Azrieli Group Ltd. |  | 35 |
| Bank Hapoalim B.M. | 23 | 470 |
| Bank Leumi Le-Israel B.M. | 33 | 652 |
| Bezeq Israel Communications Company Ltd | 73 | 140 |
| Big Shopping Centers Ltd |  | 50 |
| Blue Square Real Estate Ltd |  | 47 |
| Camtek Ltd. (b) |  | 20 |
| Carasso Motors Ltd. | 4 | 52 |
| Cellcom Israel Ltd. (b) | 17 | 167 |
| CLAL Insurance Enterprises Holdings Ltd | 7 | 367 |
| Delek Group Ltd. | 1 | 124 |
| Delta Galil Industries Ltd. | 1 | 64 |
| EL AL Israel Airlines Ltd. (b) | 64 | 293 |
| Elbit Systems Ltd. |  | 33 |
| Electra Ltd |  | 118 |
| Enlight Renewable Energy Ltd. (b) | 3 | 84 |
| Equital Ltd. (b) | 2 | 104 |
| Fattal Holdings (1998) Ltd. (b) | 1 | 136 |
| First International Bank of Israel Ltd. | 2 | 132 |
| Formula Systems (1985) Ltd. | 1 | 129 |
| Fox - Wizel Ltd | 1 | 77 |
| Harel Insurance Investments & Financial Services Ltd. | 5 | 165 |
| I.D.I. Insurance Company Ltd | 2 | 95 |
| ICL Group Ltd | 8 | 50 |
| Industrial Buildings Corporation Ltd | 35 | 138 |
| Inrom Construction Industries Ltd | 8 | 52 |
| Isracard Ltd. | 56 | 226 |
| Israel Canada (T. R) Ltd | 26 | 116 |
| Israel Discount Bank Limited | 31 | 307 |
| Magic Software Enterprises Ltd. | 1 | 22 |
| Matrix I.T. Ltd | 3 | 110 |
| Mega OR Holdings Ltd. | 1 | 64 |
| Melisron Limited |  | 39 |
| Menora Mivtachim Insurance Ltd. | 1 | 68 |
| Migdal Insurance and Financial Holdings Ltd. | 21 | 72 |
| Mizrahi Tefahot Bank Ltd | 3 | 212 |
| Nayax Ltd (b) |  | 21 |
| Nice Ltd (b) |  | 26 |
| Nova Ltd. (a) (b) |  | 37 |
| Oil Refineries Ltd | 484 | 130 |
| OPC Energy Ltd | 1 | 22 |
| Partner Communications Ltd | 13 | 128 |
| Paz Retail And Energy Ltd | 1 | 231 |
| Phoenix Financial Ltd | 10 | 380 |
| Shufersal Ltd. | 8 | 90 |
| Strauss Group Ltd | 2 | 51 |
| Tamar Petroleum Ltd. | 2 | 32 |
| Tel Aviv Stock Exchange Ltd., The | 11 | 261 |
| Teva Pharmaceutical Industries Ltd - ADR (b) | 4 | 83 |
| Teva Pharmaceutical Industries Ltd (b) | 11 | 228 |
| Tower Semiconductor Ltd. (b) |  | 36 |
| Tower Semiconductor Ltd. (b) | 1 | 87 |
| Veridis Environment Ltd. (b) | 5 | 38 |
|  |  | 6975 |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| ASMPT Limited | 21 | 220 |
| Capitaland Investment Limited | 38 | 80 |
| ComfortDelGro Corporation Limited | 80 | 90 |
| DBS Group Holdings Ltd | 27 | 1059 |
| Genting Singapore Limited | 198 | 113 |
| Golden Agri-Resources Ltd. | 640 | 146 |
| Hafnia Limited | 13 | 79 |
| Jardine Cycle & Carriage Limited | 26 | 585 |
| Keppel Ltd. | 91 | 632 |
| NetLink NBN Trust | 182 | 134 |
| Olam Group Limited | 51 | 39 |
| Oversea-Chinese Banking Corporation Limited | 33 | 426 |
| SATS Ltd. | 49 | 129 |
| Seatrium Limited | 292 | 539 |
| Sembcorp Industries Ltd | 63 | 295 |
| Singapore Airlines Limited | 70 | 354 |
| Singapore Exchange Limited | 30 | 379 |
| Singapore Technologies Engineering Ltd | 30 | 202 |
| Singapore Telecommunications Limited | 16 | 53 |
| United Overseas Bank Limited | 23 | 612 |
| UOL Group Limited | 10 | 60 |
| Venture Corporation Limited | 25 | 273 |
| Wilmar International Limited | 108 | 238 |
|  |  | 6737 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 3 | 783 |
| Ageas SA/NV | 7 | 474 |
| Anheuser-Busch InBev | 24 | 1426 |
| Argenx SE (b) |  | 106 |
| Azelis Group | 7 | 98 |
| CMB.TECH | 2 | 15 |
| CMB.TECH | 1 | 13 |
| Colruyt Group | 3 | 107 |
| D'Ieteren Group | 2 | 384 |
| KBC Groep | 7 | 817 |
| Lotus Bakeries |  | 264 |
| Solvay | 6 | 203 |
| UCB | 3 | 785 |
| Umicore | 11 | 203 |
|  |  | 5678 |
| **Norway 0.7%** | **Norway 0.7%** | **Norway 0.7%** |
| Aker BP ASA | 10 | 243 |
| Aker Solutions ASA (d) | 16 | 49 |
| Atea ASA | 10 | 142 |
| Bluenord ASA | 2 | 77 |
| Borregaard ASA | 4 | 82 |
| Bw Lpg Limited | 5 | 78 |
| DNB Bank ASA | 8 | 226 |
| DOF Group ASA | 8 | 76 |
| Elkem ASA (d) | 42 | 112 |
| Entra ASA (b) (d) | 1 | 12 |
| Equinor ASA | 22 | 530 |
| Eurizon Opportunita | 19 | 198 |
| Frontline PLC | 4 | 86 |
| Gjensidige Forsikring ASA | 3 | 87 |
| Hoegh Autoliners ASA | 11 | 118 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kongsberg Gruppen ASA | 4 | 131 |
| Leroy Seafood Group ASA | 5 | 27 |
| Link Mobility Group Holding ASA (b) (e) | 7 | 20 |
| Mowi ASA | 3 | 69 |
| Nordic Semiconductor ASA (b) | 4 | 58 |
| Norsk Hydro ASA | 28 | 190 |
| Odfjell Drilling Ltd. | 10 | 75 |
| Orkla ASA | 3 | 32 |
| Protector Forsikring ASA | 2 | 105 |
| SalMar ASA |  | 14 |
| Scatec ASA (b) (d) | 12 | 122 |
| Sparebank 1 Ostlandet | 3 | 63 |
| Sparebank 1 Sor-Norge ASA | 7 | 121 |
| Storebrand ASA | 15 | 231 |
| Telenor ASA | 7 | 121 |
| TGS-NOPEC Geophysical Company | 8 | 60 |
| TOMRA Systems ASA | 3 | 45 |
| Var Energi ASA | 7 | 25 |
| Veidekke ASA | 9 | 140 |
| Vend Marketplaces ASA - Class B | 3 | 112 |
| Wallenius Wilhelmsen ASA | 6 | 52 |
| Yara International ASA | 2 | 78 |
| | | 4007 |
| **United States of America 0.7%** | **United States of America 0.7%** | **United States of America 0.7%** |
| Ashtead Group Public Limited Company | 22 | 1456 |
| Brookfield Infrastructure Corporation - Class A | 1 | 24 |
| Flutter Entertainment Public Limited Company (b) |  | 28 |
| International Paper Company | 16 | 737 |
| James Hardie Industries Public Limited Company - CHESS | 7 | 139 |
| Reliance Worldwide Corporation Limited | 88 | 239 |
| Samsonite Group S.A. (d) | 88 | 188 |
| Universal Music Group N.V. | 13 | 373 |
| Waste Connections, Inc. | 4 | 637 |
|  |  | 3821 |
| **Austria 0.6%** | **Austria 0.6%** | **Austria 0.6%** |
| Andritz AG | 5 | 321 |
| BAWAG Group AG (d) | 5 | 650 |
| Erste Group Bank AG | 6 | 610 |
| OMV Aktiengesellschaft | 8 | 440 |
| Raiffeisen Bank International AG | 1 | 40 |
| Strabag SE | 1 | 83 |
| Telekom Austria Aktiengesellschaft | 7 | 70 |
| UNIQA Insurance Group AG | 4 | 65 |
| Verbund AG | 1 | 91 |
| voestalpine AG | 15 | 523 |
| Wienerberger AG | 6 | 184 |
|  |  | 3077 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| AIB Group Public Limited Company | 149 | 1359 |
| Bank of Ireland Group Public Limited Company | 50 | 826 |
| Kerry Group Public Limited Company - Class A | 3 | 237 |
| Kingspan Group Public Limited Company | 4 | 353 |
|  |  | 2775 |
| **New Zealand 0.3%** | **New Zealand 0.3%** | **New Zealand 0.3%** |
| Air New Zealand Limited | 113 | 39 |
| Auckland International Airport Limited | 15 | 68 |
| Chorus Limited | 20 | 110 |
| Contact Energy Limited | 13 | 67 |
| Fisher & Paykel Healthcare Corporation Limited | 5 | 96 |
| Fletcher Building Limited (b) | 55 | 106 |
| Freightways Group Limited | 15 | 121 |
| Genesis Energy Limited | 24 | 33 |
| Infratil Limited | 9 | 62 |
| Mainfreight Limited | 3 | 122 |
| Mercury NZ Limited | 10 | 40 |
| Meridian Energy Limited | 15 | 48 |
| Port of Tauranga Limited (a) | 2 | 11 |
| Ryman Healthcare Limited (b) | 21 | 32 |
| Summerset Group Holdings Limited (a) | 14 | 87 |
| The a2 Milk Company Limited | 17 | 96 |
| Xero Limited (b) | 3 | 362 |
|  |  | 1500 |
| **Cote D'Ivoire 0.3%** | **Cote D'Ivoire 0.3%** | **Cote D'Ivoire 0.3%** |
| Endeavour Mining Corporation | 34 | 1419 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| Banco Comercial Portugues S.A. | 607 | 538 |
| EDP Renovaveis, S.A. | 6 | 83 |
| EDP, S.A. | 46 | 218 |
| Galp Energia, SGPS, S.A. - Class B | 22 | 426 |
| Jeronimo Martins, SGPS, S.A. | 6 | 136 |
|  |  | 1401 |
| **Zambia 0.2%** | **Zambia 0.2%** | **Zambia 0.2%** |
| First Quantum Minerals Ltd (b) | 60 | 1357 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 49 | 270 |
| MGM China Holdings Limited | 15 | 32 |
| Sands China Ltd. | 32 | 88 |
| Wynn Macau, Limited | 83 | 77 |
|  |  | 467 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| Tenaris S.A. | 20 | 367 |
| **Poland 0.0%** | **Poland 0.0%** | **Poland 0.0%** |
| InPost S.A. (b) | 18 | 222 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| China Shandong Hi-Speed Financial Group Limited (b) | 11 | 6 |
| Cowell E Holdings Inc. (b) | 12 | 60 |
|  |  | 66 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 2 | 60 |
| **Faroe Islands 0.0%** | **Faroe Islands 0.0%** | **Faroe Islands 0.0%** |
| P/F Bakkafrost Sales | 1 | 35 |
| Total Common Stocks (cost $431,086) | Total Common Stocks (cost $431,086) | 544057 |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Roche Holding AG | 8 | 2749 |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 114 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 2 | 74 |
| Henkel AG & Co. KGaA (f) | 11 | 880 |
| Jungheinrich Aktiengesellschaft | 4 | 141 |
| Porsche Automobil Holding SE (f) | 9 | 353 |
| Volkswagen Aktiengesellschaft (f) | 10 | 1106 |
|  |  | 2668 |
| Total Preferred Stocks (cost $5,724) | Total Preferred Stocks (cost $5,724) | 5417 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Denmark 0.0%** | **Denmark 0.0%** | **Denmark 0.0%** |
| Orsted A/S (b) | 34 | 34 |
| Total Rights (cost $82) | Total Rights (cost $82) | 34 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild S.p.A. (b) (g) |  | 1 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (b) (c) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 1 |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.04% (h) (i) | 9475 | 9475 |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (h) (i) | 6235 | 6235 |
| Total Short Term Investments (cost $15,710) | Total Short Term Investments (cost $15,710) | 15710 |
| **Total Investments 101.6% (cost $452,602)** | **Total Investments 101.6% (cost $452,602)** | **565219** |
| **Other Assets and Liabilities, Net (1.6)%** | **Other Assets and Liabilities, Net (1.6)%** | **(8879)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **556340** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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 September 30, 2025, the value and the percentage of net assets of these securities was $157 and 0.0% of the Fund.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2166 | 147542 | 140233 | 130 |  |  | 9475 | 1.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 3131 | 35950 | 32846 | 113 |  |  | 6235 | 1.1 |
|  | 5297 | 183492 | 173079 | 243 |  |  | 15710 | 2.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| ABN AMRO Bank N.V. | 02/24/23 | 907 | 1724 | 0.3 |
| Adyen N.V. | 11/24/21 | 269 | 244 | 0.1 |
| Aker Solutions ASA | 08/15/25 | 48 | 49 |  |
| Amadeus IT Holding, S.A. | 07/17/20 | 1318 | 1422 | 0.3 |
| Amundi | 08/21/25 | 333 | 343 | 0.1 |
| BAWAG Group AG | 05/29/20 | 350 | 650 | 0.1 |
| Bravida Holding AB | 01/13/25 | 201 | 212 |  |
| Budweiser Brewing Company APAC Limited | 05/03/24 | 59 | 49 |  |
| Cellnex Telecom, S.A. | 06/25/19 | 163 | 136 |  |
| Dometic Group AB (publ) | 05/22/23 | 256 | 203 |  |
| Elkem ASA | 04/11/23 | 99 | 112 |  |
| Emera Incorporated | 01/05/21 | 256 | 283 | 0.1 |
| Entra ASA | 01/10/24 | 11 | 12 |  |
| EQT AB | 06/13/25 | 21 | 25 |  |
| Euronext N.V. | 11/18/20 | 628 | 857 | 0.2 |
| Evolution AB (publ) | 05/06/22 | 154 | 130 |  |
| Hapag-Lloyd Aktiengesellschaft | 10/25/21 | 171 | 113 |  |
| Just Eat Takeaway.Com N.V. | 12/06/23 | 259 | 388 | 0.1 |
| Knorr - Bremse Aktiengesellschaft | 10/17/23 | 361 | 580 | 0.1 |
| Koninklijke Philips N.V. | 08/06/21 | 72 | 55 |  |
| Orsted A/S | 12/23/20 | 93 | 40 |  |
| Poste Italiane - Societa' Per Azioni | 08/23/22 | 139 | 236 | 0.1 |
| Samsonite Group S.A. | 08/25/23 | 270 | 188 |  |
| Scatec ASA | 05/12/22 | 98 | 122 |  |
| Scout24 SE | 09/09/25 | 604 | 611 | 0.1 |
| Siemens Healthineers AG | 03/04/21 | 214 | 202 |  |
| Thule Group AB | 05/10/23 | 60 | 58 |  |
| VAT Group AG | 10/18/23 | 60 | 64 |  |
| Ventia Services Group Limited | 02/06/25 | 288 | 359 | 0.1 |
| WH Group Limited | 03/02/21 | 291 | 434 | 0.1 |
| Zalando SE | 08/13/25 | 606 | 659 | 0.1 |
|  |  | 8659 | 10560 | 1.9 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 73720 | 470337 |  | 544057 |
| &nbsp;&nbsp;Preferred Stocks |  | 5417 |  | 5417 |
| &nbsp;&nbsp;Rights |  | 34 |  | 34 |
| &nbsp;&nbsp;Warrants |  | 1 |  | 1 |
| &nbsp;&nbsp;Short Term Investments | 15710 |  |  | 15710 |
|  | 89430 | 475789 |  | 565219 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.9%** | **COMMON STOCKS 99.9%** | **COMMON STOCKS 99.9%** |
| **Information Technology 28.0%** | **Information Technology 28.0%** | **Information Technology 28.0%** |
| 8X8, Inc. (a) | 8 | 18 |
| A10 Networks, Inc. | 3 | 52 |
| Accenture Public Limited Company - Class A | 12 | 2895 |
| ACI Worldwide, Inc. (a) | 5 | 262 |
| Adeia Inc. | 9 | 143 |
| Adobe Inc. (a) | 6 | 1976 |
| Advanced Energy Industries, Inc. | 2 | 337 |
| Advanced Micro Devices, Inc. (a) | 18 | 2913 |
| Akamai Technologies, Inc. (a) | 6 | 428 |
| Alarm.Com Holdings, Inc. (a) | 2 | 122 |
| Allegro Microsystems Inc. (a) | 4 | 118 |
| Alpha and Omega Semiconductor Limited (a) | 2 | 70 |
| Amdocs Limited | 5 | 408 |
| Amkor Technology, Inc. | 8 | 224 |
| Amphenol Corporation - Class A | 20 | 2433 |
| Amtech Systems, Inc. (a) | 1 | 8 |
| Analog Devices, Inc. | 6 | 1487 |
| AppFolio, Inc. - Class A (a) |  | 138 |
| Apple Inc. | 281 | 71513 |
| Applied Materials, Inc. | 11 | 2162 |
| Applied Optoelectronics, Inc. (a) | 1 | 27 |
| AppLovin Corporation - Class A (a) | 8 | 5730 |
| Arista Networks, Inc. (a) | 11 | 1631 |
| Arrow Electronics, Inc. (a) | 3 | 382 |
| ASGN Incorporated (a) | 2 | 96 |
| Astera Labs, Inc. (a) | 1 | 259 |
| Atlassian Corporation - Class A (a) | 1 | 154 |
| Aurora Innovations Inc. - Class A (a) | 15 | 79 |
| Autodesk, Inc. (a) | 4 | 1199 |
| AvePoint, Inc. - Class A (a) | 3 | 42 |
| Aviat Networks, Inc. (a) | 1 | 26 |
| Avnet, Inc. | 5 | 282 |
| Axcelis Technologies, Inc. (a) | 2 | 149 |
| Badger Meter, Inc. | 1 | 202 |
| Bel Fuse Inc. - Class B | 1 | 81 |
| Belden Inc. | 2 | 271 |
| Benchmark Electronics, Inc. | 3 | 111 |
| Bentley Systems, Incorporated - Class B | 8 | 403 |
| Bill Holdings, Inc. (a) | 4 | 194 |
| Blackbaud, Inc. (a) | 2 | 103 |
| Blackline, Inc. (a) | 2 | 89 |
| Box, Inc. - Class A (a) | 5 | 161 |
| Broadcom Inc. | 58 | 19243 |
| C3.ai, Inc. - Class A (a) (b) | 3 | 50 |
| Cadence Design Systems, Inc. (a) | 3 | 991 |
| Calix, Inc. (a) | 2 | 117 |
| CCC Intelligent Solutions Holdings Inc. (a) | 9 | 78 |
| CDW Corp. | 3 | 529 |
| Cerence Inc. (a) | 2 | 30 |
| CEVA Inc. (a) | 1 | 21 |
| Ciena Corporation (a) | 6 | 862 |
| Cirrus Logic, Inc. (a) | 2 | 284 |
| Cisco Systems, Inc. | 67 | 4595 |
| Clear Secure, Inc. - Class A | 2 | 69 |
| Clearfield, Inc. (a) | 1 | 21 |
| Cloudflare, Inc. - Class A (a) | 3 | 545 |
| Cognex Corporation | 4 | 198 |
| Cognizant Technology Solutions Corporation - Class A | 14 | 949 |
| Coherent Corp. (a) | 7 | 772 |
| Cohu, Inc. (a) | 2 | 37 |
| CommVault Systems, Inc. (a) | 1 | 150 |
| Comtech Telecommunications Corp. (a) | 1 | 3 |
| Consensus Cloud Solutions, Inc. (a) | 1 | 42 |
| Corning Incorporated | 24 | 1959 |
| Corsair Gaming, Inc. (a) | 3 | 27 |
| Crane Nxt, Co. | 3 | 194 |
| Credo Technology Group Holding Ltd (a) | 2 | 357 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 645 |
| CTS Corporation | 2 | 81 |
| Daily Journal Corporation (a) |  | 38 |
| Daktronics, Inc. (a) | 4 | 79 |
| Datadog, Inc. - Class A (a) | 2 | 335 |
| Dell Technologies Inc. - Class C | 4 | 589 |
| Digi International Inc. (a) | 3 | 107 |
| Digital Turbine USA, Inc. (a) | 5 | 33 |
| DigitalOcean Holdings, Inc. (a) | 3 | 106 |
| Diodes Incorporated (a) | 2 | 116 |
| DocuSign, Inc. (a) | 5 | 327 |
| Dolby Laboratories, Inc. - Class A | 2 | 159 |
| Dropbox, Inc. - Class A (a) | 9 | 280 |
| DXC Technology Company (a) | 14 | 184 |
| Dynatrace, Inc. (a) | 6 | 279 |
| Enphase Energy, Inc. (a) | 3 | 100 |
| Entegris, Inc. | 3 | 301 |
| EPAM Systems, Inc. (a) | 1 | 201 |
| ePlus inc. | 1 | 78 |
| F5, Inc. (a) | 3 | 870 |
| Fabrinet (a) | 2 | 668 |
| Fair Isaac Corporation (a) |  | 584 |
| Fastly, Inc. - Class A (a) | 7 | 62 |
| First Solar, Inc. (a) | 3 | 711 |
| Flex Ltd. (a) | 19 | 1130 |
| Formfactor, Inc. (a) | 2 | 82 |
| Fortinet, Inc. (a) | 14 | 1139 |
| Frequency Electronics, Inc. (a) | 1 | 34 |
| Freshworks, Inc. - Class A (a) | 6 | 67 |
| Gartner, Inc. (a) | 2 | 409 |
| Gen Digital Inc. | 25 | 699 |
| Globalfoundries Inc. (a) | 4 | 127 |
| Globant S.A. (a) | 1 | 62 |
| GoDaddy Inc. - Class A (a) | 3 | 457 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 4 | 34 |
| GSI Technology, Inc. (a) | 1 | 3 |
| Guidewire Software, Inc. (a) | 2 | 477 |
| Hackett Group, Inc., The | 2 | 36 |
| Harmonic, Inc. (a) | 7 | 72 |
| Hewlett Packard Enterprise Company | 44 | 1083 |
| HP, Inc. | 17 | 453 |
| HubSpot, Inc. (a) | 1 | 241 |
| I3 Verticals, Inc. - Class A (a) | 2 | 55 |
| Ichor Holdings, Ltd. (a) | 2 | 43 |
| Informatica Inc. - Class A (a) | 3 | 85 |
| Information Services Group, Inc. | 4 | 22 |
| Insight Enterprises, Inc. (a) | 1 | 103 |
| Intapp US, Inc. (a) | 1 | 37 |
| Intel Corporation (a) | 71 | 2388 |
| InterDigital, Inc. (b) | 1 | 487 |
| International Business Machines Corporation | 18 | 5128 |
| Intuit Inc. | 3 | 2194 |
| ionQ, Inc. (a) (b) | 2 | 95 |
| IPG Photonics Corporation (a) | 2 | 147 |
| Itron, Inc. (a) | 3 | 322 |
| Jabil Inc. | 6 | 1252 |
| JAMF Holding Corp. (a) | 2 | 24 |
| JFROG Ltd (a) | 4 | 179 |
| Key Tronic Corporation (a) |  | 1 |
| Keysight Technologies, Inc. (a) | 5 | 815 |
| KLA Corporation | 3 | 2997 |
| Klaviyo, Inc. - Series A (a) | 1 | 14 |
| Knowles Corporation (a) | 6 | 146 |
| Kulicke and Soffa Industries, Inc. | 3 | 104 |
| KVH Industries, Inc. (a) | 2 | 8 |
| Kyndryl Holdings, Inc. (a) | 16 | 471 |
| Lam Research Corporation | 21 | 2875 |
| Lattice Semiconductor Corporation (a) | 1 | 65 |
| Littelfuse, Inc. | 1 | 242 |
| LiveRamp Holdings, Inc. (a) | 2 | 53 |
| Lumentum Holdings Inc. (a) | 2 | 384 |
| MACOM Technology Solutions Holdings, Inc. (a) | 2 | 281 |
| Magnachip Semiconductor Corporation (a) | 4 | 13 |
| Manhattan Associates, Inc. (a) | 1 | 135 |
| Marvell Technology, Inc. | 11 | 898 |
| MaxLinear, Inc. (a) | 4 | 67 |
| MeridianLink, Inc. (a) | 2 | 34 |
| Methode Electronics, Inc. | 2 | 15 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Microchip Technology Incorporated | 11 | 714 |
| Micron Technology, Inc. | 17 | 2897 |
| Microsoft Corporation | 123 | 63799 |
| Mirion Technologies (US), Inc. - Class A (a) | 9 | 217 |
| Mitek Systems, Inc. (a) | 1 | 9 |
| MKS Inc. | 2 | 238 |
| MongoDB, Inc. - Class A (a) | 1 | 425 |
| Monolithic Power Systems, Inc. | 1 | 623 |
| Motorola Solutions, Inc. | 3 | 1515 |
| N-Able, Inc. (a) | 6 | 44 |
| Napco Security Technologies, Inc. | 2 | 84 |
| nCino OpCo, Inc. (a) | 2 | 62 |
| NCR Voyix Corporation (a) | 6 | 80 |
| NetApp, Inc. | 6 | 671 |
| NETGEAR, Inc. (a) | 2 | 72 |
| NetScout Systems, Inc. (a) | 5 | 140 |
| Nlight, Inc. (a) | 2 | 60 |
| Novanta Inc. (a) | 1 | 120 |
| Nutanix, Inc. - Class A (a) | 3 | 260 |
| NVE Corporation |  | 30 |
| NVIDIA Corporation | 445 | 83016 |
| NXP Semiconductors N.V. | 9 | 1958 |
| Okta, Inc. - Class A (a) | 4 | 362 |
| ON Semiconductor Corporation (a) | 12 | 573 |
| ON24, Inc. (a) | 6 | 36 |
| OneSpan Inc. | 3 | 54 |
| Onto Innovation Inc. (a) | 2 | 238 |
| Oracle Corporation | 34 | 9555 |
| OSI Systems, Inc. (a) | 1 | 216 |
| Palantir Technologies Inc. - Class A (a) | 13 | 2386 |
| Palo Alto Networks, Inc. (a) | 6 | 1231 |
| PAR Technology Corporation (a) | 2 | 85 |
| PC Connection, Inc. | 2 | 110 |
| PDF Solutions, Inc. (a) | 2 | 61 |
| Pegasystems Inc. | 5 | 271 |
| Penguin Solutions, Inc. (a) | 3 | 86 |
| Photronics, Inc. (a) | 3 | 73 |
| Plexus Corp. (a) | 1 | 212 |
| Power Integrations, Inc. | 2 | 71 |
| Progress Software Corporation (a) | 2 | 107 |
| PTC Inc. (a) | 2 | 459 |
| Pure Storage, Inc. - Class A (a) | 4 | 356 |
| Q2 Holdings, Inc. (a) | 2 | 152 |
| Qorvo, Inc. (a) | 4 | 335 |
| Qualcomm Incorporated | 19 | 3176 |
| Qualys, Inc. (a) | 1 | 175 |
| Ralliant Corporation | 3 | 145 |
| Rambus Inc. (a) | 3 | 340 |
| Ribbon Communications Inc. (a) | 7 | 26 |
| Richardson Electronics, Ltd. | 1 | 6 |
| RingCentral, Inc. - Class A (a) | 4 | 105 |
| Rogers Corporation (a) | 1 | 76 |
| Roper Technologies, Inc. | 1 | 681 |
| Salesforce, Inc. | 12 | 2955 |
| Samsara Inc. - Class A (a) | 3 | 96 |
| SanDisk LLC (a) | 4 | 398 |
| Sanmina Corporation (a) | 3 | 368 |
| Sapiens International Corporation N.V. | 3 | 119 |
| ScanSource, Inc. (a) | 2 | 70 |
| Seagate Technology Holdings Public Limited Company | 4 | 1025 |
| Semrush Holdings, Inc. - Class A (a) | 2 | 16 |
| SentinelOne, Inc. - Class A (a) | 5 | 83 |
| ServiceNow, Inc. (a) | 2 | 1685 |
| Silicon Laboratories Inc. (a) | 2 | 205 |
| Sitime Corporation (a) | 1 | 254 |
| Skyworks Solutions, Inc. | 5 | 376 |
| Snowflake Inc. - Class A (a) | 1 | 336 |
| SolarEdge Technologies Ltd. (a) | 1 | 37 |
| SPS Commerce, Inc. (a) |  | 41 |
| Super Micro Computer, Inc. (a) | 4 | 215 |
| Synaptics Incorporated (a) | 1 | 101 |
| Synchronoss Technologies, Inc. (a) |  | 3 |
| Synopsys, Inc. (a) | 2 | 1026 |
| TD SYNNEX Corporation | 4 | 650 |
| TE Connectivity Public Limited Company | 7 | 1592 |
| Teledyne Technologies Incorporated (a) | 1 | 786 |
| Telos Corporation (a) | 5 | 36 |
| Teradata Corporation (a) | 3 | 66 |
| Teradyne, Inc. | 4 | 571 |
| Texas Instruments Incorporated | 15 | 2716 |
| TransAct Technologies Incorporated (a) |  | 1 |
| Trimble Inc. (a) | 7 | 594 |
| TTM Technologies, Inc. (a) | 7 | 429 |
| Twilio Inc. - Class A (a) | 5 | 485 |
| Tyler Technologies, Inc. (a) | 1 | 441 |
| Uipath, Inc. - Class A (a) | 10 | 133 |
| Ultra Clean Holdings, Inc. (a) | 3 | 81 |
| Unisys Corporation (a) | 4 | 15 |
| Unity Software Inc. (a) | 7 | 275 |
| Universal Display Corporation | 1 | 163 |
| Veeco Instruments Inc. (a) | 3 | 93 |
| Verint Systems Inc. (a) | 3 | 67 |
| VeriSign, Inc. | 2 | 545 |
| Vertex, Inc. - Class A (a) | 2 | 48 |
| ViaSat, Inc. (a) | 1 | 25 |
| Viavi Solutions Inc. (a) | 12 | 157 |
| Vishay Intertechnology, Inc. | 5 | 78 |
| Vishay Precision Group, Inc. (a) | 1 | 22 |
| Vontier Corporation | 10 | 412 |
| Western Digital Corporation | 11 | 1276 |
| Workday, Inc. - Class A (a) | 2 | 399 |
| Xerox Holdings Corporation (b) | 13 | 48 |
| Yext, Inc. (a) | 10 | 83 |
| Zebra Technologies Corporation - Class A (a) | 2 | 467 |
| Zeta Global Holdings Corp. - Class A (a) | 4 | 88 |
| Zoom Communications, Inc. - Class A (a) | 7 | 563 |
| Zscaler, Inc. (a) | 1 | 385 |
| | | 369210 |
| **Financials 16.4%** | **Financials 16.4%** | **Financials 16.4%** |
| 1st Security Bank of Washington | 1 | 20 |
| 1st Source Corporation | 2 | 122 |
| Acacia Research Corporation (a) | 2 | 6 |
| ACNB Corporation | 1 | 37 |
| Affiliated Managers Group, Inc. | 2 | 428 |
| Affirm Holdings, Inc. - Class A (a) | 6 | 448 |
| AFLAC Incorporated | 11 | 1274 |
| Allstate Corporation, The | 7 | 1476 |
| Ally Financial Inc. | 15 | 596 |
| Amalgamated Financial Corp. | 2 | 60 |
| Ambac Financial Group, Inc. (a) | 2 | 20 |
| Amerant Bancorp Inc. - Class A | 2 | 32 |
| American Coastal Insurance Corporation | 1 | 17 |
| American Express Company | 10 | 3159 |
| American Financial Group, Inc. | 5 | 719 |
| American International Group, Inc. | 16 | 1219 |
| Ameriprise Financial, Inc. | 4 | 1846 |
| Ameris Bancorp | 5 | 348 |
| Amerisafe, Inc. | 1 | 61 |
| AON Public Limited Company - Class A | 4 | 1364 |
| Apollo Global Management, Inc. | 6 | 845 |
| Arch Capital Group Ltd. | 10 | 951 |
| Ares Management Corporation - Class A | 2 | 327 |
| Arrow Financial Corporation | 2 | 61 |
| Arthur J. Gallagher & Co. | 3 | 953 |
| Artisan Partners Asset Management Inc. - Class A | 4 | 160 |
| Associated Banc-Corp | 11 | 281 |
| Assurant, Inc. | 3 | 600 |
| Assured Guaranty Ltd. | 3 | 285 |
| Atlantic Union Bank | 9 | 320 |
| Atlanticus Holdings Corporation (a) | 1 | 58 |
| Avidxchange Holdings, Inc. (a) | 3 | 31 |
| AXIS Capital Holdings Limited | 4 | 395 |
| Axos Financial, Inc. (a) | 4 | 335 |
| B. Riley & Co., LLC (a) (b) | 2 | 9 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 1 | 33 |
| Banc of California, Inc. | 2 | 29 |
| BancFirst Corporation | 2 | 269 |
| Bancorp, Inc., The (a) | 3 | 228 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank of America Corporation | 120 | 6205 |
| Bank of Hawaii Corporation | 3 | 178 |
| Bank of Marin Bancorp | 2 | 42 |
| Bank of N.T. Butterfield & Son Limited, The | 3 | 141 |
| Bank of New York Mellon Corporation, The | 17 | 1889 |
| Bank OZK | 8 | 389 |
| BankFinancial Corporation (b) | 2 | 26 |
| BankUnited, Inc. | 5 | 200 |
| Banner Corporation | 3 | 167 |
| Bar Harbor Bankshares | 1 | 40 |
| Baycom Corp | 1 | 26 |
| BCB Bancorp, Inc. | 1 | 12 |
| Berkshire Hathaway Inc. - Class B (a) | 30 | 15242 |
| Berkshire Hills Bancorp, Inc. | 7 | 170 |
| BGC Group, Inc. - Class A | 20 | 188 |
| BlackRock, Inc. | 2 | 2086 |
| Blackstone Inc. - Class A | 7 | 1126 |
| Block, Inc. - Class A (a) | 7 | 500 |
| Blue Foundry Bancorp (a) | 2 | 14 |
| BOK Financial Corporation | 4 | 492 |
| Bread Financial Payments, Inc. | 3 | 193 |
| Bridgewater Bancshares, Inc. (a) (c) | 1 | 19 |
| Brighthouse Financial, Inc. (a) | 5 | 241 |
| Brightsphere Investment Group Inc. | 2 | 86 |
| Brown & Brown, Inc. | 8 | 767 |
| Burke & Herbert Financial Services Corp. |  | 26 |
| Business First Bancshares, Inc. | 1 | 33 |
| Byline Bancorp, Inc. | 3 | 96 |
| C&F Financial Corporation |  | 3 |
| Cadence Bank | 12 | 443 |
| Camden National Corporation | 2 | 62 |
| Cantaloupe, Inc. (a) | 2 | 26 |
| Capital Bancorp, Inc. |  | 14 |
| Capital City Bank Group, Inc. | 1 | 42 |
| Capital One Financial Corporation | 11 | 2382 |
| Capitol Federal Financial | 13 | 85 |
| Carlyle Group Inc., The | 11 | 721 |
| Carter Bankshares, Inc. (a) | 2 | 47 |
| Cass Information Systems, Inc. | 1 | 49 |
| Cathay General Bancorp | 5 | 222 |
| CBOE Global Markets, Inc. | 3 | 689 |
| Central Pacific Financial Corp. | 3 | 87 |
| Charles Schwab Corporation, The | 28 | 2708 |
| Chubb Limited | 6 | 1811 |
| Cincinnati Financial Corporation | 5 | 736 |
| Citigroup Inc. | 32 | 3258 |
| Citizens & Northern Corporation | 1 | 15 |
| Citizens Financial Group, Inc. | 13 | 695 |
| Citizens, Inc. - Class A (a) | 4 | 19 |
| City Holding Company | 1 | 122 |
| Civista Bancshares, Inc. | 2 | 45 |
| CME Group Inc. - Class A | 4 | 1160 |
| CNB Financial Corporation | 2 | 52 |
| CNO Financial Group, Inc. | 1 | 57 |
| Coastal Financial Corporation (a) |  | 27 |
| Cohen & Steers, Inc. | 2 | 164 |
| Coinbase Global, Inc. - Class A (a) | 3 | 1006 |
| Columbia Banking System, Inc. | 12 | 305 |
| Columbia Financial, Inc. (a) | 6 | 84 |
| Comerica Incorporated | 7 | 481 |
| Commerce Bancshares, Inc. | 8 | 476 |
| Community Financial System, Inc. | 4 | 214 |
| Community Trust Bancorp, Inc. | 1 | 79 |
| Community West Bancshares |  | 5 |
| ConnectOne Bancorp, Inc. | 5 | 112 |
| Consumer Portfolio Services, Inc. (a) | 2 | 16 |
| Corebridge Financial, Inc. | 28 | 890 |
| Corpay Inc (a) | 3 | 839 |
| Crawford & Company - Class A | 2 | 19 |
| Crawford & Company - Class B | 1 | 14 |
| Credit Acceptance Corporation (a) (b) | 1 | 262 |
| Cullen/Frost Bankers, Inc. | 3 | 426 |
| Customers Bancorp, Inc. (a) | 2 | 152 |
| CVB Financial Corp. | 9 | 175 |
| Diamond Hill Investment Group, Inc. - Class A |  | 58 |
| Dime Community Bancshares, Inc. | 3 | 93 |
| Donegal Group Inc. - Class A | 2 | 31 |
| Donnelley Financial Solutions, Inc. (a) | 2 | 78 |
| Eagle Bancorp, Inc. | 3 | 52 |
| East West Bancorp, Inc. | 8 | 844 |
| Eastern Bankshares, Inc. | 3 | 61 |
| eHealth, Inc. (a) | 2 | 7 |
| Employers Holdings, Inc. | 2 | 74 |
| Enact Holdings, Inc. | 1 | 26 |
| Encore Capital Group, Inc. (a) | 2 | 69 |
| Enova International, Inc. (a) | 2 | 222 |
| Enterprise Financial Services Corp. | 3 | 171 |
| Equitable Holdings, Inc. | 11 | 547 |
| Equity Bancshares, Inc. - Class A | 1 | 43 |
| Erie Indemnity Company - Class A | 1 | 214 |
| Esquire Financial Holdings, Inc. |  | 30 |
| Essent Group Ltd. | 6 | 394 |
| Euronet Worldwide, Inc. (a) | 2 | 194 |
| Evercore Inc. - Class A | 2 | 578 |
| Everest Group, Ltd. | 2 | 527 |
| EVERTEC, Inc. | 1 | 40 |
| EZCORP, Inc. - Class A (a) | 3 | 65 |
| F&G Annuities & Life, Inc. | 2 | 49 |
| F.N.B. Corporation | 25 | 408 |
| FactSet Research Systems Inc. | 1 | 290 |
| Farmers National Banc Corp. | 1 | 12 |
| FB Financial Corporation | 4 | 206 |
| Federal Agricultural Mortgage Corporation - Class C | 1 | 132 |
| Federated Hermes, Inc. - Class B | 5 | 252 |
| Fidelity National Financial, Inc. - Class A | 13 | 758 |
| Fidelity National Information Services, Inc. | 15 | 978 |
| Fifth Third Bancorp | 20 | 898 |
| Financial Institutions, Inc. | 2 | 52 |
| First American Financial Corporation | 7 | 455 |
| First Bancorp (b) | 3 | 164 |
| First BanCorp | 10 | 227 |
| First Bancorp, Inc., The | 1 | 30 |
| First Bank of New Jersey | 1 | 18 |
| First Busey Corporation | 5 | 124 |
| First Business Financial Services, Inc. | 1 | 48 |
| First Citizens BancShares, Inc. - Class A |  | 726 |
| First Commonwealth Financial Corporation | 6 | 106 |
| First Community Bancshares, Inc. | 2 | 61 |
| First Financial Bancorp. | 7 | 180 |
| First Financial Bankshares, Inc. | 6 | 218 |
| First Financial Corporation | 1 | 54 |
| First Foundation Inc. (a) | 4 | 23 |
| First Hawaiian, Inc. | 9 | 211 |
| First Horizon Corporation | 25 | 562 |
| First Internet Bancorp | 1 | 19 |
| First Interstate BancSystem, Inc. - Class A | 7 | 215 |
| First Merchants Corporation | 4 | 159 |
| First Mid Bancshares, Inc. | 2 | 62 |
| First Western Financial, Inc. (a) | 1 | 12 |
| FirstCash, Inc. | 3 | 453 |
| Fiserv, Inc. (a) | 11 | 1379 |
| Flagstar Financial, Inc. | 12 | 133 |
| Flushing Financial Corporation | 3 | 48 |
| Flywire Corporation (a) |  | 5 |
| Franklin Resources, Inc. | 17 | 388 |
| Fulton Financial Corporation | 13 | 246 |
| FVCBankcorp, Inc. | 2 | 21 |
| Genworth Financial, Inc. - Class A (a) | 30 | 267 |
| German American Bancorp, Inc. | 3 | 107 |
| Glacier Bancorp, Inc. | 6 | 308 |
| Global Payments Inc. | 7 | 558 |
| Globe Life Inc. | 5 | 654 |
| Goldman Sachs Group, Inc., The | 6 | 4408 |
| Goosehead Insurance, Inc. - Class A | 1 | 70 |
| Great Southern Bancorp, Inc. | 1 | 72 |
| Green Dot Corporation - Class A (a) | 3 | 47 |
| Greenlight Capital Re, Ltd. - Class A (a) | 3 | 41 |
| Guaranty Bancshares, Inc. |  | 20 |
| Hamilton Lane Incorporated - Class A | 1 | 199 |
| Hancock Whitney Corporation | 6 | 355 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hanmi Financial Corporation | 3 | 66 |
| Hanover Insurance Group Inc, The | 2 | 406 |
| HarborOne Bancorp, Inc. | 6 | 86 |
| Hartford Insurance Group, Inc., The | 13 | 1789 |
| HBT Financial, Inc. | 1 | 17 |
| HCI Group, Inc. | 1 | 162 |
| Hennessy Advisors, Inc. (b) |  | 4 |
| Heritage Commerce Corp | 5 | 45 |
| Heritage Financial Corporation | 3 | 82 |
| Heritage Insurance Holdings, Inc. (a) | 3 | 67 |
| Hilltop Holdings Inc. | 5 | 162 |
| Hingham Institution For Savings, The |  | 56 |
| Home BancShares, Inc. | 11 | 324 |
| HomeStreet, Inc. - Class A (a) | 3 | 38 |
| Hometrust Bancshares, Inc. | 1 | 59 |
| Hope Bancorp, Inc. | 10 | 113 |
| Horace Mann Educators Corporation | 3 | 143 |
| Horizon Bancorp, Inc. | 5 | 73 |
| Houlihan Lokey, Inc. - Class A | 3 | 550 |
| Huntington Bancshares Incorporated | 42 | 725 |
| Independence Holdings, LLC | 8 | 430 |
| Independent Bank Corp. | 3 | 215 |
| Independent Bank Corporation | 2 | 65 |
| Interactive Brokers Group, Inc. - Class A | 4 | 296 |
| Intercontinental Exchange, Inc. | 8 | 1305 |
| International Bancshares Corporation | 4 | 309 |
| International Money Express Inc. (a) | 3 | 40 |
| Invesco Ltd. | 23 | 525 |
| Investors Title Company |  | 27 |
| Jack Henry & Associates, Inc. | 3 | 431 |
| James River Group, Inc. | 2 | 9 |
| Janus Henderson Group PLC | 10 | 446 |
| Jefferies Financial Group Inc. | 10 | 649 |
| JPMorgan Chase & Co. | 59 | 18734 |
| Kearny Financial Corp | 5 | 30 |
| Kestrel Group Ltd (a) |  | 13 |
| KeyCorp | 30 | 553 |
| Kinsale Capital Group, Inc. | 1 | 456 |
| KKR & Co. Inc. - Class A | 8 | 981 |
| Lakeland Financial Corporation | 2 | 113 |
| Lazard, Inc. | 4 | 190 |
| LendingClub Corporation (a) | 9 | 138 |
| LendingTree, Inc. (a) |  | 29 |
| Lincoln National Corporation | 7 | 284 |
| Live Oak Bancshares, Inc. | 3 | 95 |
| Loews Corporation | 7 | 699 |
| LPL Financial Holdings Inc. | 3 | 1007 |
| M&T Bank Corporation | 4 | 889 |
| Markel Group Inc. (a) |  | 776 |
| MarketAxess Holdings Inc. | 1 | 193 |
| Marqeta, Inc. - Class A (a) | 7 | 35 |
| Marsh & Mclennan Companies, Inc. | 9 | 1828 |
| MasterCard Incorporated - Class A | 16 | 9207 |
| Mercantile Bank Corporation | 2 | 74 |
| Merchants Bancorp, Inc. | 2 | 75 |
| Mercury General Corporation | 4 | 338 |
| MetLife, Inc. | 19 | 1557 |
| Metrocity Bankshares, Inc. | 1 | 24 |
| Metropolitan Bank Holding Corp. | 1 | 73 |
| MGIC Investment Corporation | 15 | 438 |
| Mid Penn Bancorp, Inc. | 1 | 16 |
| Midland States Bancorp, Inc. | 2 | 26 |
| MidWestOne Financial Group, Inc. | 1 | 21 |
| Moelis & Company - Class A | 1 | 74 |
| Moody's Corporation | 3 | 1388 |
| Morgan Stanley | 29 | 4539 |
| Morningstar, Inc. | 2 | 495 |
| Mr. Cooper Group Inc. | 4 | 948 |
| MSCI Inc. - Class A | 2 | 904 |
| MVB Financial Corp. | 1 | 15 |
| Nasdaq, Inc. | 15 | 1309 |
| National Bank Holdings Corporation - Class A | 3 | 118 |
| National Bankshares, Inc. |  | 2 |
| Navient Corporation | 6 | 74 |
| NBT Bancorp Inc. | 4 | 148 |
| NCR Atleos Corporation (a) | 5 | 197 |
| Nelnet, Inc. - Class A | 2 | 235 |
| NI Holdings Inc. (a) | 1 | 12 |
| Nicolet Bankshares, Inc. | 1 | 143 |
| NMI Holdings, Inc. - Class A (a) | 6 | 222 |
| Northeast Bank |  | 50 |
| Northern Trust Corporation | 6 | 784 |
| Northfield Bancorp Inc. | 5 | 62 |
| Northrim Bancorp, Inc. | 2 | 35 |
| Northwest Bancshares, Inc. | 10 | 124 |
| Norwood Financial Corp. (b) |  | 8 |
| OceanFirst Financial Corp. | 5 | 85 |
| OFG Bancorp | 3 | 148 |
| Old National Bancorp | 22 | 488 |
| Old Republic International Corporation | 13 | 545 |
| Old Second Bancorp, Inc. | 1 | 12 |
| Onity Group Inc. (a) |  | 9 |
| Open Lending Corporation - Class A (a) | 3 | 6 |
| Oppenheimer Holdings Inc. - Class A | 1 | 81 |
| Origin Bancorp, Inc. | 1 | 28 |
| Orrstown Financial Services, Inc. | 1 | 32 |
| Oscar Health, Inc. - Class A (a) | 5 | 103 |
| P.C.B. Bancorp, Inc. | 1 | 11 |
| Palomar Holdings, Inc. (a) | 1 | 94 |
| Park National Corporation | 1 | 193 |
| Parke Bancorp, Inc. | 1 | 15 |
| Pathward Financial, Inc. | 2 | 115 |
| Paymentus Holdings, Inc. - Class A (a) | 1 | 28 |
| Payoneer Global Inc. (a) | 22 | 133 |
| PayPal Holdings, Inc. (a) | 18 | 1227 |
| Paysafe Limited (a) | 5 | 60 |
| Peapack-Gladstone Financial Corporation | 1 | 36 |
| PennyMac Financial Services, Inc. | 1 | 129 |
| Peoples Bancorp Inc. | 2 | 63 |
| Peoples Financial Services Corp. |  | 10 |
| Pinnacle Financial Partners, Inc. | 4 | 382 |
| Pioneer Bancorp, Inc. (a) | 1 | 15 |
| Piper Sandler Companies | 1 | 284 |
| PJT Partners Inc. - Class A | 1 | 123 |
| Popular, Inc. | 4 | 562 |
| PRA Group, Inc. (a) | 4 | 55 |
| Preferred Bank | 1 | 98 |
| Primerica, Inc. | 2 | 652 |
| Primis Financial Corp. | 3 | 32 |
| Principal Financial Group, Inc. | 6 | 535 |
| ProAssurance Corporation (a) | 4 | 107 |
| PROG Holdings, Inc. | 2 | 67 |
| Progressive Corporation, The | 10 | 2430 |
| Prosperity Bancshares, Inc. | 6 | 416 |
| Provident Bancorp Inc. (a) | 1 | 15 |
| Provident Financial Holdings, Inc. |  | 6 |
| Provident Financial Services, Inc. | 8 | 154 |
| Prudential Financial, Inc. | 10 | 1004 |
| QCR Holdings, Inc. | 1 | 74 |
| Radian Group Inc. | 9 | 309 |
| Raymond James Financial, Inc. | 6 | 1058 |
| Red River Bancshares, Inc. |  | 12 |
| Regional Management Corp. | 2 | 70 |
| Regions Financial Corporation | 27 | 714 |
| Reinsurance Group of America, Incorporated | 3 | 525 |
| Remitly Global, Inc. (a) | 4 | 60 |
| RenaissanceRe Holdings Ltd | 3 | 649 |
| Renasant Corporation | 5 | 184 |
| Repay Holdings Corporation - Class A (a) | 2 | 10 |
| Republic Bancorp, Inc. - Class A | 2 | 109 |
| RLI Corp. | 5 | 328 |
| Robinhood Markets, Inc. - Class A (a) | 20 | 2869 |
| Root LLC - Class A (a) |  | 13 |
| S & T Bancorp, Inc. | 3 | 100 |
| S&P Global Inc. | 4 | 1906 |
| Safety Insurance Group, Inc. | 1 | 81 |
| Seacoast Banking Corporation of Florida | 4 | 115 |
| SEI Investments Company | 7 | 570 |
| Selective Insurance Group, Inc. | 4 | 286 |
| ServisFirst Bancshares, Inc. | 3 | 238 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shift4 Payments, LLC - Class A (a) (b) | 2 | 145 |
| Shore Bancshares, Inc. | 1 | 24 |
| Sierra BanCorp | 1 | 42 |
| Simmons First National Corporation - Class A | 9 | 169 |
| SiriusPoint Ltd. (a) | 9 | 160 |
| Skyward Specialty Insurance Group, Inc. (a) | 3 | 123 |
| SLM Corporation | 12 | 338 |
| Smartfinancial, Inc. | 1 | 31 |
| SoFi Technologies, Inc. (a) | 19 | 489 |
| South Plains Financial, Inc. | 1 | 30 |
| Southern First Bancshares, Inc. (a) | 1 | 53 |
| Southern Missouri Bancorp, Inc. | 1 | 30 |
| Southside Bancshares, Inc. | 3 | 74 |
| Southstate Bank Corporation | 7 | 675 |
| State Street Corporation | 8 | 900 |
| Stellar Bancorp, Inc. | 1 | 39 |
| Stewart Information Services Corporation | 1 | 109 |
| Stifel Financial Corp. | 5 | 560 |
| Stock Yards Bancorp, Inc. | 2 | 135 |
| StoneX Group Inc. (a) | 4 | 378 |
| Synchrony Financial | 12 | 850 |
| Synovus Financial Corp. | 9 | 427 |
| T. Rowe Price Group, Inc. | 7 | 700 |
| Texas Capital Bancshares, Inc. (a) | 3 | 280 |
| TFS Financial Corporation | 11 | 140 |
| The PNC Financial Services Group, Inc. | 7 | 1358 |
| The Western Union Company | 20 | 163 |
| Tiptree Inc. | 3 | 57 |
| Toast, Inc. - Class A (a) | 7 | 260 |
| Tompkins Financial Corporation | 1 | 78 |
| TowneBank | 5 | 176 |
| TPG Inc. - Class A | 1 | 43 |
| Tradeweb Markets Inc. - Class A | 3 | 343 |
| Travelers Companies, Inc., The | 11 | 3094 |
| TriCo Bancshares | 3 | 114 |
| Triumph Financial, Inc. (a) | 1 | 50 |
| Truist Financial Corporation | 24 | 1087 |
| Trupanion, Inc. (a) | 1 | 43 |
| Trustco Bank Corp N Y | 2 | 69 |
| Trustmark Corporation | 4 | 176 |
| U.S. Bancorp | 27 | 1292 |
| UMB Financial Corporation | 5 | 592 |
| United Bankshares, Inc. | 9 | 327 |
| United Community Banks, Inc. | 8 | 248 |
| United Fire Group, Inc. | 2 | 70 |
| Unity Bancorp, Inc. |  | 19 |
| Universal Insurance Holdings, Inc. | 2 | 44 |
| Univest Financial Corporation | 2 | 70 |
| Unum Group | 8 | 651 |
| Valley National Bancorp | 32 | 337 |
| Velocity Financial Inc. (a) | 1 | 16 |
| Veritex Holdings, Inc. | 4 | 125 |
| Victory Capital Holdings, Inc. - Class A | 3 | 170 |
| Virtu Financial, Inc. - Class A | 6 | 228 |
| Virtus Investment Partners, Inc. |  | 85 |
| Visa Inc. - Class A | 31 | 10511 |
| Voya Financial, Inc. | 5 | 389 |
| W. R. Berkley Corporation | 10 | 781 |
| WAFD, Inc. | 6 | 181 |
| Walker & Dunlop, Inc. | 2 | 140 |
| Washington Trust Bancorp, Inc. | 2 | 59 |
| Waterstone Financial, Inc. | 3 | 51 |
| Webster Financial Corporation | 8 | 492 |
| Wells Fargo & Company | 79 | 6587 |
| WesBanco, Inc. | 7 | 231 |
| West Bancorporation, Inc. | 2 | 37 |
| Westamerica Bancorporation | 2 | 102 |
| Western Alliance Bancorporation | 6 | 503 |
| Westwood Holdings Group, Inc. | 1 | 13 |
| Wex, Inc. (a) | 2 | 301 |
| White Mountains Insurance Group Ltd |  | 288 |
| Willis Towers Watson Public Limited Company | 3 | 1188 |
| Wintrust Financial Corporation | 3 | 460 |
| WisdomTree, Inc. (b) | 9 | 130 |
| World Acceptance Corporation (a) |  | 79 |
| WSFS Financial Corporation | 4 | 216 |
| Zions Bancorporation, National Association | 9 | 537 |
| Zurich American Corporation | 4 | 210 |
| | | 216350 |
| **Industrials 12.1%** | **Industrials 12.1%** | **Industrials 12.1%** |
| 3D Systems Corporation (a) | 9 | 25 |
| 3M Company | 11 | 1663 |
| A. O. Smith Corporation | 6 | 463 |
| AAON, Inc. | 2 | 152 |
| AAR Corp. (a) | 2 | 187 |
| ABM Industries Incorporated | 4 | 191 |
| ACCO Brands Corporation | 8 | 33 |
| Acuity Brands, Inc. | 2 | 568 |
| Acuren Corporation (a) | 4 | 58 |
| ACV Auctions Inc. - Class A (a) | 6 | 61 |
| Advanced Drainage Systems, Inc. | 4 | 549 |
| Aebi Schmidt Holding AG | 3 | 37 |
| AECOM | 5 | 710 |
| AeroVironment, Inc. (a) | 1 | 326 |
| AGCO Corporation | 5 | 488 |
| Air Lease Corporation - Class A | 7 | 458 |
| Alamo Group Inc. | 1 | 155 |
| Alaska Air Group, Inc. (a) | 8 | 391 |
| Albany International Corp. - Class A | 1 | 61 |
| Alight, Inc. - Class A | 12 | 40 |
| Allegiant Travel Company (a) | 1 | 35 |
| Allegion Public Limited Company | 5 | 845 |
| Allison Systems, Inc. | 7 | 553 |
| Alta Equipment Group Inc. - Class A | 2 | 15 |
| Amentum Holdings, Inc. (a) | 2 | 45 |
| Ameresco, Inc. - Class A (a) | 1 | 38 |
| American Airlines Group Inc. (a) | 18 | 204 |
| American Woodmark Corporation (a) | 1 | 80 |
| AMETEK, Inc. | 6 | 1191 |
| API Group Corporation (a) | 21 | 723 |
| Apogee Enterprises, Inc. | 1 | 58 |
| Applied Industrial Technologies, Inc. | 2 | 549 |
| Arcbest Corporation | 1 | 81 |
| Arcosa, Inc. | 4 | 330 |
| Argan, Inc. | 1 | 298 |
| Armstrong World Industries, Inc. | 3 | 491 |
| Astec Industries, Inc. | 2 | 81 |
| Astronics Corporation (a) | 2 | 101 |
| Astronics Corporation - Class B (a) | 1 | 65 |
| ATI Inc. (a) | 7 | 597 |
| Atkore Inc. | 1 | 91 |
| ATMUS Filtration Technologies Inc. | 1 | 30 |
| Automatic Data Processing, Inc. | 7 | 2150 |
| Avis Budget Group, Inc. (a) (b) |  | 52 |
| Axon Enterprise, Inc. (a) | 1 | 826 |
| AZZ Inc. | 2 | 180 |
| Barrett Business Services, Inc. | 1 | 67 |
| Blue Bird Global Corporation (a) | 1 | 51 |
| BlueLinx Holdings Inc. (a) | 1 | 55 |
| Boeing Company, The (a) | 11 | 2291 |
| Boise Cascade Company | 2 | 136 |
| Booz Allen Hamilton Holding Corporation - Class A | 3 | 283 |
| Bowman Consulting Group Ltd. (a) | 1 | 56 |
| Brady Corporation - Class A | 3 | 196 |
| BrightView Holdings, Inc. (a) | 7 | 92 |
| Brink's Company, The | 2 | 267 |
| Broadridge Financial Solutions, Inc. | 3 | 749 |
| Builders FirstSource, Inc. (a) | 7 | 809 |
| BWXT Government Group, Inc. | 4 | 748 |
| C.H. Robinson Worldwide, Inc. | 6 | 818 |
| Caci International Inc. - Class A (a) | 1 | 589 |
| Cadeler A/S - ADR (a) | 1 | 17 |
| Cadre Holdings, Inc. | 1 | 22 |
| Carlisle Companies Incorporated | 2 | 608 |
| Carrier Global Corporation | 10 | 590 |
| Casella Waste Systems, Inc. - Class A (a) | 3 | 275 |
| Caterpillar Inc. | 8 | 4055 |
| CBIZ, Inc. (a) | 3 | 179 |
| CECO Environmental Corp. (a) | 2 | 92 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chart Industries, Inc. (a) | 1 | 132 |
| Cimpress Public Limited Company (a) | 1 | 89 |
| Cintas Corporation | 7 | 1347 |
| Civeo Corporation | 1 | 15 |
| Clarivate PLC (a) | 24 | 92 |
| Clean Harbors, Inc. (a) | 3 | 809 |
| CNH Industrial N.V. | 62 | 669 |
| Columbus McKinnon Corporation | 2 | 26 |
| Comfort Systems USA, Inc. | 2 | 1396 |
| Commercial Vehicle Group, Inc. (a) | 5 | 8 |
| Concrete Pumping Holdings, Inc. | 1 | 9 |
| Conduent Incorporated (a) | 15 | 41 |
| Construction Partners, Inc. - Class A (a) | 2 | 301 |
| Copa Holdings, S.A. - Class A | 3 | 302 |
| Copart, Inc. (a) | 14 | 650 |
| Core & Main, Inc. - Class A (a) | 8 | 443 |
| Costamare Bulkers Holdings Limited (a) | 2 | 23 |
| Costamare Inc. | 8 | 95 |
| Covenant Logistics Group, Inc. - Class A | 2 | 41 |
| CRA International, Inc. | 1 | 107 |
| Crane Company | 3 | 514 |
| CSG Systems International, Inc. | 2 | 139 |
| CSW Industrials, Inc. | 1 | 196 |
| CSX Corporation | 54 | 1904 |
| Cummins Inc. | 4 | 1762 |
| Curtiss-Wright Corporation | 2 | 905 |
| Dayforce, Inc. (a) | 4 | 304 |
| Deere & Company | 5 | 2494 |
| Delta Air Lines, Inc. | 31 | 1749 |
| Deluxe Corporation | 5 | 90 |
| Distribution Solutions Group, Inc. (a) | 1 | 30 |
| DNOW Inc. (a) | 9 | 132 |
| Donaldson Company, Inc. | 7 | 564 |
| Douglas Dynamics, Inc. | 2 | 67 |
| Dover Corporation | 4 | 655 |
| Driven Brands Holdings Inc. (a) | 2 | 38 |
| Ducommun Incorporated (a) | 1 | 124 |
| DXP Enterprises, Inc. (a) | 1 | 122 |
| Dycom Industries, Inc. (a) | 2 | 542 |
| Eaton Corporation Public Limited Company | 4 | 1647 |
| Elance, Inc. (a) | 2 | 46 |
| EMCOR Group, Inc. | 2 | 1067 |
| Emerson Electric Co. | 7 | 941 |
| Energy Recovery, Inc. (a) | 3 | 41 |
| Enerpac Tool Group Corp. - Class A | 3 | 107 |
| EnerSys | 2 | 282 |
| Ennis, Inc. | 2 | 46 |
| Enpro Inc. | 1 | 244 |
| Enviri Corporation (a) | 7 | 86 |
| Equifax Inc. | 3 | 728 |
| ESAB Corporation | 3 | 372 |
| ESCO Technologies Inc. | 1 | 306 |
| Everus Construction Group, Inc. (a) | 3 | 238 |
| ExlService Holdings, Inc. (a) | 7 | 330 |
| Expeditors International of Washington, Inc. - Class A | 6 | 713 |
| Exponent, Inc. | 1 | 54 |
| Fastenal Company | 25 | 1202 |
| Federal Signal Corporation | 3 | 357 |
| FedEx Corporation | 8 | 1847 |
| Ferguson Enterprises Inc. | 6 | 1394 |
| First Advantage Corporation (a) | 5 | 70 |
| Flowserve Corporation | 7 | 369 |
| Fluence Energy, Inc. - Class A (a) (b) | 4 | 44 |
| Fluor Corporation (a) | 8 | 325 |
| Forrester Research, Inc. (a) | 2 | 18 |
| Fortive Corporation | 10 | 487 |
| Fortune Brands Innovations, Inc. | 5 | 275 |
| Franklin Covey Co. (a) | 1 | 21 |
| Franklin Electric Co., Inc. | 2 | 197 |
| Frontier Group Holdings, Inc. (a) (b) | 2 | 11 |
| FTAI Aviation Ltd. |  | 34 |
| FTAI Infrastructure Inc. | 4 | 19 |
| FTI Consulting, Inc. (a) | 2 | 246 |
| FuelCell Energy, Inc. (a) |  | 3 |
| Gates Industrial Corporation PLC (a) | 5 | 130 |
| GATX Corporation | 2 | 390 |
| GE Vernova Inc. | 3 | 1731 |
| Genco Shipping & Trading Limited | 1 | 14 |
| Gencor Industries, Inc. (a) | 1 | 8 |
| Generac Holdings Inc. (a) | 2 | 294 |
| General Dynamics Corporation | 4 | 1343 |
| General Electric Company | 12 | 3509 |
| Genpact Limited | 10 | 402 |
| Gibraltar Industries, Inc. (a) | 2 | 95 |
| Global Industrial Company | 2 | 86 |
| Gorman- Rupp Company, The | 2 | 94 |
| Graco Inc. | 7 | 630 |
| Graham Corporation (a) |  | 22 |
| Granite Construction Incorporated | 2 | 262 |
| Great Lakes Dredge & Dock Corporation (a) | 7 | 88 |
| Greenbrier Companies, Inc., The | 2 | 107 |
| Griffon Corporation | 2 | 143 |
| GXO Logistics Inc. (a) | 5 | 258 |
| Hayward Holdings, Inc. (a) | 3 | 48 |
| Healthcare Services Group, Inc. (a) | 5 | 85 |
| Heartland Express, Inc. | 5 | 40 |
| HEICO Corporation | 1 | 358 |
| HEICO Corporation - Class A | 2 | 432 |
| Heidrick & Struggles International, Inc. | 1 | 73 |
| Helios Technologies, Inc. | 2 | 113 |
| Herc Holdings Inc. | 3 | 348 |
| Hertz Global Holdings, Inc. (a) | 17 | 115 |
| Hexcel Corporation | 2 | 140 |
| Hillenbrand, Inc. | 3 | 92 |
| Hillman Solutions Corp. - Class A (a) | 7 | 68 |
| HNI Corporation | 3 | 141 |
| Honeywell International Inc. | 11 | 2346 |
| Howmet Aerospace Inc. | 10 | 1984 |
| Hub Group, Inc. - Class A | 3 | 104 |
| Hubbell Incorporated | 2 | 725 |
| Hudson Global, Inc. (a) |  | 1 |
| Hudson Technologies, Inc. (a) | 3 | 26 |
| Huntington Ingalls Industries, Inc. | 2 | 453 |
| Hurco Companies, Inc. (a) |  | 5 |
| Huron Consulting Group Inc. (a) | 1 | 164 |
| Hyster-Yale, Inc. - Class A | 1 | 27 |
| IBEX Limited (a) | 1 | 34 |
| ICF International, Inc. | 1 | 70 |
| IDEX Corporation | 2 | 354 |
| IES Holdings, Inc. (a) | 2 | 712 |
| Illinois Tool Works Inc. | 7 | 1894 |
| Ingersoll Rand Inc. | 8 | 674 |
| Insperity, Inc. | 1 | 53 |
| Insteel Industries, Inc. | 1 | 40 |
| Interface, Inc. - Class A | 4 | 125 |
| ITT Inc. | 4 | 689 |
| J.B. Hunt Transport Services, Inc. | 5 | 686 |
| Jacobs Solutions Inc. | 4 | 650 |
| Janus International Group, Inc. (a) | 2 | 20 |
| JELD-WEN Holding, Inc. (a) | 6 | 29 |
| JetBlue Airways Corporation (a) (b) | 14 | 68 |
| Johnson Controls International Public Limited Company | 11 | 1234 |
| Kadant Inc. | 1 | 203 |
| KBR, Inc. | 8 | 369 |
| Kennametal Inc. | 5 | 102 |
| Kforce Inc. | 1 | 31 |
| Kirby Corporation (a) | 3 | 254 |
| Knight-Swift Transportation Holdings Inc. - Class A | 8 | 324 |
| Korn Ferry | 4 | 258 |
| Kratos Defense & Security Solutions, Inc. (a) | 8 | 688 |
| L. B. Foster Company (a) | 1 | 27 |
| L3Harris Technologies, Inc. | 5 | 1589 |
| Landstar System, Inc. | 1 | 174 |
| Leidos Holdings, Inc. | 5 | 886 |
| Lennox International Inc. | 1 | 527 |
| Leonardo DRS, Inc. | 1 | 38 |
| Limbach Holdings, Inc. (a) |  | 39 |
| Lincoln Electric Holdings, Inc. | 3 | 604 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lindsay Corporation |  | 65 |
| Liquidity Services, Inc. (a) | 2 | 46 |
| Loar Holdings Inc. (a) | 1 | 50 |
| Lockheed Martin Corporation | 4 | 2021 |
| LSI Industries Inc. | 1 | 27 |
| Luxfer Holdings PLC | 2 | 21 |
| Lyft, Inc. - Class A (a) | 6 | 124 |
| Manitowoc Company, Inc., The (a) | 1 | 13 |
| ManpowerGroup Inc. | 2 | 84 |
| Marten Transport, Ltd. | 2 | 22 |
| Masco Corporation | 7 | 525 |
| MasTec, Inc. (a) | 4 | 858 |
| Masterbrand, Inc. (a) | 7 | 97 |
| Matrix Service Company (a) | 3 | 42 |
| Matson Intermodal - Paragon, Inc. | 2 | 186 |
| Maximus, Inc. | 3 | 241 |
| Mayville Engineering Company, Inc. (a) | 1 | 13 |
| McGrath RentCorp | 1 | 176 |
| Mercury Systems, Inc. (a) | 3 | 235 |
| Middleby Corporation, The (a) | 3 | 438 |
| Miller Industries, Inc. | 1 | 39 |
| Millerknoll, Inc. | 4 | 66 |
| Mine Safety Appliances Company, LLC | 2 | 341 |
| Mistras Group, Inc. (a) | 3 | 25 |
| Monocle Acquisition Corporation (a) | 2 | 19 |
| Montrose Environmental Group, Inc. (a) | 2 | 42 |
| MOOG Inc. - Class A | 2 | 330 |
| MRC Global Inc. (a) | 6 | 92 |
| MSC Industrial Direct Co., Inc. - Class A | 3 | 267 |
| Mueller Industries, Inc. | 6 | 590 |
| Mueller Water Products, Inc. - Class A | 9 | 217 |
| MYR Group Inc. (a) | 1 | 139 |
| N L Industries, Inc. | 1 | 6 |
| National Presto Industries, Inc. | 1 | 70 |
| Newpark Resources, Inc. (a) | 7 | 83 |
| Nextracker LLC - Class A (a) | 2 | 141 |
| NN, Inc. (a) | 3 | 6 |
| Nordson Corporation | 1 | 335 |
| Norfolk Southern Corporation | 5 | 1565 |
| Northrop Grumman Corporation | 2 | 1400 |
| Nvent Electric Public Limited Company | 6 | 587 |
| NWPX Infrastructure, Inc. (a) | 1 | 53 |
| Old Dominion Freight Line, Inc. | 5 | 673 |
| Omega Flex, Inc. |  | 3 |
| Openlane, Inc. (a) | 8 | 225 |
| Orion Group Holdings, Inc. (a) | 2 | 13 |
| Oshkosh Corporation | 4 | 477 |
| Otis Worldwide Corporation | 7 | 675 |
| Owens Corning | 6 | 832 |
| P.A.M. Transportation Services, Inc. (a) | 1 | 14 |
| PACCAR Inc | 14 | 1356 |
| Pangaea Logistics Solutions Ltd. | 3 | 17 |
| Park Aerospace Technologies Corp. | 2 | 43 |
| Parker-Hannifin Corporation | 2 | 1161 |
| Park-Ohio Holdings Corp. | 1 | 27 |
| Parsons Corporation (a) | 4 | 344 |
| Paychex, Inc. | 8 | 956 |
| Paycom Software, Inc. | 2 | 356 |
| Paylocity Holding Corporation (a) | 1 | 236 |
| Pentair Public Limited Company | 8 | 929 |
| Planet Labs Inc. - Class A (a) | 5 | 60 |
| Plug Power Inc. (a) | 24 | 55 |
| Powell Industries, Inc. (b) | 1 | 217 |
| Preformed Line Products Company |  | 37 |
| Primoris Services Corporation | 3 | 379 |
| Proto Labs, Inc. (a) | 2 | 88 |
| Quad/Graphics, Inc. - Class A | 4 | 28 |
| Quanex Building Products Corporation | 4 | 51 |
| Quanta Services, Inc. | 3 | 1317 |
| Radiant Logistics, Inc. (a) | 3 | 20 |
| RBC Bearings Incorporated (a) | 1 | 560 |
| Regal Rexnord Corporation | 3 | 410 |
| Republic Services, Inc. | 5 | 1153 |
| Resideo Technologies, Inc. (a) | 9 | 372 |
| Resources Connection, Inc. | 4 | 22 |
| REV Group, Inc. | 3 | 158 |
| Robert Half Inc. | 3 | 92 |
| Rocket Lab Corporation (a) (b) | 5 | 261 |
| Rockwell Automation, Inc. | 2 | 839 |
| Rollins, Inc. | 11 | 641 |
| RTX Corporation | 23 | 3771 |
| Rush Enterprises, Inc. - Class A | 4 | 230 |
| Rush Enterprises, Inc. - Class B | 1 | 39 |
| RXO Inc (a) | 5 | 78 |
| Ryder System, Inc. | 3 | 633 |
| Saia, Inc. (a) | 1 | 238 |
| Schneider National, Inc. - Class B | 3 | 73 |
| Science Applications International Corporation | 3 | 275 |
| Sensata Technologies Holding PLC | 6 | 174 |
| Shoals Technologies Group, Inc. - Class A (a) | 2 | 17 |
| SIFCO Industries, Inc. (a) |  | 1 |
| Simpson Manufacturing Co., Inc. | 2 | 337 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 216 |
| SkyWest, Inc. (a) | 3 | 276 |
| Snap-on Incorporated | 2 | 740 |
| Southwest Airlines Co. | 17 | 541 |
| SPX Technologies, Inc. (a) | 3 | 472 |
| SS&C Technologies Holdings, Inc. | 8 | 669 |
| Standex International Corporation | 1 | 155 |
| Stanley Black & Decker, Inc. | 6 | 469 |
| Steelcase Inc. - Class A | 7 | 114 |
| Sterling Infrastructure, Inc. (a) | 2 | 597 |
| Stratasys, Inc. (a) | 1 | 13 |
| Sunrun Inc. (a) | 11 | 191 |
| Symbotic Inc. - Class A (a) (b) | 1 | 51 |
| Taskus, Inc. - Class A (a) |  | 9 |
| Tecnoglass Inc. | 3 | 168 |
| Tennant Company | 1 | 60 |
| Terex Corporation | 2 | 128 |
| Tetra Tech, Inc. | 10 | 348 |
| Textron Inc. | 8 | 654 |
| Thermon Group Holdings, Inc. (a) | 2 | 53 |
| Timken Company, The | 3 | 247 |
| Titan Machinery Inc. (a) | 1 | 21 |
| Toro Company, The | 5 | 377 |
| Trane Technologies Public Limited Company | 4 | 1665 |
| Transcat, Inc. (a) |  | 34 |
| TransDigm Group Incorporated | 1 | 1186 |
| TransUnion | 5 | 427 |
| Trex Company, Inc. (a) | 3 | 146 |
| Trinet Group, Inc. | 1 | 85 |
| Trinity Industries, Inc. | 6 | 176 |
| TrueBlue, Inc. (a) | 6 | 36 |
| TTEC Holdings, Inc. (a) (b) | 5 | 15 |
| Tutor Perini Corporation (a) | 5 | 297 |
| Twin Disc, Incorporated | 1 | 17 |
| Uber Technologies, Inc. (a) | 18 | 1736 |
| UFP Industries, Inc. | 4 | 334 |
| U-Haul Holding Company (a) | 1 | 64 |
| U-Haul Holding Company - Series N | 8 | 427 |
| UL Solutions Inc. - Class A | 1 | 54 |
| Ultralife Corporation (a) |  | 1 |
| Unifirst Corporation | 1 | 165 |
| Union Pacific Corporation | 12 | 2722 |
| United Airlines Holdings, Inc. (a) | 20 | 1934 |
| United Parcel Service, Inc. - Class B | 17 | 1386 |
| United Rentals, Inc. | 3 | 2745 |
| Universal Logistics Holdings, Inc. | 2 | 53 |
| V2X, Inc. (a) | 1 | 74 |
| Valmont Industries, Inc. | 1 | 381 |
| Veralto Corporation | 4 | 418 |
| Verisk Analytics, Inc. | 4 | 933 |
| Verra Mobility Corporation - Class A (a) | 8 | 186 |
| Vertiv Holdings Co - Class A | 6 | 970 |
| Vestis Corporation | 5 | 21 |
| Vicor Corporation (a) | 1 | 70 |
| VSE Corporation | 1 | 199 |
| W.W. Grainger, Inc. | 1 | 1205 |
| Wabash National Corporation | 1 | 15 |
| Waste Management, Inc. | 8 | 1750 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Watsco, Inc. | 1 | 313 |
| Watts Water Technologies, Inc. - Class A | 2 | 422 |
| Werner Enterprises, Inc. | 3 | 71 |
| WESCO International, Inc. | 3 | 645 |
| Westinghouse Air Brake Technologies Corporation | 5 | 907 |
| Willdan Group, Inc. (a) | 1 | 94 |
| Willis Lease Finance Corporation |  | 32 |
| Willscot Holdings Corporation - Class A | 8 | 173 |
| Woodward, Inc. | 3 | 705 |
| Worthington Industries, Inc. | 2 | 110 |
| XPO, Inc. (a) | 6 | 769 |
| Xylem Inc. | 6 | 866 |
| Zurn Elkay Water Solutions Corporation | 3 | 130 |
| | | 159795 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 4 | 16 |
| Abercrombie & Fitch Co. - Class A (a) | 3 | 233 |
| Academy Sports & Outdoors, Inc. | 4 | 197 |
| Acushnet Holdings Corp. | 4 | 322 |
| Adient Public Limited Company (a) | 3 | 76 |
| ADT, Inc. | 36 | 316 |
| Adtalem Global Education Inc. (a) | 2 | 344 |
| Advance Auto Parts, Inc. | 3 | 163 |
| Airbnb, Inc. - Class A (a) | 5 | 567 |
| A-Mark Precious Metals, Inc. | 1 | 20 |
| Amazon.com, Inc. (a) | 152 | 33290 |
| American Axle & Manufacturing Holdings, Inc. (a) | 9 | 54 |
| American Eagle Outfitters, Inc. | 6 | 97 |
| American Outdoor Brands, Inc. (a) | 2 | 14 |
| American Public Education, Inc. (a) | 2 | 75 |
| America's Car Mart, Inc. (a) |  | 12 |
| Aptiv PLC (a) | 8 | 673 |
| Aramark | 13 | 518 |
| Arhaus, Inc. - Class A (a) | 3 | 33 |
| ARKO Corp. - Class A | 3 | 14 |
| Asbury Automotive Group, Inc. (a) | 1 | 324 |
| Autoliv, Inc. | 5 | 663 |
| AutoNation, Inc. (a) | 3 | 599 |
| AutoZone, Inc. (a) |  | 1227 |
| Bassett Furniture Industries, Incorporated |  | 8 |
| Bath & Body Works, Inc. | 6 | 146 |
| Beazer Homes USA, Inc. (a) | 3 | 70 |
| Best Buy Co., Inc. | 12 | 913 |
| Beyond, Inc. (a) | 2 | 15 |
| Biglari Holdings Inc. - Class A (a) (b) |  | 17 |
| Biglari Holdings Inc. - Class B (a) |  | 36 |
| Birkenstock Holding PLC (a) |  | 17 |
| BJ's Restaurants, Inc. (a) | 2 | 58 |
| Bloomin' Brands, Inc. | 5 | 35 |
| Booking Holdings Inc. |  | 2689 |
| Boot Barn Holdings, Inc. (a) | 2 | 267 |
| BorgWarner Inc. | 13 | 587 |
| Boyd Gaming Corporation | 3 | 272 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 284 |
| Brinker International, Inc. (a) | 2 | 237 |
| Brunswick Corporation | 3 | 183 |
| Build-A-Bear Workshop, Inc. | 1 | 66 |
| Burlington Stores, Inc. (a) | 2 | 613 |
| Caesars Entertainment, Inc. (a) | 7 | 190 |
| Caleres, Inc. | 2 | 23 |
| Camping World Holdings, Inc. - Class A | 3 | 43 |
| Capri Holdings Limited (a) | 7 | 139 |
| CarMax, Inc. (a) | 6 | 257 |
| Carnival Corporation (a) | 39 | 1116 |
| Carriage Services, Inc. | 2 | 70 |
| Carter's, Inc. | 1 | 33 |
| Carvana Co. - Class A (a) | 3 | 1086 |
| Cato Corporation, The - Class A | 2 | 10 |
| CAVA Group, Inc. (a) | 1 | 84 |
| Cavco Industries, Inc. (a) |  | 242 |
| Century Communities, Inc. | 1 | 81 |
| Cheesecake Factory Incorporated, The | 3 | 167 |
| Chegg, Inc. (a) | 4 | 7 |
| Chewy, Inc. - Class A (a) | 3 | 102 |
| Chipotle Mexican Grill, Inc. (a) | 23 | 907 |
| Choice Hotels International, Inc. | 2 | 200 |
| Churchill Downs Incorporated | 3 | 245 |
| Citi Trends, Inc. (a) | 2 | 57 |
| Columbia Sportswear Company | 2 | 116 |
| Cooper-Standard Holdings Inc. (a) | 3 | 112 |
| Coupang, Inc. - Class A (a) | 23 | 730 |
| Coursera, Inc. (a) | 4 | 45 |
| Cracker Barrel Old Country Store, Inc. | 1 | 45 |
| Crocs, Inc. (a) | 3 | 229 |
| Culp, Inc. (a) | 2 | 7 |
| D.R. Horton, Inc. | 8 | 1338 |
| Dana Incorporated | 6 | 121 |
| Darden Restaurants, Inc. | 3 | 617 |
| Dave & Buster's Entertainment, Inc. (a) | 1 | 13 |
| Deckers Outdoor Corporation (a) | 4 | 436 |
| Denny's Corporation (a) | 4 | 21 |
| Destination XL Group, Inc. (a) | 4 | 6 |
| Dick's Sporting Goods, Inc. | 4 | 840 |
| Dillard's, Inc. - Class A (b) | 1 | 570 |
| DK Crown Holdings Inc. - Class A (a) | 6 | 240 |
| Domino's Pizza, Inc. | 1 | 365 |
| DoorDash, Inc. - Class A (a) | 3 | 908 |
| Dorman Products, Inc. (a) | 2 | 256 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 2 | 63 |
| Duluth Holdings Inc. - Class B (a) | 3 | 11 |
| Duolingo, Inc. - Class A (a) | 1 | 218 |
| Dutch Bros Inc. - Class A (a) | 3 | 138 |
| eBay Inc. | 15 | 1362 |
| El Pollo Loco Holdings, Inc. (a) | 2 | 17 |
| Escalade, Incorporated (b) | 1 | 11 |
| Ethan Allen Interiors Inc. | 3 | 75 |
| ETSY, Inc. (a) | 2 | 144 |
| Expedia Group, Inc. | 3 | 630 |
| FIGS, Inc. - Class A (a) | 9 | 58 |
| First Watch Restaurant Group, Inc. (a) | 3 | 49 |
| Five Below, Inc. (a) | 2 | 252 |
| Flexsteel Industries, Inc. | 1 | 34 |
| Floor & Decor Holdings, Inc. - Class A (a) | 3 | 211 |
| Flutter Entertainment Public Limited Company (a) | 1 | 201 |
| Ford Motor Company | 129 | 1542 |
| Fossil Group, Inc. (a) | 5 | 12 |
| Fox Factory Holding Corp. (a) | 2 | 60 |
| Frontdoor, Inc. (a) | 4 | 263 |
| Gap, Inc., The | 26 | 554 |
| Garmin Ltd. | 5 | 1332 |
| Garrett Motion Inc. | 3 | 40 |
| General Motors Company | 41 | 2470 |
| Gentex Corporation | 7 | 203 |
| Gentherm Incorporated (a) | 1 | 46 |
| Genuine Parts Company | 6 | 856 |
| G-III Apparel Group, Ltd. (a) | 2 | 48 |
| Global Business Travel Group, Inc. - Class A (a) | 3 | 22 |
| Gopro Inc. - Class A (a) (b) | 8 | 17 |
| Graham Holdings Co., Ltd. - Class B |  | 266 |
| Grand Canyon Education, Inc. (a) | 1 | 319 |
| Green Brick Partners, Inc. (a) | 3 | 194 |
| Group 1 Automotive, Inc. | 1 | 398 |
| Guess?, Inc. | 4 | 64 |
| H & R Block, Inc. | 5 | 232 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 14 |
| Hanesbrands Inc. (a) | 11 | 70 |
| Harley-Davidson, Inc. | 4 | 114 |
| Hasbro, Inc. | 6 | 437 |
| Haverty Furniture Companies, Inc. | 2 | 34 |
| Helen of Troy Limited (a) | 1 | 31 |
| Hilton Grand Vacations Inc. (a) | 3 | 140 |
| Hilton Worldwide Holdings Inc. | 4 | 1080 |
| Home Depot, Inc., The | 19 | 7888 |
| Hooker Furnishings Corporation | 1 | 14 |
| Hovnanian Enterprises, Inc. - Class A (a) |  | 38 |
| Hyatt Hotels Corporation - Class A | 2 | 266 |
| Installed Building Products, Inc. | 1 | 359 |
| Johnson Outdoors Inc. - Class A | 1 | 39 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KB Home | 3 | 201 |
| Kohl's Corporation | 4 | 66 |
| Kontoor Brands, Inc. | 3 | 227 |
| Lakeland Industries, Inc. (b) |  | 2 |
| Lands' End, Inc. (a) | 1 | 21 |
| Las Vegas Sands Corp. | 10 | 520 |
| Latham Group, Inc. (a) | 3 | 24 |
| Laureate Education, Inc. - Class A (a) | 10 | 304 |
| La-Z-Boy Incorporated | 3 | 90 |
| LCI Industries | 1 | 134 |
| Lear Corporation | 2 | 215 |
| Leggett & Platt, Incorporated | 4 | 39 |
| Lennar Corporation - Class A | 5 | 656 |
| Lennar Corporation - Class B | 1 | 63 |
| Leslie's, Inc. (a) |  | 1 |
| Levi Strauss & Co. - Class A | 4 | 91 |
| LGI Homes, Inc. (a) | 1 | 41 |
| Life Time Group Holdings, Inc. (a) | 6 | 163 |
| Lifetime Brands, Inc. | 1 | 4 |
| Light & Wonder, Inc. (a) | 4 | 321 |
| Lithia Motors, Inc. - Class A | 2 | 491 |
| LKQ Corporation | 10 | 294 |
| Lovesac Company, The (a) | 1 | 22 |
| Lowe`s Companies, Inc. | 8 | 2093 |
| Lucid Group, Inc. (a) | 1 | 30 |
| Lululemon Athletica Inc. (a) | 2 | 430 |
| M/I Homes, Inc. (a) | 1 | 189 |
| Macy's, Inc. | 17 | 312 |
| Malibu Boats, Inc. - Class A (a) | 1 | 36 |
| Marine Products Corporation | 2 | 15 |
| MarineMax, Inc. (a) | 2 | 39 |
| Marriott International, Inc. - Class A | 4 | 951 |
| Marriott Vacations Worldwide Corporation | 2 | 104 |
| MasterCraft Boat Holdings, Inc. (a) | 1 | 17 |
| Mattel, Inc. (a) | 23 | 386 |
| Matthews International Corporation - Class A | 2 | 43 |
| McDonald's Corporation | 11 | 3377 |
| Meritage Homes Corporation | 4 | 261 |
| MGM Resorts International (a) | 9 | 311 |
| Mister Car Wash, Inc. (a) | 14 | 75 |
| Mobileye Global Inc. - Class A (a) | 3 | 38 |
| Modine Manufacturing Company (a) | 3 | 360 |
| Mohawk Industries, Inc. (a) | 3 | 343 |
| Monarch Casino & Resort, Inc. | 1 | 74 |
| Motorcar Parts of America, Inc. (a) | 2 | 32 |
| Movado Group, Inc. | 1 | 21 |
| Murphy USA Inc. | 1 | 337 |
| Nathan's Famous, Inc. | 1 | 66 |
| National Vision Holdings, Inc. (a) | 5 | 141 |
| Newell Brands Inc. | 19 | 102 |
| Nike, Inc. - Class B | 13 | 880 |
| Nishka, Inc. - Class A (a) | 3 | 11 |
| Norwegian Cruise Line Holdings Ltd. (a) | 13 | 332 |
| NVR, Inc. (a) |  | 1077 |
| ODP Corporation, The (a) | 2 | 45 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 368 |
| OneSpaWorld Holdings Limited | 6 | 125 |
| O'Reilly Automotive, Inc. (a) | 13 | 1437 |
| Oxford Industries, Inc. | 1 | 38 |
| Papa John's International, Inc. |  | 11 |
| Patrick Industries, Inc. | 2 | 253 |
| PENN Entertainment, Inc. (a) | 6 | 124 |
| Penske Automotive Group, Inc. | 3 | 440 |
| Perdoceo Education Corporation | 5 | 190 |
| PetMed Express, Inc. (a) (b) | 2 | 6 |
| Phinia Inc. | 3 | 175 |
| Planet Fitness, Inc. - Class A (a) | 4 | 410 |
| Polaris Inc. | 2 | 116 |
| Pool Corporation | 1 | 429 |
| Potbelly Corporation (a) | 2 | 35 |
| PulteGroup, Inc. | 6 | 825 |
| Pursuit Attractions And Hospitality, Inc. (a) | 2 | 59 |
| PVH Corp. | 2 | 163 |
| Quantumscape Battery, Inc. - Class A (a) | 3 | 37 |
| Ralph Lauren Corporation - Class A | 2 | 642 |
| Red Rock Resorts, Inc. - Class A | 1 | 91 |
| Revolve Group Inc. - Class A (a) | 1 | 24 |
| RH (a) |  | 78 |
| Rivian Automotive, Inc. - Class A (a) | 26 | 387 |
| Rocky Brands, Inc. | 1 | 18 |
| Ross Stores, Inc. | 10 | 1552 |
| Royal Caribbean Cruises Ltd. | 6 | 1960 |
| Sally Beauty Holdings, Inc. (a) | 6 | 94 |
| Service Corporation International | 8 | 636 |
| Shake Shack, Inc. - Class A (a) | 2 | 169 |
| SharkNinja, Inc. (a) | 6 | 611 |
| Shoe Carnival, Inc. | 2 | 32 |
| Signet Jewelers Limited | 2 | 163 |
| Skyline Champion Corporation (a) | 2 | 189 |
| Sleep Number Corporation (a) | 1 | 10 |
| Smith & Wesson Brands, Inc. | 2 | 15 |
| Somnigroup International Inc. | 7 | 595 |
| Sonic Automotive, Inc. - Class A | 2 | 146 |
| Sonos, Inc. (a) | 3 | 46 |
| Sportsman's Warehouse Holdings, Inc. (a) | 3 | 9 |
| Standard Motor Products, Inc. | 2 | 79 |
| Starbucks Corporation | 18 | 1484 |
| Steven Madden, Ltd. | 2 | 73 |
| Stitch Fix, Inc. - Class A (a) | 1 | 4 |
| Stoneridge, Inc. (a) | 3 | 24 |
| Strategic Education, Inc. | 1 | 69 |
| Strattec Security Corporation (a) |  | 15 |
| Stride, Inc. (a) | 3 | 412 |
| Superior Group of Companies, Inc. | 1 | 11 |
| Sweetgreen, Inc. - Class A (a) | 3 | 27 |
| Tapestry, Inc. | 14 | 1546 |
| Taylor Morrison Home II Corporation - Class A (a) | 7 | 451 |
| Tesla Inc. (a) | 25 | 10973 |
| Texas Roadhouse, Inc. - Class A | 4 | 607 |
| The Buckle, Inc. | 5 | 265 |
| The Goodyear Tire & Rubber Company (a) | 10 | 75 |
| The Wendy's Company | 6 | 53 |
| Thor Industries, Inc. | 2 | 239 |
| Tile Shop Holdings, Inc. (a) | 7 | 42 |
| Tilly's, Inc. - Class A (a) (b) | 1 | 2 |
| TJX Companies, Inc., The | 20 | 2947 |
| Toll Brothers, Inc. | 6 | 769 |
| TopBuild Corp. (a) | 2 | 611 |
| Topgolf Callaway Brands Corp. (a) | 9 | 81 |
| Tractor Supply Company | 14 | 808 |
| Travel + Leisure Co. | 3 | 196 |
| TRI Pointe Homes Holdings, Inc. (a) | 4 | 141 |
| Ulta Beauty, Inc. (a) | 2 | 1010 |
| Under Armour, Inc. - Class A (a) (b) | 11 | 56 |
| Under Armour, Inc. - Class C (a) | 14 | 67 |
| Unifi, Inc. (a) | 2 | 10 |
| United Parks And Resorts Inc. (a) | 2 | 110 |
| Universal Electronics Inc. (a) | 1 | 4 |
| Universal Technical Institute, Inc. (a) | 2 | 54 |
| Upbound Group, Inc. | 4 | 101 |
| Urban Outfitters, Inc. (a) | 6 | 440 |
| V.F. Corporation | 17 | 241 |
| Vail Resorts, Inc. | 2 | 226 |
| Valvoline, Inc. (a) | 5 | 187 |
| Vera Bradley, Inc. (a) | 3 | 6 |
| Victoria's Secret & Co. (a) | 5 | 133 |
| Visteon Corporation | 1 | 143 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 7 |  |
| Warby Parker Inc. - Class A (a) | 2 | 64 |
| Weyco Group, Inc. | 1 | 28 |
| Whirlpool Corporation | 3 | 244 |
| Williams-Sonoma, Inc. | 4 | 686 |
| Wingstop Inc. | 1 | 143 |
| Winmark Corporation |  | 85 |
| Winnebago Industries, Inc. | 1 | 43 |
| Wyndham Hotels & Resorts, Inc. | 4 | 313 |
| Wynn Resorts, Limited | 3 | 400 |
| XPEL, Inc. (a) | 1 | 20 |
| YETI Holdings, Inc. (a) | 5 | 157 |
| Yum! Brands, Inc. | 6 | 870 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zumiez Inc. (a) | 2 | 31 |
| | | 138472 |
| **Communication Services 9.2%** | **Communication Services 9.2%** | **Communication Services 9.2%** |
| Advantage Solutions, Inc. - Class A (a) | 11 | 17 |
| Alphabet Inc. - Class A | 97 | 23547 |
| Alphabet Inc. - Class C | 81 | 19711 |
| Altice USA, Inc. - Class A (a) | 13 | 32 |
| Angi Inc. - Class A (a) | 1 | 12 |
| Array Digital Infrastructure, Inc. (b) | 2 | 118 |
| AST Spacemobile, Inc. - Class A (a) (b) | 2 | 122 |
| AT&T Inc. | 176 | 4960 |
| Atlanta Braves Holdings, Inc. - Series A (a) |  | 16 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 3 | 128 |
| ATN International, Inc. | 3 | 39 |
| Bandwidth Inc. - Class A (a) | 1 | 13 |
| Boston Omaha Corporation - Class A (a) | 1 | 18 |
| Bumble Inc. - Class A (a) | 2 | 11 |
| Cable One, Inc. |  | 69 |
| CarGurus, Inc. - Class A (a) | 3 | 114 |
| Cars.com Inc. (a) | 2 | 30 |
| Cinemark Holdings, Inc. | 7 | 206 |
| Comcast Corporation - Class A | 125 | 3925 |
| CommScope Holding Company, Inc. (a) | 2 | 37 |
| DHI Group, Inc. (a) |  | 1 |
| DoubleVerify Holdings, Inc. (a) | 2 | 22 |
| E.W. Scripps Company, The - Class A (a) | 8 | 19 |
| Electronic Arts Inc. | 7 | 1330 |
| Entravision Communications Corporation - Class A | 6 | 13 |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1334 |
| Fox Corporation - Class A | 6 | 394 |
| Fox Corporation - Class B | 7 | 420 |
| Frontier Communications Parent, Inc. (a) | 11 | 415 |
| Gannett Co., Inc. (a) | 13 | 53 |
| Gogo, Inc. (a) | 3 | 27 |
| Gray Media, Inc. | 5 | 31 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 9 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 37 |
| IDT Corporation - Class B | 2 | 88 |
| IMAX Corporation (a) | 3 | 83 |
| Integral Ad Science Holding Corp. (a) | 4 | 40 |
| Iridium Communications Inc. | 4 | 72 |
| John Wiley & Sons, Inc. - Class A | 4 | 143 |
| Liberty Broadband Corporation - Series A (a) | 1 | 77 |
| Liberty Broadband Corporation - Series C (a) | 5 | 312 |
| Liberty Global Ltd. - Class A (a) | 6 | 69 |
| Liberty Global Ltd. - Class C (a) | 12 | 138 |
| Liberty Latin America Ltd. - Class A (a) | 2 | 18 |
| Liberty Latin America Ltd. - Class C (a) | 8 | 70 |
| Liberty Media Corporation - Series A (a) | 1 | 63 |
| Liberty Media Corporation - Series A (a) | 1 | 131 |
| Liberty Media Corporation - Series C (a) | 3 | 267 |
| Liberty Media Corporation - Series C (a) | 5 | 538 |
| Lionsgate Studios Corp. (a) | 20 | 140 |
| Live Nation Entertainment, Inc. (a) | 6 | 910 |
| Lumen Technologies, Inc. (a) | 34 | 210 |
| Magnite, Inc. (a) | 7 | 157 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 2 | 26 |
| Match Group, Inc. | 7 | 256 |
| Meta Platforms, Inc. - Class A | 40 | 29114 |
| Netflix, Inc. (a) | 6 | 7557 |
| News Corporation - Class A | 17 | 521 |
| News Corporation - Class B | 8 | 260 |
| Nexstar Media Group, Inc. - Class A | 2 | 490 |
| Omnicom Group Inc. | 9 | 702 |
| Paramount Skydance Corporation - Class B | 10 | 184 |
| Pinterest, Inc. - Class A (a) | 10 | 334 |
| PubMatic, Inc. - Class A (a) | 2 | 14 |
| QuinStreet, Inc. (a) | 2 | 36 |
| Reddit, Inc. - Class A (a) | 1 | 195 |
| Roblox Corporation - Class A (a) | 4 | 564 |
| Roku, Inc. - Class A (a) | 5 | 475 |
| Scholastic Corporation | 2 | 41 |
| Shenandoah Telecommunications Company | 3 | 37 |
| Shutterstock, Inc. | 2 | 33 |
| Sinclair, Inc. - Class A | 2 | 23 |
| Snap Inc. - Class A (a) | 27 | 209 |
| Sphere Entertainment Co. - Class A (a) (b) | 2 | 137 |
| Sphere Entertainment Co. - Class A (a) | 1 | 121 |
| Sphere Entertainment Co. - Class A (a) | 2 | 100 |
| Spok Holdings, Inc. | 2 | 36 |
| Spotify Technology S.A. (a) | 1 | 834 |
| Stagwell, Inc. - Class A (a) | 3 | 16 |
| Starz Entertainment (a) | 1 | 20 |
| Sunrise Communications AG - Class A - ADR | 4 | 209 |
| Take-Two Interactive Software, Inc. (a) | 3 | 693 |
| TechTarget, Inc. (a) | 1 | 8 |
| TEGNA Inc. | 10 | 212 |
| Telephone and Data Systems, Inc. | 8 | 310 |
| The Interpublic Group of Companies, Inc. | 25 | 692 |
| The New York Times Company - Class A | 8 | 470 |
| Thryv Holdings, Inc. (a) | 1 | 17 |
| TKO Group Holdings Inc. - Class A | 2 | 327 |
| T-Mobile US, Inc. | 11 | 2738 |
| Townsquare Media, Inc. - Class A |  | 2 |
| Trade Desk, Inc., The - Class A (a) | 4 | 202 |
| Travelzoo (a) | 1 | 10 |
| TripAdvisor, Inc. (a) | 6 | 91 |
| Truecar, Inc. (a) | 12 | 23 |
| Verizon Communications Inc. | 155 | 6810 |
| Vimeo, Inc. (a) | 12 | 96 |
| Walt Disney Company, The | 31 | 3513 |
| Warner Bros. Discovery, Inc. - Series A (a) | 69 | 1340 |
| Warner Music Group Corp. - Class A | 3 | 106 |
| WideOpenWest, Inc. (a) | 3 | 15 |
| Yelp Inc. (a) | 2 | 73 |
| Zedge, Inc. - Class B (a) | 1 | 2 |
| Ziff Davis, Inc. (a) | 2 | 74 |
| ZoomInfo Technologies Inc. - Class A (a) | 4 | 49 |
|  |  | 121173 |
| **Health Care 8.3%** | **Health Care 8.3%** | **Health Care 8.3%** |
| 10X Genomics, Inc. - Class A (a) | 1 | 17 |
| Abbott Laboratories | 29 | 3930 |
| AbbVie Inc. | 28 | 6475 |
| Acadia Healthcare Company, Inc. (a) | 3 | 78 |
| Acadia Pharmaceuticals Inc. (a) | 3 | 54 |
| Accuray Incorporated (a) | 6 | 9 |
| AdaptHealth LLC - Class A (a) | 9 | 82 |
| Adaptive Biotechnologies Corporation (a) | 4 | 53 |
| Addus HomeCare Corporation (a) | 1 | 131 |
| ADMA Biologics, Inc. (a) | 7 | 107 |
| Adverum Biotechnologies, Inc. (a) | 1 | 4 |
| Agilent Technologies, Inc. | 7 | 870 |
| Agilon Health, Inc. (a) | 8 | 8 |
| Agios Pharmaceuticals, Inc. (a) | 1 | 36 |
| Akero Therapeutics Inc. (a) | 1 | 44 |
| Aldeyra Therapeutics, Inc. (a) | 4 | 22 |
| Alector, Inc. (a) | 5 | 16 |
| Align Technology, Inc. (a) | 2 | 255 |
| Alkermes Public Limited Company (a) | 8 | 253 |
| Allogene Therapeutics, Inc. (a) (b) | 13 | 16 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 498 |
| American Well Corporation - Class A (a) |  | 2 |
| Amgen Inc. | 11 | 3220 |
| AMN Healthcare Services, Inc. (a) | 3 | 54 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 5 | 49 |
| AngioDynamics, Inc. (a) | 4 | 50 |
| ANI Pharmaceuticals, Inc. (a) | 1 | 72 |
| Anika Therapeutics, Inc. (a) | 1 | 14 |
| Arcellx Inc. (a) | 1 | 55 |
| Arcturus Therapeutics Holdings Inc. (a) | 1 | 22 |
| Arcus Biosciences, Inc. (a) | 6 | 75 |
| Artivion, Inc. (a) | 3 | 118 |
| Assertio Holdings, Inc. (a) |  |  |
| Astrana Health, Inc. (a) | 2 | 56 |
| AtriCure, Inc. (a) | 2 | 61 |
| Avanos Medical, Inc. (a) | 1 | 17 |
| Avantor, Inc. (a) | 20 | 254 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Avidity Biosciences, Inc. (a) | 1 | 44 |
| AxoGen, Inc. (a) | 4 | 67 |
| Azenta, Inc. (a) | 2 | 45 |
| Baxter International Inc. | 12 | 268 |
| Beam Therapeutics Inc. (a) (b) | 2 | 57 |
| Becton, Dickinson and Company | 5 | 913 |
| Biogen Inc. (a) | 4 | 496 |
| BioLife Solutions, Inc. (a) | 2 | 52 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 305 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 263 |
| Bio-Techne Corporation | 4 | 214 |
| Boston Scientific Corporation (a) | 18 | 1722 |
| Bristol-Myers Squibb Company | 65 | 2923 |
| Brookdale Senior Living Inc. (a) | 16 | 138 |
| Bruker Corporation | 4 | 140 |
| C4 Therapeutics, Inc. (a) | 7 | 16 |
| Cardinal Health, Inc. | 5 | 788 |
| Castle Biosciences, Inc. (a) | 1 | 17 |
| Catalyst Pharmaceuticals, Inc. (a) | 7 | 148 |
| Cencora, Inc. | 4 | 1378 |
| Centene Corporation (a) | 13 | 454 |
| Certara, Inc. (a) | 4 | 52 |
| Charles River Laboratories International, Inc. (a) | 2 | 248 |
| Chemed Corporation | 1 | 261 |
| Cigna Group, The | 6 | 1738 |
| Collegium Pharmaceutical, Inc. (a) | 2 | 59 |
| Concentra Group Holdings Parent, Inc. | 7 | 149 |
| CONMED Corporation | 2 | 72 |
| Cooper Companies, Inc., The (a) | 5 | 354 |
| Corcept Therapeutics Incorporated (a) | 3 | 246 |
| CorVel Corporation (a) | 3 | 201 |
| Cross Country Healthcare, Inc. (a) | 2 | 34 |
| Cryoport, Inc. (a) | 2 | 20 |
| Cumberland Pharmaceuticals, Inc. (a) | 1 | 3 |
| CVS Health Corporation | 21 | 1565 |
| Cytek Biosciences, Inc. (a) | 6 | 20 |
| Danaher Corporation | 8 | 1507 |
| Davita Inc. (a) | 3 | 357 |
| Day One Biopharmaceuticals, Inc. (a) | 1 | 9 |
| Denali Therapeutics Inc. (a) | 5 | 78 |
| Dentsply Sirona Inc. | 8 | 106 |
| DexCom, Inc. (a) | 5 | 363 |
| Doximity, Inc. - Class A (a) | 3 | 219 |
| Dynavax Technologies Corporation (a) | 4 | 44 |
| Edgewise Therapeutics, Inc. (a) | 1 | 19 |
| Editas Medicine, Inc. (a) | 2 | 6 |
| Edwards Lifesciences Corporation (a) | 12 | 907 |
| Elanco Animal Health Incorporated (a) (b) | 19 | 386 |
| Elevance Health, Inc. | 4 | 1386 |
| Eli Lilly and Company | 12 | 9245 |
| Embecta Corp. | 1 | 13 |
| Emergent BioSolutions Inc. (a) | 4 | 36 |
| Enanta Pharmaceuticals, Inc. (a) (b) | 2 | 19 |
| Encompass Health Corporation | 7 | 832 |
| Enhabit Inc. (a) | 4 | 32 |
| Enovis Corporation (a) | 2 | 71 |
| Ensign Group, Inc., The | 3 | 535 |
| Envista Holdings Corporation (a) | 8 | 157 |
| Evolent Health, Inc. - Class A (a) | 6 | 51 |
| Exact Sciences Corporation (a) | 7 | 363 |
| Exelixis, Inc. (a) | 14 | 588 |
| Fate Therapeutics, Inc. (a) | 2 | 2 |
| Fortrea Holdings Inc. (a) | 4 | 35 |
| Fulcrum Therapeutics, Inc. (a) | 2 | 21 |
| Fulgent Genetics, Inc. (a) | 1 | 32 |
| GE HealthCare Technologies Inc. | 11 | 813 |
| Gilead Sciences, Inc. | 24 | 2705 |
| Glaukos Corporation (a) | 1 | 73 |
| Globus Medical, Inc. - Class A (a) | 2 | 103 |
| GoodRx Holdings, Inc. - Class A (a) | 3 | 14 |
| Grail, Inc. (a) | 1 | 39 |
| Haemonetics Corporation (a) | 1 | 68 |
| Halozyme Therapeutics, Inc. (a) | 5 | 400 |
| Harmony Biosciences Holdings, Inc. (a) | 2 | 48 |
| HCA Healthcare, Inc. | 2 | 999 |
| Health Catalyst, Inc. (a) | 1 | 4 |
| HealthEquity, Inc. (a) | 4 | 418 |
| Healthstream, Inc. | 2 | 60 |
| Henry Schein, Inc. (a) | 6 | 371 |
| Hologic, Inc. (a) | 7 | 474 |
| Humana Inc. | 3 | 730 |
| Icon Public Limited Company (a) | 2 | 274 |
| ICU Medical, Inc. (a) |  | 36 |
| IDEXX Laboratories, Inc. (a) | 2 | 1039 |
| Illumina, Inc. (a) | 2 | 235 |
| Immunovant, Inc. (a) |  | 5 |
| Incyte Corporation (a) | 6 | 527 |
| Innoviva, Inc. (a) | 5 | 89 |
| Inogen, Inc. (a) | 1 | 10 |
| Insmed Incorporated (a) | 2 | 349 |
| Inspire Medical Systems, Inc. (a) |  | 33 |
| Insulet Corporation (a) | 2 | 689 |
| Integer Holdings Corporation (a) | 2 | 197 |
| Integra LifeSciences Holdings Corporation (a) | 3 | 44 |
| Intellia Therapeutics, Inc. (a) (b) | 3 | 50 |
| Intuitive Surgical, Inc. (a) | 3 | 1480 |
| Iovance Biotherapeutics, Inc. (a) | 10 | 21 |
| IQVIA Holdings Inc (a) | 7 | 1269 |
| Iradimed Corporation |  | 31 |
| Jazz Pharmaceuticals Public Limited Company (a) | 3 | 439 |
| Johnson & Johnson | 38 | 6970 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 1 | 40 |
| Kodiak Sciences Inc. (a) | 3 | 43 |
| Krystal Biotech, Inc. (a) | 1 | 107 |
| Kymera Therapeutics, Inc. (a) | 1 | 52 |
| Labcorp Holdings Inc. | 2 | 661 |
| Lantheus Holdings, Inc. (a) | 3 | 151 |
| LeMaitre Vascular, Inc. | 1 | 114 |
| Lensar, Inc. (a) |  | 5 |
| Lifestance Health Group, Inc. (a) | 7 | 41 |
| Ligand Pharmaceuticals Incorporated (a) | 1 | 222 |
| LivaNova PLC (a) | 2 | 127 |
| MacroGenics, Inc. (a) | 3 | 5 |
| MannKind Corporation (a) | 14 | 73 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 5 | 14 |
| Masimo Corporation (a) | 2 | 251 |
| McKesson Corporation | 2 | 1477 |
| Medpace Holdings, Inc. (a) | 1 | 370 |
| Medtronic, Inc. | 22 | 2100 |
| Merck & Co., Inc. | 55 | 4609 |
| Merit Medical Systems, Inc. (a) | 3 | 259 |
| Mesa Laboratories, Inc. |  | 18 |
| Mettler-Toledo International Inc. (a) |  | 476 |
| MiMedx Group, Inc. (a) | 2 | 17 |
| Moderna, Inc. (a) | 6 | 152 |
| Molina Healthcare, Inc. (a) | 2 | 467 |
| Myriad Genetics, Inc. (a) | 6 | 41 |
| Natera, Inc. (a) | 2 | 397 |
| National HealthCare Corporation | 1 | 103 |
| National Research Corporation | 1 | 9 |
| Neogenomics, Inc. (a) | 7 | 52 |
| Neurocrine Biosciences, Inc. (a) | 4 | 492 |
| Nurix Therapeutics, Inc. (a) | 1 | 12 |
| Nuvation Bio Operating Company LLC - Class A (a) | 26 | 96 |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) | 6 | 10 |
| Omnicell, Inc. (a) | 2 | 74 |
| OptimizeRX Corporation (a) | 2 | 51 |
| Option Care Health, Inc. (a) | 5 | 126 |
| Orasure Technologies, Inc. (a) | 4 | 13 |
| Organogenesis Holdings Inc. - Class A (a) | 8 | 35 |
| Organon & Co. | 13 | 137 |
| Orthofix Medical Inc. (a) | 3 | 51 |
| Orthopediatrics Corp. (a) | 1 | 25 |
| Owens & Minor, Inc. (a) | 7 | 33 |
| Pacific Biosciences of California, Inc. (a) (b) | 5 | 7 |
| Pacira Pharmaceuticals, Inc. (a) | 3 | 77 |
| PDL BioPharma, Inc. (a) (b) (d) | 6 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pediatrix Medical Group, Inc. (a) | 7 | 114 |
| Pennant Group, Inc., The (a) | 3 | 68 |
| Penumbra, Inc. (a) | 1 | 316 |
| Perrigo Company Public Limited Company | 7 | 164 |
| Pfizer Inc. | 101 | 2573 |
| Phibro Animal Health Corporation - Class A | 2 | 64 |
| Phreesia, Inc. (a) | 2 | 38 |
| Premier Healthcare Solutions, Inc. - Class A | 5 | 145 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 201 |
| Progyny, Inc. (a) | 2 | 42 |
| Protagonist Therapeutics, Inc. (a) | 1 | 46 |
| Prothena Corporation Public Limited Company (a) | 3 | 28 |
| PTC Therapeutics, Inc. (a) | 1 | 40 |
| Quest Diagnostics Incorporated | 3 | 650 |
| QuidelOrtho Corporation (a) | 1 | 22 |
| RadNet, Inc. (a) | 3 | 225 |
| Rafael Holdings, Inc. - Class B (a) | 1 | 2 |
| RAPT Therapeutics, Inc. (a) (b) |  | 5 |
| Regeneron Pharmaceuticals, Inc. | 1 | 662 |
| Regenxbio Inc. (a) | 3 | 33 |
| Relay Therapeutics, Inc. (a) | 2 | 11 |
| Repligen Corporation (a) | 2 | 285 |
| Replimune Group, Inc. (a) | 3 | 14 |
| ResMed Inc. | 3 | 875 |
| Revolution Medicines, Inc. (a) | 3 | 145 |
| Revvity, Inc. | 4 | 342 |
| Roivant Sciences Ltd. (a) | 6 | 91 |
| Sarepta Therapeutics, Inc. (a) | 1 | 28 |
| Schrodinger, Inc. (a) | 1 | 19 |
| Seer, Inc. - Class A (a) (b) | 8 | 17 |
| Select Medical Holdings Corporation | 9 | 113 |
| SI-BONE, Inc. (a) | 2 | 36 |
| SIGA Technologies, Inc. | 6 | 51 |
| Sight Sciences, Inc. (a) | 3 | 9 |
| Solventum Corporation (a) | 3 | 196 |
| Sotera Health LLC (a) | 13 | 199 |
| STAAR Surgical Company (a) | 3 | 88 |
| Steris Public Limited Company | 2 | 583 |
| Stoke Therapeutics, Inc. (a) | 2 | 53 |
| Stryker Corporation | 4 | 1508 |
| Supernus Pharmaceuticals, Inc. (a) | 3 | 162 |
| Surgery Partners, Inc. (a) | 3 | 73 |
| Surmodics, Inc. (a) | 1 | 25 |
| Sutro Biopharma, Inc. (a) | 6 | 5 |
| Teladoc Health, Inc. (a) | 5 | 42 |
| Teleflex Incorporated | 2 | 225 |
| Tenet Healthcare Corporation (a) | 6 | 1154 |
| Thermo Fisher Scientific Inc. | 4 | 2027 |
| TruBridge, Inc. (a) | 1 | 15 |
| U.S. Physical Therapy, Inc. | 1 | 75 |
| UFP Technologies, Inc. (a) |  | 60 |
| United Therapeutics Corporation (a) | 2 | 916 |
| UnitedHealth Group Incorporated | 12 | 4030 |
| Universal Health Services, Inc. - Class B | 3 | 676 |
| Utah Medical Products, Inc. |  | 13 |
| Vanda Pharmaceuticals Inc. (a) | 5 | 24 |
| Varex Imaging Corporation (a) | 3 | 38 |
| Veeva Systems Inc. - Class A (a) | 2 | 637 |
| Veracyte, Inc. (a) | 3 | 118 |
| Vericel Corporation (a) | 2 | 55 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 932 |
| Viatris Inc. | 44 | 438 |
| Waters Corporation (a) | 2 | 595 |
| Waystar Holding Corp. (a) | 2 | 86 |
| West Pharmaceutical Services, Inc. | 1 | 379 |
| Xencor, Inc. (a) | 4 | 51 |
| Zentalis Pharmaceuticals, Inc. (a) | 3 | 5 |
| Zimmer Biomet Holdings, Inc. | 5 | 528 |
| ZimVie Inc. (a) | 1 | 11 |
| Zoetis Inc. - Class A | 8 | 1210 |
| Zymeworks Inc. (a) | 4 | 64 |
| | | 109536 |
| **Consumer Staples 5.1%** | **Consumer Staples 5.1%** | **Consumer Staples 5.1%** |
| Albertsons Companies, Inc. - Class A | 25 | 440 |
| Alico, Inc. | 1 | 29 |
| Altria Group, Inc. | 26 | 1717 |
| Andersons, Inc., The | 1 | 38 |
| Archer-Daniels-Midland Company | 6 | 382 |
| B&G Foods, Inc. (b) | 3 | 11 |
| Bellring Intermediate Holdings, Inc. (a) | 5 | 177 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 695 |
| Boston Beer Company, Inc., The - Class A (a) |  | 82 |
| Brown-Forman Corporation - Class A | 3 | 85 |
| Brown-Forman Corporation - Class B | 6 | 170 |
| Bunge Global SA | 5 | 409 |
| Calavo Growers, Inc. | 2 | 43 |
| Cal-Maine Foods, Inc. | 3 | 254 |
| Campbell's Company, The | 15 | 464 |
| Casey's General Stores, Inc. | 2 | 1046 |
| Celsius Holdings, Inc. (a) | 4 | 249 |
| Central Garden & Pet Company (a) | 1 | 37 |
| Central Garden & Pet Company - Class A (a) | 4 | 114 |
| Church & Dwight Co., Inc. | 6 | 540 |
| Clorox Company, The | 2 | 247 |
| Coca-Cola Company, The | 74 | 4913 |
| Coca-Cola Consolidated, Inc. | 4 | 465 |
| Colgate-Palmolive Company | 16 | 1270 |
| Conagra Brands, Inc. | 18 | 323 |
| Constellation Brands, Inc. - Class A | 5 | 664 |
| Costco Wholesale Corporation | 7 | 6568 |
| Coty Inc. - Class A (a) | 28 | 115 |
| Darling Ingredients Inc. (a) | 6 | 182 |
| Del Monte Fresh Produce Company | 4 | 135 |
| Dole Public Limited Company | 2 | 24 |
| Dollar General Corporation | 9 | 936 |
| Dollar Tree, Inc. (a) | 7 | 681 |
| e.l.f. Beauty, Inc. (a) | 1 | 110 |
| Edgewell Personal Care Colombia S A S | 2 | 50 |
| Energizer Holdings, Inc. | 4 | 93 |
| Estee Lauder Companies Inc., The - Class A | 3 | 282 |
| Farmer Bros. Co. (a) | 2 | 3 |
| Flowers Foods, Inc. | 9 | 118 |
| Freshpet, Inc. (a) | 1 | 52 |
| General Mills, Inc. | 16 | 791 |
| Grocery Outlet Holding Corp. (a) | 4 | 66 |
| Hain Celestial Group, Inc., The (a) | 6 | 10 |
| Herbalife Nutrition Ltd. (a) | 4 | 32 |
| Hershey Company, The | 4 | 788 |
| Hormel Foods Corporation | 16 | 389 |
| Ingles Markets, Incorporated - Class A | 1 | 57 |
| Ingredion Incorporated | 4 | 478 |
| Interparfums, Inc. | 2 | 164 |
| J&J Snack Foods Corp. | 1 | 63 |
| J. M. Smucker Company, The | 4 | 444 |
| John B. Sanfilippo & Son, Inc. | 1 | 56 |
| Kenvue Inc. | 55 | 888 |
| Keurig Dr Pepper Inc. | 25 | 634 |
| Kimberly-Clark Corporation | 9 | 1084 |
| Kraft Heinz Company, The | 23 | 602 |
| Kroger Co., The | 36 | 2438 |
| Lamb Weston Holdings, Inc. | 5 | 317 |
| Limoneira Company | 1 | 16 |
| Maplebear Inc. (a) | 4 | 163 |
| McCormick & Company, Incorporated | 8 | 509 |
| McCormick & Company, Incorporated | 1 | 41 |
| Medifast, Inc. (a) |  | 7 |
| MGPI Processing, Inc. | 1 | 20 |
| Mission Produce, Inc. (a) | 3 | 40 |
| Molson Coors Beverage Company - Class B | 8 | 354 |
| Mondelez International, Inc. - Class A | 19 | 1199 |
| Monster Beverage 1990 Corporation (a) | 14 | 948 |
| National Beverage Corp. (a) | 4 | 134 |
| Natural Grocers By Vitamin Cottage, Inc. | 2 | 85 |
| Natural Health Trends Corp. (b) |  | 1 |
| Nature's Sunshine Products, Inc. (a) | 1 | 12 |
| Nu Skin Enterprises, Inc. - Class A | 5 | 58 |
| Oil-Dri Corporation of America | 1 | 49 |
| PepsiCo, Inc. | 23 | 3298 |
| Performance Food Group Company (a) | 8 | 827 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Philip Morris International Inc. | 24 | 3921 |
| Pilgrim's Pride Corporation | 7 | 266 |
| Post Holdings, Inc. (a) | 4 | 386 |
| PriceSmart, Inc. | 2 | 242 |
| Primo Brands Corporation - Class A | 1 | 20 |
| Procter & Gamble Company, The | 40 | 6105 |
| Reynolds Consumer Products Inc. | 10 | 233 |
| Seaboard Corporation |  | 131 |
| Seneca Foods Corporation - Class A (a) | 1 | 74 |
| Simply Good Foods Company, The (a) | 5 | 134 |
| Spectrum Brands Holdings, Inc. | 1 | 66 |
| Sprouts Farmers Market, Inc. (a) | 5 | 519 |
| Sysco Corporation | 15 | 1197 |
| Target Corporation | 14 | 1234 |
| The Chefs' Warehouse, Inc. (a) | 3 | 148 |
| The Honest Company, Inc. (a) | 5 | 18 |
| The Marzetti Company | 1 | 237 |
| Tootsie Roll Industries, Inc. (b) | 2 | 103 |
| Treehouse Foods, Inc. (a) | 2 | 51 |
| Turning Point Brands, Inc. | 2 | 188 |
| Tyson Foods, Inc. - Class A | 9 | 482 |
| United Natural Foods, Inc. (a) | 4 | 149 |
| Universal Corporation | 2 | 112 |
| US Foods Holding Corp. (a) | 13 | 1020 |
| USANA Health Sciences, Inc. (a) | 1 | 36 |
| UTZ Brands, Inc. - Class A | 2 | 29 |
| Village Super Market, Inc. - Class A | 1 | 37 |
| Vita Coco Company, Inc., The (a) | 1 | 42 |
| Vital Farms, Inc. (a) | 1 | 62 |
| Walmart Inc. | 75 | 7751 |
| WD-40 Company | 1 | 131 |
| Weis Markets, Inc. | 2 | 145 |
| | | 66544 |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| Antero Midstream Corporation | 26 | 500 |
| Antero Resources Corporation (a) | 15 | 505 |
| Apa Corp. | 16 | 395 |
| Archrock, Inc. | 9 | 235 |
| Atlas Energy Solutions Inc. (b) | 1 | 9 |
| Baker Hughes Company - Class A | 29 | 1408 |
| Berry Corporation (Bry) | 5 | 20 |
| Bristow Holdings U.S. Inc. (a) | 1 | 53 |
| Cactus, Inc. - Class A | 3 | 124 |
| California Resources Corporation | 4 | 211 |
| Centrus Energy Corp. - Class A (a) | 1 | 341 |
| Cheniere Energy, Inc. | 6 | 1453 |
| Chevron Corporation | 52 | 8037 |
| Chord Energy Corporation |  | 47 |
| Clean Energy Fuels Corp. (a) | 5 | 14 |
| CNX Resources Corporation (a) | 9 | 304 |
| Comstock Resources, Inc. (a) (b) | 17 | 335 |
| ConocoPhillips | 45 | 4246 |
| Core Laboratories LP (b) | 3 | 36 |
| Core Natural Resources, Inc. | 2 | 157 |
| Coterra Energy Inc. | 36 | 847 |
| Crescent Energy Company - Class A | 10 | 86 |
| CVR Energy, Inc. | 3 | 97 |
| Delek US Holdings, Inc. | 7 | 238 |
| Devon Energy Corporation | 42 | 1464 |
| DHT Holdings, Inc. | 12 | 148 |
| Diamondback Energy, Inc. | 8 | 1131 |
| DMC Global Inc. (a) | 2 | 19 |
| Dorian LPG Ltd. | 3 | 87 |
| DT Midstream, Inc. | 5 | 531 |
| EOG Resources, Inc. | 19 | 2075 |
| EQT Corporation | 17 | 944 |
| Evolution Petroleum Corporation | 3 | 13 |
| Expand Energy Corporation | 10 | 1104 |
| Expro Group Holdings N.V. (a) | 4 | 43 |
| Exxon Mobil Corporation | 104 | 11724 |
| Forum Energy Technologies, Inc. (a) | 1 | 15 |
| FutureFuel Corp. | 4 | 14 |
| Geospace Technologies Corporation (a) | 1 | 13 |
| Green Plains Inc. (a) | 4 | 35 |
| Gulf Island Fabrication, Inc. (a) | 1 | 6 |
| Gulfport Energy Operating Corporation (a) | 1 | 163 |
| Halliburton Company | 36 | 889 |
| Helix Energy Solutions Group, Inc. (a) | 9 | 61 |
| Helmerich & Payne, Inc. | 4 | 78 |
| HF Sinclair Corporation | 6 | 331 |
| Innovex International, Inc. (a) | 4 | 76 |
| International Seaways, Inc. | 2 | 92 |
| Kinder Morgan, Inc. | 37 | 1046 |
| Kinetik Holdings Inc. - Class A (b) | 2 | 80 |
| Kodiak Gas Services, LLC | 2 | 70 |
| Kosmos Energy Ltd. (a) | 15 | 25 |
| Liberty Energy Inc. - Class A | 13 | 163 |
| Magnolia Oil & Gas Corporation - Class A | 15 | 368 |
| Mammoth Energy Services, Inc. (a) | 2 | 5 |
| Marathon Petroleum Corporation | 9 | 1643 |
| Matador Resources Company | 6 | 252 |
| Murphy Oil Corporation | 6 | 163 |
| Nabors Industries Ltd. (a) |  | 18 |
| NACCO Industries, Inc. - Class A |  | 21 |
| Natural Gas Services Group, Inc. | 2 | 47 |
| New Fortress Energy Inc. - Class A (a) (b) | 7 | 16 |
| Noble Corporation 2022 Limited | 2 | 60 |
| Nordic American Tankers Limited | 13 | 40 |
| Northern Oil and Gas Incorporated | 3 | 75 |
| NOV Inc. | 12 | 165 |
| Occidental Petroleum Corporation | 27 | 1279 |
| Oceaneering International, Inc. (a) | 8 | 188 |
| Oil States International, Inc. (a) | 6 | 36 |
| ONEOK, Inc. | 16 | 1140 |
| Ovintiv Canada ULC | 15 | 591 |
| Par Pacific Holdings, Inc. (a) | 3 | 116 |
| PBF Energy Inc. - Class A | 4 | 135 |
| Peabody Energy Corporation | 5 | 127 |
| Permian Resources Corporation - Class A | 31 | 397 |
| Phillips 66 | 11 | 1539 |
| Propetro Holding Corp. (a) | 6 | 32 |
| Range Resources Corporation | 12 | 462 |
| REX American Resources Corporation (a) | 1 | 31 |
| RPC, Inc. | 13 | 60 |
| Schlumberger Limited | 44 | 1496 |
| Scorpio Tankers Inc. | 2 | 113 |
| SEACOR Marine Holdings Inc. (a) | 2 | 12 |
| Seadrill Limited (a) |  | 14 |
| Select Water Solutions, Inc. - Class A | 8 | 88 |
| SFL Corporation Ltd. | 9 | 71 |
| SM Energy Company | 6 | 156 |
| Solaris Energy Infrastructure, Inc. - Class A | 2 | 78 |
| Talos Energy Inc. (a) | 7 | 71 |
| Targa Resources Corp. | 7 | 1117 |
| TechnipFMC PLC | 26 | 1028 |
| Teekay Corporation | 7 | 60 |
| Teekay Tankers Ltd. - Class A | 1 | 53 |
| TETRA Technologies, Inc. (a) | 8 | 46 |
| Texas Pacific Land Corporation | 1 | 644 |
| Tidewater Inc. (a) | 2 | 107 |
| Transocean Ltd. (a) (c) | 35 | 110 |
| Uranium Energy Corp. (a) | 12 | 156 |
| Valaris Limited (a) | 2 | 87 |
| Valero Energy Corporation | 9 | 1492 |
| Viper Energy, Inc. - Class A | 1 | 48 |
| Vital Energy, Inc. (a) | 1 | 22 |
| Vitesse Energy, Inc. | 2 | 49 |
| W&T Offshore, Inc. (b) | 16 | 28 |
| Weatherford International Public Limited Company | 4 | 243 |
| Williams Companies, Inc., The | 19 | 1221 |
| World Kinect Corporation | 4 | 104 |
|  |  | 59858 |
| **Materials 3.0%** | **Materials 3.0%** | **Materials 3.0%** |
| AdvanSix Inc. | 2 | 43 |
| Air Products and Chemicals, Inc. | 4 | 1081 |
| Albemarle Corporation | 4 | 303 |
| Alcoa Corporation | 9 | 307 |
| Alpha Metallurgical Resources, Inc. (a) | 1 | 85 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alto Ingredients, Inc. (a) | 10 | 11 |
| Amcor Pty Ltd | 104 | 847 |
| American Vanguard Corporation (a) | 4 | 20 |
| Ampco-Pittsburgh Corporation (a) | 1 | 2 |
| AptarGroup, Inc. | 3 | 428 |
| Ardagh Metal Packaging S.A. | 7 | 28 |
| Ashland Inc. | 2 | 103 |
| Aspen Aerogels, Inc. (a) | 2 | 14 |
| Avery Dennison Corporation | 4 | 589 |
| Avient Corporation | 5 | 159 |
| Axalta Coating Systems Ltd. (a) | 16 | 470 |
| Balchem Corporation | 2 | 261 |
| Ball Corporation | 8 | 402 |
| Cabot Corporation | 3 | 241 |
| Carpenter Technology Corporation | 3 | 813 |
| Celanese Corporation - Class A | 4 | 160 |
| Century Aluminum Company (a) | 4 | 125 |
| CF Industries Holdings, Inc. | 10 | 880 |
| Chemours Company, The | 3 | 53 |
| Clearwater Paper Corporation (a) |  | 3 |
| Cleveland-Cliffs Inc. (a) | 18 | 220 |
| Coeur Mining, Inc. (a) | 17 | 325 |
| Commercial Metals Company | 7 | 386 |
| Compass Minerals International, Inc. (a) | 3 | 64 |
| Core Molding Technologies, Inc. (a) | 1 | 16 |
| Corteva, Inc. | 17 | 1144 |
| CRH Public Limited Company | 3 | 365 |
| Crown Holdings, Inc. | 7 | 722 |
| Dow Inc. | 17 | 389 |
| DuPont de Nemours, Inc. | 11 | 838 |
| Eagle Materials Inc. | 2 | 514 |
| Eastman Chemical Company | 7 | 416 |
| Ecolab Inc. | 4 | 1084 |
| Ecovyst Inc. (a) | 4 | 36 |
| Element Solutions Inc. | 13 | 317 |
| Ferroglobe PLC | 13 | 60 |
| FMC Corporation | 4 | 133 |
| Fortitude Gold Corporation | 1 | 5 |
| Freeport-McMoRan Inc. | 39 | 1523 |
| Graphic Packaging Holding Company | 19 | 376 |
| Greif, Inc. - Class A | 2 | 121 |
| Greif, Inc. - Class B | 1 | 64 |
| H.B. Fuller Company | 2 | 130 |
| Hawkins, Inc. | 1 | 217 |
| Hecla Mining Company | 37 | 442 |
| Huntsman Corporation | 8 | 70 |
| Ingevity Corporation (a) | 2 | 97 |
| Innospec Inc. | 1 | 95 |
| International Flavors & Fragrances Inc. | 6 | 382 |
| International Paper Company | 12 | 549 |
| Intrepid Potash, Inc. (a) | 2 | 63 |
| Kaiser Aluminum Corporation | 1 | 85 |
| Koppers Holdings Inc. | 2 | 46 |
| KRC Materials, Inc. (a) | 3 | 251 |
| Kronos Worldwide, Inc. | 8 | 44 |
| Linde Public Limited Company | 8 | 3762 |
| Louisiana-Pacific Corporation (W VA) | 5 | 415 |
| LSB Industries, Inc. (a) | 4 | 28 |
| LyondellBasell Industries N.V. - Class A | 9 | 458 |
| Martin Marietta Materials, Inc. | 2 | 962 |
| Materion Corporation | 1 | 115 |
| MATIV Holdings, Inc. | 5 | 57 |
| Mercer International Inc. | 8 | 23 |
| Metallus Inc. (a) | 3 | 51 |
| Minerals Technologies Inc. | 2 | 95 |
| Mosaic Company, The | 15 | 533 |
| MP Materials Corp. - Class A (a) (b) | 6 | 394 |
| Myers Industries, Inc. | 2 | 36 |
| NewMarket Corporation | 1 | 482 |
| Newmont Corporation | 22 | 1828 |
| Nucor Corporation | 6 | 858 |
| O-I Glass, Inc. (a) | 7 | 93 |
| Olin Corporation | 4 | 88 |
| Olympic Steel, Inc. | 1 | 32 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 4 | 34 |
| Packaging Corporation of America | 4 | 959 |
| PPG Industries, Inc. | 7 | 766 |
| Quaker Chemical Corporation | 1 | 99 |
| Ramaco Resources, Inc. - Class A | 4 | 131 |
| Ramaco Resources, Inc. - Class B | 1 | 20 |
| Ranpak Holdings Corp - Class A (a) | 3 | 16 |
| Reliance, Inc. | 3 | 708 |
| Royal Gold, Inc. | 2 | 482 |
| RPM International Inc. | 5 | 588 |
| Ryerson Holding Corporation | 2 | 35 |
| Scotts Miracle-Gro Company, The |  | 19 |
| Sealed Air Corporation | 7 | 252 |
| Sensient Technologies Corporation | 2 | 204 |
| Sherwin-Williams Company, The | 4 | 1505 |
| Silgan Holdings Inc. | 4 | 183 |
| Smurfit Westrock Public Limited Company | 11 | 473 |
| Sonoco Products Company | 6 | 271 |
| Southern Copper Corporation | 1 | 156 |
| Steel Dynamics, Inc. | 5 | 665 |
| Stepan Company | 1 | 61 |
| SunCoke Energy, Inc. | 8 | 65 |
| Sylvamo Corporation | 3 | 116 |
| Tredegar Corporation (a) | 3 | 22 |
| TriMas Corporation | 3 | 129 |
| Tronox Holdings PLC | 10 | 40 |
| United States Lime & Minerals, Inc. | 2 | 207 |
| Vulcan Materials Company | 4 | 1112 |
| Warrior Met Coal, Inc. | 2 | 126 |
| Westlake Corporation | 2 | 190 |
| Worthington Steel, Inc. | 2 | 69 |
| | | 39030 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corporation, The | 16 | 207 |
| ALLETE, Inc. | 3 | 226 |
| Alliant Energy Corporation | 7 | 496 |
| Ameren Corporation | 6 | 607 |
| American Electric Power Company, Inc. | 9 | 1066 |
| American States Water Company | 2 | 133 |
| American Water Works Company, Inc. | 3 | 466 |
| Artesian Resources Corporation - Class A | 1 | 30 |
| Atmos Energy Corporation | 3 | 585 |
| Avista Corporation | 3 | 123 |
| Black Hills Corporation | 3 | 206 |
| California Water Service Group | 3 | 121 |
| CenterPoint Energy, Inc. | 14 | 541 |
| Chesapeake Utilities Corporation | 1 | 118 |
| Clearway Energy, Inc. - Class A | 2 | 54 |
| Clearway Energy, Inc. - Class C | 4 | 113 |
| CMS Energy Corporation | 6 | 462 |
| Consolidated Edison, Inc. | 8 | 771 |
| Constellation Energy Group, Inc. | 5 | 1589 |
| Dominion Energy, Inc. | 15 | 922 |
| DTE Energy Company | 4 | 601 |
| Duke Energy Corporation | 12 | 1488 |
| Edison International | 8 | 416 |
| Entergy Corporation | 9 | 865 |
| Essential Utilities, Inc. | 10 | 403 |
| Evergy, Inc. | 7 | 529 |
| Eversource Energy | 8 | 563 |
| Exelon Corporation | 20 | 898 |
| FirstEnergy Corp. | 12 | 537 |
| Genie Energy Ltd. - Class B | 2 | 30 |
| H2O America | 1 | 43 |
| Hallador Energy Company (a) | 3 | 61 |
| Hawaiian Electric Industries, Inc. (a) | 6 | 66 |
| IDACORP, Inc. | 2 | 323 |
| MDU Resources Group, Inc. | 14 | 254 |
| MGE Energy, Inc. | 2 | 153 |
| Middlesex Water Company | 1 | 39 |
| National Fuel Gas Company | 4 | 348 |
| New Jersey Resources Corporation | 7 | 338 |
| NextEra Energy, Inc. | 27 | 2060 |
| NiSource Inc. | 13 | 573 |
| Northwest Natural Holding Company | 2 | 94 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NorthWestern Corporation | 3 | 166 |
| NRG Energy, Inc. | 7 | 1103 |
| OGE Energy Corp. | 9 | 422 |
| One Gas, Inc. | 3 | 236 |
| Ormat Technologies, Inc. | 3 | 293 |
| Otter Tail Corporation | 2 | 132 |
| PG&E Corporation | 35 | 523 |
| Pinnacle West Capital Corporation | 5 | 471 |
| Portland General Electric Company | 5 | 206 |
| PPL Corporation | 16 | 577 |
| Public Service Enterprise Group Incorporated | 10 | 859 |
| Sempra | 12 | 1100 |
| Southwest Gas Holdings, Inc. | 3 | 259 |
| Spire Inc. | 3 | 224 |
| Talen Energy Corporation (a) |  | 70 |
| The Southern Company | 17 | 1594 |
| The York Water Company | 1 | 23 |
| TXNM Energy, Inc. | 4 | 244 |
| UGI Corporation | 9 | 312 |
| Unitil Corporation | 1 | 48 |
| Vistra Corp. | 10 | 2040 |
| WEC Energy Group Inc. | 7 | 782 |
| XCEL Energy Inc. | 13 | 1013 |
| | | 32215 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Anywhere Real Estate Inc. (a) | 4 | 38 |
| CBRE Group, Inc. - Class A (a) | 8 | 1303 |
| Compass, Inc. - Class A (a) | 9 | 69 |
| CoStar Group, Inc. (a) | 8 | 678 |
| Cushman & Wakefield PLC (a) | 13 | 211 |
| Douglas Elliman Inc. (a) | 6 | 17 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 3 | 28 |
| eXp World Holdings, Inc. | 2 | 23 |
| Florida Rock Properties, Inc. (a) | 1 | 26 |
| Forestar Group Inc. (a) | 2 | 54 |
| Howard Hughes Holdings Inc. (a) | 3 | 264 |
| Jones Lang LaSalle Incorporated (a) | 2 | 683 |
| Kennedy-Wilson Holdings, Inc. | 11 | 93 |
| Marcus & Millichap Company | 2 | 70 |
| Newmark Group, Inc. - Class A | 9 | 171 |
| Seaport Entertainment Group Inc. (a) (b) | 1 | 19 |
| St. Joe Company, The | 2 | 94 |
| Stratus Properties Inc. (a) |  | 9 |
| Tejon Ranch Co. (a) | 3 | 50 |
| The Rmr Group Inc. - Class A | 2 | 30 |
| Zillow Group, Inc. - Class A (a) | 2 | 169 |
| Zillow Group, Inc. - Class C (a) | 7 | 518 |
|  |  | 4617 |
| Total Common Stocks (cost $682,817) | Total Common Stocks (cost $682,817) | 1316800 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (d) | 1 | 1 |
| Albireo Pharma, Inc. (a) (d) | 2 | 15 |
| Bristol-Myers Squibb Company (a) | 2 |  |
| Chinook Therapeutics, Inc. (a) (d) | 5 |  |
| Poseida Therapeutics, Inc. (a) (d) | 5 | 2 |
| Progenics Pharmaceuticals, Inc. (a) (b) (d) |  |  |
| Resolute Forest Products Inc. (a) (d) | 8 | 2 |
| Sage Therapeutics Inc. (a) (d) | 1 |  |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 3 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 20 |
| **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 Government Money Market Fund - Class SL, 4.14% (e) (f) | 1670 | 1670 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (e) (f) | 199 | 199 |
| Total Short Term Investments (cost $1,869) | Total Short Term Investments (cost $1,869) | 1869 |
| **Total Investments 100.0% (cost $684,686)** | **Total Investments 100.0% (cost $684,686)** | **1318689** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (296) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1318393** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2670 | 78110 | 80581 | 80 |  |  | 199 |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 577 | 14246 | 13153 | 23 |  |  | 1670 | 0.1 |
|  | 3247 | 92356 | 93734 | 103 |  |  | 1869 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |
| Transocean Ltd. | 07/07/15 | 415 | 110 |  |
|  |  | 434 | 129 |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1316798 |  | 2 | 1316800 |
| &nbsp;&nbsp;Rights |  |  | 20 | 20 |
| &nbsp;&nbsp;Short Term Investments | 1869 |  |  | 1869 |
|  | 1318667 |  | 22 | 1318689 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.9%** | **COMMON STOCKS 99.9%** | **COMMON STOCKS 99.9%** |
| **Industrials 20.6%** | **Industrials 20.6%** | **Industrials 20.6%** |
| 3D Systems Corporation (a) | 16 | 48 |
| A. O. Smith Corporation | 13 | 978 |
| AAON, Inc. | 12 | 1097 |
| AAR Corp. (a) | 7 | 588 |
| ABM Industries Incorporated | 12 | 539 |
| ACCO Brands Corporation | 22 | 87 |
| Acme United Corporation | 1 | 29 |
| Acuity Brands, Inc. | 5 | 1627 |
| Acuren Corporation (a) | 13 | 173 |
| ACV Auctions Inc. - Class A (a) | 21 | 210 |
| Advanced Drainage Systems, Inc. | 9 | 1204 |
| Aebi Schmidt Holding AG | 8 | 100 |
| AGCO Corporation | 9 | 985 |
| Air Lease Corporation - Class A | 18 | 1173 |
| Alamo Group Inc. | 2 | 423 |
| Alaska Air Group, Inc. (a) | 20 | 993 |
| Albany International Corp. - Class A | 5 | 281 |
| Alight, Inc. - Class A | 79 | 259 |
| Allegiant Travel Company (a) | 3 | 204 |
| Allient Inc. | 3 | 148 |
| Allison Systems, Inc. | 13 | 1120 |
| Alta Equipment Group Inc. - Class A | 8 | 55 |
| Ameresco, Inc. - Class A (a) | 6 | 185 |
| American Airlines Group Inc. (a) | 72 | 813 |
| American Superconductor Corporation (a) | 5 | 305 |
| American Woodmark Corporation (a) | 3 | 185 |
| API Group Corporation (a) | 28 | 961 |
| Apogee Enterprises, Inc. | 4 | 185 |
| Applied Industrial Technologies, Inc. | 6 | 1625 |
| Arcbest Corporation | 4 | 291 |
| Archer Aviation Inc. - Class A (a) |  | 4 |
| Arcosa, Inc. | 8 | 765 |
| Argan, Inc. | 3 | 869 |
| Armstrong World Industries, Inc. | 7 | 1402 |
| Astec Industries, Inc. | 4 | 193 |
| Astronics Corporation (a) | 6 | 260 |
| Astronics Corporation - Class B (a) |  | 6 |
| Asure Software, Inc. (a) | 6 | 52 |
| ATI Inc. (a) | 15 | 1214 |
| Atkore Inc. | 6 | 352 |
| ATMUS Filtration Technologies Inc. | 10 | 469 |
| Avis Budget Group, Inc. (a) (b) | 4 | 650 |
| AZZ Inc. | 5 | 548 |
| Barrett Business Services, Inc. | 5 | 205 |
| BGSF, Inc. (a) (b) | 2 | 11 |
| Blade Urban Air Mobility, Inc. - Class A (a) | 17 | 89 |
| Bloom Energy Corporation - Class A (a) | 22 | 1830 |
| Blue Bird Global Corporation (a) | 5 | 305 |
| BlueLinx Holdings Inc. (a) | 1 | 104 |
| Boise Cascade Company | 7 | 518 |
| Bowman Consulting Group Ltd. (a) | 3 | 118 |
| Brady Corporation - Class A | 7 | 578 |
| BrightView Holdings, Inc. (a) | 16 | 220 |
| Brink's Company, The | 7 | 803 |
| Broadwind Inc. (a) | 2 | 4 |
| Byrna Technologies Inc. (a) | 4 | 82 |
| Caci International Inc. - Class A (a) | 3 | 1360 |
| Cadeler A/S - ADR (a) | 1 | 14 |
| Cadre Holdings, Inc. | 7 | 263 |
| Casella Waste Systems, Inc. - Class A (a) | 10 | 968 |
| CBIZ, Inc. (a) | 4 | 202 |
| CECO Environmental Corp. (a) | 6 | 320 |
| Centuri Holdings, Inc. (a) | 2 | 33 |
| Chart Industries, Inc. (a) | 6 | 1278 |
| Cimpress Public Limited Company (a) | 4 | 281 |
| Civeo Corporation | 3 | 65 |
| Clarivate PLC (a) | 96 | 367 |
| Columbus McKinnon Corporation | 5 | 78 |
| Commercial Vehicle Group, Inc. (a) | 1 | 1 |
| Concentrix Corporation | 3 | 146 |
| Concrete Pumping Holdings, Inc. | 9 | 63 |
| Conduent Incorporated (a) | 35 | 98 |
| Construction Partners, Inc. - Class A (a) | 3 | 404 |
| Copa Holdings, S.A. - Class A | 5 | 598 |
| Core & Main, Inc. - Class A (a) | 13 | 676 |
| Costamare Bulkers Holdings Limited (a) | 4 | 57 |
| Costamare Inc. | 20 | 237 |
| Covenant Logistics Group, Inc. - Class A | 4 | 85 |
| CRA International, Inc. | 1 | 260 |
| Crane Company | 7 | 1308 |
| CSG Systems International, Inc. | 5 | 312 |
| CSW Industrials, Inc. | 3 | 666 |
| Custom Truck One Source, Inc. (a) | 19 | 122 |
| Dayforce, Inc. (a) | 15 | 1010 |
| Deluxe Corporation | 9 | 173 |
| Distribution Solutions Group, Inc. (a) | 6 | 173 |
| DLH Holdings Corp. (a) (b) | 1 | 4 |
| DNOW Inc. (a) | 18 | 276 |
| Donaldson Company, Inc. | 13 | 1094 |
| Douglas Dynamics, Inc. | 5 | 154 |
| Driven Brands Holdings Inc. (a) | 20 | 314 |
| Ducommun Incorporated (a) | 3 | 262 |
| DXP Enterprises, Inc. (a) | 3 | 406 |
| Dycom Industries, Inc. (a) | 5 | 1382 |
| Eastern Company The | 1 | 29 |
| Elance, Inc. (a) | 23 | 418 |
| Energy Recovery, Inc. (a) | 9 | 146 |
| Enerpac Tool Group Corp. - Class A | 9 | 387 |
| EnerSys | 7 | 749 |
| Ennis, Inc. | 5 | 100 |
| Enpro Inc. | 4 | 798 |
| Enviri Corporation (a) | 16 | 200 |
| ESAB Corporation | 9 | 1018 |
| ESCO Technologies Inc. | 4 | 888 |
| Everus Construction Group, Inc. (a) | 8 | 691 |
| EVI Industries, Inc. | 3 | 93 |
| ExlService Holdings, Inc. (a) | 27 | 1176 |
| Exponent, Inc. | 8 | 582 |
| Federal Signal Corporation | 10 | 1174 |
| First Advantage Corporation (a) | 12 | 188 |
| Flowserve Corporation | 21 | 1110 |
| Fluence Energy, Inc. - Class A (a) (b) | 18 | 194 |
| Fluor Corporation (a) | 26 | 1092 |
| Forrester Research, Inc. (a) | 5 | 51 |
| Fortune Brands Innovations, Inc. | 15 | 817 |
| Forward Air Corporation (a) | 1 | 32 |
| Franklin Covey Co. (a) | 3 | 54 |
| Franklin Electric Co., Inc. | 8 | 755 |
| FreightCar America, Inc. (a) | 2 | 24 |
| Frontier Group Holdings, Inc. (a) (b) | 30 | 133 |
| FTAI Infrastructure Inc. | 15 | 67 |
| FTI Consulting, Inc. (a) | 6 | 918 |
| FuelCell Energy, Inc. (a) | 2 | 16 |
| Gates Industrial Corporation PLC (a) | 43 | 1056 |
| GATX Corporation | 6 | 1071 |
| Genco Shipping & Trading Limited | 8 | 150 |
| Gencor Industries, Inc. (a) | 2 | 29 |
| Generac Holdings Inc. (a) | 7 | 1144 |
| Genpact Limited | 21 | 893 |
| Gibraltar Industries, Inc. (a) | 5 | 329 |
| Global Industrial Company | 6 | 223 |
| Gorman- Rupp Company, The | 5 | 247 |
| Graham Corporation (a) | 2 | 126 |
| Granite Construction Incorporated | 7 | 805 |
| Great Lakes Dredge & Dock Corporation (a) | 12 | 146 |
| Greenbrier Companies, Inc., The | 6 | 261 |
| Griffon Corporation | 8 | 606 |
| GXO Logistics Inc. (a) | 18 | 955 |
| Hayward Holdings, Inc. (a) | 34 | 511 |
| Healthcare Services Group, Inc. (a) | 13 | 213 |
| Heartland Express, Inc. | 12 | 103 |
| Heidrick & Struggles International, Inc. | 4 | 207 |
| Helios Technologies, Inc. | 5 | 282 |
| Herc Holdings Inc. | 6 | 648 |
| Hertz Global Holdings, Inc. (a) (b) | 52 | 355 |
| Hexcel Corporation | 12 | 730 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hillenbrand, Inc. | 12 | 313 |
| Hillman Solutions Corp. - Class A (a) | 32 | 298 |
| HireQuest, Inc. (b) | 1 | 6 |
| HNI Corporation | 8 | 373 |
| Hub Group, Inc. - Class A | 11 | 373 |
| Hudson Global, Inc. (a) |  | 5 |
| Hudson Technologies, Inc. (a) | 10 | 102 |
| Huntington Ingalls Industries, Inc. | 4 | 1283 |
| Hurco Companies, Inc. (a) | 2 | 27 |
| Huron Consulting Group Inc. (a) | 3 | 441 |
| Hyliion Holdings Corp. - Class A (a) (b) | 12 | 24 |
| Hyster-Yale, Inc. - Class A | 3 | 108 |
| IBEX Limited (a) | 3 | 125 |
| ICF International, Inc. | 3 | 290 |
| IES Holdings, Inc. (a) | 4 | 1455 |
| Innodata Inc. (a) | 6 | 447 |
| Innovative Solutions and Support, Inc. (a) | 4 | 50 |
| Insperity, Inc. | 6 | 302 |
| Insteel Industries, Inc. | 4 | 147 |
| Interface, Inc. - Class A | 12 | 334 |
| ITT Inc. |  | 81 |
| Janus International Group, Inc. (a) | 24 | 236 |
| JELD-WEN Holding, Inc. (a) | 15 | 74 |
| JetBlue Airways Corporation (a) (b) | 61 | 302 |
| Kadant Inc. | 2 | 576 |
| Karat Packaging Inc. | 4 | 94 |
| KBR, Inc. | 15 | 700 |
| Kelly Services, Inc. - Class A | 7 | 89 |
| Kennametal Inc. | 13 | 271 |
| Kforce Inc. | 3 | 99 |
| Kirby Corporation (a) | 9 | 759 |
| Knight-Swift Transportation Holdings Inc. - Class A | 22 | 870 |
| Korn Ferry | 9 | 609 |
| Kratos Defense & Security Solutions, Inc. (a) | 22 | 2030 |
| L. B. Foster Company (a) | 2 | 63 |
| Landstar System, Inc. | 4 | 542 |
| LegalZoom.com, Inc. (a) | 29 | 304 |
| Leonardo DRS, Inc. | 16 | 734 |
| Limbach Holdings, Inc. (a) | 2 | 237 |
| Lincoln Electric Holdings, Inc. |  | 68 |
| Lindsay Corporation | 2 | 263 |
| Liquidity Services, Inc. (a) | 6 | 160 |
| Loar Holdings Inc. (a) | 7 | 530 |
| LSI Industries Inc. | 6 | 148 |
| Luxfer Holdings PLC | 5 | 66 |
| Lyft, Inc. - Class A (a) | 47 | 1044 |
| Manitowoc Company, Inc., The (a) | 8 | 79 |
| ManpowerGroup Inc. | 8 | 289 |
| Marten Transport, Ltd. | 15 | 155 |
| MasTec, Inc. (a) | 1 | 142 |
| Mastech Digital, Inc. (a) | 3 | 20 |
| Masterbrand, Inc. (a) | 21 | 275 |
| Matrix Service Company (a) | 4 | 59 |
| Matson Intermodal - Paragon, Inc. | 5 | 542 |
| Maximus, Inc. | 9 | 863 |
| Mayville Engineering Company, Inc. (a) | 4 | 53 |
| McGrath RentCorp | 4 | 485 |
| Mercury Systems, Inc. (a) | 10 | 781 |
| Middleby Corporation, The (a) | 7 | 972 |
| Miller Industries, Inc. | 2 | 99 |
| Millerknoll, Inc. | 12 | 208 |
| Mine Safety Appliances Company, LLC | 6 | 1098 |
| Mistras Group, Inc. (a) | 7 | 71 |
| Monocle Acquisition Corporation (a) | 11 | 88 |
| Montrose Environmental Group, Inc. (a) | 6 | 163 |
| MOOG Inc. - Class A | 5 | 983 |
| MRC Global Inc. (a) | 16 | 233 |
| MSC Industrial Direct Co., Inc. - Class A | 8 | 710 |
| Mueller Industries, Inc. | 18 | 1834 |
| Mueller Water Products, Inc. - Class A | 25 | 649 |
| MYR Group Inc. (a) | 3 | 551 |
| National Presto Industries, Inc. | 1 | 159 |
| NET Power Inc. - Class A (a) (b) | 6 | 19 |
| Newpark Resources, Inc. (a) | 17 | 195 |
| Nextracker LLC - Class A (a) | 19 | 1422 |
| NN, Inc. (a) | 11 | 23 |
| Nvent Electric Public Limited Company | 7 | 719 |
| NWPX Infrastructure, Inc. (a) | 2 | 106 |
| Omega Flex, Inc. | 2 | 58 |
| Openlane, Inc. (a) | 18 | 530 |
| Orion Group Holdings, Inc. (a) | 8 | 65 |
| Oshkosh Corporation | 11 | 1365 |
| P.A.M. Transportation Services, Inc. (a) | 4 | 49 |
| Pangaea Logistics Solutions Ltd. | 8 | 41 |
| Park Aerospace Technologies Corp. | 5 | 98 |
| Park-Ohio Holdings Corp. | 3 | 67 |
| Parsons Corporation (a) | 14 | 1161 |
| Paylocity Holding Corporation (a) | 5 | 847 |
| Perma-Fix Environmental Services, Inc. (a) (b) | 3 | 33 |
| Perma-Pipe International Holdings, Inc. (a) | 1 | 19 |
| Pitney Bowes Inc. | 19 | 220 |
| Planet Labs Inc. - Class A (a) | 30 | 393 |
| Plug Power Inc. (a) | 3 | 7 |
| Powell Industries, Inc. (b) | 2 | 641 |
| Preformed Line Products Company | 1 | 188 |
| Primoris Services Corporation | 9 | 1245 |
| Proto Labs, Inc. (a) | 5 | 233 |
| Quad/Graphics, Inc. - Class A | 8 | 53 |
| Quanex Building Products Corporation | 5 | 64 |
| Quest Resource Holding Corporation (a) | 2 | 2 |
| Radiant Logistics, Inc. (a) | 8 | 48 |
| RBC Bearings Incorporated (a) | 2 | 802 |
| RCM Technologies, Inc. (a) | 2 | 57 |
| Regal Rexnord Corporation | 6 | 904 |
| Resideo Technologies, Inc. (a) | 25 | 1065 |
| Resources Connection, Inc. | 7 | 33 |
| REV Group, Inc. | 9 | 513 |
| Robert Half Inc. | 12 | 412 |
| Rush Enterprises, Inc. - Class A | 10 | 536 |
| Rush Enterprises, Inc. - Class B | 3 | 178 |
| RXO Inc (a) | 16 | 246 |
| Ryder System, Inc. | 7 | 1292 |
| Saia, Inc. (a) | 3 | 799 |
| Schneider National, Inc. - Class B | 15 | 315 |
| Science Applications International Corporation | 8 | 777 |
| Sensata Technologies Holding PLC | 19 | 569 |
| Shoals Technologies Group, Inc. - Class A (a) | 20 | 148 |
| Simpson Manufacturing Co., Inc. | 7 | 1149 |
| SiteOne Landscape Supply, Inc. (a) | 5 | 697 |
| Skillsoft (US) LLC - Class A (a) | 1 | 9 |
| SkyWest, Inc. (a) | 7 | 728 |
| SPX Technologies, Inc. (a) | 8 | 1424 |
| Standex International Corporation | 2 | 413 |
| Stanley Black & Decker, Inc. | 7 | 528 |
| Steelcase Inc. - Class A | 17 | 290 |
| Sterling Infrastructure, Inc. (a) | 5 | 1797 |
| Stratasys, Inc. (a) | 1 | 13 |
| Sun Country Airlines Holdings, Inc. (a) | 10 | 113 |
| Sunrun Inc. (a) | 36 | 616 |
| Taskus, Inc. - Class A (a) (b) | 3 | 59 |
| Taylor Devices, Inc. (a) (b) |  | 12 |
| Tecnoglass Inc. | 8 | 519 |
| Tennant Company | 3 | 265 |
| Terex Corporation | 11 | 550 |
| Tetra Tech, Inc. | 26 | 860 |
| Thermon Group Holdings, Inc. (a) | 6 | 173 |
| Timken Company, The | 12 | 868 |
| Titan International, Inc. (a) | 12 | 91 |
| Titan Machinery Inc. (a) | 5 | 79 |
| Toro Company, The | 11 | 852 |
| Transcat, Inc. (a) | 2 | 120 |
| Trex Company, Inc. (a) | 12 | 635 |
| Trinet Group, Inc. | 8 | 536 |
| Trinity Industries, Inc. | 14 | 396 |
| TrueBlue, Inc. (a) | 6 | 39 |
| TTEC Holdings, Inc. (a) (b) | 8 | 27 |
| Tutor Perini Corporation (a) | 10 | 659 |
| Twin Disc, Incorporated | 3 | 41 |
| UFP Industries, Inc. | 10 | 943 |
| U-Haul Holding Company (a) (b) | 3 | 148 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U-Haul Holding Company - Series N | 9 | 442 |
| Ultralife Corporation (a) | 3 | 18 |
| Unifirst Corporation | 2 | 416 |
| Universal Logistics Holdings, Inc. | 5 | 114 |
| V2X, Inc. (a) | 5 | 306 |
| Valmont Industries, Inc. | 3 | 1284 |
| Verra Mobility Corporation - Class A (a) | 23 | 567 |
| Vestis Corporation | 22 | 97 |
| Vicor Corporation (a) | 5 | 270 |
| Virco Mfg. Corporation | 4 | 30 |
| VirTra, Inc. (a) (b) | 1 | 8 |
| VSE Corporation | 3 | 577 |
| Wabash National Corporation | 9 | 86 |
| Watts Water Technologies, Inc. - Class A | 5 | 1262 |
| Werner Enterprises, Inc. | 11 | 286 |
| WESCO International, Inc. | 6 | 1337 |
| Willdan Group, Inc. (a) | 3 | 252 |
| Willis Lease Finance Corporation | 1 | 139 |
| Willscot Holdings Corporation - Class A | 22 | 466 |
| Worthington Industries, Inc. | 8 | 471 |
| Xometry, Inc. - Class A (a) (b) | 5 | 268 |
| Zurn Elkay Water Solutions Corporation | 22 | 1029 |
| | | 141966 |
| **Financials 20.4%** | **Financials 20.4%** | **Financials 20.4%** |
| 1st Security Bank of Washington | 2 | 75 |
| 1st Source Corporation | 4 | 263 |
| Acacia Research Corporation (a) | 12 | 39 |
| ACNB Corporation | 2 | 84 |
| Affiliated Managers Group, Inc. | 5 | 1165 |
| Alerus Financial Corporation | 5 | 113 |
| Amalgamated Financial Corp. | 6 | 151 |
| Ambac Financial Group, Inc. (a) | 10 | 87 |
| Amerant Bancorp Inc. - Class A | 8 | 147 |
| American Coastal Insurance Corporation | 4 | 40 |
| American Financial Group, Inc. | 3 | 465 |
| Ameris Bancorp | 12 | 900 |
| Amerisafe, Inc. | 4 | 161 |
| Ames National Corporation | 2 | 49 |
| Arrow Financial Corporation | 4 | 100 |
| Artisan Partners Asset Management Inc. - Class A | 12 | 517 |
| Associated Banc-Corp | 27 | 699 |
| Associated Capital Group Inc. - Class A | 1 | 21 |
| Assurant, Inc. | 4 | 956 |
| Assured Guaranty Ltd. | 9 | 804 |
| Atlantic Union Bank | 24 | 840 |
| Atlanticus Holdings Corporation (a) | 4 | 207 |
| Avidxchange Holdings, Inc. (a) | 2 | 23 |
| AXIS Capital Holdings Limited | 13 | 1237 |
| Axos Financial, Inc. (a) | 10 | 876 |
| B. Riley & Co., LLC (a) (b) | 4 | 25 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 11 | 317 |
| Banc of California, Inc. | 13 | 219 |
| BancFirst Corporation | 6 | 712 |
| Bancorp, Inc., The (a) | 9 | 667 |
| Bank First Corporation | 1 | 90 |
| Bank of Hawaii Corporation | 7 | 444 |
| Bank of Marin Bancorp | 3 | 83 |
| Bank of N.T. Butterfield & Son Limited, The | 8 | 327 |
| Bank OZK | 20 | 997 |
| Bank7 Corp. | 1 | 42 |
| BankFinancial Corporation (b) | 3 | 32 |
| BankUnited, Inc. | 13 | 488 |
| Bankwell Financial Group, Inc. | 2 | 85 |
| Banner Corporation | 6 | 400 |
| Bar Harbor Bankshares | 3 | 90 |
| Baycom Corp | 3 | 77 |
| BCB Bancorp, Inc. | 5 | 43 |
| Berkshire Hills Bancorp, Inc. | 15 | 363 |
| BGC Group, Inc. - Class A | 64 | 602 |
| Blue Foundry Bancorp (a) | 6 | 55 |
| Blue Ridge Bankshares, Inc. (a) | 3 | 15 |
| BOK Financial Corporation | 10 | 1134 |
| Bowhead Specialty Holdings Inc. (a) | 2 | 54 |
| Bread Financial Payments, Inc. | 8 | 465 |
| Bridgewater Bancshares, Inc. (a) (c) | 5 | 83 |
| Brighthouse Financial, Inc. (a) | 10 | 546 |
| Brightsphere Investment Group Inc. | 6 | 312 |
| Burke & Herbert Financial Services Corp. | 1 | 79 |
| Business First Bancshares, Inc. | 6 | 134 |
| BV Financial, Inc. (a) | 1 | 15 |
| Byline Bancorp, Inc. | 8 | 232 |
| C&F Financial Corporation | 1 | 47 |
| Cadence Bank | 30 | 1141 |
| California BanCorp (a) | 1 | 12 |
| Camden National Corporation | 3 | 130 |
| Cantaloupe, Inc. (a) | 8 | 90 |
| Capital Bancorp, Inc. | 3 | 106 |
| Capital City Bank Group, Inc. | 3 | 144 |
| Capitol Federal Financial | 23 | 147 |
| Carter Bankshares, Inc. (a) | 5 | 103 |
| Cass Information Systems, Inc. | 3 | 108 |
| Cathay General Bancorp | 13 | 601 |
| Central Pacific Financial Corp. | 5 | 157 |
| Chemung Financial Corporation | 1 | 59 |
| ChoiceOne Financial Services, Inc. | 1 | 26 |
| Citizens & Northern Corporation | 4 | 76 |
| City Holding Company | 2 | 302 |
| Civista Bancshares, Inc. | 4 | 73 |
| CNB Financial Corporation | 4 | 104 |
| CNO Financial Group, Inc. | 16 | 623 |
| Coastal Financial Corporation (a) | 3 | 321 |
| Cohen & Steers, Inc. | 8 | 539 |
| Colony Bankcorp, Inc. | 4 | 66 |
| Columbia Banking System, Inc. | 34 | 871 |
| Columbia Financial, Inc. (a) | 16 | 242 |
| Comerica Incorporated | 17 | 1144 |
| Commerce Bancshares, Inc. | 21 | 1270 |
| Community Financial System, Inc. | 9 | 552 |
| Community Trust Bancorp, Inc. | 4 | 203 |
| Community West Bancshares | 4 | 81 |
| ConnectOne Bancorp, Inc. | 9 | 220 |
| Consumer Portfolio Services, Inc. (a) | 6 | 44 |
| Crawford & Company - Class A | 6 | 68 |
| Crawford & Company - Class B | 5 | 45 |
| Credit Acceptance Corporation (a) (b) | 2 | 897 |
| Cullen/Frost Bankers, Inc. | 10 | 1242 |
| Customers Bancorp, Inc. (a) | 6 | 380 |
| CVB Financial Corp. | 24 | 447 |
| Dave Inc. - Class A (a) | 2 | 404 |
| Diamond Hill Investment Group, Inc. - Class A | 1 | 79 |
| DigitalBridge Group, Inc. - Class A | 30 | 357 |
| Dime Community Bancshares, Inc. | 8 | 231 |
| Donegal Group Inc. - Class A | 6 | 122 |
| Donnelley Financial Solutions, Inc. (a) | 5 | 251 |
| Eagle Bancorp Montana, Inc. | 1 | 25 |
| Eagle Bancorp, Inc. | 6 | 116 |
| Eastern Bankshares, Inc. | 35 | 638 |
| eHealth, Inc. (a) | 7 | 28 |
| Employers Holdings, Inc. | 5 | 200 |
| Enact Holdings, Inc. | 8 | 311 |
| Encore Capital Group, Inc. (a) | 4 | 179 |
| Enova International, Inc. (a) | 5 | 547 |
| Enterprise Financial Services Corp. | 7 | 381 |
| Equity Bancshares, Inc. - Class A | 3 | 142 |
| Esquire Financial Holdings, Inc. | 2 | 180 |
| Essent Group Ltd. | 17 | 1066 |
| Euronet Worldwide, Inc. (a) | 7 | 631 |
| Evercore Inc. - Class A | 3 | 1133 |
| EVERTEC, Inc. | 10 | 354 |
| EZCORP, Inc. - Class A (a) | 10 | 192 |
| F&G Annuities & Life, Inc. | 2 | 49 |
| F.N.B. Corporation | 61 | 975 |
| FactSet Research Systems Inc. | 2 | 596 |
| Farmers & Merchants Bancorp, Inc. | 2 | 53 |
| Farmers National Banc Corp. | 7 | 106 |
| FB Financial Corporation | 9 | 509 |
| Federal Agricultural Mortgage Corporation - Class C | 2 | 292 |
| Federated Hermes, Inc. - Class B | 14 | 720 |
| Fidelis Insurance Holdings Limited | 9 | 171 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fidelity D&D Bancorp, Inc. |  | 9 |
| Finance of America Companies Inc. - Class A (a) (b) | 1 | 13 |
| Financial Institutions, Inc. | 4 | 105 |
| First American Financial Corporation | 16 | 1015 |
| First Bancorp | 7 | 374 |
| First BanCorp | 30 | 672 |
| First Bancorp, Inc., The | 3 | 70 |
| First Bank of New Jersey | 4 | 58 |
| First Busey Corporation | 16 | 362 |
| First Business Financial Services, Inc. | 2 | 89 |
| First Commonwealth Financial Corporation | 17 | 298 |
| First Community Bancshares, Inc. | 4 | 130 |
| First Community Corporation | 1 | 30 |
| First Financial Bancorp. | 16 | 416 |
| First Financial Bankshares, Inc. | 23 | 785 |
| First Financial Corporation | 2 | 137 |
| First Foundation Inc. (a) | 15 | 85 |
| First Hawaiian, Inc. | 21 | 528 |
| First Horizon Corporation | 55 | 1242 |
| First Internet Bancorp | 2 | 50 |
| First Interstate BancSystem, Inc. - Class A | 18 | 568 |
| First Merchants Corporation | 10 | 381 |
| First Mid Bancshares, Inc. | 4 | 157 |
| First Savings Financial Group, Inc. | 1 | 24 |
| First United Corporation |  | 18 |
| First Western Financial, Inc. (a) | 3 | 58 |
| FirstCash, Inc. | 8 | 1208 |
| Firstsun Capital Bancorp (a) | 1 | 48 |
| Five Star Bancorp | 3 | 94 |
| Flagstar Financial, Inc. | 48 | 558 |
| Flushing Financial Corporation | 7 | 102 |
| Flywire Corporation (a) | 19 | 256 |
| Fulton Financial Corporation | 29 | 544 |
| FVCBankcorp, Inc. | 1 | 9 |
| GCM Grosvenor Inc. - Class A (b) | 5 | 57 |
| Genworth Financial, Inc. - Class A (a) | 71 | 628 |
| German American Bancorp, Inc. | 7 | 260 |
| Glacier Bancorp, Inc. | 19 | 920 |
| Globe Life Inc. | 9 | 1216 |
| GoHealth, Inc. - Class A (a) | 1 | 5 |
| Goosehead Insurance, Inc. - Class A | 4 | 295 |
| Great Southern Bancorp, Inc. | 2 | 140 |
| Green Dot Corporation - Class A (a) | 11 | 149 |
| Greene County Bancorp, MHC | 2 | 54 |
| Greenlight Capital Re, Ltd. - Class A (a) | 7 | 95 |
| Guaranty Bancshares, Inc. | 2 | 115 |
| Hagerty, Inc. - Class A (a) | 7 | 80 |
| Hamilton Insurance Group, Ltd. - Class B (a) | 3 | 71 |
| Hamilton Lane Incorporated - Class A | 6 | 828 |
| Hancock Whitney Corporation | 14 | 893 |
| Hanmi Financial Corporation | 6 | 148 |
| Hanover Insurance Group Inc, The | 6 | 1072 |
| HarborOne Bancorp, Inc. | 8 | 115 |
| HBT Financial, Inc. | 6 | 143 |
| HCI Group, Inc. | 2 | 391 |
| Hennessy Advisors, Inc. (b) | 1 | 8 |
| Heritage Commerce Corp | 13 | 124 |
| Heritage Financial Corporation | 7 | 160 |
| Heritage Global Solutions, Inc. (a) | 6 | 9 |
| Heritage Insurance Holdings, Inc. (a) | 6 | 164 |
| Hingham Institution For Savings, The |  | 125 |
| Hippo Holdings Inc. (a) | 2 | 57 |
| Home Bancorp, Inc. | 2 | 91 |
| Home BancShares, Inc. | 33 | 926 |
| HomeStreet, Inc. - Class A (a) | 11 | 144 |
| Hometrust Bancshares, Inc. | 2 | 91 |
| Hope Bancorp, Inc. | 23 | 248 |
| Horace Mann Educators Corporation | 7 | 325 |
| Horizon Bancorp, Inc. | 9 | 143 |
| Houlihan Lokey, Inc. - Class A | 1 | 302 |
| Independence Holdings, LLC | 19 | 1094 |
| Independent Bank Corp. | 9 | 602 |
| Independent Bank Corporation | 4 | 128 |
| International Bancshares Corporation | 10 | 717 |
| International Money Express Inc. (a) | 7 | 91 |
| Invesco Ltd. | 53 | 1220 |
| Investar Holding Corporation | 2 | 51 |
| Investors Title Company |  | 106 |
| Jack Henry & Associates, Inc. | 5 | 794 |
| James River Group, Inc. | 9 | 47 |
| Janus Henderson Group PLC | 25 | 1128 |
| Jefferies Financial Group Inc. | 6 | 365 |
| Kearny Financial Corp | 14 | 91 |
| Kestrel Group Ltd (a) | 1 | 29 |
| Kingstone Companies, Inc. | 1 | 21 |
| Kinsale Capital Group, Inc. | 3 | 1181 |
| Lakeland Financial Corporation | 4 | 288 |
| Lazard, Inc. | 14 | 755 |
| LCNB Corp. | 3 | 40 |
| LendingClub Corporation (a) | 18 | 271 |
| LendingTree, Inc. (a) | 3 | 189 |
| Lincoln National Corporation | 22 | 894 |
| Live Oak Bancshares, Inc. | 8 | 270 |
| Loandepot, Inc. - Class A (a) | 15 | 45 |
| Mainstreet Bancshares, Inc. (b) | 1 | 29 |
| MarketAxess Holdings Inc. | 5 | 830 |
| Marqeta, Inc. - Class A (a) | 75 | 394 |
| Mercantile Bank Corporation | 3 | 146 |
| Merchants Bancorp, Inc. | 7 | 238 |
| Mercury General Corporation | 9 | 792 |
| Meridian Bank | 3 | 44 |
| Metrocity Bankshares, Inc. | 5 | 127 |
| Metropolitan Bank Holding Corp. | 2 | 150 |
| MGIC Investment Corporation | 39 | 1112 |
| Mid Penn Bancorp, Inc. | 3 | 92 |
| Middlefield Banc Corp. | 1 | 15 |
| Midland States Bancorp, Inc. | 5 | 82 |
| MidWestOne Financial Group, Inc. | 4 | 120 |
| Moelis & Company - Class A | 9 | 659 |
| Morningstar, Inc. | 4 | 1000 |
| Mr. Cooper Group Inc. | 10 | 2176 |
| MVB Financial Corp. | 3 | 74 |
| National Bank Holdings Corporation - Class A | 6 | 245 |
| National Bankshares, Inc. | 1 | 28 |
| Navient Corporation | 18 | 243 |
| NBT Bancorp Inc. | 9 | 383 |
| NCR Atleos Corporation (a) | 12 | 456 |
| Nelnet, Inc. - Class A | 5 | 566 |
| Nerdwallet, Inc. - Class A (a) | 7 | 78 |
| NI Holdings Inc. (a) | 3 | 43 |
| Nicholas Financial, Inc. (a) (b) | 2 | 10 |
| Nicolet Bankshares, Inc. | 3 | 368 |
| NMI Holdings, Inc. - Class A (a) | 14 | 535 |
| Northeast Bank | 2 | 165 |
| Northeast Community Bancorp, Inc. | 3 | 53 |
| Northfield Bancorp Inc. | 8 | 95 |
| Northrim Bancorp, Inc. | 5 | 98 |
| Northwest Bancshares, Inc. | 27 | 329 |
| Norwood Financial Corp. | 2 | 41 |
| Oak Valley Bancorp. | 1 | 16 |
| OceanFirst Financial Corp. | 11 | 199 |
| OFG Bancorp | 8 | 358 |
| Old National Bancorp | 53 | 1167 |
| Old Republic International Corporation | 31 | 1318 |
| Old Second Bancorp, Inc. | 9 | 150 |
| Onity Group Inc. (a) | 2 | 70 |
| OP Bancorp | 2 | 35 |
| Open Lending Corporation - Class A (a) | 19 | 40 |
| Oportun Financial Corporation (a) | 8 | 52 |
| Oppenheimer Holdings Inc. - Class A | 2 | 150 |
| OppFi Inc. - Class A | 3 | 32 |
| Orange County Bancorp, Inc. | 1 | 20 |
| Origin Bancorp, Inc. | 5 | 167 |
| Orrstown Financial Services, Inc. | 4 | 126 |
| Oscar Health, Inc. - Class A (a) (b) | 32 | 602 |
| P.C.B. Bancorp, Inc. | 3 | 73 |
| Palomar Holdings, Inc. (a) | 4 | 514 |
| Park National Corporation | 3 | 497 |
| Parke Bancorp, Inc. | 3 | 63 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pathward Financial, Inc. | 5 | 336 |
| Paymentus Holdings, Inc. - Class A (a) | 4 | 126 |
| Payoneer Global Inc. (a) | 59 | 355 |
| Paysafe Limited (a) | 10 | 135 |
| Paysign, Inc. (a) | 8 | 51 |
| Peapack-Gladstone Financial Corporation | 3 | 95 |
| PennyMac Financial Services, Inc. | 9 | 1064 |
| Peoples Bancorp Inc. | 7 | 199 |
| Peoples Bancorp of North Carolina, Inc. |  | 14 |
| Peoples Financial Services Corp. | 2 | 75 |
| Perella Weinberg Partners - Class A | 7 | 143 |
| Pinnacle Financial Partners, Inc. | 12 | 1164 |
| Piper Sandler Companies | 3 | 1028 |
| PJT Partners Inc. - Class A | 4 | 674 |
| Plumas Bancorp | 1 | 23 |
| Ponce Financial Group, Inc. (a) | 5 | 75 |
| Popular, Inc. | 11 | 1432 |
| PRA Group, Inc. (a) | 7 | 109 |
| Preferred Bank | 2 | 221 |
| Primerica, Inc. | 4 | 1167 |
| Primis Financial Corp. | 6 | 58 |
| Princeton Bancorp, Inc. | 1 | 46 |
| Priority Technology Holdings, Inc. (a) | 6 | 43 |
| ProAssurance Corporation (a) | 12 | 281 |
| PROG Holdings, Inc. | 8 | 255 |
| Prosperity Bancshares, Inc. | 13 | 887 |
| Provident Bancorp Inc. (a) | 2 | 30 |
| Provident Financial Services, Inc. | 24 | 457 |
| QCR Holdings, Inc. | 3 | 247 |
| Radian Group Inc. | 22 | 811 |
| RBB Bancorp | 5 | 85 |
| Red River Bancshares, Inc. | 1 | 97 |
| Regional Management Corp. | 2 | 85 |
| Remitly Global, Inc. (a) | 27 | 438 |
| RenaissanceRe Holdings Ltd |  | 39 |
| Renasant Corporation | 16 | 592 |
| Repay Holdings Corporation - Class A (a) | 17 | 91 |
| Republic Bancorp, Inc. - Class A | 3 | 240 |
| Richmond Mutual Bancorporation, Inc. | 3 | 41 |
| Riverview Bancorp, Inc. | 3 | 14 |
| RLI Corp. | 15 | 979 |
| Root LLC - Class A (a) | 1 | 102 |
| S & T Bancorp, Inc. | 7 | 247 |
| Safety Insurance Group, Inc. | 3 | 178 |
| Seacoast Banking Corporation of Florida | 14 | 422 |
| Security National Financial Corporation - Class A (a) | 4 | 32 |
| SEI Investments Company | 15 | 1250 |
| Selective Insurance Group, Inc. | 10 | 805 |
| SelectQuote, Inc. (a) | 19 | 37 |
| ServisFirst Bancshares, Inc. | 9 | 737 |
| Sezzle Inc. (a) (b) | 4 | 325 |
| Shift4 Payments, LLC - Class A (a) (b) | 9 | 716 |
| Shore Bancshares, Inc. | 7 | 107 |
| Sierra BanCorp | 3 | 87 |
| Silvercrest Asset Management Group Inc. - Class A | 2 | 36 |
| Simmons First National Corporation - Class A | 22 | 427 |
| SiriusPoint Ltd. (a) | 22 | 398 |
| Skyward Specialty Insurance Group, Inc. (a) | 6 | 281 |
| SLM Corporation | 35 | 957 |
| Smartfinancial, Inc. | 3 | 123 |
| South Plains Financial, Inc. | 3 | 124 |
| Southern First Bancshares, Inc. (a) | 2 | 81 |
| Southern Missouri Bancorp, Inc. | 2 | 110 |
| Southside Bancshares, Inc. | 6 | 161 |
| Southstate Bank Corporation | 17 | 1639 |
| Stellar Bancorp, Inc. | 8 | 255 |
| Stewart Information Services Corporation | 5 | 346 |
| Stifel Financial Corp. | 10 | 1095 |
| Stock Yards Bancorp, Inc. | 5 | 362 |
| StoneX Group Inc. (a) | 8 | 818 |
| Synovus Financial Corp. | 23 | 1124 |
| Texas Capital Bancshares, Inc. (a) | 8 | 666 |
| TFS Financial Corporation | 28 | 368 |
| The Western Union Company | 55 | 441 |
| Third Coast Bancshares, Inc. (a) | 2 | 66 |
| Timberland Bancorp, Inc. | 2 | 75 |
| Tiptree Inc. | 8 | 147 |
| Tompkins Financial Corporation | 3 | 184 |
| TowneBank | 13 | 445 |
| TriCo Bancshares | 6 | 256 |
| Triumph Financial, Inc. (a) | 4 | 210 |
| Trupanion, Inc. (a) | 6 | 260 |
| Trustco Bank Corp N Y | 4 | 135 |
| Trustmark Corporation | 11 | 428 |
| UMB Financial Corporation | 12 | 1475 |
| United Bankshares, Inc. | 24 | 878 |
| United Community Banks, Inc. | 20 | 621 |
| United Fire Group, Inc. | 5 | 158 |
| Unity Bancorp, Inc. | 2 | 94 |
| Universal Insurance Holdings, Inc. | 6 | 145 |
| Univest Financial Corporation | 6 | 168 |
| USCB Financial Holdings, Inc. - Class A | 1 | 10 |
| Usio, Inc. (a) | 5 | 7 |
| Valley National Bancorp | 92 | 971 |
| Value Line, Inc. (b) |  | 19 |
| Velocity Financial Inc. (a) | 2 | 30 |
| Veritex Holdings, Inc. | 8 | 283 |
| Victory Capital Holdings, Inc. - Class A | 9 | 608 |
| Virginia National Bankshares Corporation |  | 13 |
| Virtu Financial, Inc. - Class A | 15 | 543 |
| Virtus Investment Partners, Inc. | 1 | 219 |
| Voya Financial, Inc. | 12 | 876 |
| WAFD, Inc. | 14 | 432 |
| Walker & Dunlop, Inc. | 6 | 498 |
| Washington Trust Bancorp, Inc. | 4 | 102 |
| Waterstone Financial, Inc. | 4 | 69 |
| Webster Financial Corporation | 18 | 1069 |
| WesBanco, Inc. | 16 | 520 |
| West Bancorporation, Inc. | 4 | 87 |
| Westamerica Bancorporation | 5 | 226 |
| Western Alliance Bancorporation | 13 | 1168 |
| Western New England Bancorp, Inc. | 6 | 73 |
| Westwood Holdings Group, Inc. | 2 | 34 |
| Wex, Inc. (a) | 5 | 725 |
| White Mountains Insurance Group Ltd |  | 717 |
| Wintrust Financial Corporation | 11 | 1443 |
| WisdomTree, Inc. (b) | 27 | 369 |
| World Acceptance Corporation (a) | 1 | 188 |
| WSFS Financial Corporation | 11 | 574 |
| Zions Bancorporation, National Association | 23 | 1322 |
| Zurich American Corporation | 10 | 536 |
| | | 140567 |
| **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 5 | 25 |
| 1stdibs.com, Inc. (a) | 7 | 17 |
| Abercrombie & Fitch Co. - Class A (a) | 7 | 569 |
| Academy Sports & Outdoors, Inc. | 13 | 631 |
| Accel Entertainment, Inc. (a) | 14 | 158 |
| Acushnet Holdings Corp. | 11 | 881 |
| Adient Public Limited Company (a) | 15 | 356 |
| ADT, Inc. | 104 | 907 |
| Adtalem Global Education Inc. (a) | 7 | 1063 |
| Advance Auto Parts, Inc. | 7 | 438 |
| Allbirds, Inc. - Class A (a) (b) |  | 2 |
| A-Mark Precious Metals, Inc. | 5 | 124 |
| American Axle & Manufacturing Holdings, Inc. (a) | 22 | 132 |
| American Eagle Outfitters, Inc. | 31 | 522 |
| American Outdoor Brands, Inc. (a) | 3 | 29 |
| American Public Education, Inc. (a) | 4 | 150 |
| America's Car Mart, Inc. (a) | 2 | 49 |
| Ammo, Inc. (a) | 16 | 23 |
| Aramark | 29 | 1124 |
| Arhaus, Inc. - Class A (a) | 9 | 94 |
| Ark Restaurants Corp. (a) | 1 | 4 |
| ARKO Corp. - Class A | 23 | 105 |
| Asbury Automotive Group, Inc. (a) | 3 | 832 |
| Autoliv, Inc. | 9 | 1158 |
| AutoNation, Inc. (a) | 6 | 1358 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bassett Furniture Industries, Incorporated | 2 | 36 |
| Bath & Body Works, Inc. | 26 | 670 |
| Beazer Homes USA, Inc. (a) | 5 | 130 |
| Beyond, Inc. (a) | 5 | 53 |
| Biglari Holdings Inc. - Class A (a) (b) |  | 14 |
| Biglari Holdings Inc. - Class B (a) |  | 142 |
| Birkenstock Holding PLC (a) | 17 | 781 |
| BJ's Restaurants, Inc. (a) | 4 | 128 |
| Bloomin' Brands, Inc. | 15 | 106 |
| Boot Barn Holdings, Inc. (a) | 5 | 838 |
| BorgWarner Inc. | 31 | 1368 |
| Bowlero Corp. - Class A | 5 | 53 |
| Boyd Gaming Corporation | 1 | 115 |
| Bright Horizons Family Solutions, Inc. (a) | 9 | 1016 |
| Brightstar Lottery PLC (b) | 28 | 478 |
| Brinker International, Inc. (a) | 9 | 1093 |
| Brunswick Corporation | 11 | 688 |
| Build-A-Bear Workshop, Inc. | 3 | 201 |
| Caesars Entertainment, Inc. (a) | 26 | 716 |
| Caleres, Inc. | 7 | 92 |
| Camping World Holdings, Inc. - Class A | 10 | 165 |
| Capri Holdings Limited (a) | 15 | 308 |
| CarMax, Inc. (a) | 13 | 590 |
| Carriage Services, Inc. | 3 | 136 |
| Carter's, Inc. | 6 | 182 |
| Cato Corporation, The - Class A | 5 | 19 |
| CAVA Group, Inc. (a) | 11 | 694 |
| Cavco Industries, Inc. (a) | 1 | 856 |
| Century Communities, Inc. | 5 | 334 |
| Cheesecake Factory Incorporated, The | 8 | 458 |
| Chegg, Inc. (a) | 22 | 33 |
| Choice Hotels International, Inc. | 7 | 719 |
| Churchill Downs Incorporated | 8 | 780 |
| Citi Trends, Inc. (a) | 2 | 60 |
| CLARUS Corporation | 9 | 33 |
| Columbia Sportswear Company | 9 | 482 |
| Contextlogic Holdings Inc. - Class A (a) (b) | 4 | 28 |
| Cooper-Standard Holdings Inc. (a) | 4 | 137 |
| Coursera, Inc. (a) | 27 | 315 |
| Cracker Barrel Old Country Store, Inc. (b) | 4 | 161 |
| Cricut, Inc. - Class A | 2 | 13 |
| Crocs, Inc. (a) | 8 | 710 |
| Culp, Inc. (a) | 2 | 9 |
| Dana Incorporated | 25 | 500 |
| Dave & Buster's Entertainment, Inc. (a) | 7 | 124 |
| Denny's Corporation (a) | 12 | 65 |
| Designer Brands Inc. - Class A (b) | 10 | 35 |
| Destination XL Group, Inc. (a) | 16 | 20 |
| Dillard's, Inc. - Class A (b) | 2 | 1075 |
| Dine Brands Global, Inc. | 3 | 74 |
| Dorman Products, Inc. (a) | 5 | 825 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 5 | 117 |
| Duluth Holdings Inc. - Class B (a) | 6 | 25 |
| Dutch Bros Inc. - Class A (a) | 14 | 756 |
| Educational Development Corporation (a) | 1 | 1 |
| El Pollo Loco Holdings, Inc. (a) | 7 | 67 |
| Escalade, Incorporated (b) | 3 | 38 |
| Ethan Allen Interiors Inc. | 5 | 153 |
| ETSY, Inc. (a) | 13 | 835 |
| European Wax Center, Inc. - Class A (a) | 8 | 32 |
| FIGS, Inc. - Class A (a) | 29 | 194 |
| First Watch Restaurant Group, Inc. (a) | 10 | 154 |
| Five Below, Inc. (a) | 7 | 1010 |
| Flexsteel Industries, Inc. | 1 | 53 |
| Floor & Decor Holdings, Inc. - Class A (a) | 11 | 812 |
| Fossil Group, Inc. (a) | 1 | 2 |
| Fox Factory Holding Corp. (a) | 7 | 176 |
| Frontdoor, Inc. (a) | 6 | 407 |
| Full House Resorts, Inc. (a) | 8 | 26 |
| Gap, Inc., The | 62 | 1320 |
| Garrett Motion Inc. | 36 | 485 |
| Genesco Inc. (a) | 3 | 73 |
| Gentex Corporation | 29 | 816 |
| Gentherm Incorporated (a) | 5 | 184 |
| G-III Apparel Group, Ltd. (a) | 8 | 212 |
| Global Business Travel Group, Inc. - Class A (a) | 11 | 90 |
| Golden Entertainment, Inc. | 4 | 83 |
| Gopro Inc. - Class A (a) (b) | 13 | 28 |
| Graham Holdings Co., Ltd. - Class B | 1 | 750 |
| Grand Canyon Education, Inc. (a) | 5 | 1079 |
| Green Brick Partners, Inc. (a) | 7 | 546 |
| Group 1 Automotive, Inc. | 2 | 1080 |
| Groupon, Inc. (a) | 4 | 94 |
| GrowGeneration Corp. (a) | 4 | 7 |
| Guess?, Inc. | 10 | 165 |
| H & R Block, Inc. | 22 | 1107 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 12 |
| Hanesbrands Inc. (a) | 60 | 395 |
| Harley-Davidson, Inc. | 20 | 549 |
| Hasbro, Inc. | 19 | 1457 |
| Haverty Furniture Companies, Inc. | 3 | 77 |
| Helen of Troy Limited (a) | 4 | 105 |
| Hilton Grand Vacations Inc. (a) | 15 | 646 |
| Holley Inc. (a) | 17 | 54 |
| Hooker Furnishings Corporation | 3 | 31 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1 | 128 |
| Inspired Entertainment, Inc. (a) | 4 | 37 |
| Installed Building Products, Inc. | 5 | 1137 |
| J.jill, Inc. | 2 | 42 |
| JAKKS Pacific, Inc. | 2 | 41 |
| Johnson Outdoors Inc. - Class A | 2 | 88 |
| KB Home | 12 | 767 |
| Kohl's Corporation | 15 | 225 |
| Kontoor Brands, Inc. | 10 | 762 |
| Krispy Kreme, Inc. (b) | 29 | 112 |
| Kura Sushi USA, Inc. - Class A (a) | 2 | 126 |
| Lakeland Industries, Inc. (b) | 2 | 24 |
| Lands' End, Inc. (a) | 7 | 93 |
| Latham Group, Inc. (a) | 19 | 148 |
| Laureate Education, Inc. - Class A (a) | 26 | 809 |
| La-Z-Boy Incorporated | 8 | 258 |
| LCI Industries | 4 | 407 |
| Lear Corporation | 7 | 710 |
| Legacy Housing Corporation (a) | 4 | 122 |
| Leggett & Platt, Incorporated | 22 | 195 |
| Leslie's, Inc. (a) | 1 | 8 |
| Levi Strauss & Co. - Class A | 15 | 350 |
| LGI Homes, Inc. (a) | 4 | 211 |
| Life Time Group Holdings, Inc. (a) | 28 | 769 |
| Lifetime Brands, Inc. | 5 | 20 |
| Light & Wonder, Inc. (a) | 10 | 798 |
| Lincoln Educational Services Corporation (a) | 7 | 154 |
| Lindblad Expeditions, LLC (a) | 11 | 136 |
| Lithia Motors, Inc. - Class A | 3 | 1063 |
| LKQ Corporation | 28 | 857 |
| Lovesac Company, The (a) | 4 | 62 |
| Lucid Group, Inc. (a) | 7 | 178 |
| M/I Homes, Inc. (a) | 2 | 300 |
| Macy's, Inc. | 45 | 802 |
| Malibu Boats, Inc. - Class A (a) | 4 | 114 |
| Marine Products Corporation | 6 | 49 |
| MarineMax, Inc. (a) | 4 | 108 |
| Marriott Vacations Worldwide Corporation | 6 | 413 |
| MasterCraft Boat Holdings, Inc. (a) | 4 | 78 |
| Mattel, Inc. (a) | 46 | 778 |
| Matthews International Corporation - Class A | 6 | 141 |
| Meritage Homes Corporation | 5 | 339 |
| MGM Resorts International (a) | 3 | 91 |
| Mister Car Wash, Inc. (a) | 46 | 245 |
| Mobileye Global Inc. - Class A (a) | 24 | 333 |
| Modine Manufacturing Company (a) | 9 | 1290 |
| Mohawk Industries, Inc. (a) | 8 | 1085 |
| Monarch Casino & Resort, Inc. | 2 | 219 |
| Monro, Inc. | 5 | 91 |
| Motorcar Parts of America, Inc. (a) | 5 | 79 |
| Movado Group, Inc. | 4 | 72 |
| Murphy USA Inc. | 2 | 853 |
| Nathan's Famous, Inc. | 1 | 96 |
| National Vision Holdings, Inc. (a) | 14 | 409 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Newell Brands Inc. | 57 | 299 |
| Nishka, Inc. - Class A (a) | 8 | 26 |
| Norwegian Cruise Line Holdings Ltd. (a) | 50 | 1236 |
| ODP Corporation, The (a) | 6 | 178 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 10 | 1299 |
| OneSpaWorld Holdings Limited | 17 | 369 |
| Onewater Marine Inc. - Class A (a) (b) | 2 | 36 |
| Oxford Industries, Inc. | 3 | 112 |
| Papa John's International, Inc. (b) | 6 | 278 |
| Patrick Industries, Inc. | 6 | 615 |
| PENN Entertainment, Inc. (a) | 24 | 464 |
| Penske Automotive Group, Inc. | 1 | 219 |
| Perdoceo Education Corporation | 11 | 428 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 22 | 85 |
| PetMed Express, Inc. (a) (b) | 5 | 12 |
| Phinia Inc. | 7 | 378 |
| Planet Fitness, Inc. - Class A (a) | 12 | 1253 |
| Polaris Inc. | 7 | 386 |
| Portillo's Inc. - Class A (a) (b) | 10 | 65 |
| Potbelly Corporation (a) | 7 | 119 |
| Pursuit Attractions And Hospitality, Inc. (a) | 4 | 160 |
| PVH Corp. | 8 | 673 |
| Quantumscape Battery, Inc. - Class A (a) | 77 | 943 |
| RCI Hospitality Holdings, Inc. (b) | 2 | 56 |
| Red Rock Resorts, Inc. - Class A | 8 | 506 |
| Revolve Group Inc. - Class A (a) | 7 | 153 |
| RH (a) | 3 | 599 |
| Rocky Brands, Inc. | 1 | 29 |
| Rush Street Interactive, Inc. - Class A (a) | 8 | 160 |
| Sabre Corporation (a) | 63 | 116 |
| Sally Beauty Holdings, Inc. (a) | 18 | 296 |
| Savers Value Village, Inc. (a) | 4 | 59 |
| Service Corporation International | 12 | 1027 |
| Shake Shack, Inc. - Class A (a) | 7 | 626 |
| Shoe Carnival, Inc. | 5 | 108 |
| Signet Jewelers Limited | 7 | 678 |
| Skyline Champion Corporation (a) | 9 | 723 |
| Sleep Number Corporation (a) (b) | 5 | 34 |
| Smith & Wesson Brands, Inc. | 9 | 88 |
| Soho House & Co Inc. - Class A (a) | 3 | 25 |
| Solo Brands, Inc. - Class A (a) (b) |  |  |
| Sonic Automotive, Inc. - Class A | 4 | 299 |
| Sonos, Inc. (a) | 21 | 337 |
| Sportsman's Warehouse Holdings, Inc. (a) | 11 | 30 |
| Standard Motor Products, Inc. | 4 | 155 |
| Steven Madden, Ltd. | 13 | 422 |
| Stitch Fix, Inc. - Class A (a) | 19 | 85 |
| Stoneridge, Inc. (a) | 6 | 49 |
| Strategic Education, Inc. | 4 | 342 |
| Strattec Security Corporation (a) | 1 | 58 |
| Stride, Inc. (a) | 8 | 1171 |
| Sturm, Ruger & Company, Inc. | 2 | 92 |
| Superior Group of Companies, Inc. | 3 | 37 |
| Sweetgreen, Inc. - Class A (a) | 17 | 136 |
| Sypris Solutions, Inc. (a) | 3 | 6 |
| Target Hospitality Corp. (a) | 1 | 12 |
| Taylor Morrison Home II Corporation - Class A (a) | 17 | 1097 |
| Texas Roadhouse, Inc. - Class A | 6 | 1079 |
| The Buckle, Inc. | 9 | 504 |
| The Goodyear Tire & Rubber Company (a) | 48 | 358 |
| The Wendy's Company | 32 | 292 |
| Thor Industries, Inc. | 8 | 881 |
| Tile Shop Holdings, Inc. (a) | 10 | 59 |
| Tilly's, Inc. - Class A (a) (b) | 4 | 9 |
| Toll Brothers, Inc. | 3 | 435 |
| TopBuild Corp. (a) | 3 | 1107 |
| Topgolf Callaway Brands Corp. (a) | 32 | 305 |
| Travel + Leisure Co. | 11 | 669 |
| TRI Pointe Homes Holdings, Inc. (a) | 17 | 572 |
| Udemy, Inc. (a) | 5 | 33 |
| Under Armour, Inc. - Class A (a) (b) | 32 | 161 |
| Under Armour, Inc. - Class C (a) | 35 | 170 |
| Unifi, Inc. (a) | 4 | 21 |
| United Parks And Resorts Inc. (a) | 10 | 505 |
| Universal Electronics Inc. (a) | 3 | 16 |
| Universal Technical Institute, Inc. (a) | 10 | 337 |
| Upbound Group, Inc. | 10 | 235 |
| Urban Outfitters, Inc. (a) | 15 | 1091 |
| V.F. Corporation | 49 | 704 |
| Vail Resorts, Inc. | 6 | 835 |
| Valvoline, Inc. (a) | 22 | 807 |
| Vera Bradley, Inc. (a) | 8 | 15 |
| Victoria's Secret & Co. (a) | 13 | 353 |
| Vince Holding Corp. (a) | 1 | 3 |
| Visteon Corporation | 5 | 576 |
| Warby Parker Inc. - Class A (a) | 17 | 473 |
| Wayfair Inc. - Class A (a) | 9 | 841 |
| Weyco Group, Inc. | 3 | 77 |
| Whirlpool Corporation (b) | 7 | 548 |
| Wingstop Inc. | 3 | 648 |
| Winmark Corporation | 1 | 308 |
| Winnebago Industries, Inc. | 5 | 173 |
| Wolverine World Wide, Inc. | 11 | 307 |
| Wyndham Hotels & Resorts, Inc. | 12 | 969 |
| Wynn Resorts, Limited | 10 | 1267 |
| XPEL, Inc. (a) | 4 | 138 |
| YETI Holdings, Inc. (a) | 14 | 452 |
| Zumiez Inc. (a) | 4 | 78 |
| | | 102189 |
| **Information Technology 11.2%** | **Information Technology 11.2%** | **Information Technology 11.2%** |
| 8X8, Inc. (a) | 16 | 34 |
| 908 Devices Inc. (a) | 5 | 48 |
| A10 Networks, Inc. | 13 | 240 |
| Access Newswire Inc. (a) | 1 | 9 |
| ACI Worldwide, Inc. (a) | 19 | 978 |
| Adeia Inc. | 19 | 316 |
| Adtran Holdings, Inc. (a) | 5 | 43 |
| Advanced Energy Industries, Inc. | 6 | 1070 |
| Aehr Test Systems (a) | 6 | 172 |
| Agilysys, Inc. (a) | 4 | 424 |
| Airgain, Inc. (a) | 2 | 10 |
| Akamai Technologies, Inc. (a) | 15 | 1133 |
| Alarm.Com Holdings, Inc. (a) | 9 | 455 |
| Alkami Technology, Inc. (a) | 2 | 40 |
| Allegro Microsystems Inc. (a) | 22 | 650 |
| Alpha and Omega Semiconductor Limited (a) | 6 | 160 |
| Ambarella Inc. (a) | 6 | 493 |
| Amdocs Limited | 12 | 1012 |
| Amkor Technology, Inc. | 40 | 1146 |
| Amplitude Inc. - Class A (a) | 2 | 23 |
| Amtech Systems, Inc. (a) | 3 | 29 |
| AppFolio, Inc. - Class A (a) | 3 | 780 |
| Applied Optoelectronics, Inc. (a) | 6 | 161 |
| Arrow Electronics, Inc. (a) | 9 | 1049 |
| ASGN Incorporated (a) | 8 | 368 |
| AstroNova, Inc. (a) | 1 | 5 |
| AvePoint, Inc. - Class A (a) | 27 | 409 |
| Aviat Networks, Inc. (a) | 3 | 66 |
| Avnet, Inc. | 14 | 733 |
| Aware Inc. (a) | 5 | 12 |
| Axcelis Technologies, Inc. (a) | 5 | 530 |
| Backblaze Inc. - Class A (a) | 3 | 26 |
| Badger Meter, Inc. | 5 | 869 |
| Bel Fuse Inc. - Class B | 2 | 345 |
| Belden Inc. | 7 | 811 |
| Benchmark Electronics, Inc. | 7 | 267 |
| Bill Holdings, Inc. (a) | 13 | 711 |
| Bit Digital, Inc. (a) (b) | 9 | 28 |
| Bk Technologies, Inc. (a) |  | 17 |
| Blackbaud, Inc. (a) | 9 | 548 |
| Blackline, Inc. (a) | 8 | 440 |
| Box, Inc. - Class A (a) | 24 | 759 |
| C3.ai, Inc. - Class A (a) (b) | 17 | 297 |
| Calix, Inc. (a) | 11 | 645 |
| CCC Intelligent Solutions Holdings Inc. (a) | 76 | 691 |
| Cerence Inc. (a) | 7 | 82 |
| CEVA Inc. (a) | 5 | 122 |
| Cipher Mining Inc. (a) (b) | 16 | 205 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cirrus Logic, Inc. (a) | 9 | 1155 |
| Cleanspark Inc. (a) (b) | 21 | 306 |
| Clear Secure, Inc. - Class A | 13 | 431 |
| Clearfield, Inc. (a) | 1 | 44 |
| Climb Global Solutions, Inc. | 1 | 144 |
| Coda Octopus Group, Inc. (a) | 1 | 9 |
| Cognex Corporation | 21 | 942 |
| Cohu, Inc. (a) | 8 | 162 |
| CommVault Systems, Inc. (a) | 7 | 1346 |
| Comtech Telecommunications Corp. (a) | 8 | 20 |
| Consensus Cloud Solutions, Inc. (a) | 4 | 119 |
| CoreCard Corporation (a) | 1 | 39 |
| Corsair Gaming, Inc. (a) | 12 | 109 |
| CPI Card Group Inc. (a) | 2 | 33 |
| Crane Nxt, Co. | 8 | 565 |
| Crexendo, Inc. (a) | 2 | 14 |
| CS Disco, Inc. (a) | 13 | 84 |
| CSP, Inc. (b) | 1 | 8 |
| CTS Corporation | 5 | 214 |
| Daily Journal Corporation (a) |  | 118 |
| Daktronics, Inc. (a) | 10 | 206 |
| Diebold Nixdorf, Incorporated (a) | 4 | 237 |
| Digi International Inc. (a) | 7 | 239 |
| Digital Turbine USA, Inc. (a) | 14 | 92 |
| DigitalOcean Holdings, Inc. (a) | 13 | 433 |
| Diodes Incorporated (a) | 8 | 415 |
| Dolby Laboratories, Inc. - Class A | 7 | 523 |
| Dropbox, Inc. - Class A (a) | 29 | 883 |
| DXC Technology Company (a) | 29 | 402 |
| Eastman Kodak Company (a) | 14 | 89 |
| Egain Corporation (a) | 9 | 79 |
| Enphase Energy, Inc. (a) | 15 | 538 |
| Entegris, Inc. | 1 | 93 |
| EPAM Systems, Inc. (a) | 6 | 876 |
| ePlus inc. | 5 | 327 |
| Everspin Technologies, Inc. (a) | 5 | 48 |
| Fabrinet (a) | 5 | 1730 |
| Fastly, Inc. - Class A (a) | 24 | 205 |
| Five9, Inc. (a) | 7 | 164 |
| Formfactor, Inc. (a) | 13 | 462 |
| Frequency Electronics, Inc. (a) | 1 | 40 |
| Freshworks, Inc. - Class A (a) | 30 | 358 |
| Globant S.A. (a) | 5 | 306 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 15 | 114 |
| GSI Technology, Inc. (a) | 3 | 13 |
| Hackett Group, Inc., The | 6 | 107 |
| Harmonic, Inc. (a) | 20 | 203 |
| I3 Verticals, Inc. - Class A (a) | 5 | 154 |
| Ichor Holdings, Ltd. (a) | 6 | 111 |
| Identiv, Inc. (a) | 6 | 19 |
| Indie Semiconductor, Inc. - Class A (a) | 27 | 110 |
| Informatica Inc. - Class A (a) | 5 | 123 |
| Information Services Group, Inc. | 11 | 65 |
| Inseego Corp. (a) (b) | 1 | 19 |
| Insight Enterprises, Inc. (a) | 6 | 667 |
| Intapp US, Inc. (a) | 3 | 127 |
| InterDigital, Inc. (b) | 5 | 1726 |
| inTEST Corporation (a) | 3 | 20 |
| IPG Photonics Corporation (a) | 7 | 564 |
| Itron, Inc. (a) | 8 | 943 |
| JAMF Holding Corp. (a) | 21 | 222 |
| JFROG Ltd (a) | 14 | 671 |
| Kimball Electronics Group, LLC (a) | 5 | 160 |
| Knowles Corporation (a) | 16 | 365 |
| Kulicke and Soffa Industries, Inc. | 9 | 354 |
| KVH Industries, Inc. (a) | 5 | 26 |
| Kyndryl Holdings, Inc. (a) | 38 | 1141 |
| Lantronix, Inc. (a) | 11 | 48 |
| Lattice Semiconductor Corporation (a) | 17 | 1219 |
| Life360, Inc. (a) | 1 | 76 |
| Littelfuse, Inc. | 4 | 929 |
| LiveRamp Holdings, Inc. (a) | 12 | 323 |
| MACOM Technology Solutions Holdings, Inc. (a) | 11 | 1364 |
| Magnachip Semiconductor Corporation (a) | 12 | 37 |
| MaxLinear, Inc. (a) | 16 | 252 |
| MeridianLink, Inc. (a) | 8 | 151 |
| Methode Electronics, Inc. | 6 | 47 |
| Mirion Technologies (US), Inc. - Class A (a) | 34 | 787 |
| Mitek Systems, Inc. (a) | 10 | 95 |
| MKS Inc. | 8 | 1010 |
| N-Able, Inc. (a) | 30 | 233 |
| Napco Security Technologies, Inc. | 6 | 260 |
| Navitas Semiconductor USA, Inc. (a) | 16 | 112 |
| nCino OpCo, Inc. (a) | 13 | 354 |
| NCR Voyix Corporation (a) | 23 | 292 |
| NETGEAR, Inc. (a) | 7 | 212 |
| NetScout Systems, Inc. (a) | 12 | 319 |
| Network-1 Technologies, Inc. | 3 | 4 |
| Nlight, Inc. (a) | 9 | 279 |
| Novanta Inc. (a) | 6 | 601 |
| NVE Corporation | 1 | 57 |
| ON24, Inc. (a) | 10 | 59 |
| One Stop Systems, Inc. (a) | 1 | 8 |
| OneSpan Inc. | 8 | 125 |
| Onto Innovation Inc. (a) | 6 | 829 |
| Ooma, Inc. (a) | 6 | 73 |
| OSI Systems, Inc. (a) | 3 | 755 |
| Ouster, Inc. - Class A (a) | 1 | 22 |
| PAR Technology Corporation (a) | 6 | 239 |
| PC Connection, Inc. | 5 | 296 |
| PDF Solutions, Inc. (a) | 8 | 205 |
| Pegasystems Inc. | 22 | 1243 |
| Penguin Solutions, Inc. (a) | 9 | 237 |
| Photronics, Inc. (a) | 12 | 267 |
| Plexus Corp. (a) | 5 | 696 |
| Porch Group Inc - Class A (a) | 12 | 204 |
| Power Integrations, Inc. | 10 | 384 |
| Powerfleet Inc. (a) | 18 | 93 |
| Progress Software Corporation (a) | 7 | 324 |
| Q2 Holdings, Inc. (a) | 8 | 558 |
| Qorvo, Inc. (a) | 15 | 1356 |
| Qualys, Inc. (a) | 6 | 798 |
| Rambus Inc. (a) | 18 | 1848 |
| Rapid7, Inc. (a) | 6 | 111 |
| Red Violet, Inc. | 3 | 140 |
| Research Solutions, Inc. (a) | 3 | 11 |
| Ribbon Communications Inc. (a) | 35 | 133 |
| Richardson Electronics, Ltd. | 2 | 22 |
| Rimini Street, Inc. (a) | 2 | 10 |
| RingCentral, Inc. - Class A (a) | 11 | 318 |
| Riot Platforms, Inc. (a) | 41 | 782 |
| Rogers Corporation (a) | 3 | 243 |
| Sanmina Corporation (a) | 9 | 1027 |
| Sapiens International Corporation N.V. | 8 | 336 |
| ScanSource, Inc. (a) | 4 | 193 |
| Semrush Holdings, Inc. - Class A (a) | 17 | 120 |
| Semtech Corporation (a) | 4 | 294 |
| SentinelOne, Inc. - Class A (a) | 36 | 635 |
| Silicon Laboratories Inc. (a) | 5 | 642 |
| Sitime Corporation (a) | 2 | 618 |
| Skywater Technology, Inc. (a) | 6 | 105 |
| Skyworks Solutions, Inc. | 12 | 906 |
| SmartRent, Inc. - Class A (a) (b) | 12 | 17 |
| Soundthinking, Inc. (a) | 3 | 39 |
| Sprinklr, Inc. - Class A (a) | 23 | 176 |
| SPS Commerce, Inc. (a) | 6 | 649 |
| Synaptics Incorporated (a) | 7 | 453 |
| Synchronoss Technologies, Inc. (a) | 1 | 4 |
| TD SYNNEX Corporation | 3 | 477 |
| Telos Corporation (a) | 17 | 115 |
| Teradata Corporation (a) | 15 | 329 |
| TransAct Technologies Incorporated (a) |  | 1 |
| TTM Technologies, Inc. (a) | 17 | 994 |
| Turtle Beach Corporation (a) | 2 | 28 |
| Uipath, Inc. - Class A (a) | 50 | 674 |
| Ultra Clean Holdings, Inc. (a) | 8 | 227 |
| Unisys Corporation (a) | 15 | 57 |
| Universal Display Corporation | 6 | 815 |
| Veeco Instruments Inc. (a) | 10 | 301 |
| Verint Systems Inc. (a) | 11 | 223 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vertex, Inc. - Class A (a) | 10 | 249 |
| Viant Technology Inc. - Class A (a) | 3 | 23 |
| ViaSat, Inc. (a) | 15 | 432 |
| Viavi Solutions Inc. (a) | 39 | 493 |
| Vishay Intertechnology, Inc. | 21 | 327 |
| Vishay Precision Group, Inc. (a) | 3 | 86 |
| Vontier Corporation | 24 | 1009 |
| Xerox Holdings Corporation (b) | 22 | 82 |
| Xperi Inc. (a) | 9 | 55 |
| Yext, Inc. (a) | 21 | 175 |
| Zeta Global Holdings Corp. - Class A (a) | 13 | 256 |
| | | 77184 |
| **Health Care 11.1%** | **Health Care 11.1%** | **Health Care 11.1%** |
| 10X Genomics, Inc. - Class A (a) | 13 | 149 |
| 4D Molecular Therapeutics, Inc. (a) | 2 | 18 |
| 89Bio, Inc. (a) | 11 | 161 |
| Aadi Bioscience, Inc. (a) | 6 | 11 |
| AbSci, LLC (a) (b) | 18 | 56 |
| AC Immune SA (a) | 2 | 5 |
| Acadia Healthcare Company, Inc. (a) | 15 | 380 |
| Acadia Pharmaceuticals Inc. (a) | 19 | 400 |
| Accuray Incorporated (a) | 25 | 41 |
| Aclaris Therapeutics, Inc. (a) | 9 | 17 |
| Actinium Pharmaceuticals, Inc. (a) | 5 | 7 |
| Acumen Pharmaceuticals, Inc. (a) | 2 | 3 |
| AdaptHealth LLC - Class A (a) | 18 | 158 |
| Adaptive Biotechnologies Corporation (a) | 24 | 366 |
| Addus HomeCare Corporation (a) | 3 | 361 |
| ADMA Biologics, Inc. (a) | 45 | 661 |
| Adverum Biotechnologies, Inc. (a) | 2 | 10 |
| Agilon Health, Inc. (a) | 10 | 10 |
| Agios Pharmaceuticals, Inc. (a) | 6 | 254 |
| Akebia Therapeutics, Inc. (a) | 29 | 79 |
| Akero Therapeutics Inc. (a) | 6 | 289 |
| Aldeyra Therapeutics, Inc. (a) | 17 | 89 |
| Alector, Inc. (a) | 17 | 51 |
| Align Technology, Inc. (a) | 6 | 751 |
| Alkermes Public Limited Company (a) | 27 | 822 |
| Allogene Therapeutics, Inc. (a) | 40 | 50 |
| Altimmune, Inc. (a) | 6 | 24 |
| Alumis Inc. (a) | 4 | 14 |
| American Well Corporation - Class A (a) | 2 | 11 |
| AMN Healthcare Services, Inc. (a) | 7 | 139 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 53 | 531 |
| Amphastar Pharmaceuticals, Inc. (a) | 8 | 213 |
| AngioDynamics, Inc. (a) | 8 | 92 |
| ANI Pharmaceuticals, Inc. (a) | 4 | 343 |
| Anika Therapeutics, Inc. (a) | 4 | 35 |
| Annexon, Inc. (a) | 13 | 41 |
| Aravas Inc. (a) (b) | 2 | 8 |
| Arcellx Inc. (a) |  | 37 |
| Arcturus Therapeutics Holdings Inc. (a) | 6 | 115 |
| Arcus Biosciences, Inc. (a) | 15 | 208 |
| ARS Pharmaceuticals, Inc. (a) (b) | 3 | 27 |
| Artivion, Inc. (a) | 8 | 330 |
| Arvinas Operations, Inc. (a) | 8 | 70 |
| Assertio Holdings, Inc. (a) | 5 | 5 |
| Astrana Health, Inc. (a) | 9 | 247 |
| Atea Pharmaceuticals, Inc. (a) | 12 | 35 |
| AtriCure, Inc. (a) | 8 | 279 |
| Atyr Pharma, Inc. (a) (b) | 4 | 3 |
| Aura Biosciences, Inc. (a) | 8 | 50 |
| Avanos Medical, Inc. (a) | 9 | 102 |
| Avantor, Inc. (a) | 45 | 563 |
| Aveanna Healthcare Holdings Inc. (a) | 9 | 81 |
| Avidity Biosciences, Inc. (a) | 7 | 292 |
| AxoGen, Inc. (a) | 9 | 162 |
| Azenta, Inc. (a) | 8 | 217 |
| Beam Therapeutics Inc. (a) (b) | 14 | 346 |
| BFLY Operations, Inc. - Class A (a) (b) | 10 | 20 |
| BioLife Solutions, Inc. (a) | 8 | 214 |
| BioMarin Pharmaceutical Inc. (a) | 17 | 904 |
| Biomea Fusion, Inc. (a) | 3 | 7 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 760 |
| Biote Corp. - Class A (a) | 6 | 18 |
| Bio-Techne Corporation | 15 | 844 |
| Bioventus Inc. - Class A (a) | 10 | 67 |
| Black Diamond Therapeutics, Inc. (a) (b) | 11 | 42 |
| Brightspring Health Services, Inc. (a) | 19 | 575 |
| Brookdale Senior Living Inc. (a) | 39 | 333 |
| Bruker Corporation | 17 | 564 |
| C4 Therapeutics, Inc. (a) | 13 | 29 |
| Caredx, Inc. (a) | 10 | 149 |
| Caribou Biosciences, Inc. (a) | 18 | 42 |
| Castle Biosciences, Inc. (a) | 6 | 134 |
| Catalyst Pharmaceuticals, Inc. (a) | 14 | 274 |
| Celldex Therapeutics, Inc. (a) | 3 | 66 |
| Certara, Inc. (a) | 26 | 317 |
| CG Oncology, Inc. (a) | 3 | 113 |
| Champions Oncology, Inc. (a) | 1 | 6 |
| Charles River Laboratories International, Inc. (a) | 7 | 1056 |
| Chemed Corporation | 2 | 753 |
| Chinook Therapeutics, Inc. (a) (d) | 3 | 1 |
| Codexis, Inc. (a) | 10 | 23 |
| Collegium Pharmaceutical, Inc. (a) | 6 | 223 |
| Community Health Systems, Inc. (a) | 30 | 95 |
| Compass Therapeutics, Inc. (a) (b) | 5 | 18 |
| Concentra Group Holdings Parent, Inc. | 18 | 372 |
| CONMED Corporation | 5 | 246 |
| Corcept Therapeutics Incorporated (a) | 17 | 1424 |
| CorVel Corporation (a) | 9 | 714 |
| Crinetics Pharmaceuticals, Inc. (a) | 2 | 63 |
| CRISPR Therapeutics AG (a) | 13 | 872 |
| Cross Country Healthcare, Inc. (a) | 8 | 112 |
| Cryoport, Inc. (a) | 9 | 86 |
| Cullinan Oncology, LLC (a) | 9 | 52 |
| Cumberland Pharmaceuticals, Inc. (a) | 3 | 9 |
| CVRx, Inc. (a) (b) | 1 | 10 |
| Cytek Biosciences, Inc. (a) | 22 | 77 |
| Davita Inc. (a) | 8 | 1047 |
| Day One Biopharmaceuticals, Inc. (a) | 13 | 94 |
| Definitive Healthcare Corp. - Class A (a) | 15 | 61 |
| Denali Therapeutics Inc. (a) | 20 | 293 |
| Dentsply Sirona Inc. | 31 | 399 |
| Design Therapeutics, Inc. (a) | 3 | 23 |
| Disc Medicine, Inc. (a) | 1 | 95 |
| Doximity, Inc. - Class A (a) | 11 | 823 |
| Dynavax Technologies Corporation (a) | 22 | 218 |
| Edgewise Therapeutics, Inc. (a) | 9 | 144 |
| Editas Medicine, Inc. (a) | 7 | 23 |
| Elanco Animal Health Incorporated (a) (b) | 74 | 1488 |
| Electromed, Inc. (a) | 2 | 38 |
| Embecta Corp. | 10 | 148 |
| Emergent BioSolutions Inc. (a) | 8 | 73 |
| Enanta Pharmaceuticals, Inc. (a) (b) | 5 | 58 |
| Encompass Health Corporation | 8 | 1023 |
| Enhabit Inc. (a) | 10 | 78 |
| Enliven Therapeutics, Inc. (a) (b) | 3 | 56 |
| Enovis Corporation (a) | 10 | 298 |
| Ensign Group, Inc., The | 9 | 1629 |
| Entrada Therapeutics, Inc. (a) | 2 | 10 |
| Envista Holdings Corporation (a) | 22 | 452 |
| Erasca, Inc. (a) | 24 | 53 |
| Evolent Health, Inc. - Class A (a) | 20 | 169 |
| Exact Sciences Corporation (a) | 20 | 1107 |
| Exagen Inc. (a) | 1 | 9 |
| Exelixis, Inc. (a) | 33 | 1364 |
| Eyepoint Pharmaceuticals, Inc. (a) | 5 | 74 |
| Fate Therapeutics, Inc. (a) | 14 | 17 |
| Fonar Corporation (a) (b) | 1 | 18 |
| Fulcrum Therapeutics, Inc. (a) | 12 | 114 |
| Fulgent Genetics, Inc. (a) | 6 | 137 |
| Genedx Holdings Corp. - Class A (a) | 1 | 122 |
| Glaukos Corporation (a) | 5 | 417 |
| Globus Medical, Inc. - Class A (a) | 12 | 665 |
| GoodRx Holdings, Inc. - Class A (a) (b) | 18 | 76 |
| Haemonetics Corporation (a) | 8 | 393 |
| Halozyme Therapeutics, Inc. (a) | 20 | 1478 |
| Harmony Biosciences Holdings, Inc. (a) | 10 | 263 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Harrow, Inc. (a) | 2 | 113 |
| Health Catalyst, Inc. (a) | 13 | 38 |
| HealthEquity, Inc. (a) | 14 | 1318 |
| Healthstream, Inc. | 6 | 158 |
| Henry Schein, Inc. (a) | 19 | 1265 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 25 | 1422 |
| ICU Medical, Inc. (a) | 3 | 372 |
| IDEAYA Biosciences, Inc. (a) | 7 | 182 |
| Immunome, Inc. (a) | 8 | 99 |
| Immunovant, Inc. (a) | 3 | 48 |
| InfuSystem Holdings, Inc. (a) | 5 | 54 |
| Innoviva, Inc. (a) | 12 | 210 |
| Inogen, Inc. (a) | 6 | 46 |
| Inovio Pharmaceuticals, Inc. (a) | 5 | 11 |
| Inspire Medical Systems, Inc. (a) | 4 | 293 |
| Integer Holdings Corporation (a) | 6 | 603 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 182 |
| Intellia Therapeutics, Inc. (a) | 14 | 237 |
| Iovance Biotherapeutics, Inc. (a) | 27 | 58 |
| Iradimed Corporation | 2 | 173 |
| Janux Therapeutics, Inc. (a) | 2 | 56 |
| Jasper Therapeutics, Inc. (a) | 3 | 6 |
| Jazz Pharmaceuticals Public Limited Company (a) | 9 | 1136 |
| Joint Corp, The (a) |  | 4 |
| Kalaris Therapeutics, Inc. (a) |  |  |
| Keros Therapeutics, Inc. (a) | 3 | 42 |
| Kewaunee Scientific Corporation (a) |  | 19 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 8 | 293 |
| Kodiak Sciences Inc. (a) | 11 | 174 |
| Krystal Biotech, Inc. (a) | 5 | 831 |
| Kura Oncology, Inc. (a) | 17 | 153 |
| Kymera Therapeutics, Inc. (a) (b) | 5 | 274 |
| Lantheus Holdings, Inc. (a) | 11 | 544 |
| Larimar Therapeutics, Inc. (a) | 6 | 20 |
| LeMaitre Vascular, Inc. | 4 | 334 |
| Lensar, Inc. (a) | 1 | 13 |
| LENZ Therapeutics, Inc. (a) (b) | 2 | 81 |
| Lifestance Health Group, Inc. (a) | 41 | 226 |
| Ligand Pharmaceuticals Incorporated (a) | 3 | 573 |
| Lineage Cell Therapeutics, Inc. (a) | 4 | 7 |
| LivaNova PLC (a) | 9 | 477 |
| Lyell Immunopharma Inc. (a) |  | 1 |
| MacroGenics, Inc. (a) | 15 | 26 |
| MannKind Corporation (a) | 49 | 261 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 25 | 72 |
| Masimo Corporation (a) | 2 | 244 |
| MaxCyte, Inc. (a) | 19 | 29 |
| MediciNova, Inc. (a) | 3 | 4 |
| Medpace Holdings, Inc. (a) | 3 | 1307 |
| Merit Medical Systems, Inc. (a) | 10 | 815 |
| Merrimack Pharmaceuticals, Inc. (a) (d) | 4 |  |
| Mesa Laboratories, Inc. | 1 | 75 |
| MiMedx Group, Inc. (a) | 25 | 174 |
| Molina Healthcare, Inc. (a) | 1 | 171 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 3 | 19 |
| Myriad Genetics, Inc. (a) | 17 | 121 |
| National HealthCare Corporation | 3 | 353 |
| National Research Corporation | 5 | 65 |
| Neogen Corporation (a) | 20 | 113 |
| Neogenomics, Inc. (a) | 23 | 178 |
| Neurocrine Biosciences, Inc. (a) |  | 62 |
| Niagen Bioscience, Inc. (a) | 7 | 67 |
| Nkarta, Inc. (a) | 7 | 15 |
| Novocure Limited (a) | 8 | 108 |
| Nurix Therapeutics, Inc. (a) | 7 | 62 |
| Nutex Health Inc. (a) (b) |  | 22 |
| Nuvation Bio Operating Company LLC - Class A (a) | 24 | 89 |
| Olema Pharmaceuticals Inc. (a) | 13 | 129 |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) | 23 | 37 |
| Omnicell, Inc. (a) | 8 | 247 |
| OPKO Health, Inc. (a) | 22 | 34 |
| OptimizeRX Corporation (a) | 4 | 80 |
| Option Care Health, Inc. (a) | 27 | 754 |
| Orasure Technologies, Inc. (a) | 14 | 46 |
| Organogenesis Holdings Inc. - Class A (a) | 22 | 95 |
| Organon & Co. | 35 | 379 |
| Oric Pharmaceuticals, Inc. (a) | 11 | 131 |
| Orthofix Medical Inc. (a) | 7 | 103 |
| Orthopediatrics Corp. (a) | 5 | 95 |
| Owens & Minor, Inc. (a) | 15 | 72 |
| Pacific Biosciences of California, Inc. (a) (b) | 12 | 15 |
| Pacira Pharmaceuticals, Inc. (a) | 8 | 210 |
| PDL BioPharma, Inc. (a) (b) (d) | 14 | 5 |
| Pediatrix Medical Group, Inc. (a) | 17 | 278 |
| Pennant Group, Inc., The (a) | 7 | 169 |
| Penumbra, Inc. (a) | 4 | 921 |
| Performant Healthcare, Inc. (a) (b) | 9 | 69 |
| Perrigo Company Public Limited Company | 23 | 502 |
| Personalis, Inc. (a) (b) | 5 | 35 |
| Phibro Animal Health Corporation - Class A | 4 | 172 |
| Phreesia, Inc. (a) | 1 | 31 |
| Pliant Therapeutics, Inc. (a) (b) | 10 | 14 |
| Praxis Precision Medicines, Inc. (a) |  | 14 |
| Premier Healthcare Solutions, Inc. - Class A | 14 | 402 |
| Prestige Consumer Healthcare Inc. (a) | 9 | 537 |
| Privia Health Group Inc. (a) | 18 | 441 |
| Progyny, Inc. (a) | 15 | 320 |
| Protagonist Therapeutics, Inc. (a) | 7 | 459 |
| Prothena Corporation Public Limited Company (a) | 9 | 83 |
| PTC Therapeutics, Inc. (a) | 9 | 578 |
| Pulmonx Corporation (a) | 9 | 14 |
| Puma Biotechnology, Inc. (a) | 10 | 55 |
| Pyxis Oncology, Inc. (a) | 4 | 9 |
| Quanterix Corporation (a) | 9 | 48 |
| QuidelOrtho Corporation (a) | 11 | 318 |
| Quipt Home Medical Corp. (a) | 6 | 15 |
| RadNet, Inc. (a) | 14 | 1039 |
| Rafael Holdings, Inc. - Class B (a) | 4 | 6 |
| RAPT Therapeutics, Inc. (a) (b) | 1 | 22 |
| Regenxbio Inc. (a) | 10 | 99 |
| Relay Therapeutics, Inc. (a) | 21 | 111 |
| Repligen Corporation (a) | 6 | 836 |
| Replimune Group, Inc. (a) (b) | 13 | 54 |
| Revolution Medicines, Inc. (a) | 16 | 740 |
| Revvity, Inc. | 10 | 855 |
| Rigel Pharmaceuticals, Inc. (a) | 1 | 30 |
| Rocket Pharmaceuticals, Inc. (a) | 12 | 38 |
| Roivant Sciences Ltd. (a) | 94 | 1428 |
| RxSight, Inc. (a) | 7 | 63 |
| Sana Biotechnology, Inc. (a) (b) | 13 | 48 |
| Sanara Medtech Inc. (a) | 1 | 27 |
| Sarepta Therapeutics, Inc. (a) | 6 | 116 |
| Schrodinger, Inc. (a) | 7 | 142 |
| Seer, Inc. - Class A (a) (b) | 6 | 14 |
| Select Medical Holdings Corporation | 22 | 286 |
| Sensus Healthcare, Inc. (a) | 2 | 8 |
| Sera Prognostics, Inc. - Class A (a) (b) | 3 | 10 |
| SI-BONE, Inc. (a) | 8 | 114 |
| SIGA Technologies, Inc. | 14 | 127 |
| Sight Sciences, Inc. (a) | 8 | 27 |
| Simulations Plus, Inc. (a) | 4 | 57 |
| Solid Biosciences Inc. (a) | 2 | 11 |
| Sotera Health LLC (a) | 44 | 686 |
| Spyre Therapeutics, Inc. (a) (b) | 2 | 41 |
| STAAR Surgical Company (a) | 7 | 190 |
| Stoke Therapeutics, Inc. (a) (b) | 9 | 210 |
| Supernus Pharmaceuticals, Inc. (a) | 10 | 462 |
| Surgery Partners, Inc. (a) | 22 | 468 |
| Surmodics, Inc. (a) | 3 | 93 |
| Sutro Biopharma, Inc. (a) | 2 | 1 |
| Tactile Systems Technology, Inc. (a) | 6 | 82 |
| Talkspace, Inc. (a) | 25 | 69 |
| Tango Therapeutics, Inc. (a) (b) | 13 | 111 |
| Tarsus Pharmaceuticals, Inc. (a) | 1 | 57 |
| Taysha Gene Therapies, Inc. (a) | 12 | 38 |
| Teladoc Health, Inc. (a) | 28 | 214 |
| Teleflex Incorporated | 6 | 688 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Terns Pharmaceuticals, Inc. (a) | 13 | 95 |
| Theravance Biopharma, Inc. (a) | 8 | 123 |
| TransMedics Group, Inc. (a) | 5 | 572 |
| Treace Medical Concepts, Inc. (a) | 5 | 32 |
| TruBridge, Inc. (a) | 4 | 72 |
| TScan Therapeutics, Inc. (a) | 3 | 6 |
| Twist Bioscience Corporation (a) | 8 | 220 |
| Tyra Biosciences, Inc. (a) (b) | 3 | 36 |
| U.S. Physical Therapy, Inc. | 3 | 216 |
| UFP Technologies, Inc. (a) | 1 | 294 |
| Universal Health Services, Inc. - Class B | 1 | 162 |
| Utah Medical Products, Inc. | 1 | 60 |
| Vanda Pharmaceuticals Inc. (a) (b) | 14 | 69 |
| Varex Imaging Corporation (a) | 9 | 112 |
| Ventyx Biosciences, Inc. (a) |  | 1 |
| Vera Therapeutics, Inc. - Class A (a) | 2 | 71 |
| Veracyte, Inc. (a) | 13 | 445 |
| Vericel Corporation (a) | 8 | 252 |
| Viatris Inc. | 120 | 1190 |
| Viking Therapeutics, Inc. (a) (b) | 10 | 259 |
| VIR Biotechnology, Inc. (a) | 16 | 90 |
| Viridian Therapeutics, Inc. (a) | 1 | 23 |
| Voyager Therapeutics, Inc. (a) | 8 | 35 |
| Waystar Holding Corp. (a) | 14 | 530 |
| Xbiotech Inc (a) | 6 | 16 |
| Xencor, Inc. (a) | 12 | 146 |
| Xenon Pharmaceuticals Inc. (a) | 4 | 145 |
| Zentalis Pharmaceuticals, Inc. (a) | 2 | 3 |
| ZimVie Inc. (a) | 3 | 66 |
| Zura Bio Limited - Class A (a) | 7 | 31 |
| Zymeworks Inc. (a) | 11 | 186 |
| | | 76340 |
| **Materials 5.9%** | **Materials 5.9%** | **Materials 5.9%** |
| AdvanSix Inc. | 5 | 97 |
| Albemarle Corporation | 15 | 1205 |
| Alcoa Corporation | 34 | 1103 |
| Alpha Metallurgical Resources, Inc. (a) | 2 | 282 |
| Alto Ingredients, Inc. (a) | 20 | 21 |
| American Vanguard Corporation (a) | 6 | 35 |
| Ampco-Pittsburgh Corporation (a) | 3 | 6 |
| AptarGroup, Inc. | 7 | 896 |
| Ardagh Metal Packaging S.A. | 52 | 207 |
| ARQ, Inc. (a) | 6 | 42 |
| Ascent Industries Co. (a) | 2 | 23 |
| Ashland Inc. | 7 | 359 |
| Aspen Aerogels, Inc. (a) | 13 | 94 |
| Avient Corporation | 15 | 506 |
| Axalta Coating Systems Ltd. (a) | 31 | 884 |
| Balchem Corporation | 6 | 827 |
| Bioceres Crop Solutions Corp. (a) | 4 | 5 |
| Cabot Corporation | 9 | 718 |
| Caledonia Mining Corporation PLC | 3 | 98 |
| Carpenter Technology Corporation | 8 | 1855 |
| Celanese Corporation - Class A | 8 | 331 |
| Century Aluminum Company (a) | 17 | 492 |
| Chemours Company, The | 24 | 386 |
| Clearwater Paper Corporation (a) | 3 | 71 |
| Cleveland-Cliffs Inc. (a) | 63 | 773 |
| Coeur Mining, Inc. (a) | 76 | 1418 |
| Commercial Metals Company | 20 | 1156 |
| Compass Minerals International, Inc. (a) | 7 | 133 |
| Core Molding Technologies, Inc. (a) |  | 4 |
| Crown Holdings, Inc. | 12 | 1126 |
| Dakota Gold Corp. (a) | 13 | 58 |
| Eagle Materials Inc. | 4 | 935 |
| Eastman Chemical Company | 13 | 809 |
| Ecovyst Inc. (a) | 20 | 176 |
| Element Solutions Inc. | 44 | 1104 |
| Ferroglobe PLC | 29 | 130 |
| Flotek Industries, Inc. (a) (b) | 3 | 47 |
| FMC Corporation | 15 | 501 |
| Fortitude Gold Corporation | 2 | 10 |
| Friedman Industries, Incorporated | 2 | 33 |
| Graphic Packaging Holding Company | 39 | 761 |
| Greif, Inc. - Class A | 4 | 267 |
| Greif, Inc. - Class B | 3 | 160 |
| H.B. Fuller Company | 9 | 546 |
| Hawkins, Inc. | 4 | 698 |
| Hecla Mining Company | 107 | 1295 |
| Huntsman Corporation | 28 | 253 |
| Idaho Strategic Resources, Inc. (a) (b) | 1 | 32 |
| Ingevity Corporation (a) | 6 | 357 |
| Innospec Inc. | 4 | 319 |
| Intrepid Potash, Inc. (a) | 3 | 87 |
| Ivanhoe Electric Inc. (a) | 9 | 111 |
| Kaiser Aluminum Corporation | 3 | 223 |
| Koppers Holdings Inc. | 4 | 117 |
| KRC Materials, Inc. (a) | 9 | 699 |
| Kronos Worldwide, Inc. | 12 | 71 |
| Louisiana-Pacific Corporation (W VA) | 11 | 1021 |
| LSB Industries, Inc. (a) | 13 | 99 |
| Materion Corporation | 3 | 416 |
| MATIV Holdings, Inc. | 12 | 136 |
| Mercer International Inc. | 13 | 38 |
| Metallus Inc. (a) | 8 | 138 |
| Minera Andes Inc. (a) | 7 | 114 |
| Minerals Technologies Inc. | 6 | 353 |
| Mosaic Company, The | 39 | 1345 |
| MP Materials Corp. - Class A (a) (b) | 21 | 1383 |
| Myers Industries, Inc. | 5 | 87 |
| NewMarket Corporation | 2 | 1281 |
| Nexa Resources S.A. | 9 | 43 |
| O-I Glass, Inc. (a) | 26 | 337 |
| Olin Corporation | 15 | 378 |
| Olympic Steel, Inc. | 2 | 66 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 11 | 82 |
| Perimeter Solutions, Inc. (a) | 17 | 380 |
| Quaker Chemical Corporation | 3 | 385 |
| Ramaco Resources, Inc. - Class A (b) | 8 | 261 |
| Ramaco Resources, Inc. - Class B | 2 | 35 |
| Ranpak Holdings Corp - Class A (a) | 14 | 77 |
| Rayonier Advanced Materials Inc. (a) | 13 | 94 |
| Royal Gold, Inc. | 5 | 1073 |
| Ryerson Holding Corporation | 6 | 133 |
| Scotts Miracle-Gro Company, The | 7 | 395 |
| Sealed Air Corporation | 22 | 768 |
| Sensient Technologies Corporation | 7 | 668 |
| Silgan Holdings Inc. | 18 | 761 |
| Smith-Midland Corporation (a) | 1 | 44 |
| Sonoco Products Company | 14 | 590 |
| Stepan Company | 4 | 183 |
| SunCoke Energy, Inc. | 15 | 122 |
| Sylvamo Corporation | 7 | 289 |
| Tredegar Corporation (a) | 8 | 66 |
| TriMas Corporation | 8 | 290 |
| Trinseo Public Limited Company (b) | 5 | 13 |
| Tronox Holdings PLC | 28 | 114 |
| United States Lime & Minerals, Inc. | 5 | 631 |
| Warrior Met Coal, Inc. | 8 | 534 |
| Westlake Corporation | 5 | 363 |
| Worthington Steel, Inc. | 9 | 274 |
|  |  | 40812 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Amplify Energy Corp. (a) | 9 | 49 |
| Antero Midstream Corporation | 78 | 1516 |
| Antero Resources Corporation (a) | 35 | 1172 |
| Apa Corp. | 46 | 1113 |
| Archrock, Inc. | 29 | 760 |
| Ardmore Shipping Services (Ireland) Limited | 8 | 101 |
| Aris Water Solutions, Inc. - Class A | 5 | 130 |
| Atlas Energy Solutions Inc. (b) | 1 | 17 |
| Berry Corporation (Bry) | 14 | 52 |
| Bristow Holdings U.S. Inc. (a) | 5 | 191 |
| Cactus, Inc. - Class A | 11 | 428 |
| California Resources Corporation | 10 | 546 |
| Centrus Energy Corp. - Class A (a) | 3 | 796 |
| Chord Energy Corporation | 5 | 507 |
| Civitas Resources, Inc. | 9 | 300 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clean Energy Fuels Corp. (a) | 46 | 118 |
| CNX Resources Corporation (a) | 24 | 775 |
| Comstock Resources, Inc. (a) (b) | 46 | 904 |
| Core Laboratories LP (b) | 9 | 108 |
| Core Natural Resources, Inc. | 3 | 250 |
| Crescent Energy Company - Class A | 32 | 282 |
| CVR Energy, Inc. | 17 | 623 |
| Delek US Holdings, Inc. | 3 | 82 |
| DHT Holdings, Inc. | 28 | 338 |
| DMC Global Inc. (a) | 5 | 45 |
| Dorian LPG Ltd. | 8 | 240 |
| DT Midstream, Inc. | 12 | 1344 |
| enCore Energy Corp. (a) | 6 | 21 |
| Energy Services of America Corporation (b) | 1 | 13 |
| Epsilon Energy Ltd. | 5 | 25 |
| Evolution Petroleum Corporation | 9 | 42 |
| Excelerate Energy, Inc. - Class A | 4 | 99 |
| Expro Group Holdings N.V. (a) | 19 | 227 |
| Forum Energy Technologies, Inc. (a) | 2 | 59 |
| FutureFuel Corp. | 10 | 41 |
| Geospace Technologies Corporation (a) | 3 | 66 |
| Gevo, Inc. (a) | 5 | 10 |
| Granite Ridge Resources, Inc. | 11 | 60 |
| Green Plains Inc. (a) | 11 | 95 |
| Gulf Island Fabrication, Inc. (a) | 2 | 11 |
| Gulfport Energy Operating Corporation (a) | 3 | 525 |
| Helix Energy Solutions Group, Inc. (a) | 27 | 175 |
| Helmerich & Payne, Inc. | 16 | 364 |
| HF Sinclair Corporation | 28 | 1443 |
| Innovex International, Inc. (a) | 8 | 144 |
| International Seaways, Inc. | 8 | 390 |
| Kinetik Holdings Inc. - Class A (b) | 9 | 365 |
| KLX Energy Services Holdings, Inc. (a) (b) | 1 | 2 |
| Kodiak Gas Services, LLC | 11 | 393 |
| Kosmos Energy Ltd. (a) | 47 | 79 |
| Liberty Energy Inc. - Class A | 27 | 338 |
| Lightbridge Corporation (a) |  | 1 |
| Magnolia Oil & Gas Corporation - Class A | 30 | 728 |
| Mammoth Energy Services, Inc. (a) | 11 | 25 |
| Matador Resources Company | 17 | 762 |
| Murphy Oil Corporation | 23 | 650 |
| Nabors Industries Ltd. (a) | 2 | 89 |
| NACCO Industries, Inc. - Class A | 2 | 74 |
| National Energy Services Reunited Corporation (a) | 9 | 87 |
| Natural Gas Services Group, Inc. | 2 | 58 |
| New Fortress Energy Inc. - Class A (a) (b) | 18 | 39 |
| Noble Corporation 2022 Limited | 19 | 547 |
| Nordic American Tankers Limited (b) | 40 | 127 |
| Northern Oil and Gas Incorporated | 14 | 345 |
| NOV Inc. | 50 | 665 |
| Oceaneering International, Inc. (a) | 17 | 428 |
| Oil States International, Inc. (a) | 13 | 79 |
| Opal Fuels Inc. - Class A (a) (b) | 2 | 4 |
| Ovintiv Canada ULC | 30 | 1195 |
| Par Pacific Holdings, Inc. (a) | 8 | 299 |
| Patterson-UTI Energy, Inc. | 45 | 231 |
| PBF Energy Inc. - Class A | 19 | 581 |
| Peabody Energy Corporation | 21 | 549 |
| Permian Resources Corporation - Class A | 86 | 1097 |
| Primeenergy Resources Corporation (a) (b) |  | 44 |
| Propetro Holding Corp. (a) | 19 | 101 |
| Range Resources Corporation | 39 | 1472 |
| Ranger Energy Services, Inc. - Class A | 4 | 60 |
| REX American Resources Corporation (a) | 7 | 209 |
| Riley Exploration - Permian, LLC | 2 | 45 |
| Ring Energy Inc. (a) | 2 | 2 |
| RPC, Inc. | 38 | 179 |
| SandRidge Energy, Inc. | 6 | 70 |
| Scorpio Tankers Inc. | 9 | 489 |
| SEACOR Marine Holdings Inc. (a) | 7 | 47 |
| Seadrill Limited (a) | 11 | 326 |
| Select Water Solutions, Inc. - Class A | 19 | 203 |
| SFL Corporation Ltd. | 24 | 182 |
| SM Energy Company | 15 | 381 |
| Smart Sand, Inc. | 10 | 21 |
| Solaris Energy Infrastructure, Inc. - Class A | 8 | 329 |
| Talos Energy Inc. (a) | 30 | 287 |
| Teekay Corporation | 17 | 140 |
| Teekay Tankers Ltd. - Class A | 5 | 271 |
| TETRA Technologies, Inc. (a) | 28 | 162 |
| Tidewater Inc. (a) | 8 | 445 |
| Transocean Ltd. (a) (c) | 120 | 375 |
| Uranium Energy Corp. (a) | 66 | 884 |
| VAALCO Energy, Inc. | 16 | 64 |
| Valaris Limited (a) | 11 | 559 |
| Viper Energy, Inc. - Class A | 5 | 202 |
| Vital Energy, Inc. (a) | 5 | 79 |
| Vitesse Energy, Inc. (b) | 5 | 120 |
| W&T Offshore, Inc. (b) | 13 | 23 |
| Weatherford International Public Limited Company | 10 | 664 |
| World Kinect Corporation | 11 | 273 |
| | | 35142 |
| **Consumer Staples 4.1%** | **Consumer Staples 4.1%** | **Consumer Staples 4.1%** |
| Albertsons Companies, Inc. - Class A | 58 | 1017 |
| Alico, Inc. | 2 | 53 |
| Andersons, Inc., The | 6 | 241 |
| B&G Foods, Inc. (b) | 10 | 43 |
| Beauty Health Company, The - Class A (a) (b) | 14 | 28 |
| Bellring Intermediate Holdings, Inc. (a) | 20 | 739 |
| Boston Beer Company, Inc., The - Class A (a) | 2 | 321 |
| Calavo Growers, Inc. | 3 | 84 |
| Cal-Maine Foods, Inc. | 8 | 710 |
| Campbell's Company, The | 34 | 1076 |
| Central Garden & Pet Company (a) | 1 | 49 |
| Central Garden & Pet Company - Class A (a) | 9 | 259 |
| Coca-Cola Consolidated, Inc. | 9 | 1078 |
| Conagra Brands, Inc. | 55 | 1003 |
| Coty Inc. - Class A (a) | 73 | 295 |
| Darling Ingredients Inc. (a) | 21 | 661 |
| Del Monte Fresh Produce Company | 8 | 287 |
| Dole Public Limited Company | 9 | 119 |
| e.l.f. Beauty, Inc. (a) | 7 | 914 |
| Edgewell Personal Care Colombia S A S | 8 | 172 |
| Energizer Holdings, Inc. | 12 | 307 |
| Farmer Bros. Co. (a) | 4 | 7 |
| Flowers Foods, Inc. | 34 | 440 |
| Freshpet, Inc. (a) | 8 | 431 |
| Grocery Outlet Holding Corp. (a) | 16 | 258 |
| Hain Celestial Group, Inc., The (a) | 17 | 27 |
| Herbalife Nutrition Ltd. (a) | 16 | 135 |
| Ingles Markets, Incorporated - Class A | 3 | 189 |
| Ingredion Incorporated | 11 | 1304 |
| Interparfums, Inc. | 5 | 518 |
| J&J Snack Foods Corp. | 3 | 306 |
| J. M. Smucker Company, The | 2 | 212 |
| John B. Sanfilippo & Son, Inc. | 2 | 120 |
| Lamb Weston Holdings, Inc. | 17 | 996 |
| LifeVantage Corporation (b) | 2 | 18 |
| Lifeway Foods, Inc. (a) | 3 | 72 |
| Limoneira Company | 4 | 66 |
| Mama's Creations, Inc. (a) | 8 | 84 |
| Maplebear Inc. (a) | 31 | 1149 |
| Medifast, Inc. (a) | 2 | 30 |
| MGPI Processing, Inc. | 3 | 67 |
| Mission Produce, Inc. (a) | 13 | 156 |
| Molson Coors Beverage Company - Class B | 22 | 983 |
| National Beverage Corp. (a) | 11 | 414 |
| Natural Alternatives International, Inc. (a) | 1 | 2 |
| Natural Grocers By Vitamin Cottage, Inc. | 6 | 248 |
| Natural Health Trends Corp. (b) | 1 | 4 |
| Nature's Sunshine Products, Inc. (a) | 5 | 74 |
| Nu Skin Enterprises, Inc. - Class A | 9 | 111 |
| Oil-Dri Corporation of America | 2 | 133 |
| Olaplex Holdings, Inc. (a) | 6 | 8 |
| Pilgrim's Pride Corporation | 18 | 731 |
| Post Holdings, Inc. (a) | 10 | 1049 |
| PriceSmart, Inc. | 5 | 630 |
| Reynolds Consumer Products Inc. | 25 | 605 |
| Rocky Mountain Chocolate Factory, Inc. (a) | 2 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Seaboard Corporation |  | 525 |
| Seneca Foods Corporation - Class A (a) | 1 | 119 |
| Simply Good Foods Company, The (a) | 17 | 410 |
| Spectrum Brands Holdings, Inc. | 5 | 246 |
| Sprouts Farmers Market, Inc. (a) | 10 | 1058 |
| The Chefs' Warehouse, Inc. (a) | 7 | 407 |
| The Honest Company, Inc. (a) | 16 | 60 |
| The Marzetti Company | 5 | 796 |
| Tootsie Roll Industries, Inc. (b) | 7 | 305 |
| Treehouse Foods, Inc. (a) | 9 | 192 |
| Turning Point Brands, Inc. | 4 | 373 |
| United Natural Foods, Inc. (a) | 12 | 436 |
| United-Guardian, Inc. |  | 1 |
| Universal Corporation | 4 | 243 |
| USANA Health Sciences, Inc. (a) | 3 | 94 |
| UTZ Brands, Inc. - Class A | 14 | 164 |
| Village Super Market, Inc. - Class A | 2 | 89 |
| Vita Coco Company, Inc., The (a) | 10 | 416 |
| Vital Farms, Inc. (a) | 8 | 331 |
| WD-40 Company | 2 | 443 |
| Weis Markets, Inc. | 5 | 336 |
| ZEVIA PBC - Class A (a) | 6 | 15 |
| | | 28094 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| AES Corporation, The | 87 | 1148 |
| ALLETE, Inc. | 10 | 664 |
| American States Water Company | 6 | 453 |
| Artesian Resources Corporation - Class A | 2 | 56 |
| Avista Corporation | 13 | 489 |
| Black Hills Corporation | 12 | 721 |
| California Water Service Group | 9 | 432 |
| Chesapeake Utilities Corporation | 4 | 516 |
| Clearway Energy, Inc. - Class A | 6 | 162 |
| Clearway Energy, Inc. - Class C | 13 | 379 |
| Consolidated Water Co. Ltd. | 3 | 105 |
| Essential Utilities, Inc. | 23 | 912 |
| Genie Energy Ltd. - Class B | 5 | 74 |
| Global Water Resources, Inc. | 1 | 9 |
| H2O America | 6 | 281 |
| Hallador Energy Company (a) | 8 | 154 |
| Hawaiian Electric Industries, Inc. (a) | 26 | 292 |
| IDACORP, Inc. | 8 | 1062 |
| MDU Resources Group, Inc. | 32 | 574 |
| MGE Energy, Inc. | 6 | 505 |
| Middlesex Water Company | 3 | 160 |
| Montauk Renewables, Inc. (a) | 25 | 50 |
| National Fuel Gas Company | 15 | 1343 |
| New Jersey Resources Corporation | 17 | 806 |
| Northwest Natural Holding Company | 7 | 293 |
| NorthWestern Corporation | 10 | 587 |
| OGE Energy Corp. | 30 | 1407 |
| One Gas, Inc. | 9 | 736 |
| Ormat Technologies, Inc. | 10 | 932 |
| Otter Tail Corporation | 7 | 561 |
| Pinnacle West Capital Corporation | 12 | 1093 |
| Portland General Electric Company | 16 | 721 |
| Pure Cycle Corporation (a) | 6 | 65 |
| RGC Resources, Inc. | 2 | 42 |
| Southwest Gas Holdings, Inc. | 11 | 881 |
| Spire Inc. | 10 | 778 |
| The York Water Company | 3 | 92 |
| TXNM Energy, Inc. | 15 | 863 |
| UGI Corporation | 32 | 1060 |
| Unitil Corporation | 3 | 150 |
|  |  | 21608 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Advantage Solutions, Inc. - Class A (a) (b) | 31 | 48 |
| Altice USA, Inc. - Class A (a) | 42 | 101 |
| AMC Networks, Inc. - Class A (a) | 8 | 64 |
| Angi Inc. - Class A (a) | 4 | 63 |
| Anterix Inc. (a) (b) | 4 | 87 |
| Array Digital Infrastructure, Inc. (b) | 9 | 442 |
| Atlanta Braves Holdings, Inc. - Series A (a) (b) | 2 | 82 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 8 | 334 |
| ATN International, Inc. | 4 | 53 |
| Bandwidth Inc. - Class A (a) | 6 | 92 |
| Boston Omaha Corporation - Class A (a) | 6 | 76 |
| Bumble Inc. - Class A (a) | 20 | 124 |
| Cable One, Inc. | 1 | 135 |
| Cardlytics, Inc. (a) (b) | 10 | 25 |
| CarGurus, Inc. - Class A (a) | 14 | 537 |
| Cars.com Inc. (a) | 11 | 140 |
| Cinemark Holdings, Inc. | 20 | 564 |
| CommScope Holding Company, Inc. (a) | 20 | 315 |
| DHI Group, Inc. (a) | 12 | 34 |
| DoubleVerify Holdings, Inc. (a) | 25 | 295 |
| E.W. Scripps Company, The - Class A (a) | 20 | 48 |
| Entravision Communications Corporation - Class A | 19 | 45 |
| Eventbrite, Inc. - Class A (a) | 15 | 38 |
| EverQuote, Inc. - Class A (a) | 5 | 105 |
| Frontier Communications Parent, Inc. (a) | 35 | 1306 |
| fuboTV Inc. (a) | 29 | 120 |
| Gaia, Inc. - Class A (a) | 3 | 21 |
| Gambling.Com Group Limited (a) | 7 | 56 |
| Gannett Co., Inc. (a) | 30 | 125 |
| Globalstar, Inc. (a) | 3 | 99 |
| Gogo, Inc. (a) | 19 | 165 |
| Gray Media, Inc. | 17 | 97 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 8 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 29 |
| Harte Hanks, Inc. (a) | 1 | 4 |
| Ibotta, Inc. - Class A (a) (b) | 1 | 22 |
| IDT Corporation - Class B | 4 | 235 |
| IMAX Corporation (a) | 10 | 316 |
| Integral Ad Science Holding Corp. (a) | 26 | 262 |
| Iridium Communications Inc. | 17 | 304 |
| John Wiley & Sons, Inc. - Class A | 8 | 330 |
| Liberty Broadband Corporation - Series A (a) | 2 | 143 |
| Liberty Broadband Corporation - Series C (a) | 15 | 980 |
| Liberty Global Ltd. - Class A (a) | 25 | 286 |
| Liberty Global Ltd. - Class C (a) | 20 | 239 |
| Liberty Latin America Ltd. - Class A (a) | 5 | 39 |
| Liberty Latin America Ltd. - Class C (a) | 28 | 234 |
| Lionsgate Studios Corp. (a) | 11 | 79 |
| Lumen Technologies, Inc. (a) | 155 | 951 |
| Magnite, Inc. (a) | 24 | 516 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 4 | 69 |
| Match Group, Inc. | 33 | 1149 |
| Mediaalpha, Inc. - Class A (a) | 2 | 28 |
| National CineMedia, Inc. | 4 | 20 |
| Nexstar Media Group, Inc. - Class A | 5 | 1009 |
| Nextdoor Holdings, Inc. - Class A (a) | 34 | 71 |
| Paramount Skydance Corporation - Class B | 3 | 66 |
| Playstudios, Inc. - Class A (a) | 5 | 5 |
| Podcastone, Inc. (a) |  |  |
| PubMatic, Inc. - Class A (a) | 8 | 65 |
| QuinStreet, Inc. (a) | 10 | 157 |
| Reservoir Media Management, Inc. (a) | 4 | 36 |
| Saga Communications, Inc. - Class A | 1 | 11 |
| Scholastic Corporation | 5 | 142 |
| Shenandoah Telecommunications Company | 10 | 131 |
| Shutterstock, Inc. | 6 | 132 |
| Sinclair, Inc. - Class A | 8 | 119 |
| Skillz Inc. - Class A (a) (b) | 4 | 34 |
| Sphere Entertainment Co. - Class A (a) (b) | 5 | 332 |
| Sphere Entertainment Co. - Class A (a) | 3 | 710 |
| Sphere Entertainment Co. - Class A (a) | 7 | 317 |
| Spok Holdings, Inc. | 2 | 36 |
| Stagwell, Inc. - Class A (a) | 31 | 173 |
| Starz Entertainment (a) | 1 | 11 |
| Sunrise Communications AG - Class A - ADR | 7 | 383 |
| Teads Holding Co. (a) | 9 | 14 |
| TechTarget, Inc. (a) | 6 | 36 |
| TEGNA Inc. | 27 | 559 |
| Telephone and Data Systems, Inc. | 21 | 809 |
| The New York Times Company - Class A | 24 | 1353 |
| Thryv Holdings, Inc. (a) | 8 | 95 |
| Travelzoo (a) | 2 | 20 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TripAdvisor, Inc. (a) | 21 | 340 |
| Truecar, Inc. (a) | 24 | 44 |
| Urban One, Inc. - Class A (a) | 2 | 3 |
| Urban One, Inc. - Class D (a) | 7 | 5 |
| Vimeo, Inc. (a) | 29 | 228 |
| Vivid Seats Inc. - Class A (a) (b) | 1 | 19 |
| WideOpenWest, Inc. (a) | 13 | 66 |
| Yelp Inc. (a) | 11 | 340 |
| Zedge, Inc. - Class B (a) | 1 | 3 |
| Ziff Davis, Inc. (a) | 8 | 291 |
| ZoomInfo Technologies Inc. - Class A (a) | 47 | 513 |
| | | 20757 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Anywhere Real Estate Inc. (a) | 21 | 219 |
| Compass, Inc. - Class A (a) | 59 | 472 |
| Cushman & Wakefield PLC (a) | 37 | 589 |
| Douglas Elliman Inc. (a) | 22 | 63 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 4 | 37 |
| eXp World Holdings, Inc. | 13 | 134 |
| Five Point Holdings, LLC - Class A (a) | 16 | 100 |
| Florida Rock Properties, Inc. (a) | 4 | 85 |
| Forestar Group Inc. (a) | 9 | 235 |
| Howard Hughes Holdings Inc. (a) | 8 | 669 |
| Jones Lang LaSalle Incorporated (a) |  | 14 |
| Kennedy-Wilson Holdings, Inc. | 24 | 197 |
| Marcus & Millichap Company | 7 | 193 |
| Maui Land & Pineapple Company, Inc. (a) | 3 | 53 |
| Newmark Group, Inc. - Class A | 26 | 477 |
| Seaport Entertainment Group Inc. (a) (b) | 2 | 47 |
| St. Joe Company, The | 10 | 494 |
| Stratus Properties Inc. (a) | 2 | 42 |
| Tejon Ranch Co. (a) | 5 | 85 |
| The Rmr Group Inc. - Class A | 4 | 63 |
|  |  | 4268 |
| Total Common Stocks (cost $622,458) | Total Common Stocks (cost $622,458) | 688927 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Albireo Pharma, Inc. (a) (d) | 5 | 33 |
| Bristol-Myers Squibb Company (a) | 8 |  |
| Chinook Therapeutics, Inc. (a) (d) | 11 |  |
| HilleVax, Inc. (a) (d) | 8 | 1 |
| Iteos Therapeutics, LLC (a) (d) | 7 | 1 |
| Kinnate Biopharma Inc. (a) (d) | 1 |  |
| Opiant Pharmaceuticals, Inc. (a) (b) (d) | 1 |  |
| Poseida Therapeutics, Inc. (a) (d) | 21 | 11 |
| Resolute Forest Products Inc. (a) (d) | 16 | 4 |
| Sage Therapeutics Inc. (a) (d) | 8 | 1 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 30 |  |
| Verve Therapeutics, Inc. (a) (d) | 1 | 1 |
| Total Rights (cost $0) | Total Rights (cost $0) | 52 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 4.14% (e) (f) | 6435 | 6435 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (e) (f) | 1305 | 1305 |
| Total Short Term Investments (cost $7,740) | Total Short Term Investments (cost $7,740) | 7740 |
| **Total Investments 101.0% (cost $630,198)** | **Total Investments 101.0% (cost $630,198)** | **696719** |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(6648)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **690071** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2030 | 79420 | 80145 | 53 |  |  | 1305 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 2224 | 39107 | 34896 | 89 |  |  | 6435 | 0.9 |
|  | 4254 | 118527 | 115041 | 142 |  |  | 7740 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 03/10/21 | 76 | 83 |  |
| Transocean Ltd. | 03/02/21 | 523 | 375 | 0.1 |
|  |  | 599 | 458 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 688921 |  | 6 | 688927 |
| &nbsp;&nbsp;Rights |  |  | 52 | 52 |
| &nbsp;&nbsp;Short Term Investments | 7740 |  |  | 7740 |
|  | 696661 |  | 58 | 696719 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 51.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 51.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 51.5%** |
| **Mortgage-Backed Securities 20.8%** | **Mortgage-Backed Securities 20.8%** | **Mortgage-Backed Securities 20.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.36%, (1 Year Treasury + 2.36%), 07/01/27 (a) |  |  |
| 3.00%, 08/01/46 - 07/01/52 | 65902 | 59098 |
| 3.50%, 10/01/47 | 8160 | 7605 |
| 4.00%, 10/01/48 | 1609 | 1543 |
| 2.00%, 11/01/50 - 05/01/51 | 24359 | 20037 |
| 5.50%, 04/01/53 - 05/01/54 | 34321 | 35063 |
| 5.00%, 06/01/53 - 07/01/53 | 22864 | 22996 |
| 6.00%, 11/01/53 - 12/01/54 | 50841 | 52523 |
| Series 2023-A-GSP, REMIC, 6.48%, 01/12/29 (a) | 2350 | 2462 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 10/01/25 - 01/01/46 | 106 | 106 |
| 0.00%, 12/01/25 (a) (b) (c) | 1930 | 1919 |
| 4.50%, 12/01/25 - 07/01/42 | 1537 | 1540 |
| 5.10%, 03/01/30 | 3682 | 3792 |
| 5.09%, 05/01/30 | 4289 | 4454 |
| 4.48%, 06/01/30 | 12431 | 12752 |
| 4.97%, 07/01/31 | 7014 | 7172 |
| 2.46%, 04/01/32 | 11428 | 10215 |
| 6.15%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 01/01/35 (a) | 92 | 94 |
| 6.40%, (1 Year Treasury + 2.24%), 01/01/36 (a) | 942 | 963 |
| 5.00%, 12/01/38 - 08/01/53 | 25129 | 25219 |
| 5.53%, 06/01/40 | 8448 | 8693 |
| 5.48%, 04/01/41 | 5454 | 5535 |
| 5.42%, (12 Month Treasury Average + 1.20%), 06/01/43 (a) | 26 | 25 |
| 3.00%, 04/01/47 | 3717 | 3354 |
| 3.50%, 06/01/47 - 04/01/52 | 19288 | 17910 |
| 2.50%, 10/01/50 - 05/01/52 | 83607 | 71700 |
| 2.00%, 11/01/50 - 02/01/51 | 26424 | 21689 |
| 6.00%, 08/01/53 - 06/01/54 | 31781 | 32840 |
| 5.50%, 06/01/54 - 08/01/54 | 15729 | 16069 |
| 5.50%, 10/01/54 (c) | 23726 | 24303 |
| Government National Mortgage Association |  |  |
| 5.63%, (1 Year Treasury + 1.50%), 05/20/26 - 02/20/32 (a) | 9 | 9 |
| 5.00%, 02/15/38 - 07/15/39 | 2661 | 2703 |
| 3.50%, 09/15/42 - 07/20/51 | 32715 | 30386 |
| 3.00%, 11/15/44 - 04/20/52 | 25535 | 22709 |
| 2.50%, 10/20/51 - 11/20/51 | 15631 | 13395 |
|  |  | 540873 |
| **U.S. Treasury Note 14.0%** | **U.S. Treasury Note 14.0%** | **U.S. Treasury Note 14.0%** |
| Treasury, United States Department of |  |  |
| 0.75%, 03/31/26 - 01/31/28 | 97790 | 93459 |
| 0.63%, 03/31/27 - 08/15/30 | 156460 | 135753 |
| 0.50%, 10/31/27 | 920 | 863 |
| 0.88%, 11/15/30 | 154960 | 134343 |
|  |  | 364418 |
| **U.S. Treasury Bond 8.7%** | **U.S. Treasury Bond 8.7%** | **U.S. Treasury Bond 8.7%** |
| Treasury, United States Department of |  |  |
| 1.13%, 05/15/40 - 08/15/40 | 188810 | 119018 |
| 1.38%, 11/15/40 | 2790 | 1819 |
| 1.88%, 02/15/41 | 106400 | 74742 |
| 1.75%, 08/15/41 | 45000 | 30516 |
|  |  | 226095 |
| **Collateralized Mortgage Obligations 4.2%** | **Collateralized Mortgage Obligations 4.2%** | **Collateralized Mortgage Obligations 4.2%** |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.46%, (SOFR 30-Day Average + 3.10%), 03/25/42 (a) | 6000 | 6163 |
| Connecticut Avenue Securities Trust 2024-R03 |  |  |
| Series 2024-2M1-R03, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 03/25/27 (a) | 6145 | 6149 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series LZ-2764, REMIC, 4.50%, 03/15/34 | 868 | 858 |
| Series QD-4076, REMIC, 2.50%, 11/15/41 | 115 | 113 |
| Series 2022-M1B-DNA3, REMIC, 7.26%, (SOFR 30-Day Average + 2.90%), 04/25/42 (a) | 10000 | 10285 |
| Series 2024-M2-HQA2, REMIC, 6.16%, (SOFR 30-Day Average + 1.80%), 08/25/44 (a) | 4000 | 4019 |
| Series 2025-A1-DNA1, REMIC, 5.31%, (SOFR 30-Day Average + 0.95%), 01/25/45 (a) | 1623 | 1626 |
| Series FK-5092, REMIC, 4.00%, (SOFR 30-Day Average + 0.70%), 03/25/51 (a) | 3909 | 3199 |
| Series FD-5527, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 09/25/54 (a) | 14603 | 14590 |
| Series FB-5524, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 14747 | 14756 |
| Series FA-5570, REMIC, 5.76%, (SOFR 30-Day Average + 1.40%), 05/25/55 (a) | 11724 | 11768 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2006-3A2-5, REMIC, 6.37%, 05/25/35 (a) | 4 | 4 |
| Series 2018-PO-21, REMIC, 0.00%, 04/25/48 | 4789 | 3512 |
| Interest Only, Series 2021-NS-48, REMIC, 0.00%, (3.65% - (SOFR 30-Day Average \* 1)), 08/25/51 (a) | 10696 | 321 |
| Series 2024-FC-96, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 12/25/54 (a) | 11512 | 11518 |
| Series 2024-FA-90, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 12/25/54 (a) | 4640 | 4660 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2020-IO-188, REMIC, 2.00%, 12/20/50 | 8163 | 967 |
| Interest Only, Series 2021-IU-159, REMIC, 3.00%, 09/20/51 | 9900 | 1701 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FA-42, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 06/25/55 (a) | 6162 | 6194 |
| Government National Mortgage Association REMIC Trust 2019-052 |  |  |
| Series 2019-FA-56, REMIC, 4.60%, (1 Month Term SOFR + 0.46%), 05/20/49 (a) | 6380 | 6270 |
|  |  | 108673 |
| **Sovereign 2.8%** | **Sovereign 2.8%** | **Sovereign 2.8%** |
| Assembleia da Republica |  |  |
| 0.48%, 10/18/30, EUR (d) | 1210 | 1290 |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 08/15/30, EUR (e) | 1350 | 1421 |
| 0.00%, 02/15/31, EUR (d) (e) | 1750 | 1818 |
| 1.70%, 08/15/32, EUR | 1790 | 2002 |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 12/20/26 - 12/20/27, JPY | 279800 | 1861 |
| 1.90%, 03/20/31, JPY | 133000 | 928 |
| 0.50%, 03/20/38, JPY | 284500 | 1614 |
| 0.30%, 09/20/39, JPY | 130000 | 686 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 3900 | 1196 |
| 5.40%, 08/12/34, PEN | 2700 | 757 |
| 7.60%, 08/12/39, PEN | 1500 | 475 |
| Commonwealth of Australia |  |  |
| 1.50%, 06/21/31, AUD (d) | 2100 | 1223 |
| 2.75%, 06/21/35, AUD (d) | 1270 | 736 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.50%, 08/26/26, COP | 1200000 | 302 |
| 5.00%, 06/15/45 | 1300 | 977 |
| 4.13%, 05/15/51 | 2700 | 1758 |
| Estado Espanol |  |  |
| 0.60%, 10/31/29, EUR | 1000 | 1090 |
| 0.50%, 04/30/30, EUR (d) | 1700 | 1823 |
| French Republic Government Bond OAT |  |  |
| 0.50%, 05/25/29, EUR (d) | 830 | 907 |
| 1.50%, 05/25/31, EUR (d) | 1570 | 1715 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (d) | 800 | 797 |
| 4.38%, 06/05/27 (d) | 200 | 199 |
| 4.88%, 02/13/28 (d) | 300 | 301 |
| 5.25%, 08/10/29 (d) | 700 | 707 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (d) | 686 | 692 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.75%, 03/05/26, MXN | 17500 | 948 |
| 8.50%, 02/28/30, MXN | 32000 | 1765 |
| 7.75%, 05/29/31, MXN | 31600 | 1683 |
| 7.50%, 05/26/33, MXN | 19600 | 1011 |
| 8.00%, 02/21/36, MXN | 19000 | 978 |
| 4.40%, 02/12/52 | 500 | 374 |
| 6.34%, 05/04/53 | 2800 | 2724 |
| Government of Canada |  |  |
| 1.50%, 06/01/31, CAD | 850 | 568 |
| 3.25%, 12/01/34 - 06/01/35, CAD | 780 | 565 |
| Government of Ireland |  |  |
| 1.10%, 05/15/29, EUR (d) | 1030 | 1160 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 1150 | 1561 |
| 4.25%, 03/07/36, GBP (d) | 1400 | 1801 |
| Malaysia, Government of |  |  |
| 3.58%, 07/15/32, MYR | 3000 | 720 |
| 3.83%, 07/05/34, MYR | 2200 | 536 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.25%, 10/18/34, COP | 2300000 | 453 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (d) | 200 | 192 |
| 5.95%, 03/08/28 (d) | 300 | 311 |
| 3.00%, 12/15/32 (d) | 300 | 266 |
| New Zealand Parliament |  |  |
| 1.50%, 05/15/31, NZD | 2000 | 1035 |
| 4.50%, 05/15/35, NZD | 690 | 409 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27 - 01/01/31, BRL | 17000 | 2940 |
| Presidencia de la Republica de Chile |  |  |
| 5.80%, 10/01/29, CLP | 400000 | 421 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (d) | 700 | 713 |
| 5.50%, 02/22/29 (d) | 550 | 562 |
| 4.50%, 01/30/30 (d) | 200 | 196 |
| Prime Minister's Office Singapore |  |  |
| 2.75%, 03/01/35, SGD | 700 | 582 |
| 2.38%, 07/01/39, SGD | 600 | 487 |
| Republic of Indonesia, The Government of, The |  |  |
| 8.25%, 05/15/29, IDR | 8400000 | 551 |
| 7.00%, 02/15/33, IDR | 11100000 | 696 |
| 8.38%, 03/15/34, IDR | 8400000 | 568 |
| 7.50%, 06/15/35, IDR | 12000000 | 774 |
| Romania, Government of |  |  |
| 6.30%, 04/26/28, RON | 2500 | 562 |
| Sandor-Palota |  |  |
| 3.00%, 10/27/27, HUF | 165000 | 466 |
| 4.75%, 11/24/32, HUF | 420000 | 1127 |
| 7.00%, 10/24/35, HUF | 686100 | 2089 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.90%, 06/22/29, EUR (d) | 290 | 322 |
| 2.85%, 10/22/34, EUR (f) | 1170 | 1338 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 63700 | 3623 |
| 8.50%, 01/31/37, ZAR | 17300 | 922 |
| 10.88%, 03/31/38, ZAR | 28300 | 1773 |
| Thailand, Kingdom of |  |  |
| 3.85%, 12/12/25, THB | 8400 | 261 |
| 3.35%, 06/17/33, THB | 11000 | 389 |
| 1.59%, 12/17/35, THB (d) | 18700 | 586 |
| Urad Vlady Ceske Republiky |  |  |
| 2.75%, 07/23/29, CZK | 20100 | 930 |
| 6.20%, 06/16/31, CZK | 29500 | 1571 |
| 3.00%, 03/03/33, CZK | 13300 | 586 |
| Urzad Rady Ministrow |  |  |
| 4.50%, 07/25/30, PLN | 1900 | 515 |
| 1.75%, 04/25/32, PLN | 1500 | 337 |
| 5.00%, 10/25/34, PLN | 1100 | 293 |
| | | 72515 |
| **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (g) | 8016 | 7960 |
| 1.63%, 10/15/27 (g) | 10393 | 10557 |
| 0.50%, 01/15/28 (g) | 8068 | 7971 |
|  |  | 26488 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| French Republic Government Bond OAT |  |  |
| 0.70%, 07/25/30, EUR (d) (g) | 694 | 809 |
| Total Government And Agency Obligations (cost $1,346,699) | Total Government And Agency Obligations (cost $1,346,699) | 1339871 |
| **CORPORATE BONDS AND NOTES 24.9%** | **CORPORATE BONDS AND NOTES 24.9%** | **CORPORATE BONDS AND NOTES 24.9%** |
| **Financials 5.3%** | **Financials 5.3%** | **Financials 5.3%** |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/55 (f) | 2249 | 2286 |
| Acrisure, LLC |  |  |
| 6.00%, 08/01/29 (f) | 170 | 168 |
| 6.75%, 07/01/32 (f) | 415 | 428 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 5.10%, 01/19/29 | 1327 | 1359 |
| 6.95%, 03/10/55 | 1897 | 1988 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (f) | 300 | 307 |
| American Express Company |  |  |
| 5.02%, 04/25/31 | 4054 | 4167 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/35 | 763 | 795 |
| American National Group Inc. |  |  |
| 5.75%, 10/01/29 | 787 | 814 |
| 6.00%, 07/15/35 | 2542 | 2599 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (f) | 465 | 485 |
| Ardonagh Finco Limited |  |  |
| 7.75%, 02/15/31 (f) | 520 | 544 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 1115 | 1138 |
| Asian Development Bank |  |  |
| 6.20%, 10/06/26 (d) | 50000 | 562 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 1636 | 1712 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/27 (f) | 1544 | 1573 |
| 4.72%, 10/08/29 (f) | 982 | 990 |
| 5.03%, 07/17/30 (f) | 1079 | 1096 |
| Athene Holding Ltd |  |  |
| 6.63%, 10/15/54 | 1453 | 1470 |
| Aviation Capital Group LLC |  |  |
| 5.38%, 07/15/29 (f) | 1401 | 1437 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 - 11/15/29 (f) | 3756 | 3895 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (f) | 275 | 289 |
| 7.25%, 01/15/31 (f) | 385 | 401 |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (d) | 1000 | 991 |
| Banco Davivienda S.A. |  |  |
| 6.65%, (100, 04/22/31) (f) (h) | 400 | 371 |
| 8.13%, 07/02/35 (f) (i) | 900 | 937 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (d) | 1000 | 1007 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (d) | 1600 | 1571 |
| Banco do Brasil S.A. |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (a) (d) (h) | 2400 | 2401 |
| Banco Espirito Santo S.A. |  |  |
| 0.00%, 01/21/29, EUR (d) (j) (k) | 6400 | 1653 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (d) | 150 | 150 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (d) | 1800 | 1792 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (f) | 450 | 465 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (d) (h) | 200 | 204 |
| 7.63%, (100, 01/10/28) (d) (h) | 400 | 410 |
| 8.38%, (100, 05/20/31) (f) (h) | 1100 | 1159 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (d) | 300 | 292 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (d) (i) | 1300 | 1416 |
| Bancolombia S.A. |  |  |
| 8.63%, 12/24/34 | 300 | 324 |
| Bank of America Corporation |  |  |
| 6.63%, (100, 05/01/30) (h) | 985 | 1023 |
| 2.57%, 10/20/32 | 1561 | 1398 |
| 5.47%, 01/23/35 | 1502 | 1569 |
| 5.74%, 02/12/36 | 1645 | 1709 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.06%, 07/22/32 | 1680 | 1733 |
| Barclays PLC |  |  |
| 5.86%, 08/11/46 | 1962 | 2016 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (d) | 300 | 300 |
| Brookfield Asset Management Ltd. |  |  |
| 6.08%, 09/15/55 | 1599 | 1660 |
| Brown & Brown, Inc. |  |  |
| 6.25%, 06/23/55 | 796 | 838 |
| CaixaBank, S.A. |  |  |
| 6.04%, 06/15/35 (f) | 1951 | 2075 |
| Canadian Imperial Bank Of Commerce |  |  |
| 5.25%, 01/13/31 (l) | 1923 | 1984 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (h) | 982 | 1013 |
| 3.07%, 02/24/28 | 780 | 768 |
| 4.95%, 05/07/31 | 1628 | 1658 |
| 4.50%, 09/11/31 | 1148 | 1148 |
| 6.17%, 05/25/34 | 930 | 990 |
| County of Nassau |  |  |
| 7.88%, 07/15/30 (f) | 280 | 286 |
| Credit Agricole S.A. |  |  |
| 4.82%, 09/25/33 (f) | 1994 | 1982 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (d) | 2100 | 2076 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 1597 | 1655 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (f) | 920 | 918 |
| 5.13%, 06/26/29 (f) | 782 | 801 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/15/34 | 1787 | 1848 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (f) | 200 | 210 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (f) | 525 | 545 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (f) | 860 | 885 |
| Global Payments Inc. |  |  |
| 4.95%, 08/15/27 | 1916 | 1939 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.85%, (100, 02/10/30) (h) | 904 | 940 |
| 5.33%, 07/23/35 | 1816 | 1870 |
| Guardian Life Insurance Co. |  |  |
| 4.80%, 04/28/30 (f) | 1631 | 1667 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (f) | 315 | 310 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (f) | 260 | 271 |
| Huntington Bancshares Incorporated |  |  |
| 5.71%, 02/02/35 | 937 | 976 |
| Inter-American Development Bank |  |  |
| 7.00%, 01/25/29 (d) | 60000 | 681 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (d) | 1000 | 992 |
| International Bank for Reconstruction and Development |  |  |
| 6.85%, 04/24/28 | 50000 | 566 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (d) | 400 | 397 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 1637 | 1691 |
| 5.10%, 04/22/31 | 1833 | 1893 |
| 5.29%, 07/22/35 | 3632 | 3750 |
| 5.58%, 07/23/36 | 1233 | 1278 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (f) | 245 | 246 |
| Lloyds Banking Group PLC |  |  |
| 6.07%, 06/13/36 | 2392 | 2512 |
| Macquarie AirFinance Holdings Limited |  |  |
| 5.20%, 03/27/28 (f) | 987 | 1004 |
| 6.40%, 03/26/29 (f) | 916 | 963 |
| 5.15%, 03/17/30 (f) | 244 | 247 |
| 6.50%, 03/26/31 (f) | 194 | 208 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 1637 | 1740 |
| Morgan Stanley |  |  |
| 5.95%, 01/19/38 (a) | 951 | 996 |
| 5.94%, 02/07/39 | 1834 | 1920 |
| Nationwide Building Society |  |  |
| 5.54%, 07/14/36 (f) | 2309 | 2373 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 (l) | 2416 | 2473 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 150 | 149 |
| 7.88%, 06/15/32 (i) | 150 | 158 |
| OneMain Finance Corporation |  |  |
| 7.50%, 05/15/31 | 235 | 246 |
| 7.13%, 09/15/32 | 175 | 181 |
| 6.50%, 03/15/33 | 355 | 356 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (d) | 1100 | 1104 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (f) | 425 | 442 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (f) | 280 | 271 |
| 7.88%, 12/15/29 (f) | 310 | 329 |
| 6.88%, 05/15/32 (f) | 185 | 192 |
| PT Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (d) | 900 | 892 |
| Rocket Companies, Inc. |  |  |
| 6.38%, 08/01/33 (f) | 250 | 258 |
| Santander Holdings USA, Inc. |  |  |
| 5.47%, 03/20/29 | 1237 | 1262 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (f) | 200 | 208 |
| Societe Generale |  |  |
| 5.44%, 10/03/36 (f) | 1994 | 1992 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (f) | 420 | 420 |
| 7.25%, 04/01/29 (f) | 350 | 368 |
| 6.00%, 04/15/30 (f) | 165 | 167 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (f) (j) (k) | 700 | 4 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 641 | 659 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (f) | 189 | 189 |
| Travelers Companies, Inc., The |  |  |
| 5.70%, 07/24/55 | 781 | 809 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 815 | 883 |
| 5.15%, 08/05/32 | 1846 | 1900 |
| UBS Group AG |  |  |
| 5.01%, 03/23/37 (f) | 1998 | 1988 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (d) (j) (k) (m) | 263 | 3 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (d) | 1200 | 1185 |
| 2.00%, 10/14/31 (d) (l) | 1100 | 1072 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (f) | 325 | 334 |
| Wells Fargo & Company |  |  |
| 5.15%, 04/23/31 | 3807 | 3926 |
| 6.49%, 10/23/34 | 2769 | 3077 |
| 4.89%, 09/15/36 | 824 | 822 |
| | | 138483 |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (d) | 400 | 376 |
| 3.87%, 07/22/31 (d) | 400 | 368 |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (d) | 800 | 793 |
| 4.25%, 05/21/36 (d) | 765 | 693 |
| AEP Texas Inc. |  |  |
| 5.45%, 05/15/29 | 1108 | 1149 |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (f) | 800 | 781 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 821 | 823 |
| Ameren Corporation |  |  |
| 3.65%, 02/15/26 | 5000 | 4991 |
| Ameren Illinois Company |  |  |
| 4.95%, 06/01/33 | 1500 | 1538 |
| Arizona Public Service Company |  |  |
| 5.90%, 08/15/55 | 3930 | 4022 |
| Black Hills Corporation |  |  |
| 6.00%, 01/15/35 | 1778 | 1894 |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (f) | 5000 | 4908 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (f) | 199 | 215 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (f) | 600 | 621 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (d) | 291 | 306 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (e) (f) | 1582 | 1427 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 948 | 979 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (d) | 531 | 554 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (d) | 200 | 181 |
| 6.45%, 01/24/35 (f) | 400 | 408 |
| Commonwealth Edison Company |  |  |
| 5.95%, 06/01/55 | 1852 | 1970 |
| Consumers Energy Company |  |  |
| 4.50%, 01/15/31 | 1113 | 1124 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 4500 | 4318 |
| DTE Energy Company |  |  |
| 5.85%, 06/01/34 | 2886 | 3067 |
| Duke Energy Corporation |  |  |
| 3.15%, 08/15/27 | 5000 | 4920 |
| 3.95%, 08/15/47 | 2444 | 1903 |
| 5.00%, 08/15/52 | 651 | 586 |
| 5.80%, 06/15/54 | 1380 | 1394 |
| Emirates Sembcorp Water & Power Company P.J.S.C. |  |  |
| 4.45%, 08/01/35 (f) | 1000 | 958 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (d) | 452 | 408 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (d) (i) | 400 | 371 |
| Entergy Arkansas, LLC |  |  |
| 5.75%, 06/01/54 | 958 | 982 |
| Entergy Corporation |  |  |
| 7.13%, 12/01/54 (i) | 1840 | 1925 |
| Evergy Kansas Central, Inc. |  |  |
| 5.70%, 03/15/53 | 1941 | 1961 |
| Exelon Corporation |  |  |
| 5.45%, 03/15/34 | 3925 | 4079 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (d) | 507 | 497 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (d) | 328 | 326 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (d) | 3661 | 3632 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (d) | 1412 | 1418 |
| Interstate Power and Light Company |  |  |
| 5.60%, 10/01/55 | 988 | 974 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (f) | 1250 | 1171 |
| 5.40%, 06/01/33 (f) | 750 | 776 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (d) | 1491 | 1410 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (f) | 355 | 336 |
| Kentucky Utilities Company |  |  |
| 5.85%, 08/15/55 | 794 | 815 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (d) | 549 | 560 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (d) | 847 | 837 |
| National Fuel Gas Company |  |  |
| 5.95%, 03/15/35 | 794 | 828 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (f) | 959 | 964 |
| NiSource Inc. |  |  |
| 5.35%, 04/01/34 | 1886 | 1941 |
| 6.95%, 11/30/54 | 937 | 976 |
| 5.85%, 04/01/55 | 1630 | 1654 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/33 (f) | 300 | 305 |
| 5.75%, 01/15/34 (f) | 110 | 110 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 5000 | 4936 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (f) | 639 | 656 |
| PT Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (d) | 1200 | 1195 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (f) | 300 | 323 |
| Sempra |  |  |
| 5.50%, 08/01/33 (i) | 4000 | 4168 |
| Southern Power Company |  |  |
| 4.90%, 10/01/35 | 1086 | 1071 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (f) | 290 | 276 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (f) | 1500 | 1472 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (l) | 2500 | 2436 |
| 6.38%, 03/15/55 | 1308 | 1394 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (f) | 3620 | 3711 |
| Transelec S.A. |  |  |
| 3.88%, 01/12/29 (f) | 2500 | 2452 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (f) | 90 | 99 |
| Virginia Electric and Power Company |  |  |
| 5.55%, 08/15/54 | 680 | 674 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (f) | 305 | 323 |
| 6.88%, 04/15/32 (f) | 315 | 330 |
|  |  | 102039 |
| **Industrials 3.2%** | **Industrials 3.2%** | **Industrials 3.2%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (f) | 310 | 320 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (d) | 400 | 393 |
| 4.38%, 07/03/29 (d) | 800 | 782 |
| 3.10%, 02/02/31 (d) | 300 | 267 |
| Advanced Drainage Systems, Inc. |  |  |
| 6.38%, 06/15/30 (f) | 508 | 518 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (f) | 1941 | 1980 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/29 (f) | 285 | 297 |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30 (f) | 838 | 856 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (f) (i) | 60 | 53 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (d) (e) | 1406 | 1151 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (f) | 315 | 325 |
| 6.75%, 05/15/35 (f) | 270 | 282 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 1344 | 1292 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (f) | 175 | 181 |
| Carlisle Companies Incorporated |  |  |
| 5.55%, 09/15/40 | 788 | 797 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (f) | 490 | 503 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/29 (f) | 65 | 53 |
| 9.50%, 08/15/29 (f) | 265 | 257 |
| Corporation De Securite Garda World |  |  |
| 4.63%, 02/15/27 (f) | 625 | 620 |
| 8.25%, 08/01/32 (f) | 480 | 498 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 2330 | 2398 |
| CSX Corporation |  |  |
| 3.80%, 11/01/46 | 4751 | 3783 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (f) | 1809 | 1915 |
| 5.04%, 03/25/30 (f) | 1854 | 1891 |
| Empresa de Transporte de Pasajeros Metro S.A. |  |  |
| 5.00%, 01/25/47 (f) | 1095 | 997 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (f) | 525 | 540 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (d) | 402 | 424 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.88%, 04/15/33 (f) | 255 | 257 |
| GATX Corporation |  |  |
| 5.50%, 06/15/35 | 1115 | 1151 |
| 5.20%, 03/15/44 | 825 | 785 |
| General Electric Company |  |  |
| 4.90%, 01/29/36 | 787 | 798 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (f) | 1055 | 1073 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (f) | 290 | 298 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/23/29 (f) (i) | 150 | 106 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 490 | 490 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (f) | 270 | 280 |
| Hexcel Corporation |  |  |
| 5.88%, 02/26/35 (n) | 1108 | 1148 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (f) | 750 | 783 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 260 | 256 |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | 1323 | 1400 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (f) | 160 | 162 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (d) | 700 | 702 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (d) | 2571 | 2657 |
| 4.35%, 04/05/36 (d) | 818 | 789 |
| Lockheed Martin Corporation |  |  |
| 5.00%, 08/15/35 | 1900 | 1929 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (f) | 785 | 776 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/29 (n) | 1887 | 1973 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (f) | 525 | 539 |
| Molex Electronic Technologies, LLC |  |  |
| 5.25%, 04/30/32 (f) | 2065 | 2102 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (d) | 1758 | 1745 |
| Northrop Grumman Corporation |  |  |
| 4.03%, 10/15/47 | 1177 | 960 |
| 5.20%, 06/01/54 | 1955 | 1859 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 894 | 942 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3631 | 3767 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (f) | 1923 | 1983 |
| Pike Corporation |  |  |
| 8.63%, 01/31/31 (f) | 255 | 274 |
| Quanta Services, Inc. |  |  |
| 5.25%, 08/09/34 | 1628 | 1668 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (f) | 190 | 197 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (f) | 475 | 494 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (n) | 1852 | 1893 |
| Republic Services, Inc. |  |  |
| 5.15%, 03/15/35 | 1852 | 1913 |
| Rollins, Inc. |  |  |
| 5.25%, 02/24/35 | 815 | 830 |
| San Miguel Industrias Pet S.A. |  |  |
| 3.75%, 08/02/28 (a) (d) (o) | 200 | 189 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (f) | 510 | 492 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (d) | 400 | 333 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.20%, 01/15/30 | 1960 | 2019 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (f) | 260 | 267 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (f) | 150 | 146 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (f) | 325 | 324 |
| TransDigm Inc. |  |  |
| 6.88%, 12/15/30 (f) | 515 | 534 |
| 6.38%, 05/31/33 (f) | 490 | 497 |
| 6.25%, 01/31/34 (f) | 35 | 36 |
| 6.75%, 01/31/34 (f) | 55 | 57 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (f) | 280 | 299 |
| Triton Container International Limited |  |  |
| 3.25%, 03/15/32 | 726 | 650 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (f) | 340 | 363 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (f) | 2127 | 2118 |
| 4.80%, 09/15/34 | 1909 | 1911 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 661 | 682 |
| 5.45%, 09/18/33 | 953 | 997 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 1850 | 1908 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (f) | 975 | 953 |
| Waste Connections, Inc. |  |  |
| 5.25%, 09/01/35 | 1555 | 1600 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (f) | 520 | 538 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (f) | 170 | 176 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.90%, 05/29/30 | 1840 | 1882 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| XPO, Inc. |  |  |
| 7.13%, 06/01/31 (f) | 650 | 678 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (f) | 300 | 322 |
| | | 82323 |
| **Energy 2.2%** | **Energy 2.2%** | **Energy 2.2%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (d) | 928 | 945 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (d) | 585 | 501 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (f) | 490 | 511 |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (d) | 487 | 493 |
| 5.75%, 06/15/33 (f) | 1000 | 905 |
| 5.75%, 06/15/33 (d) | 1500 | 1357 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (f) | 510 | 524 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (f) | 540 | 535 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (d) | 1400 | 1397 |
| Buckeye Partners, L.P. |  |  |
| 6.88%, 07/01/29 (f) | 730 | 756 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (d) | 1400 | 484 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 2007 | 1933 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1906 | 1900 |
| 5.65%, 04/15/34 | 1000 | 1031 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (f) | 185 | 184 |
| 6.75%, 03/15/33 (f) | 530 | 537 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (f) | 205 | 213 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (f) | 470 | 451 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (f) | 330 | 331 |
| Colonial Enterprises, Inc. |  |  |
| 5.63%, 11/15/35 (f) | 1143 | 1152 |
| Cosan Limited |  |  |
| 5.50%, 09/20/29 (d) | 200 | 197 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (f) | 1008 | 984 |
| Eastern Energy Gas Holdings, LLC |  |  |
| 5.65%, 10/15/54 | 1994 | 1965 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 3150 | 2336 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (d) | 279 | 277 |
| Enterprise Products Operating LLC |  |  |
| 5.55%, 02/16/55 | 1895 | 1873 |
| Florida Gas Transmission Company, LLC |  |  |
| 5.75%, 07/15/35 (f) | 810 | 840 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (d) | 618 | 526 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (f) | 200 | 169 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (f) | 505 | 519 |
| Gulfstream Natural Gas System, L.L.C. |  |  |
| 5.60%, 07/23/35 (f) | 1157 | 1185 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 05/15/32 (f) | 495 | 508 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (f) | 980 | 998 |
| 5.50%, 10/15/30 (f) | 1338 | 1344 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (f) | 210 | 205 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 6.95%, 01/15/38 | 853 | 961 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (f) | 951 | 957 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (f) | 520 | 539 |
| 6.50%, 10/01/33 (f) | 145 | 148 |
| 6.75%, 10/01/35 (f) | 145 | 149 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (f) | 420 | 425 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (d) | 400 | 403 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (f) | 250 | 260 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (f) | 150 | 154 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31 (f) | 2202 | 1995 |
| ONEOK, Inc. |  |  |
| 6.63%, 09/01/53 | 5000 | 5316 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (d) | 600 | 597 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 110 | 109 |
| Permian Resources Operating, LLC |  |  |
| 6.25%, 02/01/33 (f) | 1206 | 1229 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (d) | 675 | 648 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 300 | 296 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 300 | 247 |
| PT Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (d) | 1000 | 988 |
| Raizen Fuels Finance S.A. |  |  |
| 5.70%, 01/17/35 (d) | 1200 | 1101 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (d) | 500 | 494 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (f) | 315 | 315 |
| Southern Natural Gas Company, L.L.C. |  |  |
| 5.45%, 08/01/35 (f) | 496 | 506 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 971 | 954 |
| Sunoco LP |  |  |
| 6.00%, 04/15/27 | 225 | 225 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (f) | 265 | 273 |
| 6.75%, 03/15/34 (f) | 140 | 139 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 422 | 430 |
| TransCanada PipeLines Limited |  |  |
| 4.63%, 03/01/34 | 3000 | 2929 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (f) | 154 | 154 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (f) | 481 | 512 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (f) | 365 | 378 |
| 8.38%, 06/01/31 (f) | 340 | 357 |
| 9.88%, 02/01/32 (f) | 140 | 152 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (f) | 285 | 300 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (f) | 565 | 571 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 683 | 687 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (f) (i) | 230 | 223 |
| WBI Operations LLC |  |  |
| 6.50%, 10/15/33 (f) | 405 | 404 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (f) | 145 | 148 |
| 6.75%, 10/15/33 (f) | 485 | 485 |
|  |  | 57224 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (f) | 205 | 213 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 944 | 976 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1873 | 1918 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (f) | 415 | 412 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1544 | 1588 |
| Broadcom Inc. |  |  |
| 3.50%, 02/15/41 (f) | 4781 | 3932 |
| Castle US Holding Corporation |  |  |
| 10.00%, 06/30/31 (f) | 82 | 13 |
| Clarivate Science Holdings Corporation |  |  |
| 4.88%, 07/01/29 (f) | 230 | 217 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (f) | 325 | 328 |
| 9.00%, 09/30/29 (f) | 210 | 218 |
| 6.63%, 08/15/33 (f) | 180 | 183 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (f) | 290 | 300 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | 873 | 948 |
| Diebold Nixdorf, Incorporated |  |  |
| 7.75%, 03/31/30 (f) | 160 | 169 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (f) | 500 | 509 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (f) | 1500 | 1604 |
| 5.88%, 01/25/34 (f) | 1000 | 1043 |
| Helios Software Holdings, Inc. |  |  |
| 4.63%, 05/01/28 (f) | 450 | 435 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 3867 | 3837 |
| Intuit Inc. |  |  |
| 5.50%, 09/15/53 | 1623 | 1638 |
| Kyndryl Holdings, Inc. |  |  |
| 4.10%, 10/15/41 | 3560 | 2882 |
| Marvell Technology, Inc. |  |  |
| 5.95%, 09/15/33 | 3560 | 3821 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (f) | 115 | 107 |
| Motorola Solutions, Inc. |  |  |
| 5.20%, 08/15/32 | 1550 | 1615 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 916 | 953 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 1545 | 1548 |
| Oracle Corporation |  |  |
| 5.88%, 09/26/45 | 1553 | 1558 |
| Qorvo, Inc. |  |  |
| 3.38%, 04/01/31 (f) | 1115 | 1025 |
| Renesas Electronics Corporation |  |  |
| 2.17%, 11/25/26 (f) (n) | 3813 | 3715 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 579 | 581 |
| SK Hynix Inc. |  |  |
| 4.25%, 09/11/28 (f) | 5325 | 5322 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (f) | 485 | 486 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (f) | 255 | 263 |
| VeriSign, Inc. |  |  |
| 5.25%, 06/01/32 | 2388 | 2455 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (d) | 200 | 196 |
| Workday, Inc. |  |  |
| 3.70%, 04/01/29 (i) | 1787 | 1760 |
| 3.80%, 04/01/32 | 1037 | 990 |
|  |  | 49758 |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| Academy, Ltd. |  |  |
| 6.00%, 11/15/27 (f) | 420 | 420 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (f) | 145 | 150 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 (i) | 210 | 200 |
| 6.38%, 10/15/32 (f) | 210 | 210 |
| 7.75%, 10/15/33 (f) | 100 | 101 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (f) | 285 | 270 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1812 | 1871 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (f) (m) | 200 | 216 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (f) (i) | 790 | 778 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (f) | 652 | 653 |
| 5.75%, 08/01/32 (f) | 245 | 249 |
| 6.13%, 02/15/33 (f) | 651 | 667 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (f) | 1565 | 1605 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (f) | 260 | 277 |
| Dana Incorporated |  |  |
| 5.38%, 11/15/27 | 120 | 120 |
| 5.63%, 06/15/28 | 310 | 310 |
| DCLI Bidco LLC |  |  |
| 7.75%, 11/15/29 (f) | 335 | 348 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (f) | 260 | 258 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (f) (i) | 210 | 181 |
| Expedia Group, Inc. |  |  |
| 3.80%, 02/15/28 | 1943 | 1925 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (f) | 205 | 193 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (f) (i) | 205 | 190 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (f) | 345 | 358 |
| Genting New York LLC |  |  |
| 7.25%, 10/01/29 (f) | 365 | 377 |
| Genuine Parts Company |  |  |
| 4.95%, 08/15/29 | 1495 | 1523 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (f) | 275 | 267 |
| 6.38%, 01/15/30 (f) | 340 | 348 |
| Hyundai Capital America |  |  |
| 5.30%, 01/08/29 (f) | 3700 | 3790 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/28 (f) | 425 | 425 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (f) | 220 | 226 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (f) | 105 | 97 |
| 9.50%, 06/15/31 (f) | 150 | 158 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (f) | 525 | 533 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (f) | 245 | 252 |
| 6.25%, 10/01/33 (f) | 320 | 321 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (f) | 225 | 229 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (f) | 65 | 53 |
| Lowe`s Companies, Inc. |  |  |
| 5.63%, 04/15/53 (i) | 1115 | 1107 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (f) | 205 | 189 |
| Marriott International, Inc. |  |  |
| 4.50%, 10/15/31 | 1942 | 1934 |
| 5.30%, 05/15/34 | 1874 | 1923 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mattamy Homes Limited |  |  |
| 4.63%, 03/01/30 (f) | 415 | 401 |
| McDonald's Corporation |  |  |
| 4.45%, 03/01/47 | 2151 | 1864 |
| Merlin Entertainments Group U.S. Holdings Inc. |  |  |
| 7.38%, 02/15/31 (f) | 570 | 489 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (f) | 405 | 394 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (f) | 140 | 140 |
| 6.25%, 09/15/33 (f) | 140 | 141 |
| Newell Brands Inc. |  |  |
| 6.38%, 05/15/30 | 300 | 297 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (f) | 245 | 245 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (f) | 210 | 206 |
| 4.81%, 09/17/30 (f) | 215 | 203 |
| 7.75%, 07/17/32 (f) | 200 | 212 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (f) | 300 | 298 |
| O'Reilly Automotive, Inc. |  |  |
| 5.00%, 08/19/34 | 973 | 982 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (d) | 2050 | 1996 |
| PENN Entertainment, Inc. |  |  |
| 4.13%, 07/01/29 (f) | 200 | 188 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (f) | 250 | 251 |
| 10.00%, 09/15/33 (f) | 250 | 253 |
| Premier Entertainment Sub, LLC |  |  |
| 5.63%, 09/01/29 (f) (i) | 145 | 77 |
| Qnity Electronics, Inc. |  |  |
| 6.25%, 08/15/33 (f) | 195 | 199 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (f) | 255 | 257 |
| 6.63%, 02/01/33 (f) | 755 | 769 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (f) | 1814 | 1830 |
| 5.38%, 01/15/36 | 838 | 843 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27 (f) | 62 | 63 |
| 10.75%, 11/15/29 (f) | 201 | 195 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (f) (i) | 245 | 245 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (f) | 315 | 312 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (f) | 260 | 267 |
| Swf Holdings I Corp. |  |  |
| 6.50%, 10/01/29 (f) | 95 | 37 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 07/15/31 | 235 | 221 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (f) | 490 | 506 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/29 (f) | 170 | 168 |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (f) | 600 | 592 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (f) | 210 | 225 |
| Victra Holdings LLC |  |  |
| 8.75%, 09/15/29 (f) (i) | 670 | 705 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (f) | 930 | 929 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (f) | 260 | 275 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29 | 410 | 396 |
| 4.28%, 03/15/32 (i) | 175 | 160 |
| 5.05%, 03/15/42 | 300 | 239 |
| Whirlpool Corporation |  |  |
| 6.50%, 06/15/33 | 250 | 250 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.38%, 08/15/28 (f) | 585 | 571 |
| | | 44193 |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (f) | 400 | 411 |
| AbbVie Inc. |  |  |
| 4.70%, 05/14/45 | 2003 | 1839 |
| 5.50%, 03/15/64 | 1108 | 1108 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (f) | 165 | 157 |
| Agilent Technologies, Inc. |  |  |
| 4.75%, 09/09/34 | 1948 | 1941 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 2697 | 2691 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (f) | 650 | 678 |
| Bausch Health Companies Inc. |  |  |
| 8.50%, 01/31/27 (f) | 105 | 104 |
| 4.88%, 06/01/28 (f) | 290 | 260 |
| 5.25%, 01/30/30 (f) | 185 | 131 |
| 14.00%, 10/15/30 (f) (i) | 30 | 30 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1826 | 1877 |
| Cardinal Health, Inc. |  |  |
| 4.60%, 03/15/43 | 1883 | 1661 |
| 4.50%, 11/15/44 | 265 | 228 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (f) | 360 | 349 |
| 6.88%, 04/15/29 (f) | 180 | 143 |
| 4.75%, 02/15/31 (f) | 225 | 194 |
| Elevance Health, Inc. |  |  |
| 4.55%, 05/15/52 | 537 | 450 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 01/15/31 | 1906 | 1936 |
| Gilead Sciences, Inc. |  |  |
| 5.55%, 10/15/53 | 1004 | 1014 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (f) | 635 | 617 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 1294 | 1362 |
| 6.25%, 06/01/32 (f) | 340 | 351 |
| Labcorp Holdings Inc. |  |  |
| 4.80%, 10/01/34 | 4615 | 4578 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (f) (i) | 325 | 342 |
| Mars, Incorporated |  |  |
| 5.70%, 05/01/55 (f) | 1980 | 2006 |
| Merck & Co., Inc. |  |  |
| 5.70%, 09/15/55 | 2403 | 2478 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (f) | 540 | 536 |
| Quest Diagnostics Incorporated |  |  |
| 5.00%, 12/15/34 | 1874 | 1896 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (a) (f) (m) (o) | 155 | 152 |
| 8.50%, 07/15/32 (f) | 455 | 473 |
| Royalty Pharma PLC |  |  |
| 5.95%, 09/25/55 | 1182 | 1189 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (f) | 385 | 385 |
| Sotera Health Holdings, LLC |  |  |
| 7.38%, 06/01/31 (f) | 285 | 299 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.90%, 07/07/55 | 2005 | 2063 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 | 335 | 335 |
| 6.13%, 06/15/30 | 530 | 537 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.20%, 09/15/34 | 1862 | 1906 |
| Zoetis Inc. |  |  |
| 4.15%, 08/17/28 | 1910 | 1916 |
| 4.70%, 02/01/43 | 772 | 713 |
|  |  | 41336 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| Acuris Finance US, Inc. |  |  |
| 5.00%, 05/01/28 (f) | 475 | 461 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (f) | 245 | 191 |
| Altice France Holding S.A. |  |  |
| 5.50%, 10/15/29 (f) | 470 | 406 |
| AMC Entertainment Holdings, Inc. |  |  |
| 7.50%, 02/15/29 (f) (i) | 135 | 117 |
| AT&T Inc. |  |  |
| 2.75%, 06/01/31 | 4000 | 3666 |
| 3.50%, 09/15/53 | 5465 | 3778 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 1137 | 1179 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (f) | 550 | 547 |
| 4.75%, 03/01/30 (f) | 745 | 715 |
| 4.75%, 02/01/32 (f) | 385 | 356 |
| 4.25%, 01/15/34 (f) | 215 | 186 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (f) (i) | 205 | 199 |
| 7.13%, 02/15/31 (f) | 345 | 357 |
| CommScope Technologies LLC |  |  |
| 5.00%, 03/15/27 (f) | 185 | 184 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (f) | 122 | 121 |
| 9.50%, 12/15/31 (f) | 175 | 181 |
| Consolidated Communications, Inc. |  |  |
| 5.00%, 10/01/28 (f) | 430 | 435 |
| CSC Holdings, LLC |  |  |
| 6.50%, 02/01/29 (f) | 590 | 436 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (f) | 185 | 185 |
| 8.88%, 02/01/30 (f) | 290 | 286 |
| DISH DBS Corporation |  |  |
| 5.75%, 12/01/28 (f) | 520 | 499 |
| 5.13%, 06/01/29 | 350 | 299 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 435 | 479 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (f) | 130 | 130 |
| GCI, LLC |  |  |
| 4.75%, 10/15/28 (f) | 380 | 369 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 (f) | 240 | 245 |
| 7.25%, 08/15/33 (f) | 240 | 238 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (f) | 485 | 481 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (f) | 180 | 168 |
| 4.50%, 04/01/30 (f) | 350 | 320 |
| 6.88%, 06/30/33 (f) | 485 | 494 |
| Lumen Technologies, Inc. |  |  |
| 8.00%, 06/01/36 | 115 | 57 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (f) | 570 | 568 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (f) | 100 | 104 |
| Meta Platforms, Inc. |  |  |
| 4.45%, 08/15/52 | 2119 | 1815 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (d) | 540 | 538 |
| 6.25%, 03/25/29 (d) | 630 | 636 |
| 4.50%, 04/27/31 (d) | 200 | 189 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (f) | 280 | 280 |
| Netflix, Inc. |  |  |
| 5.40%, 08/15/54 | 1394 | 1405 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (f) | 200 | 211 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (f) (i) | 85 | 77 |
| Sirius XM Radio Inc. |  |  |
| 5.50%, 07/01/29 (f) | 885 | 885 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (d) | 200 | 199 |
| TELUS Corporation |  |  |
| 7.00%, 10/15/55 | 1905 | 2003 |
| T-Mobile USA, Inc. |  |  |
| 3.40%, 10/15/52 | 2123 | 1459 |
| 5.50%, 01/15/55 | 5000 | 4839 |
| 5.25%, 06/15/55 | 1223 | 1139 |
| 5.88%, 11/15/55 | 1180 | 1205 |
| Videotron Ltee |  |  |
| 5.70%, 01/15/35 (f) | 1874 | 1910 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (f) | 250 | 258 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (f) | 315 | 327 |
| 7.50%, 10/15/33 (f) | 220 | 220 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (f) | 200 | 189 |
|  |  | 38221 |
| **Consumer Staples 1.4%** | **Consumer Staples 1.4%** | **Consumer Staples 1.4%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (d) | 689 | 633 |
| 3.00%, 02/16/31 (f) | 459 | 422 |
| Allied Universal Holdco LLC |  |  |
| 6.00%, 06/01/29 (f) | 235 | 231 |
| 7.88%, 02/15/31 (f) | 670 | 703 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/33 (f) | 1680 | 1734 |
| B.A.T Capital Corporation |  |  |
| 5.63%, 08/15/35 | 1878 | 1951 |
| 4.54%, 08/15/47 | 1701 | 1426 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (f) | 680 | 689 |
| Block Financial LLC |  |  |
| 5.38%, 09/15/32 | 2069 | 2086 |
| Bunge Limited Finance Corp. |  |  |
| 4.65%, 09/17/34 | 2308 | 2264 |
| Campbell's Company, The |  |  |
| 5.40%, 03/21/34 | 951 | 974 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (d) | 400 | 400 |
| Cosan Overseas Limited |  |  |
| 8.25% (d) (h) | 1400 | 1413 |
| Flowers Foods, Inc. |  |  |
| 5.75%, 03/15/35 | 1916 | 1952 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (d) (i) | 400 | 301 |
| Froneri Lux Topco S.a r.l. |  |  |
| 6.00%, 08/01/32 (f) | 485 | 485 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 09/30/32 (f) | 200 | 200 |
| JBS USA Food Company |  |  |
| 3.75%, 12/01/31 | 1502 | 1419 |
| Keurig Dr Pepper Inc. |  |  |
| 5.20%, 03/15/31 | 1842 | 1883 |
| Kroger Co., The |  |  |
| 5.65%, 09/15/64 | 1994 | 1950 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (f) (i) | 160 | 159 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (d) | 200 | 200 |
| 8.88%, 09/13/33 (f) | 200 | 220 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (f) | 300 | 286 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (d) | 600 | 608 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (f) | 540 | 553 |
| Philip Morris International Inc. |  |  |
| 5.38%, 02/15/33 | 1824 | 1904 |
| 5.25%, 02/13/34 | 1687 | 1741 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (f) | 405 | 409 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Prime Security Services Borrower, LLC |  |  |
| 6.25%, 01/15/28 (f) | 225 | 225 |
| Primo Water Holdings Inc. |  |  |
| 6.25%, 04/01/29 (f) | 315 | 315 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (d) | 1824 | 1859 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (f) | 1991 | 2029 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (d) (e) | 1540 | 1165 |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (f) | 700 | 705 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (f) | 830 | 829 |
| Vortex Opco LLC |  |  |
| 11.26%, 04/30/30 (a) (f) | 12 | 12 |
| VT Topco, Inc. |  |  |
| 8.50%, 08/15/30 (f) | 210 | 215 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (f) | 315 | 332 |
| | | 36882 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| American Homes 4 Rent, L.P. |  |  |
| 5.50%, 02/01/34 | 2721 | 2813 |
| American Tower Corporation |  |  |
| 5.55%, 07/15/33 | 930 | 974 |
| 3.70%, 10/15/49 | 683 | 511 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 04/15/30 (f) | 80 | 75 |
| 7.00%, 04/15/30 (f) | 235 | 238 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (d) | 693 | 739 |
| 7.25%, 01/31/41 (f) | 495 | 528 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 5000 | 4948 |
| Essential Properties, L.P. |  |  |
| 5.40%, 12/01/35 | 1065 | 1068 |
| Extra Space Storage LP |  |  |
| 5.40%, 02/01/34 | 1879 | 1934 |
| First Industrial, L.P. |  |  |
| 5.25%, 01/15/31 | 2382 | 2440 |
| Iron Mountain Incorporated |  |  |
| 7.00%, 02/15/29 (f) | 405 | 417 |
| 6.25%, 01/15/33 (f) | 100 | 102 |
| Lineage OP, LP |  |  |
| 5.25%, 07/15/30 (f) | 1881 | 1906 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 987 | 995 |
| 3.25%, 04/15/33 | 1130 | 997 |
| Park Intermediate Holdings LLC |  |  |
| 7.00%, 02/01/30 (f) | 730 | 752 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (d) | 1000 | 1000 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.75%, 07/15/34 | 1451 | 1511 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (f) | 420 | 433 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 930 | 845 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (e) (f) | 325 | 287 |
| 5.50%, 12/15/27 | 115 | 113 |
| 8.88%, 06/15/32 | 220 | 222 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.70%, 07/15/31 | 2240 | 2026 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (f) | 196 | 206 |
| 8.63%, 06/15/32 (f) (i) | 200 | 191 |
| VICI Properties Inc. |  |  |
| 4.63%, 12/01/29 (f) | 1955 | 1937 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (f) | 2075 | 2132 |
|  |  | 32340 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 700 | 679 |
| ArcelorMittal |  |  |
| 6.00%, 06/17/34 (i) | 1015 | 1083 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (f) | 600 | 623 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 (f) | 150 | 159 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 908 | 960 |
| Avient Corporation |  |  |
| 6.25%, 11/01/31 (f) | 100 | 102 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (d) | 600 | 355 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/31/30 (d) (i) | 500 | 188 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (d) | 1400 | 1145 |
| 3.90%, 04/27/31 (f) | 600 | 491 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30 (f) | 2024 | 1903 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 | 245 | 247 |
| 6.75%, 04/15/33 (i) | 245 | 244 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (d) (h) | 1600 | 1595 |
| 7.20%, (100, 06/10/30) (f) (h) | 200 | 208 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (f) | 325 | 331 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (d) | 1400 | 1191 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (d) | 200 | 200 |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 200 | 200 |
| 5.25%, 09/01/29 | 300 | 304 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (d) | 1000 | 1050 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (f) | 200 | 205 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (f) | 120 | 119 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (d) | 1100 | 1053 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 1812 | 1889 |
| Nexa Resources S.A. |  |  |
| 6.50%, 01/18/28 (d) | 200 | 205 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (f) | 435 | 420 |
| 6.88%, 01/30/30 (f) | 190 | 197 |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (d) | 1500 | 1630 |
| Office Cherifien Des Phosphates S.A. |  |  |
| 4.50%, 10/22/25 (d) | 400 | 400 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 (f) | 185 | 186 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 02/15/33 (f) | 290 | 290 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (d) | 500 | 502 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 200 | 200 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.75%, 03/14/55 | 1130 | 1163 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 200 | 199 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (f) | 515 | 541 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sonoco Products Company |  |  |
| 4.60%, 09/01/29 | 987 | 992 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (f) | 475 | 444 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 1119 | 1120 |
| Tronox Incorporated |  |  |
| 9.13%, 09/30/30 (f) | 35 | 34 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (f) (m) | 44 | 33 |
| 13.50%, 12/31/27 (d) (m) | 62 | 47 |
| 11.00%, 12/31/28 (f) (m) | 50 | 8 |
| 11.00%, 12/31/28 (d) (m) | 216 | 36 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 737 | 758 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (f) | 270 | 251 |
| | | 26180 |
| Total Corporate Bonds And Notes (cost $650,298) | Total Corporate Bonds And Notes (cost $650,298) | 648979 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** |
| AASET 2021-2 Trust |  |  |
| Series 2021-B-2A, 3.54%, 12/15/28 (o) | 998 | 940 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (o) | 2095 | 2149 |
| Series 2024-B-1A, 6.90%, 05/16/31 (o) | 4427 | 4553 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (o) | 1307 | 1333 |
| ABFC 2006-HE1 Trust |  |  |
| Series 2006-A2B-HE1, REMIC, 1.13%, (1 Month Term SOFR + 0.33%), 01/25/37 (a) (o) (p) | 2447 | 1335 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.49%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (o) (p) | 2274 | 1649 |
| Affirm Asset Securitization Trust 2025-X1 |  |  |
| Series 2025-B-X1, 5.19%, 07/15/26 | 2600 | 2611 |
| AIMCO CLO 10 Ltd |  |  |
| Series 2019-D1RR-10A, 7.33%, (3 Month Term SOFR + 3.00%), 07/22/37 (a) | 2000 | 2008 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2005-1A7-6CB, REMIC, 5.50%, 04/25/35 | 2818 | 2432 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-1A2-27, REMIC, 4.70%, (12 Month Treasury Average + 1.40%), 08/25/35 (a) (p) | 155 | 148 |
| Series 2005-A3-32T1, REMIC, 5.27%, (1 Month Term SOFR + 1.11%), 08/25/35 (a) | 4422 | 2236 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-1A1-59, REMIC, 3.78%, (1 Month Term SOFR + 0.77%), 11/20/35 (a) (o) (p) | 2475 | 2335 |
| Series 2005-2A1-J12, REMIC, 2.17%, (1 Month Term SOFR + 0.65%), 11/25/35 (a) (o) (p) | 5434 | 2697 |
| Series 2005-1A10-64CB, REMIC, 5.75%, 12/25/35 | 2255 | 2053 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A5-19CB, REMIC, 6.00%, 08/25/36 | 3134 | 1689 |
| Alternative Loan Trust 2006-25CB |  |  |
| Series 2006-A4-25CB, REMIC, 6.00%, 10/25/36 | 3302 | 1677 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2006-2A4-6CB, REMIC, 5.75%, 05/25/36 | 5108 | 1812 |
| Alternative Loan Trust 2006-OA12 |  |  |
| Series 2006-A1B-OA12, REMIC, 3.88%, (1 Month Term SOFR + 0.30%), 09/20/46 (a) (o) (p) | 469 | 514 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.85%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (o) | 2880 | 2636 |
| Alternative Loan Trust 2006-OA21 |  |  |
| Series 2006-A1-OA21, REMIC, 3.86%, (1 Month Term SOFR + 0.30%), 03/20/47 (a) (o) (p) | 1874 | 1691 |
| Alternative Loan Trust 2006-OC3 |  |  |
| Series 2006-2A3-OC3, REMIC, 4.80%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (o) (p) | 4704 | 4088 |
| Alternative Loan Trust 2007-16CB |  |  |
| Series 2007-1A4-16CB, REMIC, 6.00%, 08/25/37 | 2913 | 2169 |
| Alternative Loan Trust 2007-9T1 |  |  |
| Series 2007-2A3-9T1, REMIC, 6.00%, 05/25/37 | 5933 | 2502 |
| Alternative Loan Trust 2007-Oa7 |  |  |
| Series 2007-A1A-OA7, REMIC, 4.84%, (1 Month Term SOFR + 0.47%), 05/25/47 (a) (o) (p) | 121 | 112 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-E1-SFR5, REMIC, 2.68%, 11/19/25 | 8000 | 7967 |
| Series 2020-E2-SFR5, REMIC, 2.93%, 11/19/25 | 10000 | 9959 |
| AMSR Trust |  |  |
| Series 2021-E1-SFR2, REMIC, 2.48%, 08/19/26 | 3000 | 2932 |
| Series 2021-E2-SFR2, REMIC, 2.58%, 08/19/26 | 2500 | 2441 |
| Series 2021-F1-SFR2, REMIC, 3.28%, 08/19/26 | 3000 | 2943 |
| Series 2021-F2-SFR2, REMIC, 3.67%, 08/19/26 | 2000 | 1966 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, REMIC, 5.81%, (3 Month Term SOFR + 1.50%), 07/21/36 (a) | 1000 | 1002 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-B-CRE9, 6.68%, (1 Month Term SOFR + 2.54%), 02/20/29 (a) (o) | 1820 | 1815 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.53%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2290 | 2294 |
| Argent Securities Inc. |  |  |
| Series 2006-A2C-W2, REMIC, 1.48%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (o) (p) | 10339 | 5626 |
| Argent Securities Trust 2006-M1 |  |  |
| Series 2006-A2C-M1, REMIC, 0.74%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (o) (p) | 12925 | 3452 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-C-1A, 5.28%, 04/15/31 | 1700 | 1697 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 5.55%, (3 Month Term SOFR + 1.32%), 07/18/38 (a) | 2000 | 2007 |
| Bain Capital Credit CLO 2023-4 Ltd |  |  |
| Series 2023-D-4A, 9.33%, (3 Month Term SOFR + 5.00%), 10/21/36 (a) | 500 | 501 |
| Bain Capital Credit CLO 2024-4 Ltd |  |  |
| Series 2024-D1-4A, 7.42%, (3 Month Term SOFR + 3.10%), 10/23/37 (a) | 500 | 504 |
| BAMLL Commercial Mortgage Securities Trust 2016-ISQR |  |  |
| Series 2016-C-ISQ, REMIC, 3.61%, 08/14/26 (a) | 3125 | 1768 |
| Banc of America Funding Corp |  |  |
| Series 2005-4A1-A, REMIC, 4.99%, 02/20/35 (a) | 177 | 167 |
| Bank 2018-BNK14 |  |  |
| Series 2018-A3-BN14, REMIC, 3.97%, 07/17/28 | 2591 | 2565 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 2331 | 2193 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A3-BN26, REMIC, 2.16%, 01/17/30 | 2000 | 1841 |
| Bank 2021-BNK37 |  |  |
| Series 2021-C-BN37, REMIC, 3.11%, 11/18/31 (a) | 2121 | 1670 |
| Bank 2021-BNK38 |  |  |
| Series 2021-A5-BN38, REMIC, 2.52%, 12/15/31 | 3800 | 3346 |
| Bank 2022-BNK39 |  |  |
| Series 2022-E-BNK39, REMIC, 2.50%, 01/16/32 | 900 | 595 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2022-AS-BNK39, REMIC, 3.18%, 01/16/32 | 2280 | 2030 |
| Bank of America Corporation |  |  |
| Series 2005-A1-D, REMIC, 5.34%, 05/25/35 (a) | 1554 | 1480 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2368 | 2419 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A3-5YR9, REMIC, 5.61%, 08/15/29 | 2363 | 2456 |
| Bank5 Trust 2024-5YR6 |  |  |
| Series 2024-A3-5YR6, REMIC, 6.23%, 04/15/29 | 1969 | 2078 |
| BBCMS Mortgage Trust 2019-C3 |  |  |
| Series 2019-C-C3, REMIC, 4.18%, 05/17/29 | 2600 | 2300 |
| BBCMS Mortgage Trust 2020-C8 |  |  |
| Series 2020-A5-C8, REMIC, 2.04%, 10/18/30 | 1275 | 1124 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Series 2021-A5-C12, REMIC, 2.69%, 11/18/31 | 3157 | 2808 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Series 2021-A5-C9, REMIC, 2.30%, 02/18/31 | 2916 | 2602 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Series 2022-A5-C17, REMIC, 4.44%, 08/17/32 | 3037 | 2985 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2369 | 2430 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 1593 | 1668 |
| BCAP LLC 2010-RR11-II Trust |  |  |
| Series 2010-5A3-RR11, REMIC, 5.05%, 03/27/47 (a) | 3582 | 3022 |
| BCAP LLC 2011-RR4-II Trust |  |  |
| Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (a) | 458 | 177 |
| BCAP LLC Trust 2007-AA2 |  |  |
| Series 2007-11A-AA2, REMIC, 4.57%, (1 Month Term SOFR + 0.49%), 05/25/47 (a) (o) (p) | 1092 | 1190 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.48%, 03/26/37 (a) | 32 | 31 |
| Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 | 2978 | 1344 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-B-FL11, 6.48%, (1 Month Term SOFR + 2.35%), 03/19/39 (a) | 2230 | 2234 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-23A1-4, REMIC, 5.41%, 05/25/35 (a) | 50 | 49 |
| Series 2005-22A1-7, REMIC, 4.85%, 09/25/35 (a) | 59 | 32 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2000-A1-2, REMIC, 4.82%, 11/25/30 (a) |  |  |
| Series 2002-1A1-11, REMIC, 6.25%, 02/25/33 (a) |  |  |
| Series 2003-6A1-1, REMIC, 6.57%, 04/25/33 (a) | 2 | 2 |
| Series 2003-4A1-8, REMIC, 6.37%, 01/25/34 (a) | 26 | 26 |
| Series 2004-2A1-8, REMIC, 5.29%, 11/25/34 (a) | 91 | 81 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-1A1-R6, REMIC, 4.95%, 01/26/36 (a) | 126 | 88 |
| Series 2007-2A1-R6, REMIC, 4.66%, 12/26/46 (a) | 107 | 85 |
| Benchmark 2019-B13 Mortgage Trust |  |  |
| Series 2019-A3-B13, REMIC, 2.70%, 08/17/29 | 1000 | 942 |
| Benchmark 2021-B30 Mortgage Trust |  |  |
| Series 2021-A5-B30, REMIC, 2.58%, 11/18/31 | 1654 | 1475 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-A5-B31, REMIC, 2.67%, 12/17/31 | 1450 | 1290 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-AS-B32, REMIC, 3.41%, 01/16/32 (a) | 2300 | 2042 |
| Benchmark 2023-B38 Mortgage Trust |  |  |
| Series 2023-A4-B38, REMIC, 5.52%, 02/17/33 | 1650 | 1729 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2400 | 2466 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (a) | 1964 | 2064 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A2-V8, REMIC, 5.71%, 05/17/29 (a) | 2386 | 2461 |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (a) | 1963 | 2073 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2361 | 2449 |
| Benchmark 2025-V15 Mortgage Trust |  |  |
| Series 2025-AS-V15, REMIC, 6.17%, 05/15/30 | 1306 | 1371 |
| Benefit Street Partners CLO 42 Ltd |  |  |
| Series 2025-D1-42A, 6.77%, (3 Month Term SOFR + 2.70%), 10/25/38 (a) | 500 | 500 |
| Bluemountain CLO XXIII LLC |  |  |
| Series 2018-D1R-23A, 8.18%, (3 Month Term SOFR + 3.85%), 07/20/37 (a) | 2000 | 2008 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C6, REMIC, 5.32%, 09/17/29 | 2367 | 2433 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1563 | 1608 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (o) | 6382 | 6428 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-B-FL10, 7.42%, (1 Month Term SOFR + 3.27%), 08/15/28 (a) (o) | 2500 | 2500 |
| Campbellsville Independent School District |  |  |
| Series 2018-DR-27A, 8.41%, (3 Month Term SOFR + 4.09%), 01/25/35 (a) | 2500 | 2501 |
| Canyon Capital CLO 2019-2 Ltd |  |  |
| Series 2019-DR2-2A, 7.11%, (3 Month Term SOFR + 2.85%), 10/15/34 (a) | 1000 | 1000 |
| Canyon CLO 2021-3, Ltd. |  |  |
| Series 2021-DR-3A, 7.05%, (3 Month Term SOFR + 0.00%), 07/15/34 (a) | 1000 | 1000 |
| Carlyle US CLO 2018-4 LTD |  |  |
| Series 2018-D1R-4A, 7.42%, (3 Month Term SOFR + 3.10%), 10/19/37 (a) | 500 | 503 |
| Carlyle US CLO 2019-4 LTD |  |  |
| Series 2019-A2R-4A, 6.07%, (3 Month Term SOFR + 1.75%), 04/15/35 (a) | 1000 | 1003 |
| Carlyle US CLO 2021-8 LTD |  |  |
| Series 2021-A1R-8A, 5.25%, (3 Month Term SOFR + 0.00%), 10/15/38 (a) | 3000 | 3009 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 1500 | 1499 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (o) | 514 | 502 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-C-8A, 7.21%, (3 Month Term SOFR + 2.88%), 01/22/35 (a) | 1000 | 1002 |
| Series 2021-D1-8A, 8.01%, (3 Month Term SOFR + 3.68%), 01/22/35 (a) | 1000 | 1001 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF2-CB1, REMIC, 1.09%, 01/25/37 (a) (o) (p) | 2472 | 684 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65C-CF1, REMIC, 4.12%, 05/17/52 | 2737 | 274 |
| CFCRE 2016-C6 Mortgage Trust |  |  |
| Series 2016-A2-C6, REMIC, 2.95%, 08/12/26 | 2884 | 2858 |
| Chase Mortgage Finance Trust |  |  |
| Series 2005-1A1-A1, REMIC, 4.72%, 12/25/35 (a) | 28 | 27 |
| ChaseFlex Trust Series 2007-3 |  |  |
| Series 2007-1A1-3, REMIC, 5.00%, 07/25/37 | 342 | 113 |
| CIFC Funding 2019-III Ltd |  |  |
| Series 2019-D1R2-3A, 7.07%, (3 Month Term SOFR + 2.75%), 01/16/38 (a) | 500 | 505 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.01%, (3 Month Term SOFR + 2.75%), 01/15/38 (a) | 500 | 505 |
| Citicorp Mortgage Securities Trust, Series 2007-2 |  |  |
| Series 2007-1A3-2, REMIC, 6.00%, 02/25/37 | 561 | 517 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Series 2018-A3-B2, REMIC, 3.74%, 01/12/28 | 2766 | 2731 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Series 2019-B-GC41, REMIC, 3.20%, 08/10/29 | 1762 | 1552 |
| Citigroup Mortgage Loan Trust 2007-FS1 |  |  |
| Series 2007-1A1-FS1, REMIC, 4.36%, 10/25/37 (a) (o) | 1434 | 1392 |
| Citigroup Mortgage Loan Trust 2018-RP1 |  |  |
| Series 2018-M3-RP1, REMIC, 3.00%, 09/25/64 (a) | 1500 | 1283 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 409 | 393 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2005-A2A-11, REMIC, 6.68%, (1 Year Treasury + 2.40%), 10/25/35 (a) (p) | 6 | 6 |
| Series 2005-1A3A-8, REMIC, 4.53%, 11/25/35 (a) | 724 | 758 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.72%, (1 Month Term SOFR + 0.17%), 07/25/45 (a) (o) (p) | 205 | 143 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1462 | 1467 |
| COLT 2020-RPL1 Trust |  |  |
| Series 2020-1-RPL, REMIC, 2.88%, 01/25/65 | 4257 | 3233 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-C-DC1, REMIC, 4.30%, 02/12/48 (a) | 200 | 180 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2002-A-P1A, REMIC, 5.09%, 03/25/32 (a) | 10 | 9 |
| Crown City CLO I |  |  |
| Series 2020-A1RR-1A, 5.43%, (3 Month Term SOFR + 1.37%), 07/20/38 (a) | 1000 | 1003 |
| CSMC 2021-B33 |  |  |
| Series 2021-B-B33, REMIC, 3.64%, 10/10/31 (a) | 2810 | 2496 |
| CSMC 2022-RPL4 Trust |  |  |
| Series 2022-A1-RPL4, REMIC, 3.90%, 04/25/62 (a) | 6599 | 6344 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A4-6, REMIC, 6.00%, 07/25/36 | 1264 | 574 |
| CSMC Series 2010-18R |  |  |
| Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) | 194 | 191 |
| CSMC Trust 2017-CALI |  |  |
| Series 2017-F-CALI, REMIC, 3.78%, 11/12/32 (a) | 5200 | 130 |
| CWABS, Inc. |  |  |
| Series 2004-M1-3, REMIC, 5.19%, (1 Month Term SOFR + 0.86%), 06/25/34 (a) (o) (p) | 10 | 10 |
| Series 2005-3A2A-HYB9, REMIC, 4.76%, (12 Month Term SOFR + 2.47%), 02/20/36 (a) | 8 | 8 |
| CWMBS, Inc. |  |  |
| Series 2004-A14-19, REMIC, 5.50%, 10/25/34 | 975 | 972 |
| Series 2004-A2-HYB6, REMIC, 5.39%, 11/21/34 (a) | 174 | 168 |
| Series 2004-A3-22, REMIC, 5.09%, 11/25/34 (a) | 70 | 66 |
| Series 2004-1A1-HYB9, REMIC, 5.28%, 02/20/35 (a) | 9 | 9 |
| Series 2005-1A13-26, REMIC, 5.50%, 11/25/35 | 2711 | 1584 |
| Series 2005-A1-29, REMIC, 5.75%, 12/25/35 | 860 | 398 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-B-1A, 5.45%, 04/20/28 | 1744 | 1728 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 3000 | 2948 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2000 | 1973 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RAMP1 |  |  |
| Series 2006-A6-AR6, REMIC, 3.77%, (1 Month Term SOFR + 0.49%), 02/25/37 (a) (o) (p) | 4334 | 3789 |
| Domino's Pizza, Inc. |  |  |
| Series 2025-A2II-1A, 5.22%, 07/25/32 | 1500 | 1509 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-DR3-43A, REMIC, 7.84%, (3 Month Term SOFR + 3.51%), 04/20/34 (a) | 1000 | 1002 |
| Dryden 60 CLO, Ltd. |  |  |
| Series 2018-D-60A, 7.58%, (3 Month Term SOFR + 3.26%), 07/15/31 (a) | 2000 | 2005 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-E-1A, 2.21%, 02/15/28 | 2467 | 2465 |
| Extenet Issuer, LLC |  |  |
| Series 2025-B-1A, 5.70%, 07/25/29 | 1500 | 1513 |
| First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
| Series 2007-1A10-FA4, REMIC, 6.25%, 08/25/37 | 7813 | 2524 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2005-2A1-AR4, REMIC, 4.70%, 10/25/35 (a) | 185 | 167 |
| Series 2005-4A1-AR6, REMIC, 5.60%, 02/25/36 (a) | 37 | 35 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 3420 | 3282 |
| Generate CLO 12 Ltd |  |  |
| Series 2023-AR-12A, 4.23%, (3 Month Term SOFR + 1.33%), 07/20/38 (a) | 2000 | 2006 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 449 | 429 |
| Goldentree Loan Management US CLO 15 Ltd |  |  |
| Series 2022-DR-15A, 8.83%, (3 Month Term SOFR + 4.40%), 10/20/36 (a) | 1000 | 1003 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 470 | 392 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (a) | 2300 | 2297 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-C-RIVR, REMIC, 5.70%, (1 Month Term SOFR + 1.55%), 07/16/35 (a) (o) | 1898 | 19 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-2A1-AR6, REMIC, 5.12%, 09/25/35 (a) | 65 | 62 |
| Series 2005-6A1-AR7, REMIC, 4.14%, 11/25/35 (a) | 20 | 18 |
| GS Mortgage Securities Trust 2015-GC32 |  |  |
| Series 2015-D-GC32, REMIC, 3.35%, 07/10/48 | 143 | 139 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Series 2016-WMB-GS3, REMIC, 3.60%, 09/14/26 (a) | 4000 | 3535 |
| GSAMP Trust 2006-HE4 |  |  |
| Series 2006-A1-HE4, REMIC, 3.54%, (1 Month Term SOFR + 0.39%), 06/25/36 (a) (o) (p) | 225 | 220 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-1A1-OA1, REMIC, 4.41%, (1 Month Term SOFR + 0.55%), 08/25/46 (a) (o) (p) | 15461 | 3186 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2005-2A1A-2, REMIC, 4.57%, (1 Month Term SOFR + 0.55%), 05/19/35 (a) (o) (p) | 24 | 23 |
| Series 2005-3A1-4, REMIC, 4.65%, 07/19/35 (a) | 112 | 83 |
| Hardee's Funding LLC |  |  |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 4650 | 4637 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (o) | 4084 | 4102 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (f) (o) | 1092 | 1041 |
| Series 2024-A-I, 5.38%, 09/15/31 (o) | 1900 | 1915 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-1A1-HE1, REMIC, 1.20%, (1 Month Term SOFR + 0.39%), 10/25/36 (a) (o) (p) | 5205 | 1494 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A3-NC1, REMIC, 2.84%, (1 Month Term SOFR + 0.29%), 04/25/37 (a) (o) (p) | 330 | 218 |
| Hyundai Auto Receivables Trust 2024-C |  |  |
| Series 2024-C-C, 4.86%, 10/15/28 | 1150 | 1152 |
| ICG US CLO 2023-1 I Ltd |  |  |
| Series 2023-AR-1A, 5.71%, (3 Month Term SOFR + 1.38%), 07/18/38 (a) | 1000 | 1004 |
| Imperial Fund Mortgage Trust 2021-NQM4 |  |  |
| Series 2021-M1-NQM4, REMIC, 3.45%, 01/25/57 (a) | 3000 | 2326 |
| IndyMac Bancorp, Inc. |  |  |
| Series 2001-A2-H2, REMIC, 5.82%, 01/25/32 (a) |  |  |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A3-AR11, REMIC, 3.67%, 08/25/35 (a) | 683 | 524 |
| Series 2005-1A1-AR31, REMIC, 3.58%, 01/25/36 (a) | 135 | 122 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36 | 52 | 23 |
| Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36 | 5 | 5 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Interest Only, Series 2017-XA-C7, REMIC, 0.83%, 10/17/50 (a) | 77000 | 1004 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-D-1A, 9.58%, (3 Month Term SOFR + 5.25%), 10/20/36 (a) | 1000 | 1003 |
| LCM 28 Ltd |  |  |
| Series D-28A, 7.54%, (3 Month Term SOFR + 3.21%), 10/21/30 (a) | 1000 | 983 |
| LCM XIV Limited Partnership |  |  |
| Series DR-14A, 7.34%, (3 Month Term SOFR + 3.01%), 07/21/31 (a) (f) | 2000 | 2004 |
| LCM XV LP |  |  |
| Series DR-15A, 8.29%, (3 Month Term SOFR + 3.96%), 07/22/30 (a) | 2750 | 2750 |
| Lehman Mortgage Trust 2006-3 |  |  |
| Series 2006-1A1-6, REMIC, 4.77%, (1 Month Term SOFR + 0.61%), 09/25/36 (a) | 11391 | 2838 |
| Lehman XS Trust Series 2006-12N |  |  |
| Series 2006-2A1A-12N, REMIC, 4.09%, (1 Month Term SOFR + 0.46%), 08/25/46 (a) (o) (p) | 2086 | 2101 |
| Lehman XS Trust, Series 2007-2N |  |  |
| Series 2007-3A3-2N, REMIC, 1.49%, (1 Month Term SOFR + 0.28%), 02/25/37 (a) (o) (p) | 3130 | 2650 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-A-1A, 5.52%, 09/16/30 | 2500 | 2509 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-C-CRE5, REMIC, 6.61%, (1 Month Term SOFR + 2.46%), 07/15/36 (a) | 2000 | 1990 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.60%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 2290 | 2296 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 959 | 973 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (f) (o) | 1338 | 1314 |
| Marble Point CLO XXI LTD |  |  |
| Series 2021-D1-3A, 8.08%, (3 Month Term SOFR + 3.76%), 10/17/34 (a) | 2000 | 2000 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2003-M3-OPT1, 3.42%, (1 Month Term SOFR + 4.24%), 12/25/32 (a) (o) (p) | 416 | 402 |
| MASTR Asset Backed Securities Trust 2007-HE2 |  |  |
| Series 2007-A1-HE2, REMIC, 2.85%, (1 Month Term SOFR + 1.26%), 08/25/37 (a) (o) (p) | 3324 | 2892 |
| MASTR Asset Backed Securities Trust 2007-WMC1 |  |  |
| Series 2007-A2-WMC1, REMIC, 0.81%, (1 Month Term SOFR + 0.16%), 01/25/37 (a) (o) (p) | 263 | 64 |
| MASTR Asset Securitization Trust 2006-2 |  |  |
| Series 2006-1A13-2, REMIC, 6.00%, 06/25/36 | 1213 | 711 |
| Series 2006-1A10-2, REMIC, 6.00%, (1 Month Term SOFR + 6.00%), 06/25/36 (a) | 1032 | 605 |
| Mellon Residential Funding Corporation |  |  |
| Series 1999-A2-TBC3, REMIC, 5.14%, (1 Month Term SOFR + 0.60%), 10/20/29 (a) | 6 | 6 |
| Menlo CLO I Ltd |  |  |
| Series 2024-A1-1A, 5.75%, (3 Month Term SOFR + 1.42%), 01/20/38 (a) | 2000 | 2008 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-5A-3, REMIC, 4.94%, (1 Month Term SOFR + 0.61%), 11/25/35 (a) (o) (p) | 12 | 12 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A-A3, REMIC, 5.85%, 05/25/33 (a) | 44 | 43 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-B-FL7, 6.00%, (1 Month Term SOFR + 1.86%), 10/16/36 (a) | 1900 | 1898 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-AS-FL14, REMIC, 6.39%, (1 Month Term SOFR + 2.24%), 03/19/39 (a) | 2500 | 2506 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.46%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2290 | 2294 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (o) | 3550 | 3583 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B2-1, REMIC, 3.71%, 09/25/30 (a) | 8210 | 7475 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.11%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 3663 | 18 |
| Morgan Stanley Capital I Trust 2020-HR8 |  |  |
| Series 2020-A3-HR8, REMIC, 1.79%, 03/15/30 | 1337 | 1176 |
| Morgan Stanley Mortgage Loan Trust 2007-2AX |  |  |
| Series 2007-2A1-2AX, REMIC, 0.97%, (1 Month Term SOFR + 0.29%), 12/25/36 (a) (o) (p) | 9584 | 3311 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2005-A1-5, REMIC, 4.96%, (1 Month Term SOFR + 0.63%), 12/25/35 (a) (o) (p) | 482 | 473 |
| Mosaic Solar Loan Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.01%, 08/20/30 | 578 | 553 |
| Mosaic Solar Loan Trust 2019-2 |  |  |
| Series 2019-B-2A, REMIC, 3.28%, 05/20/32 | 448 | 406 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 667 | 597 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 834 | 733 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 756 | 627 |
| Mosaic Solar Loans 2017-2 LLC |  |  |
| Series 2017-A-2A, 3.82%, 01/22/30 | 2283 | 2147 |
| MSWF Commercial Mortgage Trust 2023-2 |  |  |
| Series 2023-A1-2, REMIC, 5.96%, 01/18/28 | 61 | 61 |
| Navient Private Education Loan Trust 2017-A |  |  |
| Series 2017-B-A, 3.91%, 12/16/58 | 3128 | 3110 |
| Neuberger Berman CLO XVII Ltd |  |  |
| Series 2014-AR3-17A, 5.73%, (3 Month Term SOFR + 1.40%), 07/22/38 (a) | 1000 | 1004 |
| New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
| Series 2020-M1-NQM1, REMIC, 3.21%, 01/25/60 (a) | 3600 | 3029 |
| NP SPE II LLC |  |  |
| Series 2017-A1-1A, 3.37%, 10/20/47 | 1526 | 1437 |
| Ocean Trails CLO V |  |  |
| Series 2014-DRR-5A, 8.03%, (3 Month Term SOFR + 3.71%), 10/14/31 (a) | 1000 | 1001 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-DR-1A, 7.94%, (3 Month Term SOFR + 3.61%), 01/20/35 (a) | 1000 | 969 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-DR-1A, 7.58%, (3 Month Term SOFR + 3.26%), 07/17/30 (a) | 500 | 501 |
| Octagon INVT P 34 17 1A 144A |  |  |
| Series 2017-D-34, 7.09%, (3 Month Term SOFR + 2.76%), 01/22/30 (a) | 1000 | 1001 |
| Option One Mortgage Loan Trust 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 3.32%, (1 Month Term SOFR + 0.88%), 08/25/35 (a) (o) (p) | 1890 | 1846 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Option One Mortgage Loan Trust 2007-6 |  |  |
| Series 2007-2A2-6, REMIC, 0.00%, (1 Month Term SOFR + 0.24%), 07/25/37 (a) (o) (p) | 559 | 348 |
| Option One Mortgage Loan Trust 2007-CP1 |  |  |
| Series 2007-2A2-CP1, REMIC, 0.00%, (1 Month Term SOFR + 0.23%), 03/25/37 (a) (o) (p) | 1123 | 1095 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 84 | 84 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M4-WCW2, REMIC, 3.53%, (1 Month Term SOFR + 1.09%), 07/25/35 (a) (o) (p) | 5000 | 4349 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (o) | 11046 | 11048 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (o) | 978 | 981 |
| Prime Mortgage Trust 2005-4 |  |  |
| Series 2004-1A2-CL1, REMIC, 4.67%, (1 Month Term SOFR + 0.51%), 02/25/34 (a) | 2 | 2 |
| Primrose Funding LLC |  |  |
| Series 2025-A2-1A, 6.46%, 07/30/32 (f) | 1500 | 1523 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E1-SFR3, REMIC, 2.54%, 05/19/26 | 12000 | 11853 |
| Progress Residential 2021-SFR6 Trust |  |  |
| Series 2021-E2-SFR6, REMIC, 2.53%, 07/17/26 | 1150 | 1133 |
| Series 2021-F-SFR6, REMIC, 3.42%, 07/17/26 | 2000 | 1978 |
| Progress Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 3.30%, 04/17/29 | 5846 | 5625 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (o) | 985 | 984 |
| RALI Series 2007-QS7 Trust |  |  |
| Series 2007-1A2-QS7, REMIC, 6.00%, 05/25/37 | 2186 | 1790 |
| RASC Series 2006-EMX9 Trust |  |  |
| Series 2006-1A3-EMX9, REMIC, 5.20%, (1 Month Term SOFR + 0.45%), 09/25/36 (a) (o) (p) | 714 | 667 |
| Renaissance Home Equity Loan Trust 2006-1 |  |  |
| Series 2006-AF5-1, REMIC, 6.17%, 05/25/36 (o) | 3374 | 1625 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-2, REMIC, 5.80%, 08/25/36 (a) (o) | 1983 | 717 |
| Renew 20172 |  |  |
| Series 2017-A-2A, 3.22%, 09/22/53 | 2368 | 2142 |
| Research-Driven Pagaya Motor Trust 2025-3 |  |  |
| Series 2025-A2-3A, 5.15%, 06/25/27 | 2000 | 2009 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.18%, 01/25/36 (a) | 2948 | 2135 |
| Series 2006-A5-QS1, REMIC, 5.18%, (1 Month Term SOFR + 1.02%), 01/25/36 (a) | 3223 | 2511 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (f) | 4000 | 4006 |
| Series 2023-B-1A, 5.75%, 09/15/28 (f) | 3000 | 2953 |
| Rockland Park Limited |  |  |
| Series 2021-A1R-1A, 5.51%, (3 Month Term SOFR + 1.30%), 07/20/38 (a) | 2000 | 2007 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 (o) | 1477 | 1412 |
| Scalelogix Abs Us Issuer LLC |  |  |
| Series 2025-B-1A, 6.16%, 07/25/30 | 2500 | 2501 |
| Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
| Series 2007-A2-BR2, REMIC, 1.70%, (1 Month Term SOFR + 0.34%), 02/25/37 (a) (o) (p) | 12203 | 5181 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2A-HE1, REMIC, 0.01%, (1 Month Term SOFR + 0.23%), 12/25/36 (a) (o) (p) | 208 | 43 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Series 2016-B-C5, REMIC, 3.93%, 06/12/26 | 2391 | 2251 |
| Interest Only, Series 2016-XA-C5, REMIC, 1.81%, 10/13/48 (a) | 25610 | 187 |
| SG Mortgage Securities Trust 2006-FRE2 |  |  |
| Series 2006-A2D-FRE2, REMIC, 0.77%, (1 Month Term SOFR + 0.57%), 07/25/36 (a) (o) (p) | 15788 | 2973 |
| SG Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-M1-1, REMIC, 2.50%, 07/25/61 (a) | 3258 | 2174 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 1386 | 1343 |
| Signal Rail I LLC |  |  |
| Series 2021-A-1, 2.23%, 08/18/51 | 837 | 780 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.98%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (f) | 441 | 439 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.37%, 05/25/30 (a) | 210 | 206 |
| Sofi Consumer Loan Program 2025-3 Trust |  |  |
| Series 2025-A-3, 4.47%, 08/25/34 | 1175 | 1178 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-DRRR-2A, 9.09%, (3 Month Term SOFR + 4.76%), 07/20/32 (a) | 1000 | 968 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-C-4A, 7.09%, (3 Month Term SOFR + 2.76%), 01/21/31 (a) | 1000 | 1000 |
| Sound Point CLO XX Ltd |  |  |
| Series 2018-C-2A, 6.53%, (3 Month Term SOFR + 2.21%), 07/26/31 (a) | 500 | 500 |
| Sound Point CLO XXIII |  |  |
| Series 2019-DR-2A, 7.88%, (3 Month Term SOFR + 3.56%), 07/17/34 (a) | 2000 | 1981 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-B1-1A, 6.28%, (3 Month Term SOFR + 1.96%), 04/25/34 (a) | 1000 | 1001 |
| Sound Point CLO XXXI Ltd |  |  |
| Series 2021-D-3A, 7.83%, (3 Month Term SOFR + 3.51%), 10/25/34 (a) | 1000 | 987 |
| Specialty Underwriting & Residential Finance Trust, Series 2007-AB1 |  |  |
| Series 2007-A2B-AB1, REMIC, 2.04%, (1 Month Term SOFR + 0.30%), 03/25/37 (a) (o) (p) | 5454 | 2814 |
| Sprite 2021-1 Limited |  |  |
| Series 2021-A-1, 3.75%, 10/15/28 (f) (o) | 1044 | 989 |
| SRVM 191 A2 FIX |  |  |
| Series 2019-A2-1A, 3.88%, 10/25/26 | 3770 | 3725 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 570 | 567 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-M1-INV1, REMIC, 3.06%, 09/25/49 (a) | 6721 | 6500 |
| Storm King Park CLO, Ltd |  |  |
| Series 2022-AR-1A, 5.68%, (3 Month Term SOFR + 1.36%), 10/15/37 (a) | 2200 | 2206 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2006-A4-1, REMIC, 4.29%, (1 Month Term SOFR + 0.73%), 01/25/36 (a) (o) (p) | 883 | 842 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2005-A3-AR5, REMIC, 4.97%, (1 Month Term SOFR + 0.61%), 07/19/35 (a) (o) (p) | 47 | 44 |
| Structured Asset Mortgage Investments II Trust 2007-AR2 |  |  |
| Series 2007-2A1-AR2, REMIC, 2.38%, (1 Month Term SOFR + 0.37%), 03/25/37 (a) (o) (p) | 227 | 80 |
| Structured Asset Mortgage Investments LLC |  |  |
| Series 2002-A1-AR3, REMIC, 5.13%, (1 Month Term SOFR + 0.77%), 09/19/32 (a) (o) (p) | 2 | 2 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC3 |  |  |
| Series 2006-A1-BC3, REMIC, 2.97%, (1 Month Term SOFR + 0.43%), 10/25/36 (a) (o) (p) | 3011 | 2028 |
| Subway Funding LLC |  |  |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 1985 | 2068 |
| Sunnova Helios VII Issuer, LLC |  |  |
| Series 2021-C-C, 2.63%, 10/20/28 | 2984 | 1557 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sunrun Atlas Issuer 2019-2, LLC |  |  |
| Series 2019-A-2, 3.61%, 11/01/27 | 2450 | 2337 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-B-1A, 6.50%, 03/25/29 | 2000 | 2032 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2640 | 2653 |
| Symphony CLO XVI, Ltd |  |  |
| Series 2015-DR-16A, 7.63%, (3 Month Term SOFR + 3.31%), 10/15/31 (a) | 1000 | 999 |
| Tailwind 2019-1 Limited |  |  |
| Series 2019-A-1, 3.97%, 12/15/26 (o) | 2244 | 2182 |
| Thayer Park CLO, Ltd. |  |  |
| Series 2017-CR-1A, 7.39%, (3 Month Term SOFR + 3.06%), 04/20/34 (a) | 1000 | 999 |
| THL Credit Wind River 2018-1 CLO Ltd. |  |  |
| Series 2018-D-1, 7.48%, (3 Month Term SOFR + 3.16%), 07/15/30 (a) | 1500 | 1501 |
| Series 2018-E-1, 10.08%, (3 Month Term SOFR + 5.76%), 07/15/30 (a) | 500 | 502 |
| TierPoint Issuer LLC |  |  |
| Series 2023-A2-1A, 6.00%, 06/25/26 | 833 | 836 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 3117 | 2843 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.50%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 1000 | 1001 |
| Trestles CLO VIII Ltd |  |  |
| Series 2025-A1-8A, 5.64%, (3 Month Term SOFR + 1.33%), 06/11/35 (a) | 1000 | 1002 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 5401 | 5478 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 8.37%, (3 Month Term SOFR + 4.04%), 01/18/35 (a) | 2250 | 2254 |
| Trinity Rail Leasing 2018 LLC |  |  |
| Series 2020-A-1A, 1.96%, 10/17/50 | 1576 | 1493 |
| TRTX 2021-FL4 Issuer, Ltd. |  |  |
| Series 2021-A-FL4, 5.46%, (1 Month Term SOFR + 1.31%), 03/17/38 (a) (o) | 510 | 510 |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-C-1A, 2.20%, 05/15/26 | 1591 | 1323 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-A3-C4, REMIC, 3.30%, 08/17/27 | 478 | 469 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-B-C7, REMIC, 4.29%, 01/18/28 (a) | 2000 | 1901 |
| UBS Commercial Mortgage Trust 2018-C8 |  |  |
| Series 2018-A3-C8, REMIC, 3.72%, 01/18/28 | 1419 | 1395 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-C-C5, REMIC, 3.72%, 03/12/46 (a) | 2351 | 2133 |
| Upstart Pass-Through Trust Series 2021-St4 |  |  |
| Series 2021-A-ST4, 2.00%, 07/20/27 | 60 | 60 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 1664 | 1655 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2020-A2-2A, 1.99%, 09/15/27 | 250 | 237 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 792 | 804 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-M1-R2, REMIC, 2.24%, 02/25/64 | 3017 | 2719 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (o) | 42 | 42 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-D-2A, 7.33%, (3 Month Term SOFR + 3.01%), 07/15/31 (a) | 1000 | 999 |
| Warwick Capital CLO 6 Ltd |  |  |
| Series 2025-A1-6A, 5.70%, (3 Month Term SOFR + 1.43%), 07/20/38 (a) | 2000 | 2006 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2004-A5-5, REMIC, 4.15%, (1 Month Term SOFR + 1.23%), 09/25/34 (a) (o) (p) | 17 | 17 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2002-1A-AR17, REMIC, 4.63%, (12 Month Treasury Average + 1.20%), 11/25/42 (a) (p) | 8 | 7 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3A-AR18, REMIC, 4.91%, 01/25/36 (a) | 111 | 101 |
| Series 2005-A1A1-AR13, REMIC, 4.38%, (1 Month Term SOFR + 0.69%), 10/25/45 (a) (o) (p) | 14 | 13 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 Trust |  |  |
| Series 2007-3A3-HY1, REMIC, 4.09%, 02/25/37 (a) | 703 | 630 |
| Series 2007-4A1-HY1, REMIC, 4.17%, 02/25/37 (a) | 73 | 67 |
| Washington Mutual Mortgage Pass-Through Certificates Wmalt Series 2006-Ar9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.51%, (12 Month Treasury Average + 0.83%), 11/25/46 (a) (o) | 1101 | 985 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8 Trust |  |  |
| Series 2006-3A3-AR8, REMIC, 4.32%, 08/25/36 (a) | 756 | 721 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY7 Trust |  |  |
| Series 2007-2A3-HY7, REMIC, 3.88%, 07/25/37 (a) | 123 | 116 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2002-2A2-AR1, REMIC, 5.90%, 02/25/31 (a) |  |  |
| Series 2002-1A-AR9, REMIC, 5.08%, (12 Month Treasury Average + 1.40%), 08/25/42 (a) (p) | 11 | 10 |
| WAVE 2019-1 LLC |  |  |
| Series 2019-A-1, 3.60%, 09/15/27 | 1432 | 1380 |
| Wells Fargo Alternative Loan 2007-PA6 Trust |  |  |
| Series 2007-A1-PA6, REMIC, 5.90%, 12/25/37 (a) | 325 | 302 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 |  |  |
| Series 2017-B-C41, REMIC, 4.19%, 11/17/27 (a) | 1643 | 1575 |
| Wells Fargo Commercial Mortgage Trust 2018-C43 |  |  |
| Interest Only, Series 2018-XA-C43, REMIC, 0.57%, 03/17/51 (a) | 58510 | 694 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-C-C50, REMIC, 4.35%, 04/17/29 | 2200 | 1928 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-B-C55, REMIC, 3.14%, 02/15/30 | 1034 | 932 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Series 2020-A3-C58, REMIC, 1.81%, 09/17/30 | 2752 | 2467 |
| Wells Fargo Commercial Mortgage Trust 2021-C60 |  |  |
| Series 2021-A3-C60, REMIC, 2.06%, 04/15/31 | 1611 | 1446 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 |  |  |
| Series 2021-A3-C61, REMIC, 2.41%, 10/17/31 | 1000 | 898 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1950 | 2042 |
| Wells Fargo Mortgage Backed Securities 2007-15 Trust |  |  |
| Series 2007-A1-15, REMIC, 6.00%, 11/25/37 | 1296 | 1217 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (o) | 3588 | 3394 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-DRR-1A, 7.59%, (3 Month Term SOFR + 3.26%), 07/18/31 (a) | 1000 | 1001 |
| Wind River 2014-2 CLO Ltd. |  |  |
| Series 2014-DR-2A, 7.48%, (3 Month Term SOFR + 3.16%), 01/15/31 (a) | 1000 | 1001 |
| Series 2014-ER-2A, 10.33%, (3 Month Term SOFR + 6.01%), 01/15/31 (a) | 1000 | 912 |
| Wind River 2021-1 CLO Ltd |  |  |
| Series 2021-D1R-1A, 8.28%, (3 Month Term SOFR + 3.95%), 07/20/37 (a) | 500 | 505 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $601,198) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $601,198) | 539450 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SENIOR FLOATING RATE INSTRUMENTS 2.4%** | **SENIOR FLOATING RATE INSTRUMENTS 2.4%** | **SENIOR FLOATING RATE INSTRUMENTS 2.4%** |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.28%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 681 | 683 |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) (q) | 5 | 5 |
| 2025 Delayed Draw Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 7 | 7 |
| 2025 Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 498 | 498 |
| AllSpring Buyer LLC |  |  |
| 2024 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 11/01/30 (a) | 713 | 713 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 276 | 275 |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 264 | 265 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 120 | 120 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 94 | 94 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 679 | 678 |
| Brown Group Holding, LLC |  |  |
| 2022 Incremental Term Loan B2, 7.06%, (1 Month Term SOFR + 2.75%), 06/09/29 (a) | 59 | 59 |
| 2022 Incremental Term Loan B2, 7.07%, (1 Month Term SOFR + 2.75%), 06/09/29 (a) | 66 | 66 |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 285 | 286 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 08/23/28 (a) (q) | 165 | 165 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.49%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 305 | 304 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 06/12/32 (a) | 700 | 696 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 352 | 353 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 7.50%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) | 190 | 180 |
| 2024 Term Loan B, 8.65%, (1 Month Term SOFR + 4.50%), 05/05/31 (a) | 54 | 49 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 79 | 79 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 413 | 412 |
| CPPIB OVM Member US LLC |  |  |
| Term Loan B, 6.80%, (3 Month Term SOFR + 2.50%), 08/07/31 (a) | 21 | 21 |
| Term Loan B, 7.05%, (3 Month Term SOFR + 2.50%), 08/07/31 (a) | 192 | 192 |
| Cube Industrials Buyer Inc |  |  |
| 2024 Term Loan, 7.58%, (3 Month Term SOFR + 3.25%), 10/09/31 (a) | 393 | 394 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/17/32 (a) (q) | 220 | 220 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 7.97%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 600 | 601 |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 55 | 55 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 209 | 209 |
| 2024 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 79 | 79 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 08/16/28 (a) | 244 | 237 |
| Edelman Financial Center, LLC |  |  |
| 2024 2nd Lien Term Loan, 9.57%, (1 Month Term SOFR + 5.25%), 10/23/28 (a) | 205 | 205 |
| Eisner Advisory Group LLC |  |  |
| 2024 Term Loan B, 8.32%, (1 Month Term SOFR + 4.00%), 02/24/31 (a) | 384 | 386 |
| Element Materials Technology Group US Holdings Inc |  |  |
| 2022 USD Term Loan, 7.97%, (3 Month Term SOFR + 3.67%), 04/12/29 (a) | 406 | 408 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 06/18/31 (a) | 223 | 222 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (m) | 411 | 410 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) | 684 | 684 |
| Fortrea Holdings Inc |  |  |
| Term Loan B, 8.06%, (3 Month Term SOFR + 3.75%), 06/12/30 (a) | 23 | 21 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.00%), 02/01/29 (a) | 414 | 413 |
| GBT US III LLC |  |  |
| 2025 Term Loan B1, 6.81%, (3 Month Term SOFR + 2.50%), 07/28/31 (a) | 239 | 239 |
| GC Ferry Acquisition I Inc |  |  |
| Term Loan, 7.71%, (3 Month Term SOFR + 3.50%), 06/06/32 (a) | 115 | 114 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 2.50%), 02/04/32 (a) | 525 | 524 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 391 | 389 |
| 2025 Incremental Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 05/30/31 (a) | 125 | 125 |
| Green Infrastructure Partners Inc |  |  |
| USD Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 555 | 555 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 7.07%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 740 | 739 |
| Homeserve USA Holding Corp |  |  |
| 2024 Term Loan B, 6.14%, (1 Month Term SOFR + 2.00%), 10/21/30 (a) | 202 | 202 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.57%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 334 | 330 |
| KKR Apple Bidco, LLC |  |  |
| 2025 Term Loan, 6.82%, (1 Month Term SOFR + 2.50%), 09/25/31 (a) | 679 | 679 |
| Lavender Dutch BorrowerCo BV |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 09/27/32 (a) (q) | 170 | 170 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.99%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 396 | 386 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 393 | 392 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 597 | 597 |
| 2025 Term Loan B, 7.45%, (6 Month Term SOFR + 3.25%), 03/26/32 (a) | 180 | 180 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/26/31 (a) | 170 | 170 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| 2024 First Out Term Loan, 8.00%, (3 Month Term SOFR + 4.00%), 12/17/28 (a) | 27 | 26 |
| 2024 Second Out Term Loan, 8.25%, (1 Month Term SOFR + 4.00%), 12/17/28 (a) | 46 | 39 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 02/19/32 (a) | 105 | 105 |
| OVG Business Services, LLC |  |  |
| 2024 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 06/13/31 (a) | 303 | 303 |
| Pinnacle Buyer, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (a) (q) | 95 | 95 |
| Prime Security Services Borrower, LLC |  |  |
| 2025 Incremental Term Loan B, 6.00%, (1 Month Term SOFR + 1.75%), 03/08/32 (a) | 349 | 346 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) (q) | 130 | 129 |
| 2024 Extended Term Loan B, 9.07%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 167 | 165 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 274 | 274 |
| 2025 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 04/14/31 (a) | 74 | 74 |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 348 | 348 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 340 | 340 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 10.05%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 205 | 205 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.82%, (3 Month Term SOFR + 2.50%), 12/04/31 (a) | 90 | 90 |
| Spectris PLC |  |  |
| Term Loan, 0.00%, 09/26/32 (a) (q) | 120 | 120 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/24/32 (a) (q) | 140 | 140 |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 02/12/32 (a) | 339 | 340 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 348 | 346 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 4.50%), 02/01/29 (a) | 162 | 162 |
| 2024 Term Loan B, 8.67%, (3 Month Term SOFR + 4.50%), 02/01/29 (a) | 162 | 162 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 912 | 912 |
| 2025 Term Loan M, 6.85%, (1 Month Term SOFR + 2.50%), 08/13/32 (a) | 405 | 404 |
| Turquoise Topco Ltd. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 08/13/32 (a) (q) | 90 | 90 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) | 134 | 133 |
| Victory Capital Holdings Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 09/10/32 (a) (q) | 75 | 75 |
| Virtus Investment Partners |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 09/16/32 (a) (q) | 115 | 115 |
| VT Topco, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.28%, (1 Month Term SOFR + 3.00%), 08/12/30 (a) | 132 | 128 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.53%, (1 Month Term SOFR + 2.25%), 01/20/31 (a) | 525 | 525 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 392 | 392 |
| | | 23118 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Applied Systems, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/32 (a) | 140 | 143 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 655 | 654 |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (a) (q) | 220 |  |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 7.20%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 666 | 665 |
| 2024 2nd Lien Term Loan, 9.95%, (3 Month Term SOFR + 5.75%), 07/06/32 (a) | 128 | 125 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/31/31 (a) | 488 | 485 |
| 2025 Incremental Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) | 240 | 239 |
| Castle US Holding Corporation |  |  |
| 2025 USD FLSO Term Loan B1, 8.72%, (3 Month Term SOFR + 4.25%), 01/23/27 (a) | 129 | 59 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 84 | 72 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 07/22/32 (a) | 408 | 408 |
| Clearwater Analytics, LLC |  |  |
| 2025 Term Loan B, 6.46%, (6 Month Term SOFR + 2.25%), 02/10/32 (a) | 200 | 200 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 7.48%, (3 Month Term SOFR + 3.25%), 03/24/31 (a) | 263 | 264 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 04/14/28 (a) | 207 | 207 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 09/08/26 (a) | 118 | 113 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (b) (j) (k) | 113 |  |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 11/14/32 (a) | 25 | 26 |
| Endure Digital Inc. |  |  |
| Non-CoOp Term Loan, 7.84%, (1 Month Term SOFR + 3.50%), 01/27/28 (a) | 145 | 75 |
| Finastra USA, Inc. |  |  |
| 2025 1st Lien Term Loan, 8.04%, (3 Month Term SOFR + 4.00%), 07/30/32 (a) | 120 | 119 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 562 | 552 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 420 | 418 |
| I-Logic Technologies Bidco Limited |  |  |
| 2024 Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 02/16/28 (a) | 312 | 311 |
| ION Platform Finance US, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/30/32 (a) (b) (q) | 400 | 397 |
| ION Trading Technologies S.a. r.l. |  |  |
| 2024 Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 04/01/28 (a) | 143 | 143 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 529 | 529 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 03/29/29 (a) (q) | 125 | 125 |
| 2025 Term Loan B, 7.89%, (1 Month Term SOFR + 3.75%), 03/29/29 (a) | 235 | 235 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 279 | 266 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 8.57%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 456 | 419 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 395 | 395 |
| 2024 2nd Lien Term Loan, 9.57%, (1 Month Term SOFR + 5.25%), 06/07/32 (a) | 70 | 69 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.75%), 06/03/28 (a) | 281 | 270 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (q) | 30 | 30 |
| Qnity Electronics Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 08/11/32 (a) (q) | 505 | 504 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 189 | 188 |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 144 | 145 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 680 | 679 |
| X Corp. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) (q) | 325 | 319 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.43%, (1 Month Term SOFR + 3.00%), 02/18/27 (a) | 126 | 124 |
| 2022 USD Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 4.17%), 03/09/27 (a) (q) | 35 | 35 |
| 2022 USD Incremental Term Loan B, 8.49%, (1 Month Term SOFR + 4.17%), 03/09/27 (a) | 170 | 170 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 353 | 353 |
| | | 10530 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Alterra Mountain Company |  |  |
| 2025 Term Loan B8, 6.82%, (1 Month Term SOFR + 2.50%), 05/31/30 (a) | 30 | 30 |
| Altice France S.A. |  |  |
| 2023 USD Term Loan B14, 9.82%, (3 Month Term SOFR + 5.50%), 08/31/28 (a) | 442 | 427 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.84%, (3 Month Term SOFR + 3.25%), 08/05/28 (a) | 301 | 292 |
| Cengage Learning, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.72%, (3 Month Term SOFR + 3.50%), 03/22/31 (a) | 261 | 260 |
| 2024 1st Lien Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 03/22/31 (a) | 152 | 152 |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) (q) | 250 | 253 |
| 2024 Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) | 410 | 414 |
| Creative Artists Agency, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/19/31 (a) | 45 | 45 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.78%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 397 | 396 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.75%, (Prime + 1.50%), 04/15/27 (a) | 262 | 254 |
| 2022 Term Loan B6, 8.65%, (1 Month Term SOFR + 4.50%), 01/17/28 (a) | 155 | 154 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 23 | 23 |
| 2024 Term Loan, 9.82%, (3 Month Term SOFR + 5.25%), 08/02/29 (a) | 132 | 132 |
| Flutter Financing B.V. |  |  |
| 2025 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 05/22/32 (a) | 195 | 194 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 04/21/28 (a) | 205 | 204 |
| iHeartCommunications, Inc. |  |  |
| 2024 Term Loan, 10.21%, (1 Month Term SOFR + 5.78%), 05/01/29 (a) | 104 | 91 |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 6.25%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 249 | 248 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 544 | 540 |
| Motion Finco S.a r.l |  |  |
| 2024 USD Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) | 108 | 97 |
| NEP Group, Inc. |  |  |
| 2023 Term Loan B, 7.71%, (3 Month Term SOFR + 3.25%), 08/19/26 (a) | 372 | 369 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 0.00%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) (q) | 270 | 270 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 274 | 267 |
| Pretzel Parent Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 08/14/31 (a) (q) | 40 | 40 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 8.82%, (1 Month Term SOFR + 4.50%), 08/14/31 (a) | 70 | 69 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 269 | 267 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 95 | 95 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 94 | 82 |
| United Talent Agency, LLC |  |  |
| 2025 Term Loan B, 7.65%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 149 | 149 |
| Univision Communications Inc. |  |  |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 307 | 307 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (a) | 329 | 324 |
| Voyager Parent, LLC |  |  |
| Term Loan B, 9.04%, (SOFR + 4.75%), 05/08/32 (a) | 395 | 396 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 0.00%, (1 Month Term SOFR + 2.50%), 04/17/28 (a) (q) | 400 | 399 |
|  |  | 7240 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.32%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 455 | 454 |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 175 | 174 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/21/32 (a) | 265 | 266 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 05/15/33 (a) | 100 | 103 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/23/32 (a) | 347 | 347 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.93%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 155 | 154 |
| 2024 USD Term Loan B, 7.05%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 184 | 182 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.68%, (1 Month Term SOFR + 5.25%), 02/05/28 (a) | 100 | 97 |
| 2023 Term Loan B11, 8.67%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) | 217 | 218 |
| 2021 Second Lien Term Loan B4, 9.68%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 200 | 191 |
| 2025 Term Loan B13, 8.57%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 100 | 99 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 200 | 200 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 1023 | 1004 |
| 2025 2nd Amendment Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/16/32 (a) | 94 | 92 |
| Herc Holdings Inc |  |  |
| Term Loan B, 6.25%, (1 Month Term SOFR + 2.00%), 05/17/32 (a) | 95 | 95 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 07/02/31 (a) | 409 | 409 |
| 2024 2nd Lien Term Loan, 9.57%, (1 Month Term SOFR + 5.25%), 06/12/32 (a) | 70 | 70 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 496 | 495 |
| Starwood Property Trust, Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 01/02/30 (a) | 151 | 151 |
| 2025 Term Loan B, 6.41%, (3 Month Term SOFR + 2.25%), 08/16/32 (a) | 145 | 145 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 188 | 187 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 06/12/32 (a) | 315 | 315 |
| | | 5448 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 40 | 40 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (a) (q) | 190 | 189 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 411 | 410 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 6.11%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 75 | 75 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 358 | 357 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 644 | 643 |
| 2025 USD Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 30 | 30 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 8.03%, (1 Month Term SOFR + 3.75%), 09/24/28 (a) (m) | 224 | 220 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 02/07/28 (a) | 263 | 264 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 193 | 193 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (a) | 249 | 249 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) | 179 | 169 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 03/21/31 (a) | 85 | 85 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 200 | 197 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 106 | 100 |
| 2021 Term Loan B2, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 53 | 50 |
| 2024 Term Loan B1, 10.42%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 93 | 87 |
| 2024 Term Loan B2, 10.42%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) (b) | 71 | 66 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 183 | 173 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 393 | 391 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 582 | 583 |
|  |  | 4571 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.18%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 110 | 104 |
| 2023 Term Loan B5, 10.07%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 195 | 188 |
| Aveanna Healthcare, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/11/32 (a) (q) | 255 | 255 |
| Bausch & Lomb Corporation |  |  |
| 2023 Incremental Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 09/14/28 (a) | 235 | 235 |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (a) | 584 | 583 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.57%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 165 | 162 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.56%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 385 | 385 |
| Curium BidCo S.a r.l. |  |  |
| 2025 USD Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 07/31/31 (a) | 167 | 166 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.07%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 434 | 433 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 400 | 399 |
| Team Health Holdings, Inc. |  |  |
| 2025 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 06/30/28 (a) | 219 | 219 |
|  |  | 3129 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| ECO Services Operations Corp |  |  |
| 2024 Term Loan B, 6.31%, (3 Month Term SOFR + 2.00%), 06/09/31 (a) | 704 | 703 |
| Harsco Corporation |  |  |
| 2021 Term Loan, 6.68%, (1 Month Term SOFR + 2.25%), 03/10/28 (a) | 344 | 342 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 355 | 354 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.67%, (1 Month Term SOFR + 4.25%), 03/09/29 (a) | 105 | 94 |
| 2024 USD Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 10/01/31 (a) | 244 | 209 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 424 | 382 |
| MI Windows and Doors, LLC |  |  |
| 2024 Term Loan B2, 7.07%, (1 Month Term SOFR + 2.75%), 03/21/31 (a) | 274 | 274 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.82%, (1 Month Term SOFR + 5.50%), 03/25/30 (a) | 128 | 130 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 02/28/29 (a) | 196 | 197 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.24%, (3 Month Term SOFR + 6.75%), 09/22/29 (a) | 80 | 7 |
| Trident TPI Holdings, Inc. |  |  |
| 2024 Term Loan B7, 8.05%, (3 Month Term SOFR + 3.75%), 09/15/28 (a) | 136 | 133 |
| | | 2825 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 390 | 391 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 12/23/30 (a) | 293 | 294 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 466 | 465 |
| Froneri International Ltd. |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 07/17/32 (a) (q) | 685 | 683 |
| Golden State Food LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) (q) | 65 | 65 |
| Term Loan B, 8.23%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) | 243 | 243 |
| Savor Acquisition, Inc. |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 02/04/32 (a) | 270 | 271 |
| United Natural Foods, Inc. |  |  |
| 2024 Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 04/25/31 (a) | 157 | 158 |
|  |  | 2570 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 214 | 214 |
| Compass Power Generation LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 04/14/29 (a) | 493 | 495 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 73 | 74 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 327 | 326 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.06%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 399 | 399 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (a) | 197 | 197 |
|  |  | 1705 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 6.80%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 329 | 329 |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 331 | 331 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 6.29%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 195 | 194 |
| Meade Pipeline CO LLC |  |  |
| Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 09/18/32 (a) | 210 | 210 |
| NGL Energy Partners LP |  |  |
| 2024 Term Loan B, 8.07%, (1 Month Term SOFR + 3.50%), 01/25/31 (a) | 230 | 230 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 02/28/30 (a) | 103 | 102 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 80 | 80 |
|  |  | 1476 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 145 | 131 |
| Vestis Corporation |  |  |
| Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 273 | 256 |
|  |  | 387 |
| Total Senior Floating Rate Instruments (cost $64,094) | Total Senior Floating Rate Instruments (cost $64,094) | 62999 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (j) (r) | 1100 | 8 |
| Parkland Corporation (b) (j) (r) | 290 |  |
| Total Other Equity Interests (cost $1,064) | Total Other Equity Interests (cost $1,064) | 8 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (b) (j) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (b) (j) |  |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.04% (s) (t) | 24757 | 24757 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.14% (s) (t) | 12017 | 12017 |
| Total Short Term Investments (cost $36,774) | Total Short Term Investments (cost $36,774) | 36774 |
| **Total Investments 100.9% (cost $2,700,127)** | **Total Investments 100.9% (cost $2,700,127)** | **2628081** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **866** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(24436)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2604511** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(c) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $26,223.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

following the Schedules of Investments.

(e) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $224,029 and 8.6% of the Fund.

(g) Treasury inflation indexed note, par amount is adjusted for inflation.

(h) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) All or a portion of the security was on loan as of September 30, 2025.

(j) Non-income producing security.

(k) As of September 30, 2025, 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.

(l) Convertible security.

(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) 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 September 30, 2025.

(o) 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 September 30, 2025.

(p) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(q) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(r) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 75947 | 456760 | 507950 | 1562 |  |  | 24757 | 0.9 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10105 | 57900 | 55988 | 294 |  |  | 12017 | 0.5 |
|  | 86052 | 514660 | 563938 | 1856 |  |  | 36774 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 04/04/24 | 909 | 945 |  |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 01/10/23 | 339 | 376 |  |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 03/21/25 | 333 | 368 |  |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 06/09/23 | 779 | 793 |  |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/04/23 | 617 | 693 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 12/17/21 | 677 | 633 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 12/14/21 | 400 | 393 |  |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 787 | 782 |  |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 293 | 267 |  |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 465 | 501 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 07/10/23 | 463 | 493 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/11/22 | 1210 | 1357 | 0.1 |
| Asian Development Bank, 6.20%, 10/06/26 | 08/13/25 | 571 | 562 |  |
| Assembleia da Republica, 0.48%, 10/18/30 | 02/09/23 | 1240 | 1290 | 0.1 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 11/07/24 | 687 | 739 |  |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 08/20/24 | 995 | 991 |  |
| Banco de Bogota, 6.25%, 05/12/26 | 01/22/24 | 1000 | 1007 |  |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 02/02/23 | 1512 | 1571 | 0.1 |
| Banco do Brasil S.A., 8.75% (callable at 100, 10/15/25) | 06/15/23 | 2279 | 2401 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 07/10/15 | 5090 | 1188 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 12/09/15 | 1852 | 465 |  |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 06/04/25 | 147 | 150 |  |
| Banco Industrial S.A., 4.88%, 01/29/31 | 01/18/23 | 1737 | 1792 | 0.1 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.50% (callable at 100, 06/27/29) | 09/25/19 | 200 | 204 |  |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 01/10/19 | 392 | 410 |  |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/24/23 | 252 | 292 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/15/25 | 1320 | 1416 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 07/27/23 | 272 | 300 |  |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 1085 | 1151 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 1392 | 1397 | 0.1 |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 05/22/25 | 470 | 355 |  |
| Braskem Netherlands Finance B.V., 4.50%, 01/31/30 | 11/18/24 | 444 | 188 |  |
| Bundesrepublik Deutschland, 0.00%, 02/15/31 | 04/13/22 | 1831 | 1818 | 0.1 |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 09/25/23 | 1208 | 484 |  |
| Cap S.A., 3.90%, 04/27/31 | 12/13/21 | 1285 | 1145 | 0.1 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 09/27/23 | 1560 | 1595 | 0.1 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 396 | 400 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/06/25 | 297 | 306 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/14/24 | 523 | 554 |  |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 174 | 181 |  |
| Commonwealth of Australia, 1.50%, 06/21/31 | 02/09/23 | 1233 | 1223 | 0.1 |
| Commonwealth of Australia, 2.75%, 06/21/35 | 04/30/25 | 709 | 736 |  |
| Cosan Limited, 5.50%, 09/20/29 | 09/19/25 | 196 | 197 |  |
| Cosan Overseas Limited, 8.25% | 01/26/23 | 1397 | 1413 | 0.1 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 1190 | 1191 | 0.1 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 05/20/21 | 2055 | 2076 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 451 | 408 |  |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 12/09/20 | 283 | 277 |  |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 355 | 371 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 07/11/25 | 199 | 200 |  |
| Estado Espanol, 0.50%, 04/30/30 | 04/14/21 | 1747 | 1823 | 0.1 |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 11/13/24 | 472 | 497 |  |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 02/24/21 | 332 | 326 |  |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 09/27/17 | 3901 | 3632 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 401 | 424 |  |
| French Republic Government Bond OAT, 0.50%, 05/25/29 | 06/02/20 | 872 | 907 |  |
| French Republic Government Bond OAT, 0.70%, 07/25/30 | 03/12/25 | 754 | 809 |  |
| French Republic Government Bond OAT, 1.50%, 05/25/31 | 04/12/21 | 1809 | 1715 | 0.1 |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 04/28/23 | 337 | 301 |  |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 500 | 526 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 11/08/17 | 1430 | 1418 | 0.1 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 796 | 797 |  |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 05/21/24 | 195 | 199 |  |
| Gobierno de la Republica de Guatemala, 4.88%, 02/13/28 | 07/24/24 | 293 | 301 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/22/24 | 681 | 707 |  |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 681 | 692 |  |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 1013 | 1050 | 0.1 |
| Government of Ireland, 1.10%, 05/15/29 | 02/09/23 | 1104 | 1160 | 0.1 |
| HM Treasury, 4.25%, 03/07/36 | 09/12/24 | 1878 | 1801 | 0.1 |
| Inter-American Development Bank, 7.00%, 01/25/29 | 08/13/25 | 696 | 681 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 972 | 992 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 04/16/25 | 392 | 397 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/08/23 | 1350 | 1410 | 0.1 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 676 | 702 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 10/24/17 | 2645 | 2657 | 0.1 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/06/24 | 749 | 789 |  |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 10/30/24 | 400 | 403 |  |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/25/22 | 529 | 560 |  |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/14/23 | 516 | 538 |  |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 592 | 636 |  |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 184 | 189 |  |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 05/20/25 | 200 | 200 |  |
| Minsur S.A., 4.50%, 10/28/31 | 03/12/24 | 1005 | 1053 | 0.1 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 793 | 837 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 188 | 192 |  |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 304 | 311 |  |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 249 | 266 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 1657 | 1745 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/28/25 | 601 | 608 |  |
| Nexa Resources S.A., 6.50%, 01/18/28 | 08/12/25 | 205 | 205 |  |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 1524 | 1630 | 0.1 |
| Office Cherifien Des Phosphates S.A., 4.50%, 10/22/25 | 08/21/24 | 400 | 400 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 595 | 597 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/17/25 | 1106 | 1104 | 0.1 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 03/05/24 | 988 | 1000 |  |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 03/07/24 | 1926 | 1996 | 0.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/18/24 | 499 | 502 |  |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 643 | 648 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 703 | 713 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/21/24 | 539 | 562 |  |
| Presidencia de la Republica Dominicana, 4.50%, 01/30/30 | 07/10/25 | 191 | 196 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 1812 | 1859 | 0.1 |
| PT Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 03/20/24 | 889 | 892 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 09/04/25 | 201 | 200 |  |
| PT Pertamina (Persero), 1.40%, 02/09/26 | 05/29/24 | 986 | 988 |  |
| PT Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 1192 | 1195 | 0.1 |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 1123 | 1101 | 0.1 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 488 | 494 |  |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 11/30/22 | 1086 | 1165 | 0.1 |
| San Miguel Industrias Pet S.A., 3.75%, 08/02/28 | 05/21/24 | 181 | 189 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Service Public Federal Chancellerie Du Premier Ministre, 0.90%, 06/22/29 | 08/03/23 | 295 | 322 |  |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 358 | 333 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 05/20/25 | 200 | 199 |  |
| Thailand, Kingdom of, 1.59%, 12/17/35 | 08/13/25 | 591 | 586 |  |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 47 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 119 | 36 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 3 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 03/01/23 | 1119 | 1185 | 0.1 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 02/22/23 | 1019 | 1072 | 0.1 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 195 | 196 |  |
|  |  | 100706 | 95911 | 3.7 |

---

---

| | | |
|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan, 3 Month Term SOFR + 2.75% | 19 |  |
| GC Ferry Acquisition I Inc, Delayed Draw Term Loan, 3 Month Term SOFR + 3.50% | 20 |  |
| Savor Acquisition, Inc., Delayed Draw Term Loan, SOFR + 3.25% | 25 |  |
|  | 64 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 7000 | January 2026 | 1459073 | 766 | (284) |
| United States Long Bond | 245 | December 2025 | 28321 | (61) | 244 |
|  |  |  |  | 705 | (40) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (1190) | December 2025 | (135788) | 74 | (1155) |
| United States 5 Year Note | (400) | January 2026 | (43680) | (16) | 2 |
| United States Ultra Bond | (140) | December 2025 | (16575) | 79 | (233) |
|  |  |  |  | 137 | (1386) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | GSC | 10/03/25 | BRL | 5300 | 996 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1337952 | 1919 | 1339871 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 648979 |  | 648979 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 539450 |  | 539450 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 62536 | 463 | 62999 |
| &nbsp;&nbsp;Other Equity Interests |  | 8 |  | 8 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 36774 |  |  | 36774 |
|  | 36774 | 2588925 | 2382 | 2628081 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 246 |  |  | 246 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 24 |  | 24 |
|  | 246 | 24 |  | 270 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1672) |  |  | (1672) |
|  | (1672) |  |  | (1672) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 84.8%** | **CORPORATE BONDS AND NOTES 84.8%** | **CORPORATE BONDS AND NOTES 84.8%** |
| **Brazil 14.3%** | **Brazil 14.3%** | **Brazil 14.3%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (a) | 3360 | 3420 |
| Banco do Brasil S.A. |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (a) (b) (c) | 7900 | 7904 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/31/30 (a) (d) | 200 | 75 |
| Cosan Overseas Limited |  |  |
| 8.25% (a) (c) | 7300 | 7368 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (a) | 5000 | 4254 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (a) | 700 | 695 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (a) | 2000 | 1906 |
| 7.85%, 04/11/29 (e) | 1200 | 1144 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (a) | 5126 | 5088 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 200 | 200 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 1200 | 1186 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (a) | 5066 | 5162 |
| Raizen Fuels Finance S.A. |  |  |
| 5.70%, 01/17/35 (a) | 900 | 826 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (a) | 6725 | 5602 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (e) (f) | 99 | 75 |
| 13.50%, 12/31/27 (a) (f) | 140 | 106 |
| 11.00%, 12/31/28 (e) (f) | 113 | 19 |
| 11.00%, 12/31/28 (a) (f) | 485 | 81 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (e) | 1100 | 1182 |
|  |  | 46293 |
| **India 12.6%** | **India 12.6%** | **India 12.6%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (a) | 2000 | 1882 |
| 3.87%, 07/22/31 (a) | 2400 | 2208 |
| Adani Energy Solutions Limited |  |  |
| 4.25%, 05/21/36 (a) | 5143 | 4664 |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (a) | 5313 | 4885 |
| 3.00%, 02/16/31 (e) | 612 | 563 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.38%, 07/03/29 (a) | 1000 | 977 |
| 3.10%, 02/02/31 (a) | 2600 | 2318 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (a) | 918 | 787 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (a) | 4300 | 4292 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (a) | 4899 | 4634 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (e) | 1136 | 1074 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (a) | 3900 | 3912 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (a) | 1725 | 1716 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 5000 | 5018 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (a) | 1250 | 1236 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 600 | 588 |
|  |  | 40754 |
| **Colombia 9.9%** | **Colombia 9.9%** | **Colombia 9.9%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (a) | 6000 | 5427 |
| 5.75%, 06/15/33 (e) | 4000 | 3618 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (e) | 1200 | 1246 |
| Banco Davivienda S.A. |  |  |
| 6.65%, (100, 04/22/31) (c) (e) | 2000 | 1857 |
| 8.13%, 07/02/35 (e) | 2200 | 2290 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (a) | 2700 | 2720 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (a) | 800 | 799 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (a) | 6070 | 2099 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 11540 | 8558 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (a) | 1700 | 1576 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (a) | 1126 | 1188 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (e) | 800 | 675 |
|  |  | 32053 |
| **Mexico 9.7%** | **Mexico 9.7%** | **Mexico 9.7%** |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/25 (e) (g) (h) | 292 | 1 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (a) | 1387 | 1478 |
| 7.25%, 01/31/41 (e) | 2972 | 3167 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (a) (c) | 2200 | 2255 |
| 8.38%, (100, 05/20/31) (c) (e) | 2100 | 2213 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (a) | 2000 | 2179 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (a) | 2600 | 2603 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (a) | 1950 | 1155 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (e) | 995 | 1076 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (a) (c) | 3150 | 3140 |
| 7.20%, (100, 06/10/30) (c) (e) | 800 | 830 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (a) | 682 | 712 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (a) | 200 | 181 |
| 6.45%, 01/24/35 (e) | 3100 | 3163 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (a) | 1437 | 1407 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (a) | 523 | 519 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 5000 | 4124 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (e) | 1000 | 1077 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (e) (g) (h) | 2400 | 15 |
|  |  | 31295 |
| **Peru 8.5%** | **Peru 8.5%** | **Peru 8.5%** |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (a) | 4900 | 4812 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (e) | 1350 | 1395 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (a) | 3300 | 3274 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (a) | 2726 | 2818 |
| 4.35%, 04/05/36 (a) | 6232 | 6014 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (a) | 3200 | 3065 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (a) | 3000 | 2999 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (a) | 800 | 779 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (a) | 2325 | 2232 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (e) | 300 | 312 |
| | | 27700 |
| **Chile 5.3%** | **Chile 5.3%** | **Chile 5.3%** |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (a) | 4950 | 4049 |
| 3.90%, 04/27/31 (e) | 2250 | 1840 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (a) | 1459 | 1461 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (e) | 1227 | 1269 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (a) (i) | 633 | 571 |
| 0.00%, 01/25/28 (e) (i) | 4274 | 3854 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (a) | 938 | 846 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (a) | 1839 | 1828 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (a) | 843 | 846 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (e) | 700 | 716 |
|  |  | 17280 |
| **Singapore 5.3%** | **Singapore 5.3%** | **Singapore 5.3%** |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (a) | 6700 | 6625 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (a) | 3800 | 3814 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (a) | 6400 | 6322 |
| 2.00%, 10/14/31 (a) (j) | 400 | 390 |
|  |  | 17151 |
| **Indonesia 4.7%** | **Indonesia 4.7%** | **Indonesia 4.7%** |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (a) | 2300 | 2317 |
| PT Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (a) | 5200 | 5155 |
| PT Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (a) | 4000 | 3953 |
| PT Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (a) | 3800 | 3783 |
|  |  | 15208 |
| **Paraguay 4.3%** | **Paraguay 4.3%** | **Paraguay 4.3%** |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (a) | 3000 | 2973 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (a) (i) | 4736 | 3876 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (a) (d) | 1774 | 1333 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (a) (i) | 7760 | 5869 |
|  |  | 14051 |
| **South Africa 1.8%** | **South Africa 1.8%** | **South Africa 1.8%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 3500 | 3395 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (a) | 2300 | 2415 |
|  |  | 5810 |
| **Morocco 1.8%** | **Morocco 1.8%** | **Morocco 1.8%** |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (a) | 4000 | 4348 |
| Office Cherifien Des Phosphates S.A. |  |  |
| 4.50%, 10/22/25 (a) | 1460 | 1459 |
|  |  | 5807 |
| **Dominican Republic 1.6%** | **Dominican Republic 1.6%** | **Dominican Republic 1.6%** |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (e) | 5200 | 5074 |
| **United States of America 1.3%** | **United States of America 1.3%** | **United States of America 1.3%** |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (a) | 537 | 565 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (a) | 180 | 179 |
| 6.25%, 03/25/29 (a) | 3420 | 3451 |
| 4.50%, 04/27/31 (a) | 200 | 189 |
|  |  | 4384 |
| **Guatemala 1.3%** | **Guatemala 1.3%** | **Guatemala 1.3%** |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (a) | 4100 | 4082 |
| **Vietnam 1.2%** | **Vietnam 1.2%** | **Vietnam 1.2%** |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (a) | 4032 | 3986 |
| **Luxembourg 0.7%** | **Luxembourg 0.7%** | **Luxembourg 0.7%** |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (e) | 2200 | 2172 |
| **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (a) | 1040 | 884 |
| **Kuwait 0.2%** | **Kuwait 0.2%** | **Kuwait 0.2%** |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (a) | 600 | 599 |
| **Jamaica 0.0%** | **Jamaica 0.0%** | **Jamaica 0.0%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (e) (i) (k) | 1124 | 19 |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (a) (f) (g) (h) | 591 | 7 |
| Total Corporate Bonds And Notes (cost $278,196) | Total Corporate Bonds And Notes (cost $278,196) | 274609 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 11.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 11.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 11.8%** |
| **Mexico 3.6%** | **Mexico 3.6%** | **Mexico 3.6%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.40%, 02/12/52 | 6600 | 4937 |
| 6.34%, 05/04/53 | 7000 | 6810 |
|  |  | 11747 |
| **Colombia 2.9%** | **Colombia 2.9%** | **Colombia 2.9%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 06/15/45 | 9000 | 6761 |
| 4.13%, 05/15/51 | 4000 | 2605 |
|  |  | 9366 |
| **Guatemala 2.3%** | **Guatemala 2.3%** | **Guatemala 2.3%** |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (a) | 3000 | 2989 |
| 4.38%, 06/05/27 (a) | 2400 | 2385 |
| 5.25%, 08/10/29 (a) | 1700 | 1717 |
| 5.38%, 04/24/32 (a) | 400 | 403 |
|  |  | 7494 |
| **Dominican Republic 1.6%** | **Dominican Republic 1.6%** | **Dominican Republic 1.6%** |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (a) | 1700 | 1732 |
| 5.50%, 02/22/29 (a) | 1900 | 1943 |
| 4.50%, 01/30/30 (a) | 1500 | 1470 |
|  |  | 5145 |
| **Morocco 0.8%** | **Morocco 0.8%** | **Morocco 0.8%** |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (a) | 800 | 767 |
| 5.95%, 03/08/28 (a) | 400 | 415 |
| 3.00%, 12/15/32 (a) | 700 | 621 |
| 4.00%, 12/15/50 (a) | 1000 | 736 |
|  |  | 2539 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Paraguay 0.6%** | **Paraguay 0.6%** | **Paraguay 0.6%** |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (a) | 1886 | 1903 |
| Total Government And Agency Obligations (cost $43,775) | Total Government And Agency Obligations (cost $43,775) | 38194 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (g) (l) | 3200 | 24 |
| Total Other Equity Interests (cost $3,123) | Total Other Equity Interests (cost $3,123) | 24 |
| **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) (k) |  |  |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (g) (k) | 2 |  |
| Stichting Administratiekantoor Unigel Creditors (g) (k) | 1 |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| JNL Government Money Market Fund - Class I, 4.04% (m) (n) | 8049 | 8049 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.14% (m) (n) | 1414 | 1414 |
| Total Short Term Investments (cost $9,463) | Total Short Term Investments (cost $9,463) | 9463 |
| **Total Investments 99.5% (cost $334,557)** | **Total Investments 99.5% (cost $334,557)** | **322290** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **1652** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **323942** |

---

(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) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) 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 September 30, 2025.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $41,936 and 12.9% of the Fund.

(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) Non-income producing security.

(h) As of September 30, 2025, 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) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(j) Convertible security.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 5335 | 93649 | 90935 | 84 |  |  | 8049 | 2.5 |
| JNL Government Money Market Fund, 4.14% - Class SL | 4114 | 16272 | 18972 | 97 |  |  | 1414 | 0.4 |
|  | 9449 | 109921 | 109907 | 181 |  |  | 9463 | 2.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 07/10/24 | 3251 | 3420 | 1.1 |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 02/07/25 | 1750 | 1882 | 0.6 |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 09/22/23 | 1933 | 2208 | 0.7 |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/08/23 | 4235 | 4664 | 1.4 |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 06/09/21 | 5139 | 4885 | 1.5 |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 03/28/25 | 913 | 977 | 0.3 |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 02/07/25 | 2176 | 2318 | 0.7 |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 730 | 787 | 0.2 |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/12/22 | 4772 | 5427 | 1.7 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 01/21/25 | 1362 | 1478 | 0.5 |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 09/11/24 | 2986 | 2973 | 0.9 |
| Banco de Bogota, 6.25%, 05/12/26 | 04/30/25 | 2706 | 2720 | 0.8 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 04/05/24 | 4689 | 4812 | 1.5 |
| Banco do Brasil S.A., 8.75% (callable at 100, 10/15/25) | 06/26/18 | 7308 | 7904 | 2.4 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 09/16/22 | 660 | 799 | 0.2 |
| Banco Industrial S.A., 4.88%, 01/29/31 | 06/15/23 | 3983 | 4082 | 1.3 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 02/20/19 | 2170 | 2255 | 0.7 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/22/25 | 2034 | 2179 | 0.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/17/23 | 2405 | 2603 | 0.8 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 3598 | 3876 | 1.2 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 4277 | 4292 | 1.3 |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 09/15/22 | 1527 | 1155 | 0.4 |
| Braskem Netherlands Finance B.V., 4.50%, 01/31/30 | 11/20/24 | 178 | 75 |  |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 09/25/23 | 5241 | 2099 | 0.6 |
| Cap S.A., 3.90%, 04/27/31 | 12/14/21 | 4217 | 4049 | 1.2 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 03/28/25 | 3119 | 3140 | 1.0 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 1447 | 1461 | 0.5 |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/05/25 | 555 | 565 | 0.2 |
| Chile Electricity PEC SpA, 0.00%, 01/25/28 | 05/23/23 | 553 | 571 | 0.2 |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/12/24 | 667 | 712 | 0.2 |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 174 | 181 | 0.1 |
| Cosan Overseas Limited, 8.25% | 01/24/23 | 7296 | 7368 | 2.3 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 4264 | 4254 | 1.3 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 11/19/21 | 6471 | 6625 | 2.0 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 943 | 846 | 0.3 |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 12/09/20 | 1860 | 1828 | 0.6 |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 1512 | 1576 | 0.5 |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 07/11/25 | 596 | 599 | 0.2 |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 03/18/24 | 1337 | 1407 | 0.4 |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 01/23/24 | 507 | 519 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 1120 | 1188 | 0.4 |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 05/25/23 | 1526 | 1333 | 0.4 |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 841 | 884 | 0.3 |
| GNL Quintero S.A., 4.63%, 07/31/29 | 03/13/25 | 834 | 846 | 0.3 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 2986 | 2989 | 0.9 |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 07/25/25 | 2374 | 2385 | 0.7 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 08/14/24 | 1652 | 1717 | 0.5 |
| Gobierno de la Republica de Guatemala, 5.38%, 04/24/32 | 02/13/25 | 382 | 403 | 0.1 |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 1877 | 1903 | 0.6 |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 2325 | 2415 | 0.7 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 3173 | 3274 | 1.0 |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 04/16/25 | 690 | 695 | 0.2 |
| JSW Energy Limited, 4.13%, 05/18/31 | 05/20/24 | 4451 | 4634 | 1.4 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 3767 | 3912 | 1.2 |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 06/15/23 | 2691 | 2818 | 0.9 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/08/24 | 5688 | 6014 | 1.9 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 07/01/24 | 2277 | 2317 | 0.7 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 09/17/25 | 180 | 179 | 0.1 |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 3225 | 3451 | 1.1 |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 184 | 189 | 0.1 |
| Minsur S.A., 4.50%, 10/28/31 | 01/15/25 | 2919 | 3065 | 0.9 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 3797 | 3986 | 1.2 |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 753 | 767 | 0.2 |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 406 | 415 | 0.1 |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 582 | 621 | 0.2 |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 01/21/25 | 678 | 736 | 0.2 |
| Movida Europe S.A., 7.85%, 04/11/29 | 07/10/24 | 1911 | 1906 | 0.6 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 4728 | 5088 | 1.6 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 05/24/23 | 198 | 200 | 0.1 |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 4065 | 4348 | 1.3 |
| Office Cherifien Des Phosphates S.A., 4.50%, 10/22/25 | 08/21/24 | 1459 | 1459 | 0.5 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 1711 | 1716 | 0.5 |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 05/22/25 | 3802 | 3814 | 1.2 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 04/24/24 | 2966 | 2999 | 0.9 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 12/05/24 | 754 | 779 | 0.2 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/16/24 | 4991 | 5018 | 1.5 |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 2223 | 2232 | 0.7 |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 1712 | 1732 | 0.5 |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/21/24 | 1862 | 1943 | 0.6 |
| Presidencia de la Republica Dominicana, 4.50%, 01/30/30 | 07/10/25 | 1433 | 1470 | 0.5 |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 5036 | 5162 | 1.6 |
| PT Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 03/20/24 | 5135 | 5155 | 1.6 |
| PT Pertamina (Persero), 1.40%, 02/09/26 | 05/21/25 | 3953 | 3953 | 1.2 |
| PT Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 3773 | 3783 | 1.2 |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 839 | 826 | 0.3 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 1220 | 1236 | 0.4 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 08/09/22 | 5515 | 5869 | 1.8 |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 5825 | 5602 | 1.7 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 140 | 106 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 267 | 81 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 57 | 7 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 08/19/21 | 5994 | 6322 | 2.0 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 05/21/25 | 387 | 390 | 0.1 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 586 | 588 | 0.2 |
|  |  | 229461 | 232491 | 71.8 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 274590 | 19 | 274609 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 38194 |  | 38194 |
| &nbsp;&nbsp;Other Equity Interests |  | 24 |  | 24 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 9463 |  |  | 9463 |
|  | 9463 | 312808 | 19 | 322290 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 42.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 42.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 42.6%** |
| 280 Park Avenue 2017-280P Mortgage Trust |  |  |
| Series 2017-A-280P, REMIC, 5.40%, (1 Month Term SOFR + 1.18%), 09/15/34 (a) (b) | 2320 | 2303 |
| ACREC 2025-Fl3 LLC |  |  |
| Series 2025-A-FL3, 5.45%, (1 Month Term SOFR + 1.31%), 08/18/42 (a) | 2300 | 2298 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.75%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 2790 | 2797 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-A-A, 5.61%, 09/15/26 | 5500 | 5523 |
| Affirm Asset Securitization Trust 2024-B |  |  |
| Series 2024-B-B, 4.88%, 04/15/27 | 3000 | 3013 |
| Affirm Master Trust |  |  |
| Series 2025-B-1A, 5.13%, 02/15/33 | 1500 | 1508 |
| Series 2025-C-1A, 5.28%, 02/15/33 | 1100 | 1106 |
| AJAX Mortgage Loan Trust 2021-C |  |  |
| Series 2021-A-C, 2.12%, 01/25/61 (b) | 758 | 762 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 2000 | 1952 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 747 | 403 |
| Alternative Loan Trust 2006-29T1 |  |  |
| Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36 | 644 | 360 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.23%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 740 | 707 |
| Alternative Loan Trust 2007-12T1 |  |  |
| Series 2007-A6-12T1, REMIC, 6.00%, 06/25/37 | 4206 | 1811 |
| Alternative Loan Trust 2007-23CB |  |  |
| Series 2007-A5-23CB, REMIC, 6.50%, 09/25/37 | 5535 | 2740 |
| American Home Mortgage Investment Trust 2004-3 |  |  |
| Series 2004-M1-2, REMIC, 4.26%, (1 Month Term SOFR + 1.01%), 02/25/44 (a) (b) (c) | 1806 | 1760 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A3-6, REMIC, 1.78%, 05/25/65 | 485 | 444 |
| Angel Oak Mortgage Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.98%, 11/25/25 | 2902 | 2525 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Interest Only, Series 2020-XA-MF1, REMIC, 0.93%, 05/15/53 (a) | 23681 | 821 |
| Arbor Multifamily Mortgage Securities Trust 2021-Mf2 |  |  |
| Interest Only, Series 2021-XA-MF2, REMIC, 1.10%, 06/15/54 (a) | 50603 | 2291 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.49%, (1 Month Term SOFR + 1.35%), 02/20/29 (a) | 1850 | 1852 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.53%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 3450 | 3456 |
| Argentina, Republic of |  |  |
| Series 2022-A-CRE6, 5.63%, (SOFR 30-Day Average + 1.25%), 01/21/37 (a) | 712 | 712 |
| Arroyo Mortgage Trust 2019-3 |  |  |
| Series 2019-A3-3, REMIC, 3.42%, 12/25/25 (a) | 624 | 592 |
| Atlas Senior Loan Fund XVI, Ltd. |  |  |
| Series 2018-B-11A, 6.23%, (3 Month Term SOFR + 1.91%), 07/28/31 (a) (d) | 2000 | 2003 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-A-1A, 4.89%, 04/15/31 | 3750 | 3748 |
| Avant Loans Funding Trust 2024-REV1 |  |  |
| Series 2024-A-REV1, 5.92%, 10/15/33 | 3500 | 3543 |
| Avant Loans Funding Trust 2025-REV1 |  |  |
| Series 2025-B-REV1, 5.42%, 05/15/34 | 1600 | 1607 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.66%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 2500 | 2511 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35 | 234 | 210 |
| Banc of America Funding 2006-D Trust |  |  |
| Series 2006-A1-D, REMIC, 4.06%, 05/20/36 (a) | 1619 | 1402 |
| Bank 2017-BNK4 |  |  |
| Interest Only, Series 2017-XA-BNK4, REMIC, 1.33%, 05/17/50 (a) | 12468 | 163 |
| Bank 2021-BNK36 |  |  |
| Interest Only, Series 2021-XA-BN36, REMIC, 0.87%, 09/17/64 (a) | 78212 | 2332 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2407 | 2459 |
| Bank5 2025-5YR13 |  |  |
| Interest Only, Series 2025-XA-5YR13, REMIC, 1.06%, 01/15/58 (a) | 21125 | 871 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-AR-20A, 5.54%, (3 Month Term SOFR + 1.22%), 04/15/38 (a) | 1500 | 1503 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.74%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 5000 | 5027 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-E-BWAY, REMIC, 7.12%, (1 Month Term SOFR + 2.96%), 11/15/34 (a) | 2715 | 30 |
| BBCMS Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.44%, 02/17/50 (a) | 16789 | 213 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XB-C10, REMIC, 1.01%, 07/17/54 (a) | 26096 | 1241 |
| Interest Only, Series 2021-XD-C10, REMIC, 1.68%, 07/17/54 (a) | 16250 | 1252 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Interest Only, Series 2025-XA-5C34, REMIC, 1.17%, 05/15/58 (a) | 23087 | 1101 |
| BBCMS Mortgage Trust 2025-C32 |  |  |
| Interest Only, Series 2025-XA-C32, REMIC, 1.13%, 02/17/62 (a) | 26532 | 2221 |
| BDS 2021-FL10 Ltd |  |  |
| Series 2021-A-FL10, 5.60%, (1 Month Term SOFR + 1.46%), 12/18/36 (a) | 2091 | 2091 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.71%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (b) | 3600 | 3618 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.53%, (1 Month Term SOFR + 1.35%), 08/19/30 (a) (b) | 2550 | 2555 |
| BDS Ltd |  |  |
| Series 2021-A-FL9, 5.32%, (1 Month Term SOFR + 1.18%), 11/18/38 (a) | 284 | 284 |
| Bear Stearns ARM Trust 2007-1 |  |  |
| Series 2007-4A1-1, REMIC, 6.59%, 02/25/47 (a) | 5760 | 4965 |
| Benchmark 2020-B22 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B22, REMIC, 1.50%, 01/16/54 (a) | 30276 | 1914 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-V17, REMIC, 1.51%, 09/17/58 (a) | 28260 | 1833 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.67%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 2000 | 2006 |
| BFLD 2024-VICT Mortgage Trust |  |  |
| Series 2024-A-VICT, REMIC, 6.04%, (1 Month Term SOFR + 1.89%), 07/15/26 (a) | 1750 | 1755 |
| BMO 2024-5C5 Mortgage Trust |  |  |
| Interest Only, Series 2024-XA-5C5, REMIC, 1.16%, 08/17/57 (a) | 50240 | 1930 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-5C12, REMIC, 0.00%, 10/15/58 (a) | 43857 | 2765 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 5.32%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 450 | 450 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.88%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 2000 | 2008 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.40%, (1 Month Term SOFR + 1.26%), 08/19/38 (a) (b) | 2080 | 2078 |
| Series 2021-AS-FL1, 5.85%, (1 Month Term SOFR + 1.71%), 08/19/38 (a) (b) | 4812 | 4787 |
| BRSP Ltd |  |  |
| Series 2024-A-FL2, 6.08%, (1 Month Term SOFR + 1.95%), 08/19/27 (a) | 3078 | 3085 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-B-FL7, 6.30%, (1 Month Term SOFR + 2.16%), 12/15/38 (a) | 2000 | 1999 |
| BSPRT 2022-FL8 Issuer, Ltd. |  |  |
| Series 2022-A-FL8, 5.87%, (SOFR 30-Day Average + 1.50%), 02/17/37 (a) (b) | 1447 | 1447 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-AS-FL10, 7.01%, (1 Month Term SOFR + 2.86%), 09/17/35 (a) (b) | 3710 | 3710 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-D-XL2, REMIC, 5.66%, (1 Month Term SOFR + 1.51%), 10/15/26 (a) | 910 | 909 |
| Series 2021-A-XL2, REMIC, 4.95%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 1325 | 1324 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 1089 | 1088 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.53%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1332 | 1333 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-B-ARIA, REMIC, 5.56%, (1 Month Term SOFR + 1.41%), 10/15/36 (a) | 2370 | 2369 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-C-MFM1, REMIC, 5.47%, (1 Month Term SOFR + 1.31%), 01/17/34 (a) | 1505 | 1505 |
| BXMT 2020-FL2, Ltd. |  |  |
| Series 2020-A-FL2, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 02/18/38 (a) (b) | 867 | 862 |
| BXMT 2020-FL3 Ltd |  |  |
| Series 2020-A-FL3, 5.66%, (1 Month Term SOFR + 1.51%), 11/18/37 (a) | 1433 | 1431 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1718 | 1637 |
| Carlyle US CLO 2023-3 Ltd |  |  |
| Series 2023-B-3A, 6.92%, (3 Month Term SOFR + 2.60%), 10/15/36 (a) | 4275 | 4280 |
| Series 2023-A1R-3A, 0.00%, (3 Month Term SOFR + 0.00%), 10/15/38 (a) | 2000 | 2001 |
| Carrington Mortgage Loan Trust, Series 2006-NC4 |  |  |
| Series 2006-A3-NC4, REMIC, 4.02%, (1 Month Term SOFR + 0.27%), 07/25/36 (a) (b) (c) | 935 | 918 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.79%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 2000 | 2008 |
| Carvana Auto Receivables Trust 2020-P1 |  |  |
| Series 2020-D-P1, 1.82%, 09/08/27 | 1300 | 1282 |
| Carvana Auto Receivables Trust 2024-P1 |  |  |
| Series 2024-A2-P1, 5.50%, 12/10/25 | 11 | 11 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 4100 | 4097 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (b) | 1055 | 1013 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.66%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 5000 | 5024 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-AR-2A, 5.77%, (3 Month Term SOFR + 1.45%), 07/17/34 (a) | 5000 | 5012 |
| CD 2017-CD4 Mortgage Trust |  |  |
| Interest Only, Series 2017-XA-CD4, REMIC, 1.22%, 05/12/50 (a) | 13632 | 155 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.75%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 10000 | 10032 |
| CEDR Commercial Mortgage Trust 2022-SNAI |  |  |
| Series 2022-A-SNAI, REMIC, 5.14%, (1 Month Term SOFR + 0.99%), 02/15/39 (a) | 1820 | 1793 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.50%, 05/10/58 (a) | 9097 | 32 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A3-C7, REMIC, 3.84%, 12/11/26 | 1090 | 1078 |
| Chase Auto Owner Trust 2024-5 |  |  |
| Series 2024-A4-5A, 4.15%, 03/25/30 | 3200 | 3211 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A19-10, REMIC, 6.00%, 07/25/37 | 2833 | 1312 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (a) | 1500 | 1504 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.16%, 02/12/49 (a) | 2780 | 7 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Interest Only, Series 2016-XA-GC37, REMIC, 1.59%, 04/12/49 (a) | 2777 | 3 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Series 2016-A4-P3, REMIC, 3.33%, 02/18/26 | 3745 | 3711 |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 5288 | 36 |
| Citigroup Commercial Mortgage Trust 2016-P5 |  |  |
| Interest Only, Series 2016-XA-P5, REMIC, 1.35%, 10/13/49 (a) | 8449 | 54 |
| Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
| Interest Only, Series 2017-XA-P7, REMIC, 1.09%, 04/15/50 (a) | 10606 | 116 |
| Citigroup Mortgage Loan Trust 2014-6 |  |  |
| Series 2014-2A2-6, REMIC, 4.06%, (1 Month Term SOFR + 0.31%), 04/26/38 (a) (b) | 10083 | 9504 |
| Citimortgage Alternative Loan Trust, Series 2006-A3 |  |  |
| Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36 | 486 | 448 |
| CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A6 |  |  |
| Series 2007-1A16-A6, REMIC, 6.00%, 06/25/37 | 739 | 672 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-A2-1A, 3.30%, 12/28/26 | 3000 | 2928 |
| COLT 2021-RPL1 Trust |  |  |
| Series 2021-A1-RPL1, REMIC, 1.67%, 09/25/61 | 2778 | 2533 |
| COLT 2022-2 Mortgage Loan Trust |  |  |
| Series 2022-A1-2, REMIC, 2.99%, 02/25/67 (b) | 3226 | 3097 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.50%, 10/15/46 (a) | 2285 | 12 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.78%, 04/12/47 (a) | 1000 | 956 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 0.61%, 06/12/47 (a) | 216 |  |
| COMM 2015-CCRE26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.87%, 10/13/48 (a) | 447 |  |
| COMM 2015-CCRE27 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR27, REMIC, 0.69%, 10/13/48 (a) | 355 |  |
| COMM 2015-LC21 Mortgage Trust |  |  |
| Series 2015-B-LC21, REMIC, 4.30%, 07/10/48 (a) | 108 | 107 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.62%, (1 Month Term SOFR + 2.47%), 09/15/33 (a) | 197 | 60 |
| Commonbond Student Loan Trust 2016-A |  |  |
| Series 2016-A1-A, REMIC, 3.32%, 05/25/40 | 167 | 161 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 5500 | 5545 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-2A1-11, REMIC, 6.00%, 12/25/35 | 398 | 258 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Crown City CLO |  |  |
| Series 2021-A1A-1A, 5.76%, (3 Month Term SOFR + 1.43%), 07/20/34 (a) | 3000 | 3001 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A3-SPT1, REMIC, 3.73%, 04/25/65 (a) (b) | 433 | 429 |
| CWMBS, Inc. |  |  |
| Series 2006-A1-OA2, REMIC, 3.78%, (1 Month Term SOFR + 0.53%), 05/20/46 (a) (b) (c) | 1315 | 1153 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2750 | 2714 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.34%, 05/12/49 (a) | 10652 | 3 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 2.95%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (b) (c) | 746 | 652 |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 1880 | 1864 |
| Eldridge CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 0.00%, (3 Month Term SOFR + 0.00%), 10/20/38 (a) | 3500 | 3500 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-A1RR-2A, 5.68%, (3 Month Term SOFR + 1.35%), 10/20/37 (a) | 5000 | 5023 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-C-ELP, REMIC, 5.58%, (1 Month Term SOFR + 1.43%), 11/15/38 (a) | 982 | 981 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-E-1A, 2.21%, 02/15/28 | 2900 | 2897 |
| Exeter Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-D-4A, 1.96%, 01/17/28 | 1277 | 1268 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 07/15/38 (a) | 3398 | 3398 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2005-A6M-FF10, REMIC, 3.72%, (1 Month Term SOFR + 0.81%), 11/25/35 (a) (b) (c) | 798 | 757 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.48%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (b) | 2263 | 2263 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-A-FL3, 5.50%, (1 Month Term SOFR + 1.36%), 11/18/36 (a) | 2531 | 2531 |
| GCAT 2021-NQM4 TRUST |  |  |
| Series 2021-A3-NQM4, REMIC, 1.56%, 08/25/66 (a) | 2670 | 2294 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (b) | 8810 | 8891 |
| Generate CLO 9 LTD |  |  |
| Series AR-9A, 5.68%, (3 Month Term SOFR + 1.35%), 01/20/38 (a) | 7500 | 7543 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 898 | 858 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-B-4A, 4.50%, 11/15/30 | 3000 | 3018 |
| GPMT 2021-FL3 Ltd |  |  |
| Series 2021-A-FL3, 5.50%, (1 Month Term SOFR + 1.36%), 07/18/35 (a) | 862 | 860 |
| GPMT 2021-FL4 Ltd |  |  |
| Series 2021-A-FL4, 5.60%, (1 Month Term SOFR + 1.46%), 12/22/36 (a) | 1922 | 1915 |
| Great Wolf Trust 2024-WOLF |  |  |
| Series 2024-A-WOLF, REMIC, 5.69%, (1 Month Term SOFR + 1.54%), 03/16/26 (a) | 1860 | 1866 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-A4-1A, 5.22%, 03/25/60 | 1145 | 1158 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-A4-2A, 4.89%, 06/25/60 | 849 | 853 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.28%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 217 | 217 |
| Series 2021-C-FL3, 6.26%, (1 Month Term SOFR + 2.11%), 07/15/39 (a) | 1300 | 1298 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-G-RIVR, REMIC, 7.05%, (1 Month Term SOFR + 2.90%), 07/16/35 (a) (b) | 2000 | 2 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.28%, 09/12/47 (a) | 588 |  |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.50%, 11/13/48 (a) | 777 |  |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Interest Only, Series 2017-XA-GS6, REMIC, 0.99%, 05/12/50 (a) | 21393 | 281 |
| GS Mortgage Securities Trust 2017-GS8 |  |  |
| Interest Only, Series 2017-XA-GS8, REMIC, 0.93%, 11/11/50 (a) | 28007 | 374 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.66%, 12/12/53 (a) | 27022 | 1743 |
| HarborView Mortgage Loan Trust, 2006-11 |  |  |
| Series 2006-A1A-11, REMIC, 3.68%, (1 Month Term SOFR + 0.45%), 12/19/36 (a) (b) (c) | 3443 | 3177 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.25%, (1 Month Term SOFR + 1.11%), 09/19/36 (a) (b) | 78 | 78 |
| Highbridge Loan Management 3-2014 |  |  |
| Series 3A-CR-2014, 8.19%, (3 Month Term SOFR + 3.86%), 07/18/29 (a) | 1900 | 1917 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (b) (d) | 4423 | 4217 |
| IndyMac MBS, Inc. |  |  |
| Series 2006-A10-A2, REMIC, 6.00%, 05/25/36 | 1096 | 407 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (a) | 1612 | 1523 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A2-NQM2, REMIC, 5.77%, 05/25/29 (b) | 1927 | 1945 |
| Jimmy Johns Funding LLC |  |  |
| Series 2017-A2II-1A, 4.85%, 07/30/27 | 1740 | 1742 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.03%, 11/18/48 (a) | 4462 | 12 |
| JPMCC Commercial Mortgage Securities Trust 2015-JP1 |  |  |
| Interest Only, Series 2015-XA-JP1, REMIC, 0.80%, 01/15/49 (a) | 1765 | 1 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Interest Only, Series 2016-XA-JP4, REMIC, 0.57%, 12/17/49 (a) | 14434 | 71 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.46%, 06/17/49 (a) | 23409 | 122 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-A1-1A, 6.33%, (3 Month Term SOFR + 2.00%), 10/20/36 (a) | 10000 | 10018 |
| Series 2023-B-1A, 6.98%, (3 Month Term SOFR + 2.65%), 10/20/36 (a) | 9500 | 9520 |
| Kestrel Aircraft Funding Limited |  |  |
| Series 2018-A-1A, 4.25%, 10/15/25 (d) | 543 | 539 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 5.33%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (b) | 2000 | 1998 |
| KREF 2022-FL3 Ltd. |  |  |
| Series 2022-A-FL3, 5.58%, (1 Month Term SOFR + 1.45%), 02/22/39 (a) (b) | 1890 | 1892 |
| Legacy Mortgage Asset Trust 2021-GS3 |  |  |
| Series 2021-A1-GS3, REMIC, 4.75%, 07/25/61 (a) (b) | 3038 | 3039 |
| Legacy Mortgage Asset Trust 2021-GS4 |  |  |
| Series 2021-A1-GS4, REMIC, 5.73%, 11/25/60 (a) (b) | 3468 | 3467 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lendbuzz Securitization Trust 2022-1 |  |  |
| Series 2022-A-1A, 4.22%, 05/17/27 | 309 | 309 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.43%, (1 Month Term SOFR + 1.28%), 06/17/39 (a) | 1656 | 1656 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-A-CRE5, REMIC, 5.56%, (1 Month Term SOFR + 1.41%), 07/15/36 (a) | 237 | 237 |
| LoanCore 2021-CRE6 Issuer Ltd |  |  |
| Series 2021-A-CRE6, 5.56%, (1 Month Term SOFR + 1.41%), 11/15/38 (a) (b) | 1290 | 1290 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.93%, (SOFR 30-Day Average + 1.55%), 01/21/37 (a) | 2153 | 2156 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.60%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 3450 | 3458 |
| Loanpal Solar Loan 2020-3 LLC |  |  |
| Series 2020-A-3GS, 2.47%, 08/20/35 | 1507 | 1272 |
| Loanpal Solar Loan 2021-1 Ltd. |  |  |
| Series 2021-A-1GS, 2.29%, 10/20/34 | 1558 | 1290 |
| Long Beach Mortgage Loan Trust 2006-6 |  |  |
| Series 2006-2A3-6, REMIC, 1.09%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (b) (c) | 9300 | 3587 |
| LSTAR Commercial Mortgage Trust 2016-4 |  |  |
| Interest Only, Series 2016-XA-4, REMIC, 1.48%, 03/12/49 (a) | 3583 | 5 |
| Lunar Aircraft 2020-1 Limited |  |  |
| Series 2020-A-1A, 3.38%, 02/15/27 (b) | 1256 | 1227 |
| Magnetite Xlii Ltd |  |  |
| Series 2024-A1-42A, 5.63%, (3 Month Term SOFR + 1.31%), 01/25/38 (a) | 4000 | 4011 |
| Mariner Finance Issuance Trust 2025-A |  |  |
| Series 2025-B-AA, 5.33%, 05/20/38 | 1950 | 1978 |
| Marlette Funding Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.47%, 06/16/31 | 142 | 141 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2 |  |  |
| Series 2006-A2C-AHL1, REMIC, 2.90%, (1 Month Term SOFR + 0.43%), 05/25/37 (a) (b) (c) | 5555 | 3364 |
| MF1 2021-FL5 Ltd. |  |  |
| Series 2021-B-FL5, 5.71%, (1 Month Term SOFR + 1.56%), 07/17/36 (a) | 3539 | 3538 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-A-FL6, 5.35%, (1 Month Term SOFR + 1.21%), 07/18/36 (a) | 45 | 45 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.33%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 533 | 532 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.74%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 2372 | 2372 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 6.29%, (1 Month Term SOFR + 2.15%), 06/22/37 (a) | 2832 | 2834 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-A-FL14, REMIC, 5.89%, (1 Month Term SOFR + 1.74%), 03/19/39 (a) | 3500 | 3515 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.84%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 3500 | 3511 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.46%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 3450 | 3456 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (b) | 7722 | 7794 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-A-MHC, REMIC, 5.07%, (1 Month Term SOFR + 0.92%), 04/15/26 (a) | 518 | 518 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE3 |  |  |
| Series 2007-A1-HE3, REMIC, 1.47%, (1 Month Term SOFR + 0.24%), 12/25/36 (a) (b) (c) | 2731 | 1585 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2005-M2-HE2, REMIC, 3.61%, (1 Month Term SOFR + 0.77%), 01/25/35 (a) (b) (c) | 1465 | 1425 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.09%, 01/15/49 (a) | 2758 |  |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2012-A2-CKSV, REMIC, 3.28%, 10/15/30 | 1846 | 1767 |
| Morgan Stanley Capital I Trust 2015-UBS8 |  |  |
| Interest Only, Series 2015-XA-UBS8, REMIC, 0.67%, 12/17/48 (a) | 2331 | 1 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Interest Only, Series 2017-XA-H1, REMIC, 1.29%, 06/17/50 (a) | 20611 | 308 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.11%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 4283 | 21 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 1736 | 1720 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 233 | 209 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 2201 | 1934 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 850 | 705 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| Series 2022-A-LPFL, REMIC, 5.55%, (1 Month Term SOFR + 1.40%), 03/15/39 (a) | 1980 | 1980 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.73%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 799 | 799 |
| Navient Private Education Refi Loan Trust 2018-A |  |  |
| Series 2018-B-A, 3.68%, 11/17/25 | 1323 | 1306 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 2644 | 2422 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 5.36%, (1 Month Term SOFR + 1.27%), 02/16/27 (a) | 2380 | 2366 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 07/25/36 (a) | 294 | 250 |
| OBX 2024-NQM10 Trust |  |  |
| Series 2024-A1-NQM10, REMIC, 6.18%, 05/25/64 (b) | 3543 | 3594 |
| OBX 2025-NQM8 Trust |  |  |
| Series 2025-A1-NQM8, REMIC, 5.47%, 03/25/65 (b) | 9157 | 9241 |
| OCP CLO 2017-14 Ltd |  |  |
| Series 2017-A1R-14A, 5.70%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 3000 | 3009 |
| OCP CLO 2020-18 Ltd |  |  |
| Series 2020-A1R2-18A, 5.70%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 4000 | 4010 |
| Octagon 56, Ltd. |  |  |
| Series 2021-B-1A, REMIC, 6.23%, (3 Month Term SOFR + 1.91%), 10/16/34 (a) | 2500 | 2502 |
| Octagon INVESTMENT PARTNERS 20-R LTD |  |  |
| Series 2019-A1RR-4A, 5.63%, 08/12/37 (a) | 10000 | 10030 |
| OFSI BSL XI Ltd |  |  |
| Series 2022-BR-11A, 7.13%, (3 Month Term SOFR + 2.80%), 10/18/35 (a) | 4000 | 4005 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-B-HG1, 1.82%, 01/16/29 | 311 | 310 |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 59 | 59 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-C-5, 3.93%, 08/15/29 | 3263 | 3203 |
| Park Blue CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.69%, (3 Month Term SOFR + 1.42%), 10/20/37 (a) | 9700 | 9736 |
| PFP 2024-11 Ltd |  |  |
| Series 2024-A-11, 5.98%, (1 Month Term SOFR + 1.83%), 09/19/39 (a) | 475 | 475 |
| Planet Fitness Master |  |  |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 965 | 948 |
| PRET 2021-RN3 LLC |  |  |
| Series 2021-A1-RN3, 4.84%, 09/25/51 (a) (b) (c) | 2616 | 2616 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-RN2, 4.74%, 07/25/51 (a) (b) | 1025 | 1025 |
| PRPM 2024-NQM4 Trust |  |  |
| Series 2024-A1-NQM4, REMIC, 5.67%, 12/25/69 (b) | 2524 | 2548 |
| PRPM 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.69%, 05/25/29 (b) | 15669 | 15858 |
| RALI Series 2006-QS12 Trust |  |  |
| Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36 | 550 | 447 |
| RALI Series 2007-QS4 Trust |  |  |
| Series 2007-3A4-QS4, REMIC, 6.00%, 03/25/37 | 998 | 833 |
| RALI Series 2007-QS8 Trust |  |  |
| Series 2007-A3-QS8, REMIC, 5.04%, (1 Month Term SOFR + 0.71%), 06/25/37 (a) (c) | 936 | 689 |
| RBSSP Resecuritization Trust 2009-2 |  |  |
| Series 2009-3A2-2, REMIC, 4.79%, (1 Month Term SOFR + 0.61%), 04/26/35 (a) | 400 | 371 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-A-FL7, 5.47%, (1 Month Term SOFR + 1.31%), 11/25/36 (a) | 975 | 975 |
| Research-Driven Pagaya Motor Asset Trust 2025-1 |  |  |
| Series 2025-A-1A, 5.04%, 02/25/27 | 5230 | 5260 |
| Residential Mortgage Loan Trust 2019-2 |  |  |
| Series 2019-M1-2, REMIC, 3.86%, 05/27/59 (a) | 6419 | 6369 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (d) | 5000 | 5007 |
| RFMSI Series 2006-S4 Trust |  |  |
| Series 2006-A5-S4, REMIC, 6.00%, 04/25/36 | 360 | 298 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1772 | 1818 |
| Santander Mortgage Asset Receivable Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.47%, 08/25/65 (b) | 4000 | 3998 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 (b) | 2953 | 2824 |
| SCCU Auto Receivables Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.45%, 12/15/27 | 394 | 394 |
| Securitized Asset Backed Receivables LLC Trust 2006-WM4 |  |  |
| Series 2006-A2C-WM4, REMIC, 0.82%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 15790 | 4205 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2B-HE1, REMIC, 0.01%, (1 Month Term SOFR + 0.33%), 12/25/36 (a) (b) (c) | 4957 | 1036 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 5.42%, (1 Month Term SOFR + 1.26%), 05/15/28 (a) | 1980 | 1966 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 279 | 272 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.37%, 05/25/30 (a) | 315 | 309 |
| SoFi Consumer Loan Program 2025-1 Trust |  |  |
| Series 2025-A-1, 4.80%, 02/27/34 | 1480 | 1488 |
| Sound Point CLO 40 Ltd |  |  |
| Series 2024-A1-40A, 5.72%, (3 Month Term SOFR + 1.39%), 10/20/37 (a) | 4000 | 4014 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.75%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 10000 | 10015 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-A-1A, 5.65%, (3 Month Term SOFR + 1.33%), 04/25/34 (a) | 2000 | 2001 |
| Series 2021-B1-1A, 6.28%, (3 Month Term SOFR + 1.96%), 04/25/34 (a) | 2000 | 2001 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-A-MFP2, REMIC, 5.09%, (1 Month Term SOFR + 0.94%), 11/16/26 (a) | 2020 | 2018 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 285 | 284 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (a) | 6405 | 5545 |
| Steele Creek CLO 2017-1, Ltd. |  |  |
| Series 2017-A-1A, 5.83%, (3 Month Term SOFR + 1.51%), 10/15/30 (a) | 90 | 90 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-4A1-22, REMIC, 5.38%, 12/25/35 (a) | 421 | 363 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-11 |  |  |
| Series 2006-1A1-11, REMIC, 4.16%, (1 Month Term SOFR + 0.43%), 12/25/36 (a) (b) (c) | 2520 | 2497 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 1696 | 859 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.45%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (b) | 1464 | 1464 |
| STWD 2022-FL3, Ltd. |  |  |
| Series 2022-AS-FL3, 6.18%, (SOFR 30-Day Average + 1.80%), 11/18/38 (a) (b) | 1470 | 1470 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.08%, 09/20/29 | 6089 | 6119 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 2493 | 2274 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.50%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 2500 | 2501 |
| Tricolor Auto Securitization Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.12%, 01/16/29 | 1093 | 787 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.80%, (3 Month Term SOFR + 1.47%), 01/18/35 (a) | 6500 | 6505 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 6.03%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (b) | 4204 | 4204 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-ASB-C7, REMIC, 3.59%, 06/15/27 | 1783 | 1771 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-B-C5, REMIC, 3.65%, 03/12/46 (a) | 1750 | 1634 |
| Upgrade Master Pass-Thru Trust Series 2025-ST2 |  |  |
| Series 2025-A-ST2, 6.11%, 06/15/32 | 3040 | 3077 |
| Upgrade Master Pass-Thru Trust Series 2025-ST4 |  |  |
| Series 2025-A-ST4, REMIC, 5.50%, 08/16/32 | 928 | 931 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 499 | 496 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-A2-3, 4.60%, 09/20/35 | 2500 | 2499 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1204 | 1222 |
| Velocity Commercial Capital Loan Trust 2019-2 |  |  |
| Series 2019-A-2, REMIC, 3.13%, 07/25/49 (a) | 1644 | 1572 |
| Velocity Commercial Capital Loan Trust 2025-4 |  |  |
| Series 2025-A-4, REMIC, 5.19%, 02/25/33 (a) | 998 | 994 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (a) (b) | 1219 | 1114 |
| Verus Securitization Trust 2023-5 |  |  |
| Series 2023-A1-5, REMIC, 6.48%, 06/25/68 (b) | 619 | 623 |
| Verus Securitization Trust 2024-1 |  |  |
| Series 2024-A1-1, REMIC, 5.71%, 01/25/28 (b) | 9682 | 9754 |
| Verus Securitization Trust 2024-3 |  |  |
| Series 2024-A1-3, REMIC, 6.34%, 04/25/69 (a) (b) | 3587 | 3640 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-A1-9, REMIC, 5.44%, 11/25/69 (a) (b) | 7137 | 7197 |
| Vibrant CLO XR, Ltd. |  |  |
| Series 2018-A1-10RA, 6.03%, (3 Month Term SOFR + 1.70%), 04/21/36 (a) | 3000 | 3012 |
| VOLT CI, LLC |  |  |
| Series 2021-A1-NP10, 5.99%, 05/25/51 (a) (b) | 159 | 159 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (b) | 30 | 30 |
| Warwick Capital CLO 1 Ltd |  |  |
| Series 2023-AR-1A, 5.27%, (3 Month Term SOFR + 1.28%), 10/20/38 (a) | 2000 | 2001 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.73%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 10000 | 10034 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 0.00%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (b) (c) | 7185 | 2518 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A4-2, REMIC, 0.98%, (1 Month Term SOFR + 0.69%), 04/25/36 (a) (b) (c) | 6362 | 1998 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust |  |  |
| Series 2006-M1-HE1, REMIC, 4.01%, (1 Month Term SOFR + 0.62%), 02/25/36 (a) (b) (c) | 13054 | 12447 |
| Wellfleet CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.74%, (3 Month Term SOFR + 1.42%), 07/15/37 (a) | 4000 | 4005 |
| Wellington Management CLO 4 Ltd |  |  |
| Series 2025-A-4A, 5.46%, (3 Month Term SOFR + 1.15%), 04/19/38 (a) | 5000 | 4996 |
| Wells Fargo & Company |  |  |
| Series 2016-B-C34, REMIC, 4.09%, 04/17/26 | 2000 | 1947 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.52%, 03/17/59 (a) | 1615 | 3 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 257 | 222 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.76%, 11/18/25 (a) | 375 | 367 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.77%, 12/17/48 (a) | 1330 | 1 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Interest Only, Series 2017-XA-C38, REMIC, 0.91%, 07/15/50 (a) | 21597 | 228 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 |  |  |
| Interest Only, Series 2018-XA-C48, REMIC, 0.93%, 01/18/52 (a) | 12651 | 296 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-ASB-C53, REMIC, 2.96%, 12/15/28 | 236 | 230 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2022-A-ONL, REMIC, 3.86%, 02/18/27 | 5250 | 4993 |
| Wells Fargo Commercial Mortgage Trust 2025-C64 |  |  |
| Series 2025-A1-C64, REMIC, 5.02%, 02/15/30 | 713 | 718 |
| Interest Only, Series 2025-XA-C64, REMIC, 1.02%, 02/15/58 (a) | 23114 | 1712 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A1-7, REMIC, 6.00%, 06/25/37 | 145 | 136 |
| Wells Fargo Mortgage Backed Securities 2007-AR4 Trust |  |  |
| Series 2007-A1-AR4, REMIC, 6.36%, 08/25/37 (a) | 85 | 77 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (b) | 2153 | 2037 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $680,942) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $680,942) | 649496 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 35.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 35.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 35.9%** |
| **U.S. Treasury Note 29.6%** | **U.S. Treasury Note 29.6%** | **U.S. Treasury Note 29.6%** |
| Treasury, United States Department of |  |  |
| 0.38%, 12/31/25 - 01/31/26 | 101450 | 100375 |
| 0.75%, 03/31/26 - 01/31/28 | 162050 | 155550 |
| 0.63%, 07/31/26 - 03/31/27 | 61000 | 58956 |
| 0.88%, 09/30/26 - 11/15/30 | 150100 | 134356 |
| 0.50%, 06/30/27 | 1950 | 1847 |
|  |  | 451084 |
| **Collateralized Mortgage Obligations 3.0%** | **Collateralized Mortgage Obligations 3.0%** | **Collateralized Mortgage Obligations 3.0%** |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1M1-R06, REMIC, 5.41%, (SOFR 30-Day Average + 1.05%), 09/25/28 (a) | 586 | 586 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1A1-R04, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 05/25/45 (a) | 3470 | 3475 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AN-4030, REMIC, 1.75%, 04/15/27 | 22 | 22 |
| Series 2024-M1-DNA2, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 05/25/44 (a) | 3937 | 3949 |
| Series 2024-M1-DNA3, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 10/25/44 (a) | 1418 | 1418 |
| Series FE-4940, REMIC, 5.02%, (SOFR 30-Day Average + 0.66%), 01/25/50 (a) | 1774 | 1738 |
| Series FN-4990, REMIC, 4.82%, (SOFR 30-Day Average + 0.46%), 05/25/50 (a) | 1993 | 1933 |
| Series FD-5480, REMIC, 5.71%, (SOFR 30-Day Average + 1.35%), 03/25/54 (a) | 1659 | 1664 |
| Series FD-5536, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 05/25/54 (a) | 2318 | 2320 |
| Series FG-5475, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1775 | 1774 |
| Series AF-5524, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1927 | 1925 |
| Series FA-5525, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1812 | 1811 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-FC-44, REMIC, 4.80%, (SOFR 30-Day Average + 0.44%), 05/25/37 (a) | 1145 | 1132 |
| Series 2014-KF-10, REMIC, 4.92%, (SOFR 30-Day Average + 0.56%), 03/25/44 (a) | 1141 | 1123 |
| Series 2017-FC-112, REMIC, 4.82%, (SOFR 30-Day Average + 0.46%), 01/25/48 (a) | 1703 | 1652 |
| Series 2018-FE-85, REMIC, 4.77%, (SOFR 30-Day Average + 0.41%), 12/25/48 (a) | 848 | 834 |
| Series 2019-FB-49, REMIC, 4.95%, (SOFR 30-Day Average + 0.59%), 09/25/49 (a) | 1254 | 1235 |
| Series 2020-F-34, REMIC, 4.92%, (SOFR 30-Day Average + 0.56%), 06/25/50 (a) | 2490 | 2432 |
| Series 2025-FK-26, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 06/25/54 (a) | 1951 | 1950 |
| Series 2025-FA-31, REMIC, 5.66%, (SOFR 30-Day Average + 1.30%), 06/25/54 (a) | 1980 | 1984 |
| Series 2024-FH-82, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1479 | 1479 |
| Series 2024-FL-93, REMIC, 5.81%, (SOFR 30-Day Average + 1.45%), 12/25/54 (a) | 1290 | 1296 |
| Series 2025-FQ-15, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 2076 | 2077 |
| Series 2025-FM-28, REMIC, 5.61%, (SOFR 30-Day Average + 1.25%), 04/25/55 (a) | 2090 | 2093 |
| Government National Mortgage Association |  |  |
| Series 2017-QF-141, REMIC, 4.55%, (1 Month Term SOFR + 0.41%), 09/20/47 (a) | 1111 | 1087 |
| Series 2018-BF-125, REMIC, 5.14%, (1 Month Term SOFR + 0.86%), 06/20/48 (a) | 1224 | 1207 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Series 2024-AF-25, REMIC, 4.86%, (SOFR 30-Day Average + 0.51%), 02/20/49 (a) (c) | 1163 | 1144 |
|  |  | 45340 |
| **Mortgage-Backed Securities 1.7%** | **Mortgage-Backed Securities 1.7%** | **Mortgage-Backed Securities 1.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 01/01/53 - 12/01/54 | 5247 | 5412 |
| 5.50%, 07/01/53 - 02/01/55 | 5199 | 5286 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.66%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 11/01/42 (a) | 285 | 296 |
| 5.00%, 01/01/43 - 08/01/43 | 4156 | 4225 |
| 6.00%, 10/01/53 | 1950 | 2003 |
| 5.50%, 04/01/54 - 04/01/55 | 7859 | 7992 |
|  |  | 25214 |
| **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** |
| Treasury, United States Department of |  |  |
| 2.38%, 01/15/27 (e) | 4485 | 4564 |
| 0.13%, 04/15/27 (e) | 6602 | 6508 |
| 1.63%, 10/15/27 (e) | 3337 | 3390 |
|  |  | 14462 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-B-KF69, REMIC, 6.76%, (SOFR 30-Day Average + 2.41%), 08/27/29 (a) (c) | 920 | 885 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2020-1A1-M49, REMIC, 1.30%, 11/25/30 (a) | 6002 | 5661 |
| Freddie Mac Multifamily Securities 2016-KF18 Mortgage Trust |  |  |
| Series 2016-B-KF18, REMIC, 6.24%, (SOFR 30-Day Average + 5.61%), 05/25/26 (a) (c) | 457 | 452 |
| Freddie Mac Multifamily Securities 2017-KF30 Mortgage Trust |  |  |
| Series 2017-B-KF30, REMIC, 7.71%, (SOFR 30-Day Average + 3.36%), 03/25/27 (a) | 500 | 495 |
|  |  | 7493 |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.84%, 06/20/30 | 100 | 94 |
| Gobierno de la Republica de Guatemala |  |  |
| 5.25%, 08/10/29 (f) | 800 | 808 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.00%, 04/15/26 (f) | 400 | 401 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.00%, 05/07/29 | 300 | 306 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (f) | 300 | 288 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (f) | 350 | 357 |
| 5.50%, 02/22/29 (f) | 400 | 409 |
|  |  | 2663 |
| Total Government And Agency Obligations (cost $544,391) | Total Government And Agency Obligations (cost $544,391) | 546256 |
| **CORPORATE BONDS AND NOTES 15.4%** | **CORPORATE BONDS AND NOTES 15.4%** | **CORPORATE BONDS AND NOTES 15.4%** |
| **Financials 4.7%** | **Financials 4.7%** | **Financials 4.7%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 1463 | 1509 |
| 5.75%, 06/06/28 | 707 | 733 |
| AIG Global Funding |  |  |
| 5.75%, 07/02/26 (d) | 1600 | 1619 |
| American Express Company |  |  |
| 4.73%, 04/25/29 | 1706 | 1733 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 583 | 596 |
| American National Group Inc. |  |  |
| 5.75%, 10/01/29 | 615 | 636 |
| Athene Global Funding |  |  |
| 5.19%, 05/08/26 (a) (d) | 1853 | 1858 |
| 4.72%, 10/08/29 (d) | 782 | 788 |
| 5.03%, 07/17/30 (d) | 1195 | 1214 |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 (d) | 316 | 329 |
| 4.80%, 10/24/30 (d) | 2483 | 2479 |
| Avolon Holdings Funding Limited |  |  |
| 6.38%, 05/04/28 (d) | 1050 | 1096 |
| 5.38%, 05/30/30 (d) | 1117 | 1145 |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (f) | 150 | 149 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (f) | 800 | 806 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (f) | 200 | 196 |
| 3.25%, 09/30/31 (d) | 550 | 540 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (f) | 650 | 647 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (f) | 500 | 487 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 7.53%, 10/01/28 (a) (f) | 550 | 589 |
| Bank of America Corporation |  |  |
| 3.56%, 04/23/27 | 819 | 816 |
| 4.98%, 01/24/29 | 2291 | 2334 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (d) | 500 | 518 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30 (g) | 1427 | 1446 |
| Banque Federative du Credit Mutuel |  |  |
| 4.59%, 10/16/28 (d) | 1795 | 1811 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (f) | 700 | 701 |
| BPCE |  |  |
| 5.88%, 01/14/31 (d) | 1475 | 1541 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 331 | 334 |
| 4.50%, 03/15/29 | 437 | 439 |
| CaixaBank, S.A. |  |  |
| 6.21%, 01/18/29 (d) | 1430 | 1487 |
| Canadian Imperial Bank Of Commerce |  |  |
| 5.25%, 01/13/31 (g) | 1084 | 1118 |
| Charles Schwab Corporation, The |  |  |
| 5.36%, (SOFR + 1.05%), 03/03/27 (a) | 633 | 638 |
| Citigroup Inc. |  |  |
| 4.58%, 05/29/27 | 2143 | 2160 |
| 4.79%, 03/04/29 | 1199 | 1215 |
| 4.54%, 09/19/30 | 2586 | 2597 |
| CNA Financial Corporation |  |  |
| 3.90%, 05/01/29 | 379 | 374 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (d) | 1477 | 1505 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.30%, 08/12/27 (d) | 953 | 955 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (f) | 800 | 791 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 436 | 452 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (d) | 1175 | 1204 |
| 4.38%, 09/30/30 (d) | 1077 | 1070 |
| Fiserv, Inc. |  |  |
| 4.75%, 03/15/30 | 1741 | 1766 |
| Global Payments Inc. |  |  |
| 5.30%, 08/15/29 | 603 | 617 |
| Goldman Sachs Bank USA |  |  |
| 4.98%, (SOFR + 0.77%), 03/18/27 (a) (d) | 1032 | 1034 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (f) | 600 | 595 |
| Interoceanica IV Finance Ltd |  |  |
| 0.00%, 11/30/25 (f) (h) | 15 | 15 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (f) | 500 | 496 |
| JPMorgan Chase & Co. |  |  |
| 5.26%, (SOFR + 0.92%), 04/22/28 (a) | 1239 | 1247 |
| 4.92%, 01/24/29 | 2298 | 2340 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/27 (d) | 748 | 747 |
| M&T Bank Corporation |  |  |
| 4.83%, 01/16/29 | 593 | 600 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 800 | 812 |
| 4.15%, 08/25/28 | 1098 | 1101 |
| National Securities Clearing Corporation |  |  |
| 4.70%, 05/20/30 (d) | 1391 | 1421 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (d) | 200 | 205 |
| NatWest Group PLC |  |  |
| 4.96%, 08/15/30 (g) | 1569 | 1598 |
| New York Life Global Funding |  |  |
| 4.77%, (SOFR + 0.48%), 06/09/26 (a) (d) | 147 | 147 |
| 4.70%, 01/29/29 (d) | 187 | 191 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (f) | 500 | 502 |
| Pacific Life Global Funding II |  |  |
| 4.92%, (SOFR + 0.62%), 06/04/26 (a) (d) | 137 | 137 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PayPal Holdings, Inc. |  |  |
| 4.45%, 03/06/28 | 739 | 747 |
| PT Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (f) | 700 | 694 |
| Royal Bank of Canada |  |  |
| 4.87%, (SOFR + 0.53%), 01/20/26 (a) (g) | 642 | 642 |
| 5.20%, 10/18/28 (a) (g) | 2284 | 2290 |
| Santander Holdings USA, Inc. |  |  |
| 5.47%, 03/20/29 | 1322 | 1348 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 1873 | 2028 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 430 | 441 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (f) | 500 | 494 |
| Wells Fargo & Company |  |  |
| 5.41%, (SOFR + 1.07%), 04/22/28 (a) | 2217 | 2231 |
| 6.30%, 10/23/29 | 1110 | 1175 |
| | | 72316 |
| **Industrials 2.2%** | **Industrials 2.2%** | **Industrials 2.2%** |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (f) | 500 | 491 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (d) | 1043 | 1064 |
| Amrize Finance US LLC |  |  |
| 4.70%, 04/07/28 (d) | 1199 | 1213 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 2313 | 2229 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (f) (h) | 777 | 636 |
| Canadian Pacific Kansas City Limited |  |  |
| 4.80%, 03/30/30 | 2469 | 2527 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 1395 | 1436 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 2140 | 2165 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (d) | 1384 | 1465 |
| 5.04%, 03/25/30 (d) | 1146 | 1169 |
| Equifax Inc. |  |  |
| 4.80%, 09/15/29 | 1363 | 1385 |
| GATX Corporation |  |  |
| 4.70%, 04/01/29 | 1149 | 1163 |
| 4.00%, 06/30/30 | 81 | 80 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (f) | 400 | 401 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (f) | 662 | 684 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (d) | 2143 | 2138 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (d) | 1567 | 1582 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (f) | 732 | 727 |
| Northrop Grumman Corporation |  |  |
| 4.65%, 07/15/30 | 1160 | 1179 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 637 | 655 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (d) | 2192 | 2261 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 1414 | 1430 |
| 4.50%, 01/15/31 | 1056 | 1056 |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/30 | 2101 | 2153 |
| Ryder System, Inc. |  |  |
| 5.25%, 06/01/28 | 90 | 92 |
| 4.95%, 09/01/29 | 362 | 370 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 564 | 559 |
| Veralto Corporation |  |  |
| 5.50%, 09/18/26 | 709 | 718 |
| 5.35%, 09/18/28 | 630 | 650 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 572 | 574 |
|  |  | 34252 |
| **Utilities 1.8%** | **Utilities 1.8%** | **Utilities 1.8%** |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (f) | 400 | 396 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2277 | 2347 |
| Black Hills Corporation |  |  |
| 4.55%, 01/31/31 | 864 | 865 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 706 | 731 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (f) | 358 | 377 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (d) (h) | 1085 | 978 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (f) | 152 | 158 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.75%, 02/23/27 (f) | 200 | 201 |
| 5.70%, 01/24/30 (d) | 500 | 507 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 1265 | 1299 |
| DTE Energy Company |  |  |
| 5.20%, 04/01/30 | 1360 | 1402 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (f) | 209 | 188 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 539 | 545 |
| 3.57%, 05/01/29 | 69 | 67 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 2101 | 2127 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 739 | 760 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (f) | 109 | 109 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 454 | 456 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (f) | 471 | 473 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (f) | 462 | 437 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (f) | 768 | 784 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (f) | 339 | 335 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (i) | 1018 | 1052 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (b) | 2371 | 2397 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (d) | 2132 | 2143 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 611 | 627 |
| 5.20%, 07/01/29 | 487 | 502 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 297 | 302 |
| PT Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (f) | 700 | 697 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 1062 | 1100 |
| 5.88%, 10/15/28 | 1203 | 1260 |
| Southern Company Gas Capital Corporation |  |  |
| 4.05%, 09/15/28 | 353 | 352 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 862 | 857 |
| TNB Global Ventures Capital Berhad |  |  |
| 3.24%, 10/19/26 (f) | 300 | 297 |
|  |  | 27128 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (f) | 650 | 658 |
| Aker BP ASA |  |  |
| 5.60%, 06/13/28 (d) | 400 | 413 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Boardwalk Pipelines, LP |  |  |
| 4.45%, 07/15/27 | 693 | 695 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (f) | 400 | 399 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.50%, 10/01/29 | 1041 | 1038 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1442 | 1437 |
| Cosan Limited |  |  |
| 5.50%, 09/20/29 (f) | 600 | 592 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 170 | 169 |
| 4.38%, 03/15/29 | 110 | 110 |
| DCP Midstream Operating, LP |  |  |
| 5.13%, 05/15/29 | 355 | 363 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 363 | 363 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (f) | 434 | 432 |
| Enbridge Inc. |  |  |
| 6.00%, 11/15/28 | 555 | 584 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1451 | 1478 |
| 6.10%, 12/01/28 | 1129 | 1188 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (f) | 231 | 226 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 1125 | 1151 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 1129 | 1144 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (d) | 1380 | 1383 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (f) | 200 | 196 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 987 | 1020 |
| 4.40%, 10/15/29 | 1113 | 1113 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (f) | 200 | 199 |
| Petrobras Global Finance B.V. |  |  |
| 6.00%, 01/27/28 | 600 | 613 |
| 5.13%, 09/10/30 | 100 | 99 |
| PT Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (f) | 700 | 692 |
| Targa Resources Partners LP |  |  |
| 6.88%, 01/15/29 | 1773 | 1806 |
| 5.50%, 03/01/30 | 1803 | 1834 |
| Ultrapar International S.A. |  |  |
| 5.25%, 06/06/29 (f) | 200 | 200 |
| Western Midstream Operating, LP |  |  |
| 6.35%, 01/15/29 | 185 | 195 |
| 4.05%, 02/01/30 (b) (i) | 1303 | 1271 |
| Williams Companies, Inc., The |  |  |
| 4.80%, 11/15/29 | 1394 | 1418 |
| | | 24479 |
| **Information Technology 1.4%** | **Information Technology 1.4%** | **Information Technology 1.4%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 1373 | 1404 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1484 | 1519 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1156 | 1189 |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 644 | 643 |
| 5.05%, 07/12/29 | 625 | 643 |
| 4.35%, 02/15/30 | 655 | 658 |
| 4.20%, 10/15/30 | 673 | 672 |
| Dell International L.L.C. |  |  |
| 4.35%, 02/01/30 | 2343 | 2340 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (d) | 828 | 873 |
| Hewlett Packard Enterprise Company |  |  |
| 4.05%, 09/15/27 | 1825 | 1821 |
| 4.55%, 10/15/29 | 1480 | 1488 |
| Kyndryl Holdings, Inc. |  |  |
| 2.05%, 10/15/26 | 927 | 906 |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 | 1090 | 1137 |
| 4.75%, 07/15/30 | 842 | 852 |
| Microchip Technology Incorporated |  |  |
| 5.05%, 03/15/29 | 303 | 309 |
| NXP B.V. |  |  |
| 4.30%, 08/19/28 | 796 | 797 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 618 | 618 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 319 | 320 |
| SK Hynix Inc. |  |  |
| 4.25%, 09/11/28 (d) | 2820 | 2818 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (f) | 300 | 294 |
|  |  | 21301 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| AbbVie Inc. |  |  |
| 4.88%, 03/15/30 | 847 | 872 |
| Agilent Technologies, Inc. |  |  |
| 4.20%, 09/09/27 | 137 | 137 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1074 | 1104 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29 | 1115 | 1147 |
| Edwards Lifesciences Corporation |  |  |
| 4.30%, 06/15/28 | 1402 | 1407 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | 1417 | 1445 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 815 | 832 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/26 | 964 | 968 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 1473 | 1475 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (d) | 2467 | 2514 |
| Merck & Co., Inc. |  |  |
| 5.95%, 12/01/28 | 1574 | 1668 |
| Quest Diagnostics Incorporated |  |  |
| 4.20%, 06/30/29 | 1483 | 1485 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 429 | 436 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 906 | 913 |
| 5.05%, 02/19/30 | 1329 | 1367 |
|  |  | 17770 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (f) | 153 | 141 |
| Altria Group, Inc. |  |  |
| 6.20%, 11/01/28 | 381 | 402 |
| 4.50%, 08/06/30 | 622 | 624 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 (d) | 1112 | 1098 |
| B.A.T Capital Corporation |  |  |
| 4.91%, 04/02/30 | 69 | 70 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 862 | 852 |
| 5.93%, 02/02/29 | 1007 | 1058 |
| BRF GmbH |  |  |
| 4.35%, 09/29/26 (f) | 200 | 198 |
| Bunge Limited Finance Corp. |  |  |
| 4.20%, 09/17/29 | 1174 | 1170 |
| Campbell's Company, The |  |  |
| 5.20%, 03/19/27 | 590 | 599 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/28 (d) | 1356 | 1365 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (f) | 400 | 400 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (f) | 413 | 413 |
| 6.63%, 08/06/29 (f) | 250 | 253 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (f) | 405 | 413 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (d) | 1094 | 1115 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (f) (h) | 147 | 111 |
| Sysco Corporation |  |  |
| 5.10%, 09/23/30 | 1177 | 1213 |
| | | 11495 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 760 | 759 |
| American Tower Corporation |  |  |
| 4.90%, 03/15/30 | 3624 | 3695 |
| Cubesmart, L.P. |  |  |
| 4.38%, 02/15/29 | 744 | 745 |
| Extra Space Storage LP |  |  |
| 5.50%, 07/01/30 | 2168 | 2261 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 646 | 651 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (f) | 500 | 500 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 593 | 561 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (d) | 1497 | 1491 |
|  |  | 10663 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 200 | 194 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (f) | 200 | 181 |
| Avery Dennison Corporation |  |  |
| 4.88%, 12/06/28 | 280 | 285 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (f) (j) | 300 | 299 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 300 | 298 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (f) | 200 | 210 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 1165 | 1185 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (f) | 300 | 315 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 600 | 601 |
| Rio Tinto Finance (USA) plc |  |  |
| 4.88%, 03/14/30 | 1482 | 1518 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 604 | 610 |
| 4.30%, 08/15/28 | 1056 | 1062 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 766 | 767 |
|  |  | 7525 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 682 | 685 |
| Genuine Parts Company |  |  |
| 4.95%, 08/15/29 | 1018 | 1037 |
| Hyundai Capital America |  |  |
| 4.55%, 09/26/29 (d) | 1394 | 1395 |
| Marriott International, Inc. |  |  |
| 4.80%, 03/15/30 | 1364 | 1388 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 1140 | 1150 |
| 3.88%, 04/15/29 (d) | 158 | 154 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 689 | 701 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (f) | 400 | 389 |
|  |  | 6899 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (d) (h) (k) | 136 | 4 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (f) | 720 | 717 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (f) | 200 | 199 |
|  |  | 920 |
| Total Corporate Bonds And Notes (cost $230,949) | Total Corporate Bonds And Notes (cost $230,949) | 234748 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 1334 | 1333 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 06/12/32 (a) | 935 | 929 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 1235 | 1233 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 144 | 143 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 331 | 331 |
| 2024 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 126 | 126 |
| Prime Security Services Borrower, LLC |  |  |
| 2025 Incremental Term Loan B, 6.00%, (1 Month Term SOFR + 1.75%), 03/08/32 (a) | 1845 | 1827 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 440 | 440 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 5.89%, (1 Month Term SOFR + 1.75%), 08/05/28 (a) | 720 | 721 |
|  |  | 7083 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (k) (l) (m) | 86 |  |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.14%, (1 Month Term SOFR + 2.00%), 03/13/32 (a) | 1221 | 1220 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 555 | 552 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 11/09/29 (a) | 1661 | 1659 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 969 | 969 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 6.03%, (1 Month Term SOFR + 1.75%), 08/07/32 (a) | 770 | 771 |
|  |  | 5171 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) (n) | 1425 | 1441 |
| Delta 2 (LUX) S.a r.l. |  |  |
| 2024 Term Loan B2, 6.29%, (3 Month Term SOFR + 2.00%), 09/10/31 (a) | 195 | 195 |
| 2024 Term Loan B1, 6.30%, (3 Month Term SOFR + 2.00%), 09/10/31 (a) | 390 | 390 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 965 | 961 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 775 | 770 |
| WMG Acquisition Corp. |  |  |
| 2024 Term Loan J, 5.95%, (3 Month Term SOFR + 1.75%), 01/24/31 (a) | 980 | 981 |
| | | 4738 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.07%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 1672 | 1665 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 6.11%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 1132 | 1132 |
| Somnigroup International Inc |  |  |
| Term Loan B, 6.61%, (1 Month Term SOFR + 2.25%), 10/24/31 (a) | 846 | 850 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 05/28/30 (a) | 966 | 969 |
|  |  | 4616 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B10, 6.07%, (1 Month Term SOFR + 1.75%), 01/31/31 (a) | 1138 | 1137 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.06%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 1666 | 1665 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 6.07%, (1 Month Term SOFR + 1.75%), 12/11/25 (a) | 969 | 970 |
|  |  | 3772 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 327 | 327 |
| 2024 Term Loan B9, 6.07%, (1 Month Term SOFR + 1.75%), 06/24/31 (a) | 1335 | 1334 |
| Walker & Dunlop, Inc. |  |  |
| 2025 Term Loan B, 6.14%, (1 Month Term SOFR + 2.00%), 03/08/32 (a) | 145 | 144 |
|  |  | 1805 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Reynolds Consumer Products LLC |  |  |
| 2025 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 02/19/32 (a) | 1124 | 1126 |
| Solstice Advanced Materials, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 09/16/32 (a) (n) | 395 | 395 |
|  |  | 1521 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 6.20%, (6 Month Term SOFR + 2.00%), 09/16/31 (a) | 976 | 967 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Vestis Corporation |  |  |
| Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 466 | 437 |
| Total Senior Floating Rate Instruments (cost $30,225) | Total Senior Floating Rate Instruments (cost $30,225) | 30110 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (o) (p) | 38997 | 38997 |
| Total Short Term Investments (cost $38,997) | Total Short Term Investments (cost $38,997) | 38997 |
| **Total Investments 98.5% (cost $1,525,504)** | **Total Investments 98.5% (cost $1,525,504)** | **1499607** |
| **Other Derivative Instruments 1.6%** | **Other Derivative Instruments 1.6%** | **24977** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1670)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1522914** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 September 30, 2025.

(c) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $69,221 and 4.5% of the Fund.

(e) Treasury inflation indexed note, par amount is adjusted for inflation.

(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) 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 September 30, 2025.

(j) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Non-income producing security.

(m) As of September 30, 2025, 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) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 82336 | 391276 | 434615 | 1591 |  |  | 38997 | 2.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Energy Solutions Limited, 4.00%, 08/03/26 | 08/16/23 | 385 | 396 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 08/31/22 | 134 | 141 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 10/19/23 | 454 | 491 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 06/06/22 | 625 | 658 | 0.1 |
| Antofagasta PLC, 2.38%, 10/14/30 | 03/20/25 | 175 | 181 |  |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 11/18/24 | 149 | 149 |  |
| Banco de Bogota, 6.25%, 05/12/26 | 09/29/23 | 795 | 806 | 0.1 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 09/22/25 | 197 | 196 |  |
| Banco Industrial S.A., 4.88%, 01/29/31 | 11/01/23 | 619 | 647 | 0.1 |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/19/23 | 421 | 487 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 7.53%, 10/01/28 | 09/25/23 | 562 | 589 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/15/24 | 669 | 701 | 0.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 01/19/24 | 610 | 636 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 06/23/25 | 398 | 399 |  |
| BRF GmbH, 4.35%, 09/29/26 | 04/15/25 | 197 | 198 |  |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 11/04/24 | 293 | 299 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 03/18/25 | 365 | 377 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 03/11/25 | 151 | 158 |  |
| Comision Federal De Electricidad, E.P.E., 4.75%, 02/23/27 | 06/11/24 | 197 | 201 |  |
| Cosan Limited, 5.50%, 09/20/29 | 03/19/25 | 588 | 592 | 0.1 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 09/15/21 | 786 | 791 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 01/14/20 | 209 | 188 |  |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 05/11/21 | 431 | 432 |  |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 06/14/21 | 110 | 109 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 08/04/21 | 486 | 473 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/25/24 | 779 | 808 | 0.1 |
| Gobierno de La Republica del Paraguay, 5.00%, 04/15/26 | 08/19/25 | 401 | 401 |  |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 07/02/24 | 202 | 210 |  |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 01/31/24 | 212 | 226 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 05/03/24 | 574 | 595 | 0.1 |
| Interoceanica IV Finance Ltd, 0.00%, 11/30/25 | 12/06/19 | 15 | 15 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 07/22/25 | 496 | 496 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/13/23 | 402 | 437 |  |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 01/15/25 | 389 | 401 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 01/19/24 | 655 | 684 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 12/08/23 | 754 | 784 | 0.1 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/21/21 | 690 | 717 | 0.1 |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 09/23/24 | 399 | 400 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 01/11/23 | 318 | 335 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 04/03/25 | 282 | 288 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 06/07/23 | 677 | 727 | 0.1 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 08/31/23 | 412 | 413 |  |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/27/25 | 250 | 253 |  |
| OCP S.A., 6.10%, 04/30/30 | 07/10/25 | 304 | 315 |  |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 01/10/23 | 190 | 196 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 05/19/25 | 198 | 199 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/15/25 | 503 | 502 |  |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 05/15/24 | 496 | 500 |  |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 05/06/25 | 378 | 389 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 08/15/25 | 355 | 357 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 12/03/24 | 394 | 409 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/07/24 | 400 | 413 |  |
| PT Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 04/02/24 | 692 | 694 | 0.1 |
| PT Pertamina (Persero), 1.40%, 02/09/26 | 05/29/25 | 692 | 692 | 0.1 |
| PT Perusahaan Listrik Negara, 4.13%, 05/15/27 | 03/22/23 | 689 | 697 | 0.1 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 06/12/25 | 107 | 111 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 11/07/23 | 192 | 199 |  |
| TNB Global Ventures Capital Berhad, 3.24%, 10/19/26 | 09/23/25 | 297 | 297 |  |
| Ultrapar International S.A., 5.25%, 06/06/29 | 03/19/25 | 197 | 200 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 09/27/21 | 499 | 494 |  |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 293 | 294 |  |
|  |  | 24789 | 25443 | 1.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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 | 01/09/26 | 48000 |  | 928 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 10/23/25 | 70000 |  | 4544 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 12/04/25 | 74000 |  | 2542 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 01/22/26 | 98000 |  | 210 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 11/12/25 | 88000 |  | 909 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 10/17/25 | 78000 |  | 4068 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 02/05/26 | 105000 |  | (744) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 10/31/25 | 65000 |  | 2556 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 11/21/25 | 70000 |  | 1792 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 12/10/25 | 91000 |  | 2215 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 01/16/26 | 96000 |  | 661 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 02/13/26 | 68000 |  | 526 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 03/06/26 | 62000 |  |  |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 12/31/25 | 65000 |  | 683 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 11/05/25 | 69000 |  | 1444 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 01/30/26 | 99000 |  | 276 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 02/18/26 | 29000 |  | (39) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 10/08/25 | 60000 |  | 2523 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 02/27/26 | 79000 |  | (904) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 12/17/25 | 90000 |  | 787 |
|  |  |  |  |  |  | 24977 |

---

‡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.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 649496 |  | 649496 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 546256 |  | 546256 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 234744 | 4 | 234748 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 30110 |  | 30110 |
| &nbsp;&nbsp;Short Term Investments | 38997 |  |  | 38997 |
|  | 38997 | 1460606 | 4 | 1499607 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 26664 |  | 26664 |
|  |  | 26664 |  | 26664 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (1687) |  | (1687) |
|  |  | (1687) |  | (1687) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 57.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 57.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 57.2%** |
| **Mortgage-Backed Securities 34.6%** | **Mortgage-Backed Securities 34.6%** | **Mortgage-Backed Securities 34.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 06/01/43 - 03/01/52 | 78609 | 71174 |
| 4.00%, 09/01/43 - 08/01/52 | 14332 | 13645 |
| 3.50%, 01/01/48 | 2046 | 1907 |
| 2.50%, 12/01/50 - 02/01/52 | 18195 | 15549 |
| 4.50%, 08/01/52 | 7041 | 6867 |
| 5.50%, 02/01/53 - 02/01/55 | 33463 | 34071 |
| 6.00%, 08/01/53 - 02/01/55 | 59511 | 61636 |
| 6.50%, 01/01/54 | 11706 | 12374 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 04/01/26 - 06/01/52 | 11336 | 11060 |
| 6.18%, 12/01/28 | 8282 | 8677 |
| 2.48%, 11/01/29 | 16239 | 15230 |
| 1.90%, 05/01/30 | 9934 | 9063 |
| 4.65%, 05/01/30 | 13450 | 13640 |
| 5.45%, 01/01/31 | 6907 | 7100 |
| 5.81%, 06/01/31 | 22946 | 23784 |
| 2.63%, 04/01/32 | 62149 | 55926 |
| 1.83%, 11/01/33 | 6300 | 5253 |
| 3.00%, 03/01/35 - 04/01/51 | 42132 | 37867 |
| 3.50%, 09/01/43 - 04/01/52 | 37922 | 35125 |
| 4.00%, 01/01/48 | 1816 | 1742 |
| 2.50%, 09/01/50 - 03/01/51 | 57532 | 49163 |
| 2.00%, 10/01/50 - 02/01/51 | 24479 | 19987 |
| 5.00%, 08/01/52 - 05/01/53 | 23339 | 23473 |
| 5.50%, 05/01/53 - 02/01/55 | 47124 | 47994 |
| 6.00%, 02/01/54 - 02/01/55 | 20949 | 21716 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/45 | 1095 | 999 |
| 2.50%, 08/20/51 | 28754 | 24649 |
|  |  | 629671 |
| **Collateralized Mortgage Obligations 18.6%** | **Collateralized Mortgage Obligations 18.6%** | **Collateralized Mortgage Obligations 18.6%** |
| Connecticut Avenue Securities Trust 2024-R04 |  |  |
| Series 2024-1A1-R04, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 05/25/44 (a) | 13646 | 13667 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series UB-4247, REMIC, 3.00%, 09/15/33 | 5937 | 5672 |
| Series EB-4247, REMIC, 3.50%, 09/15/33 | 3183 | 3095 |
| Interest Only, Series SP-3770, REMIC, 2.01%, (6.39% - (SOFR 30-Day Average \* 1)), 11/15/40 (a) | 15 |  |
| Interest Only, Series SM-3780, REMIC, 2.01%, (6.39% - (SOFR 30-Day Average \* 1)), 12/15/40 (a) | 3837 | 371 |
| Series SL-4061, REMIC, 0.00%, (6.86% - (SOFR 30-Day Average \* 1.75)), 06/15/42 (a) | 36 | 20 |
| Series KM-4141, REMIC, 1.75%, 12/15/42 | 6873 | 5932 |
| Series CS-4156, REMIC, 0.04%, (5.26% - (SOFR 30-Day Average \* 1.2)), 01/15/43 (a) | 3279 | 2426 |
| Series 2023-M1B-HQA2, REMIC, 7.71%, (SOFR 30-Day Average + 3.35%), 06/25/43 (a) | 3000 | 3113 |
| Series UZ-4508, REMIC, 3.00%, 07/15/43 | 559 | 456 |
| Series 2024-M2-DNA3, REMIC, 5.81%, (SOFR 30-Day Average + 1.45%), 10/25/44 (a) | 8450 | 8458 |
| Series LZ-4410, REMIC, 4.00%, 11/15/44 | 2294 | 2118 |
| Series GZ-4612, REMIC, 3.00%, 09/15/46 | 21861 | 19565 |
| Series MY-4677, REMIC, 3.50%, 04/15/47 | 8228 | 7203 |
| Series DZ-4894, REMIC, 3.50%, 06/15/49 | 4436 | 4000 |
| Interest Only, Series ID-5159, REMIC, 3.00%, 10/25/49 | 16964 | 2670 |
| Series ZP-5028, REMIC, 1.50%, 10/25/50 | 6981 | 3194 |
| Series NH-5250, REMIC, 3.00%, 08/25/52 | 24493 | 21103 |
| Interest Only, Series MS-4291, REMIC, 1.41%, (5.79% - (SOFR 30-Day Average \* 1)), 01/15/54 (a) | 1780 | 192 |
| Series FB-5478, REMIC, 5.71%, (SOFR 30-Day Average + 1.35%), 02/25/54 (a) | 15413 | 15480 |
| Series FH-5470, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 11/25/54 (a) | 17037 | 17027 |
| Series FP-5473, REMIC, 5.66%, (SOFR 30-Day Average + 1.30%), 11/25/54 (a) | 17306 | 17336 |
| Series FG-5507, REMIC, 5.76%, (SOFR 30-Day Average + 1.40%), 02/25/55 (a) | 3143 | 3154 |
| Series FA-5570, REMIC, 5.76%, (SOFR 30-Day Average + 1.40%), 05/25/55 (a) | 4151 | 4167 |
| Series FC-5539, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 05/25/55 (a) | 7202 | 7239 |
| Series FC-5543, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 06/25/55 (a) | 17681 | 17772 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C55-426, 2.50%, 11/25/50 | 39276 | 5737 |
| Interest Only, Series C26-437, 4.50%, 01/25/52 | 18591 | 4761 |
| Interest Only, Series C60-426, 3.50%, 02/25/52 | 16140 | 3000 |
| Interest Only, Series C8-437, 2.50%, 06/25/52 | 29238 | 4596 |
| Series 2013-QZ-54, REMIC, 3.00%, 06/25/33 | 206 | 193 |
| Interest Only, Series 2005-S-2, REMIC, 2.13%, (6.49% - (SOFR 30-Day Average \* 1)), 02/25/35 (a) | 1630 | 104 |
| Series 2010-KD-120, REMIC, 4.00%, 10/25/40 | 226 | 213 |
| Series 2013-PB-59, REMIC, 2.00%, 09/25/41 | 848 | 818 |
| Interest Only, Series 2011-ES-93, REMIC, 2.03%, (6.39% - (SOFR 30-Day Average \* 1)), 09/25/41 (a) | 661 | 60 |
| Interest Only, Series 2018-ST-25, REMIC, 1.58%, (5.94% - (SOFR 30-Day Average \* 1)), 03/25/42 (a) | 4742 | 359 |
| Series 2012-BZ-14, REMIC, 4.00%, 03/25/42 | 539 | 519 |
| Series 2012-CZ-87, REMIC, 3.00%, 08/25/42 | 8594 | 7846 |
| Series 2014-GZ-85, REMIC, 3.00%, 12/25/44 | 13873 | 12757 |
| Series 2018-LZ-38, REMIC, 3.50%, 06/25/48 | 18482 | 15659 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 12274 | 2330 |
| Government National Mortgage Association |  |  |
| Series 2012-Z-32, REMIC, 3.50%, 03/20/42 | 934 | 865 |
| Interest Only, Series 2020-KI-16, REMIC, 3.50%, 02/20/50 | 8589 | 1800 |
| Interest Only, Series 2021-IL-77, REMIC, 3.00%, 07/20/50 | 8253 | 1391 |
| Interest Only, Series 2022-SA-22, REMIC, 0.00%, (3.60% - (SOFR 30-Day Average \* 1)), 08/20/50 (a) | 10634 | 268 |
| Interest Only, Series 2020-IE-160, REMIC, 2.50%, 10/20/50 | 33026 | 4797 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 32083 | 4625 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 13128 | 2056 |
| Interest Only, Series 2020-SB-185, REMIC, 2.05%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (a) | 33152 | 4872 |
| Interest Only, Series 2021-IM-15J, REMIC, 2.50%, 01/20/51 | 43804 | 6522 |
| Interest Only, Series 2022-IA-218, REMIC, 2.50%, 01/20/51 | 24902 | 3344 |
| Interest Only, Series 2021-IB-30, REMIC, 2.50%, 02/20/51 | 22882 | 3391 |
| Interest Only, Series 2023-IO-19, REMIC, 2.50%, 02/20/51 | 36094 | 5211 |
| Interest Only, Series 2021-IM-24, REMIC, 3.00%, 02/20/51 | 13836 | 2340 |
| Interest Only, Series 2021-S-59, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 04/20/51 (a) | 15164 | 127 |
| Interest Only, Series 2021-SL-58, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 04/20/51 (a) | 47205 | 1160 |
| Interest Only, Series 2021-IA-116, REMIC, 2.50%, 06/20/51 | 16792 | 2436 |
| Interest Only, Series 2021-IK-114, REMIC, 3.00%, 06/20/51 | 32090 | 5401 |
| Series 2021-LZ-177, REMIC, 3.00%, 10/20/51 | 17423 | 10873 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 35942 | 5303 |
| Interest Only, Series 2021-IQ-209, REMIC, 3.50%, 11/20/51 | 17524 | 3379 |
| Series 2022-Z-25, REMIC, 3.00%, 02/20/52 | 8623 | 6671 |
| Interest Only, Series 2022-IO-204, REMIC, 3.50%, 04/20/52 | 19264 | 3167 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FE-42, REMIC, 5.91%, (SOFR 30-Day Average + 1.55%), 06/25/55 (a) | 8772 | 8824 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Interest Only, Series 2020-IH-86, REMIC, 3.00%, 06/20/50 | 11528 | 1942 |
| Interest Only, Series 2020-WI-86, REMIC, 3.00%, 06/20/50 | 23985 | 4030 |
| | | 339177 |
| **Commercial Mortgage-Backed Securities 3.0%** | **Commercial Mortgage-Backed Securities 3.0%** | **Commercial Mortgage-Backed Securities 3.0%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A1X-M4, REMIC, 2.54%, 05/25/30 (a) | 11976 | 11447 |
| Interest Only, Series 2020-X1-M15, REMIC, 1.56%, 09/25/31 (a) | 33348 | 1996 |
| Interest Only, Series 2020-AX-M21, REMIC, 1.93%, 01/25/58 (a) | 27273 | 2958 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-84, REMIC, 0.79%, 04/16/61 (a) | 72898 | 3659 |
| Interest Only, Series 2022-IO-14, REMIC, 0.65%, 12/16/61 (a) | 36519 | 1651 |
| Interest Only, Series 2021-IO-20, REMIC, 1.14%, 08/16/62 (a) | 53722 | 4030 |
| Interest Only, REMIC, 0.82%, 02/16/63 (a) | 52401 | 3118 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (a) | 64177 | 3300 |
| Interest Only, Series 2021-IO-45, REMIC, 0.81%, 04/16/63 (a) | 10437 | 586 |
| Interest Only, Series 2021-IO-22, REMIC, 0.97%, 05/16/63 (a) | 17362 | 1142 |
| Interest Only, Series 2021-IO-129, REMIC, 0.98%, 06/16/63 (a) | 76883 | 4968 |
| Interest Only, Series 2021-IO-79, REMIC, 0.86%, 08/16/63 (a) | 38481 | 2308 |
| Interest Only, Series 2022-IO-130, REMIC, 0.38%, 11/16/63 (a) | 75260 | 2427 |
| Interest Only, Series 2022-IO-118, REMIC, 0.64%, 06/16/64 (a) | 28384 | 1321 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (a) | 39716 | 2684 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (a) | 49268 | 3110 |
| Interest Only, Series 2024-IO-158, REMIC, 1.09%, 12/16/65 (a) | 48051 | 3803 |
|  |  | 54508 |
| **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (b) | 5652 | 5613 |
| 1.63%, 10/15/27 (b) | 7318 | 7433 |
| 0.50%, 01/15/28 (b) | 5684 | 5616 |
|  |  | 18662 |
| Total Government And Agency Obligations (cost $1,087,982) | Total Government And Agency Obligations (cost $1,087,982) | 1042018 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.8%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-A-AOA, REMIC, 5.75%, (1 Month Term SOFR + 1.60%), 06/15/27 (a) | 1260 | 1267 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (c) | 2328 | 2387 |
| Series 2024-B-1A, 6.90%, 05/16/31 (c) | 886 | 911 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (c) | 3706 | 3781 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.49%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (c) (d) | 3097 | 2245 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.75%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 2550 | 2556 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.40%, (1 Month Term SOFR + 1.26%), 10/20/36 (a) | 313 | 313 |
| Aircraft Lease Securitisation Limited |  |  |
| Series 2007-2F5-M1, REMIC, 6.45%, 12/25/28 (a) (c) (d) | 2045 | 1745 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 5000 | 4880 |
| Series 2021-B-1A, 2.48%, 08/17/26 | 4000 | 3898 |
| Series 2023-A2-1A, 6.00%, 08/15/28 | 1500 | 1517 |
| Allegro CLO V-S Ltd |  |  |
| Series 2024-A1-2A, 5.82%, (3 Month Term SOFR + 1.50%), 07/24/37 (a) | 3000 | 3014 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35 | 1426 | 1160 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A1-53T2, REMIC, 4.71%, 11/25/35 (a) (d) | 12096 | 7474 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36 | 907 | 897 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 4857 | 2621 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.23%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (c) (d) | 2528 | 2414 |
| Alternative Loan Trust 2007-3T1 |  |  |
| Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37 | 10894 | 4934 |
| Alternative Loan Trust 2007-5CB |  |  |
| Interest Only, Series 2007-1A5-5CB, REMIC, 1.13%, (5.29% - (1 Month Term SOFR \* 1)), 04/25/37 (a) | 3011 | 288 |
| Series 2007-1A6-5CB, REMIC, 4.87%, (1 Month Term SOFR + 0.71%), 04/25/37 (a) | 3011 | 1184 |
| Angel Oak Mortgage Trust 2025-7 |  |  |
| Series 2025-A3-7, REMIC, 5.92%, 06/25/29 (a) (c) | 2128 | 2146 |
| Series 2025-M1-7, REMIC, 6.35%, 06/25/29 | 3800 | 3849 |
| Apidos CLO XLVIII Ltd |  |  |
| Series 2024-A1-48A, 5.76%, (3 Month Term SOFR + 1.44%), 07/27/37 (a) | 2000 | 2010 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.82%, (SOFR 30-Day Average + 1.45%), 01/15/37 (a) | 1326 | 1326 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.60%, (1 Month Term SOFR + 1.46%), 11/17/36 (a) | 1404 | 1404 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.49%, (1 Month Term SOFR + 1.35%), 02/20/29 (a) | 2500 | 2502 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.79%, (1 Month Term SOFR + 1.75%), 06/15/27 (a) | 1270 | 1272 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-A-CRE9, 5.83%, (1 Month Term SOFR + 1.69%), 01/17/29 (a) (c) | 525 | 525 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.53%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2710 | 2715 |
| Bain Capital Credit CLO 2022-6, Limited |  |  |
| Series 2022-A1R-6A, 5.70%, (3 Month Term SOFR + 1.37%), 01/22/38 (a) | 1500 | 1505 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.66%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 5000 | 5022 |
| Banc of America Alternative Loan Trust 2006-4 |  |  |
| Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36 | 2242 | 2066 |
| Bank 2020-BNK25 |  |  |
| Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30 | 306 | 279 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-B-5YR10, REMIC, 6.14%, 10/17/29 | 2747 | 2832 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.74%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 1000 | 1005 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XA-C10, REMIC, 1.21%, 07/17/54 (a) | 20967 | 1063 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBCMS Mortgage Trust 2021-C11 |  |  |
| Interest Only, Series 2021-XA-C11, REMIC, 1.33%, 09/17/54 (a) | 41457 | 2186 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Interest Only, Series 2021-XA-C12, REMIC, 0.92%, 11/18/54 (a) | 12093 | 463 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Interest Only, Series 2021-XA-C9, REMIC, 1.57%, 02/18/54 (a) | 34671 | 2151 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2629 | 2697 |
| BBCMS Mortgage Trust 2025-5C37 |  |  |
| Series 2025-A3-5C37, REMIC, 5.02%, 09/15/58 | 2512 | 2570 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-A-CBM, REMIC, 5.20%, (1 Month Term SOFR + 1.05%), 07/15/37 (a) (c) | 1599 | 1566 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.71%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (c) | 2600 | 2613 |
| Bear Stearns Asset Backed Securities I LLC |  |  |
| Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36 | 119 | 119 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Interest Only, Series 2018-XA-B7, REMIC, 0.40%, 05/16/53 (a) | 83782 | 804 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B19, REMIC, 1.66%, 09/17/53 (a) | 31138 | 1490 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (a) | 19656 | 948 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Interest Only, Series 2021-XB-B29, REMIC, 0.70%, 09/17/54 (a) | 38734 | 1350 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2650 | 2722 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2636 | 2734 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Series 2025-A3-V17, REMIC, 5.07%, 08/16/30 | 2505 | 2560 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.67%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 500 | 502 |
| BFLD Trust 2025-EWEST |  |  |
| Series 2025-C-EWEST, REMIC, 6.25%, (1 Month Term SOFR + 2.10%), 06/15/27 (a) | 1270 | 1273 |
| BlueMountain CLO 2014-2 Ltd |  |  |
| Series 2014-BR2-2A, 6.34%, (3 Month Term SOFR + 2.01%), 10/21/30 (a) | 3000 | 3008 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1834 | 1887 |
| Bojangles Issuer LLC |  |  |
| Series 2024-A2-1A, 6.58%, 11/20/29 | 2000 | 2031 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 5.32%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 1700 | 1699 |
| BRAVO Residential Funding Trust 2020-RPL1 |  |  |
| Series 2020-M1-RPL1, REMIC, 3.25%, 05/25/59 (a) | 4500 | 4306 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (c) | 11046 | 11126 |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.88%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 10000 | 10039 |
| Bridge Street CLO IV Ltd |  |  |
| Series 2024-A-1A, 5.93%, (3 Month Term SOFR + 1.60%), 04/20/37 (a) | 1000 | 1002 |
| Bridgecrest Lending Auto Securitization Trust 2025-2 |  |  |
| Series 2025-C-2, 5.17%, 01/18/28 | 2000 | 2030 |
| BSTN Commercial Mortgage Trust 2025-HUB |  |  |
| Series 2025-A-HUB, REMIC, 0.00%, 04/15/41 (a) | 1240 | 1240 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-E-VOLT, REMIC, 6.26%, (1 Month Term SOFR + 2.11%), 09/15/36 (a) | 417 | 416 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 4.95%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 741 | 740 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 835 | 834 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.53%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1207 | 1209 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 4.08%, 12/11/29 (a) | 1860 | 1702 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1718 | 1637 |
| Carlyle US CLO 2017-2, Ltd. |  |  |
| Series 2017-AR2-2A, 5.82%, (3 Month Term SOFR + 1.49%), 07/20/37 (a) | 2500 | 2510 |
| Carrington Mortgage Loan Trust, Series 2007-RFC1 |  |  |
| Series 2007-A3-RFC1, REMIC, 4.17%, (1 Month Term SOFR + 0.25%), 09/25/36 (a) (c) (d) | 1791 | 1760 |
| Carval CLO IX-C Ltd. |  |  |
| Series 2024-A-1A, 6.01%, (3 Month Term SOFR + 1.68%), 04/20/37 (a) | 1000 | 1004 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.79%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 4000 | 4016 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.66%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 3000 | 3014 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-BR-2A, 6.43%, (3 Month Term SOFR + 2.11%), 07/17/34 (a) | 1500 | 1501 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.27%, 11/15/27 (a) | 243 | 227 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.75%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 1000 | 1003 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 5.09%, (1 Month Term SOFR + 5.09%), 07/12/30 (a) | 1703 | 1714 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.50%, 05/10/58 (a) | 45837 | 163 |
| Chase Mortgage Finance Trust Series 2006-S2 |  |  |
| Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36 | 6298 | 2248 |
| CHL Mortgage Pass-Through Trust 2006-18 |  |  |
| Series 2006-1A35-20, REMIC, 6.00%, 02/25/37 | 1893 | 855 |
| CHL Mortgage Pass-Through Trust 2007-8 |  |  |
| Series 2007-1A5-8, REMIC, 5.44%, 01/25/38 | 2122 | 817 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 6210 | 6244 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.16%, 02/12/49 (a) | 14117 | 34 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 12636 | 86 |
| Citigroup Mortgage Loan Trust 2007-AR8 |  |  |
| Series 2007-1A1A-AR8, REMIC, 3.68%, 07/25/47 (a) | 1154 | 984 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 614 | 590 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1949 | 1956 |
| Cmalt (Citimortgage Alternative Loan Trust), Series 2006-A4 |  |  |
| Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36 | 931 | 832 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2007-A5 |  |  |
| Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37 | 679 | 637 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| COLT 2023-1 Mortgage Loan Trust |  |  |
| Series 2023-A1-1, REMIC, 6.05%, 04/25/68 (c) | 4272 | 4294 |
| COLT 2023-2 Mortgage Loan Trust |  |  |
| Series 2023-A1-2, REMIC, 6.60%, 07/25/68 (c) | 2955 | 2978 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.50%, 10/15/46 (a) | 2174 | 12 |
| COMM 2015-CCRE26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.87%, 10/13/48 (a) | 2559 |  |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-DC1, REMIC, 0.57%, 02/12/48 (a) | 1899 | 2 |
| COMM 2016-DC2 Mortgage Trust |  |  |
| Series 2016-C-DC2, REMIC, 4.67%, 02/12/26 (a) | 1340 | 1320 |
| Interest Only, Series 2016-XA-DC2, REMIC, 0.83%, 02/12/49 (a) | 9766 |  |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-A-HCLV, REMIC, 5.45%, (1 Month Term SOFR + 1.30%), 09/15/33 (a) | 2125 | 1955 |
| CommonBond Student Loan Trust 2018-B-GS |  |  |
| Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 | 85 | 75 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-7A1-11, REMIC, 6.00%, 12/25/35 | 4936 | 2478 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2005-3A2-9, REMIC, 6.00%, 10/25/35 | 4023 | 1166 |
| Series 2006-2A3-2, REMIC, 6.00%, 03/25/36 | 2235 | 883 |
| CSAIL 2015-C1 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-C1, REMIC, 0.17%, 04/15/50 (a) | 1106 |  |
| CSAIL 2015-C4 Commercial Mortgage Trust |  |  |
| Series 2015-C-C4, REMIC, 4.76%, 11/18/25 (a) | 1911 | 1889 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-C16, REMIC, 1.53%, 06/17/52 (a) | 8636 | 393 |
| CSMC 2019-RPL1 Trust |  |  |
| Series 2018-PT-SP3, REMIC, 4.45%, 09/25/58 (a) | 13443 | 11716 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-M1-SPT1, REMIC, 3.39%, 04/25/65 (a) | 7000 | 6760 |
| CSMC 2021-B33 |  |  |
| Series 2021-A1-B33, REMIC, 3.05%, 10/10/31 | 863 | 808 |
| Series 2021-A2-B33, REMIC, 3.17%, 10/10/31 | 2130 | 1908 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-A1-RPL3, REMIC, 2.00%, 01/25/60 (a) | 6998 | 6217 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2000 | 1973 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.34%, 05/12/49 (a) | 19108 | 6 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 2.95%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (c) (d) | 8831 | 7716 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2006-1A3-AR1, REMIC, 4.44%, (1 Month Term SOFR + 0.77%), 02/25/36 (a) (c) (d) | 6719 | 6394 |
| Series 2006-A2B-AB1, REMIC, 4.48%, 02/25/36 (a) (d) | 2620 | 2429 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-D-NYC, REMIC, 3.70%, 05/12/31 | 550 | 469 |
| Empower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.92%, (3 Month Term SOFR + 1.60%), 04/27/37 (a) | 5000 | 5019 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 07/15/38 (a) | 2277 | 2277 |
| First Franklin Mortgage Loan Trust, Series 2007-FF2 |  |  |
| Series 2007-A1-FF2, REMIC, 1.93%, (1 Month Term SOFR + 0.25%), 03/25/37 (a) (c) (d) | 4781 | 2576 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36 | 2472 | 936 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT1, 3.62%, 07/25/26 (c) | 10500 | 10047 |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 11300 | 10843 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.48%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (c) | 1656 | 1655 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 898 | 858 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 2137 | 1785 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 1064 | 1078 |
| Grace Trust |  |  |
| Series 2020-D-GRCE, REMIC, 2.68%, 12/12/30 (a) | 1845 | 1608 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.28%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 213 | 213 |
| GS Mortgage Securities Corp Trust 2018-TWR |  |  |
| Series 2018-A-TWR, REMIC, 5.35%, (1 Month Term SOFR + 1.20%), 07/15/31 (a) (c) | 436 | 339 |
| Series 2018-D-TWR, REMIC, 6.05%, (1 Month Term SOFR + 1.90%), 07/15/31 (a) (c) | 1000 | 135 |
| Series 2018-E-TWR, REMIC, 6.55%, (1 Month Term SOFR + 2.40%), 07/15/31 (a) (c) | 1000 | 104 |
| Series 2018-F-TWR, REMIC, 7.25%, (1 Month Term SOFR + 3.10%), 07/15/31 (a) (c) | 1000 | 84 |
| Series 2018-G-TWR, REMIC, 8.37%, (1 Month Term SOFR + 4.22%), 07/15/31 (a) (c) | 1000 | 120 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF5B-7, REMIC, 4.80%, 03/25/46 (a) (c) (d) | 3581 | 1288 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.28%, 09/12/47 (a) | 2720 | 1 |
| GS Mortgage Securities Trust 2015-GC34 |  |  |
| Series 2015-B-GC34, REMIC, 0.00%, 10/10/25 (a) (d) | 782 | 455 |
| Interest Only, Series 2015-XA-GC34, REMIC, 0.96%, 10/13/48 (a) | 6099 |  |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Series 2015-AS-GS1, REMIC, 4.04%, 11/13/25 (a) | 2462 | 2412 |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.50%, 11/13/48 (a) | 4730 | 3 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Interest Only, Series 2016-XA-GS3, REMIC, 1.16%, 10/13/49 (a) | 21235 | 107 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Interest Only, Series 2017-C-2, REMIC, 1.02%, 08/12/50 (a) | 30546 | 394 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-C-GS9, REMIC, 4.34%, 03/10/28 (a) | 2000 | 1661 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Interest Only, Series 2019-XA-GC38, REMIC, 1.01%, 02/12/52 (a) | 36965 | 1032 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Interest Only, Series 2020-XA-GC45, REMIC, 0.61%, 02/14/53 (a) | 45392 | 961 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-3A2-OA1, REMIC, 1.24%, (COFI 11D (11th District Cost of Funds) + 1.50%), 08/25/46 (a) (d) | 12564 | 1933 |
| GWT Commercial Mortgage Trust 2024-WLF2 |  |  |
| Series 2024-A-WLF2, REMIC, 5.84%, (1 Month Term SOFR + 1.69%), 05/15/26 (a) | 2500 | 2505 |
| Halcyon Loan Advisors Funding 2013-2 Ltd. |  |  |
| Series 2013-D-2A, 8.36%, (3 Month Term SOFR + 4.06%), 08/01/26 (a) | 54 | 54 |
| HalseyPoint CLO II, Ltd. |  |  |
| Series 2020-AR-2A, 5.85%, (3 Month Term SOFR + 1.52%), 07/20/37 (a) | 6000 | 6016 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HERO Funding Trust 2016-4A |  |  |
| Series 2016-A2-4A, REMIC, 4.29%, 09/20/37 | 1297 | 1194 |
| Home Partners of America 2018-1 Trust |  |  |
| Series 2021-D-1, REMIC, 2.48%, 09/19/29 | 2152 | 1957 |
| Series 2021-E-1, REMIC, 2.58%, 09/19/29 | 984 | 890 |
| Series 2021-F-1, REMIC, 3.33%, 09/19/29 | 1133 | 1037 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (c) | 3403 | 3418 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2024-A-I, 5.38%, 09/15/31 (c) | 2375 | 2394 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A2-NC1, REMIC, 2.84%, (1 Month Term SOFR + 0.25%), 04/25/37 (a) (c) (d) | 1746 | 1149 |
| Series 2007-A4-NC1, REMIC, 2.84%, (1 Month Term SOFR + 0.39%), 04/25/37 (a) (c) (d) | 8216 | 5451 |
| INCREF 2025-FL1 LLC |  |  |
| Series 2025-A-FL1, 5.86%, (1 Month Term SOFR + 1.73%), 10/22/42 (a) | 2530 | 2539 |
| IndyMac INDA Mortgage Loan Trust 2006-AR2 |  |  |
| Series 2006-4A1-AR2, REMIC, 4.31%, 09/25/36 (a) | 503 | 477 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35 | 6273 | 3201 |
| Ixis Real Estate Capital Trust 2006-HE1 |  |  |
| Series 2006-A4-HE1, REMIC, 0.84%, (1 Month Term SOFR + 0.71%), 03/25/36 (a) (c) (d) | 3863 | 1919 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP |  |  |
| Series 2022-A-NLP, REMIC, 5.00%, (1 Month Term SOFR + 0.85%), 04/15/37 (a) | 2636 | 2600 |
| J.P. Morgan Mortgage Acquisition Trust 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 3.63%, (1 Month Term SOFR + 0.33%), 01/25/34 (a) (c) (d) | 3944 | 3709 |
| Series 2006-A4-HE3, REMIC, 3.63%, (1 Month Term SOFR + 0.43%), 07/25/36 (a) (c) (d) | 1474 | 1391 |
| Series 2006-A5-HE3, REMIC, 3.63%, (1 Month Term SOFR + 0.59%), 11/25/36 (a) (c) (d) | 3812 | 3595 |
| Series 2006-A5-WMC4, REMIC, 1.95%, (1 Month Term SOFR + 0.32%), 12/25/36 (a) (c) (d) | 19340 | 9623 |
| J.P. Morgan Resecuritization Trust, Series 2009-10 Trust |  |  |
| Series 2009-4A2-10, REMIC, 1.24%, 03/26/37 (a) | 790 | 880 |
| JPMBB Commercial Mortgage Securities Trust 2015-C33 |  |  |
| Series 2015-C-C33, REMIC, 4.68%, 11/18/25 (a) | 2224 | 2131 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-B-JP2, REMIC, 3.46%, 07/17/26 | 5081 | 4694 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.46%, 06/17/49 (a) | 17116 | 89 |
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 |  |  |
| Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29 | 4415 | 3861 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Interest Only, Series 2020-XA-COR7, REMIC, 1.65%, 05/15/53 (a) | 34578 | 1658 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-A1-1A, 6.33%, (3 Month Term SOFR + 2.00%), 10/20/36 (a) | 5000 | 5009 |
| Series 2023-B-1A, 6.98%, (3 Month Term SOFR + 2.65%), 10/20/36 (a) | 1000 | 1002 |
| Katayma CLO II, Ltd. |  |  |
| Series 2024-A1-2A, 5.98%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1002 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 5.33%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (c) | 1439 | 1438 |
| Labrador Aviation Finance Limited |  |  |
| Series 2016-A1-1A, 4.30%, 01/15/42 (c) | 7447 | 7193 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.43%, (1 Month Term SOFR + 1.28%), 06/17/39 (a) | 834 | 834 |
| Series 2021-B-FL1, 6.01%, (1 Month Term SOFR + 1.86%), 06/17/39 (a) | 2600 | 2587 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.60%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 2710 | 2717 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Interest Only, Series 2017-X-5, REMIC, 0.87%, 03/11/50 (a) | 29493 | 188 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 1175 | 1192 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-C-11MD, REMIC, 5.63%, 10/11/42 | 1250 | 1249 |
| Magnetite XL, Limited |  |  |
| Series 2024-A1-40A, 5.77%, (3 Month Term SOFR + 1.45%), 07/15/37 (a) | 2000 | 2009 |
| Marble Point CLO XXV Ltd |  |  |
| Series 2022-A1R-2A, 6.26%, (3 Month Term SOFR + 1.93%), 10/20/36 (a) | 2000 | 2003 |
| Series 2022-BR-2A, 7.18%, (3 Month Term SOFR + 2.85%), 10/20/36 (a) | 1000 | 1002 |
| Master Asset Securitization Trust |  |  |
| Series 2006-1A13-1, REMIC, 5.75%, 05/25/36 | 1703 | 1003 |
| MASTR Adjustable Rate Mortgages Trust 2007-R5 |  |  |
| Series 2007-A1-R5, REMIC, 5.57%, 11/25/35 (a) | 8226 | 3763 |
| MASTR Alternative Loan Trust 2007-1 |  |  |
| Series 2007-2A1-1, REMIC, 6.50%, 10/25/36 | 2578 | 752 |
| Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1 |  |  |
| Series 2007-1A1-OAR5, REMIC, 3.40%, 10/25/47 (a) | 9552 | 2559 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2006-A1-AR1, REMIC, 1.31%, (1 Month Term SOFR + 0.44%), 03/25/37 (a) (c) (d) | 27210 | 9280 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 1.00%, (1 Month Term SOFR + 0.41%), 06/25/37 (a) (c) (d) | 16078 | 4093 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.33%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 881 | 881 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.74%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 676 | 676 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.84%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 2500 | 2508 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.46%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2710 | 2715 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (c) | 9590 | 9679 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 |  |  |
| Series 2014-C-C19, REMIC, 4.00%, 12/17/47 | 641 | 614 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.09%, 01/15/49 (a) | 14565 |  |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
| Interest Only, Series 2016-XA-C30, REMIC, 1.24%, 09/17/49 (a) | 14282 | 111 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-C-C31, REMIC, 4.24%, 10/19/26 (a) | 2360 | 2104 |
| Morgan Stanley Capital I Trust 2019-L3 |  |  |
| Series 2019-AS-L3, REMIC, 3.49%, 11/16/29 (a) | 3847 | 3618 |
| Interest Only, Series 2019-XA-L3, REMIC, 0.60%, 11/18/52 (a) | 65458 | 1434 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 2512 | 2490 |
| Morgan Stanley Mortgage Loan Trust 2006-16AX |  |  |
| Series 2006-A2C-WMC2, REMIC, 0.76%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (c) (d) | 16893 | 6057 |
| Morgan Stanley Mortgage Loan Trust 2007-12 |  |  |
| Series 2007-3A22-12, REMIC, 6.00%, 08/25/37 | 1082 | 362 |
| Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
| Series 2007-A1-8XS, REMIC, 1.27%, 04/25/37 (a) (d) | 908 | 478 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1242 | 1092 |
| MP CLO VIII Ltd |  |  |
| Series 2015-ARR-2A, 5.78%, (3 Month Term SOFR + 1.46%), 04/28/34 (a) | 1500 | 1501 |
| MRCD 2019-PARK Mortgage Trust |  |  |
| Series 2019-F-PARK, REMIC, 2.72%, 12/15/36 | 1018 | 634 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.73%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 319 | 319 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-D-2PAC, REMIC, 3.75%, 12/16/38 | 4415 | 3833 |
| NBC Funding LLC |  |  |
| Series 2024-A2-1A, 6.75%, 07/30/31 | 1493 | 1534 |
| New Residential Mortgage Loan Trust 2020-RPL1 |  |  |
| Series 2020-M2-RPL1, REMIC, 3.50%, 11/25/59 (a) | 5300 | 4720 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 1814 | 1881 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-3A-AR1, REMIC, 4.90%, 02/25/36 (a) | 396 | 273 |
| Nomura Resecuritization Trust 2011-4R |  |  |
| Series 2011-2A10-4RA, REMIC, 4.02%, 07/26/41 (a) | 5212 | 4534 |
| NP SPE II LLC |  |  |
| Series 2019-A2-1A, 3.24%, 09/20/26 | 7474 | 7351 |
| OBX 2022-NQM7 Trust |  |  |
| Series 2022-A1-NQM7, REMIC, 5.11%, 08/25/62 (c) | 3284 | 3279 |
| OBX 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 5.95%, 02/25/63 (a) (c) | 3151 | 3155 |
| OBX 2023-NQM4 Trust |  |  |
| Series 2023-A1-NQM4, REMIC, 6.11%, 03/25/63 (c) | 2779 | 2787 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.67%, (3 Month Term SOFR + 1.34%), 11/26/37 (a) | 1000 | 1003 |
| PR Mortgage Loan Trust |  |  |
| Series 2014-APT-1, REMIC, 5.86%, 09/25/47 (a) | 4073 | 3932 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (c) | 12745 | 12748 |
| PRET 2024-NPL9, LLC |  |  |
| Series 2024-A1-NPL9, 5.85%, 12/25/27 (c) | 7191 | 7197 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (c) | 4891 | 4903 |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-RN2, 4.74%, 07/25/51 (a) (c) | 2049 | 2049 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E2-SFR3, REMIC, 2.69%, 05/19/26 | 8500 | 8399 |
| Progress Residential 2021-SFR5 Trust |  |  |
| Series 2021-E1-SFR5, REMIC, 2.21%, 07/17/26 | 15840 | 15572 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-E2-SFR8, REMIC, 2.53%, 10/19/26 | 5100 | 4991 |
| PRPM 2024-6, LLC. |  |  |
| Series 2024-A1-6, REMIC, 5.70%, 11/25/27 (c) | 9008 | 9010 |
| PRPM 2024-7 LLC |  |  |
| Series 2024-A1-7, 5.87%, 11/25/27 (c) | 2006 | 2006 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (c) | 7089 | 7087 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-B-1A, 5.78%, 10/05/55 | 3500 | 3479 |
| RALI Series 2006-QS4 Trust |  |  |
| Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36 | 1239 | 992 |
| RALI Series 2006-QS5 Trust |  |  |
| Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36 | 1228 | 1010 |
| Rate Adjustable Mortgage Trust |  |  |
| Series 2005-6A21-4, REMIC, 4.94%, 08/25/35 (a) | 2625 | 2261 |
| RBSGC Mortgage Loan Trust 2007-B |  |  |
| Series 2007-1A4-B, REMIC, 4.72%, (1 Month Term SOFR + 0.56%), 12/25/36 (a) | 2307 | 1238 |
| Interest Only, Series 2007-1A6-B, REMIC, 1.78%, (5.94% - (1 Month Term SOFR \* 1)), 01/25/37 (a) | 2307 | 248 |
| RBSGC Mortgage Loan Trust, 2007-A |  |  |
| Series 2007-2A1-A, REMIC, 6.75%, 01/25/37 | 2212 | 2089 |
| Research-Driven Pagaya Motor Trust 2025-3 |  |  |
| Series 2025-A2-3A, 5.15%, 06/25/27 | 2800 | 2813 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.18%, 01/25/36 (a) | 3755 | 2719 |
| Residential Asset Securitization Trust 2006-A12 |  |  |
| Series 2006-A1-A12, REMIC, 6.25%, 11/25/36 | 9075 | 3325 |
| Residential Asset Securitization Trust 2006-A6 |  |  |
| Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36 | 2383 | 1159 |
| Residential Asset Securitization Trust 2007-A3 |  |  |
| Series 2007-1A1-A3, REMIC, 4.72%, (1 Month Term SOFR + 0.56%), 04/25/37 (a) | 4991 | 1873 |
| Series 2007-1A2-A3, REMIC, 13.63%, (45.51% - (1 Month Term SOFR \* 7.67)), 04/25/37 (a) | 651 | 750 |
| Residential Asset Securitization Trust 2007-A6 |  |  |
| Series 2007-2A1-A6, REMIC, 6.50%, 06/25/37 | 2916 | 541 |
| Residential Asset Securitization Trust 2007-A8 |  |  |
| Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37 | 15333 | 7456 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A14-S6, REMIC, 6.00%, 07/25/36 | 143 | 127 |
| RFMSI Series 2007 S7 Trust |  |  |
| Series 2007-A20-S7, REMIC, 6.00%, 07/25/37 | 911 | 757 |
| RFMSI Series 2007-S2 Trust |  |  |
| Series 2007-A4-S2, REMIC, 6.00%, 02/25/37 | 467 | 354 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A2-S4, REMIC, 6.00%, 04/25/37 | 584 | 482 |
| RFMSI Series 2007-S5 Trust |  |  |
| Series 2007-A2-S5, REMIC, 6.00%, 05/25/37 | 3776 | 3144 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1376 | 1411 |
| Rockford Tower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.94%, (3 Month Term SOFR + 1.61%), 04/20/37 (a) | 2000 | 2006 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 (c) | 4922 | 4706 |
| Securitized Asset Backed Receivables LLC Trust 2006-Nc3 |  |  |
| Series 2006-A2B-NC3, REMIC, 1.06%, (1 Month Term SOFR + 0.41%), 09/25/36 (a) (c) (d) | 15418 | 5010 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-B-555, REMIC, 5.77%, (1 Month Term SOFR + 1.61%), 05/15/28 (a) | 1330 | 1318 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 4779 | 4629 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 2180 | 1846 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.37%, 05/25/30 (a) | 210 | 206 |
| SoFi Consumer Loan Program 2025-2 Trust |  |  |
| Series 2025-C-2, 5.22%, 06/25/34 | 5000 | 5048 |
| SoFi Professional Loan Program 2017-F LLC |  |  |
| Series 2017-BFX-F, 3.62%, 05/25/27 | 8000 | 7580 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sound Point CLO 38, Ltd. |  |  |
| Series 2024-A1-38A, 5.80%, (3 Month Term SOFR + 1.60%), 02/20/37 (a) | 1500 | 1503 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.74%, (3 Month Term SOFR + 1.41%), 04/18/31 (a) (e) | 1311 | 1310 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-BRRR-2A, 6.39%, (3 Month Term SOFR + 2.06%), 07/20/32 (a) | 850 | 851 |
| Sound Point CLO XXI Ltd |  |  |
| Series 2018-A1AR-3A, 5.61%, (3 Month Term SOFR + 1.30%), 10/27/31 (a) | 1803 | 1803 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.75%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 2000 | 2003 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-A-1A, 5.65%, (3 Month Term SOFR + 1.33%), 04/25/34 (a) | 1000 | 1001 |
| Starm Mortgage Loan Trust 2007-2 |  |  |
| Series 2007-4A1-2, REMIC, 6.82%, 04/25/37 (a) | 365 | 173 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-B1-2, REMIC, 2.75%, 05/25/65 (a) | 5537 | 4830 |
| Steele Creek CLO 2016-1, Ltd. |  |  |
| Series 2016-AR-1A, 5.42%, (3 Month Term SOFR + 1.38%), 06/16/31 (a) (e) | 301 | 301 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-2A-21, REMIC, 5.63%, 11/25/35 (a) | 2430 | 1992 |
| Structured Asset Investment Loan Trust 2006-3 |  |  |
| Series 2006-A1-3, REMIC, 1.89%, (1 Month Term SOFR + 0.27%), 06/25/36 (a) (c) (d) | 4394 | 2715 |
| Structured Asset Investment Loan Trust 2006-4 |  |  |
| Series 2006-A5-4, REMIC, 1.54%, (1 Month Term SOFR + 0.42%), 07/25/36 (a) (c) (d) | 20500 | 7165 |
| Structured Asset Investment Loan Trust 2006-BNC3 |  |  |
| Series 2006-A1-BNC3, REMIC, 0.80%, (1 Month Term SOFR + 0.29%), 09/25/36 (a) (c) (d) | 4528 | 2651 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 4834 | 2450 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.45%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (c) | 2275 | 2275 |
| Sunnova Helios III Issuer, LLC |  |  |
| Series 2019-A-AA, 3.75%, 06/20/29 | 1443 | 1334 |
| Sunnova Sol II Issuer, LLC |  |  |
| Series 2020-A-2A, 2.73%, 10/30/30 | 3255 | 2735 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2200 | 2211 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A23-1A, 2.54%, 08/25/31 | 3930 | 3415 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 2450 | 2464 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 3348 | 3396 |
| Trinity Rail Leasing 2010 LLC |  |  |
| Series 2010-A-1A, 5.19%, 01/16/31 (e) | 2198 | 2190 |
| TRTX 2021-FL4 Issuer, Ltd. |  |  |
| Series 2021-A-FL4, 5.46%, (1 Month Term SOFR + 1.31%), 03/17/38 (a) (c) | 444 | 444 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 6.03%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (c) | 2322 | 2322 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.45%, 06/17/50 (a) | 12615 | 202 |
| Upgrade Master Pass-Thru Trust |  |  |
| Series 2025-A-ST1, 5.44%, 02/15/29 | 814 | 819 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 1748 | 1737 |
| Upstart Securitization Trust 2024-1 |  |  |
| Series 2024-A-1, 5.33%, 11/20/34 | 1460 | 1464 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-B-3, 5.02%, 09/20/35 | 3000 | 2994 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 937 | 951 |
| Velocity Commercial Capital Loan Trust 2017-2 |  |  |
| Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) | 256 | 255 |
| Verus Securitization Trust 2023-4 |  |  |
| Series 2023-A1-4, REMIC, 5.81%, 05/25/68 (c) | 2457 | 2461 |
| Vibrant CLO III Ltd |  |  |
| Series 2015-A1RR-3A, REMIC, 5.84%, (3 Month Term SOFR + 1.51%), 10/20/31 (a) | 216 | 216 |
| Visio 2021-1R Trust |  |  |
| Series 2021-M1-1R, REMIC, 2.73%, 05/25/56 | 6161 | 5478 |
| VOLT CV LLC |  |  |
| Series 2021-A1-CF2, 5.49%, 11/27/51 (a) (c) | 540 | 540 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (c) | 89 | 89 |
| Warwick Capital CLO 3 Ltd |  |  |
| Series 2024-A1-3A, 5.98%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1004 |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.73%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 3000 | 3010 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 0.00%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (c) (d) | 50 | 18 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A3-2, REMIC, 0.98%, (1 Month Term SOFR + 0.49%), 04/25/36 (a) (c) (d) | 13254 | 4159 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust |  |  |
| Series 2006-1A5-5, REMIC, 6.00%, 07/25/36 | 863 | 696 |
| Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 | 1541 | 1242 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust |  |  |
| Series 2006-A4-7, REMIC, 1.16%, 09/25/36 (a) (c) (d) | 16538 | 4464 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
| Series 2007-2A2-2, REMIC, 5.50%, 04/25/37 | 798 | 795 |
| Waterfall Commercial Mortgage Trust 2015-SBC5 |  |  |
| Series 2015-A-SBC5, REMIC, 4.10%, 01/14/26 (a) | 236 | 236 |
| Wells Fargo & Company |  |  |
| Series 2016-C-C32, REMIC, 4.68%, 01/16/26 (a) | 1577 | 1498 |
| Series 2016-C-LC24, REMIC, 4.43%, 09/17/26 (a) | 2000 | 1751 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.52%, 03/17/59 (a) | 8743 | 14 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37 | 940 | 838 |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 895 | 773 |
| Wells Fargo Alternative Loan 2007-PA5 Trust |  |  |
| Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37 | 321 | 268 |
| Wells Fargo Commercial Mortgage Trust 2015-C31 |  |  |
| Series 2015-C-C31, REMIC, 4.64%, 11/18/25 (a) | 1850 | 1813 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 04/15/50 (a) | 571 | 553 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.76%, 11/18/25 (a) | 2031 | 1987 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.77%, 12/17/48 (a) | 7134 | 4 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Interest Only, Series 2017-XA-C39, REMIC, 1.07%, 09/16/50 (a) | 63924 | 1019 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Interest Only, Series 2017-XA-RC1, REMIC, 1.37%, 01/16/60 (a) | 14568 | 208 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Interest Only, Series 2019-XA-C54, REMIC, 0.83%, 12/17/52 (a) | 33771 | 991 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Interest Only, Series 2020-XA-C55, REMIC, 1.27%, 02/18/53 (a) | 55855 | 2401 |
| Wells Fargo Commercial Mortgage Trust 2020-C56 |  |  |
| Interest Only, Series 2020-XA-C56, REMIC, 1.26%, 06/17/53 (a) | 47744 | 2076 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A38-7, REMIC, 6.00%, 06/25/37 | 480 | 450 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (c) (e) | 223 | 221 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $847,065) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $847,065) | 743251 |
| **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 - Class I, 4.04% (f) (g) | 19252 | 19252 |
| Total Short Term Investments (cost $19,252) | Total Short Term Investments (cost $19,252) | 19252 |
| **Total Investments 99.1% (cost $1,954,299)** | **Total Investments 99.1% (cost $1,954,299)** | **1804521** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (92) |
| **Other Assets and Liabilities, Net 0.9%** | **Other Assets and Liabilities, Net 0.9%** | **17147** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1821576** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) 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 September 30, 2025.

(d) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $4,022 and 0.2% of the Fund.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 9530 | 422701 | 412979 | 748 |  |  | 19252 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 3650 | January 2026 | 760531 | 399 | 123 |
| United States 5 Year Note | 450 | January 2026 | 49288 | 18 | (150) |
| United States Long Bond | 1295 | December 2025 | 147724 | (323) | 3265 |
| United States Ultra Bond | 380 | December 2025 | 44565 | (214) | 1058 |
|  |  |  |  | (120) | 4296 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (450) | December 2025 | (51295) | 28 | (490) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1042018 |  | 1042018 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 743251 |  | 743251 |
| &nbsp;&nbsp;Short Term Investments | 19252 |  |  | 19252 |
|  | 19252 | 1785269 |  | 1804521 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 4446 |  |  | 4446 |
|  | 4446 |  |  | 4446 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (640) |  |  | (640) |
|  | (640) |  |  | (640) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 66.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 66.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 66.0%** |
| **U.S. Treasury Bill 36.4%** | **U.S. Treasury Bill 36.4%** | **U.S. Treasury Bill 36.4%** |
| Treasury, United States Department of |  |  |
| 4.01%, 10/09/25 (a) | 30700 | 30673 |
| 4.18%, 10/14/25 (a) | 49300 | 49227 |
| 4.30%, 10/16/25 (a) | 34900 | 34840 |
| 4.28%, 10/21/25 (a) | 25000 | 24941 |
| 4.21%, 10/23/25 (a) | 28400 | 28328 |
| 4.25%, 10/28/25 (a) | 15000 | 14953 |
| 4.25%, 10/30/25 (a) | 37900 | 37772 |
| 4.21%, 11/04/25 (a) | 36600 | 36456 |
| 4.18%, 11/06/25 (a) | 51700 | 51487 |
| 4.23%, 11/12/25 (a) | 51000 | 50762 |
| 4.18%, 11/13/25 (a) | 53000 | 52739 |
| 4.29%, 11/18/25 (a) | 7800 | 7756 |
| 4.19%, 11/20/25 (a) | 10600 | 10539 |
| 4.28%, 11/25/25 (a) | 49600 | 49280 |
| 4.23%, 11/28/25 (a) | 48000 | 47677 |
| 4.27%, 12/02/25 (a) | 25000 | 24819 |
| 4.21%, 12/04/25 (a) | 25600 | 25411 |
| 4.13%, 12/11/25 (a) | 30900 | 30652 |
| 4.11%, 12/16/25 - 02/19/26 (a) | 64100 | 63286 |
| 4.21%, 12/18/25 (a) | 13800 | 13676 |
| 4.13%, 12/26/25 (a) | 33500 | 33174 |
| 4.17%, 01/02/26 (a) | 13000 | 12862 |
| 3.90%, 01/13/26 (a) | 8300 | 8208 |
| 4.10%, 01/22/26 (a) | 39800 | 39295 |
| 4.18%, 01/29/26 (a) | 14100 | 13906 |
| 4.03%, 02/12/26 (a) | 24900 | 24532 |
| 3.78%, 03/12/26 (a) | 12000 | 11799 |
| 4.00%, 03/19/26 (a) | 23700 | 23269 |
| 3.98%, 05/14/26 (a) | 19800 | 19314 |
| 3.98%, 07/09/26 (a) | 15000 | 14540 |
|  |  | 886173 |
| **U.S. Government Agency Obligations 17.5%** | **U.S. Government Agency Obligations 17.5%** | **U.S. Government Agency Obligations 17.5%** |
| Council of Federal Home Loan Banks |  |  |
| 4.14%, (SOFR + 0.01%), 10/02/25 - 12/01/25 (b) (c) | 34700 | 34700 |
| 4.13%, (SOFR + 0.00%), 10/10/25 - 01/14/26 (b) (c) | 88600 | 88600 |
| 4.16%, (SOFR + 0.03%), 02/17/26 - 02/19/26 (b) (c) | 11300 | 11300 |
| 4.16%, (SOFR + 0.03%), 02/26/26 (b) (c) | 7000 | 7000 |
| 4.15%, (SOFR + 0.02%), 04/16/26 (b) (c) | 6400 | 6400 |
| 4.13%, 05/13/26 (c) | 12300 | 12300 |
| 4.25%, 05/22/26 (c) | 14900 | 14900 |
| 4.21%, 05/28/26 (c) | 14500 | 14500 |
| 4.03%, 06/03/26 (c) | 11800 | 11800 |
| 4.16%, 06/09/26 (c) | 14100 | 14100 |
| 3.86%, 06/10/26 (c) | 11600 | 11600 |
| 4.23%, (SOFR + 0.10%), 03/16/27 - 03/18/27 (b) (c) | 7400 | 7400 |
| 4.24%, (SOFR + 0.11%), 07/16/27 (b) (c) | 1300 | 1300 |
| 4.25%, (SOFR + 0.12%), 08/11/27 - 08/12/27 (b) (c) | 6500 | 6500 |
| 4.26%, (SOFR + 0.14%), 09/23/27 (b) (c) | 2800 | 2800 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.19%, (SOFR + 0.06%), 12/02/25 (b) (c) | 6100 | 6100 |
| 4.27%, (SOFR + 0.14%), 11/04/26 - 12/02/26 (b) (c) | 10800 | 10800 |
| 4.26%, (SOFR + 0.14%), 11/23/26 - 09/15/27 (b) (c) | 18000 | 18000 |
| 4.25%, (SOFR + 0.12%), 08/04/27 (b) (c) | 2300 | 2300 |
| 4.26%, (SOFR + 0.13%), 09/10/27 (b) (c) | 2000 | 2000 |
| Federal Home Loan Bank of New York |  |  |
| 4.26%, (SOFR + 0.14%), 12/17/26 (b) (c) | 10000 | 10000 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.15%, (SOFR + 0.02%), 10/17/25 (b) (c) | 28000 | 28000 |
| 4.13%, (SOFR + 0.00%), 12/11/25 - 12/17/25 (b) (c) | 59000 | 59000 |
| 4.40%, 03/13/26 (c) | 5927 | 5927 |
| 4.25%, 04/20/26 (c) | 14700 | 14700 |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.24%, (SOFR + 0.11%), 05/07/26 (b) (c) | 2400 | 2400 |
| 4.27%, (SOFR + 0.14%), 10/29/26 (b) (c) | 3300 | 3300 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.27%, (SOFR + 0.14%), 10/23/26 - 12/11/26 (b) (c) | 19000 | 19000 |
|  |  | 426727 |
| **U.S. Treasury Note 9.7%** | **U.S. Treasury Note 9.7%** | **U.S. Treasury Note 9.7%** |
| Treasury, United States Department of |  |  |
| 0.25%, 10/31/25 | 5600 | 5581 |
| 4.07%, (3 Month Treasury + 0.17%), 10/31/25 (b) | 26000 | 26002 |
| 5.00%, 10/31/25 | 3900 | 3902 |
| 2.88%, 11/30/25 | 3100 | 3093 |
| 4.88%, 11/30/25 - 05/31/26 | 8500 | 8522 |
| 1.63%, 02/15/26 | 3500 | 3466 |
| 0.50%, 02/28/26 | 5300 | 5219 |
| 4.63%, 02/28/26 - 10/15/26 | 24200 | 24251 |
| 4.50%, 03/31/26 | 4000 | 4007 |
| 4.38%, 07/31/26 | 1100 | 1106 |
| 3.75%, 08/31/26 | 3900 | 3901 |
| 3.50%, 09/30/26 | 11700 | 11676 |
| 4.10%, (3 Month Treasury + 0.20%), 10/31/26 (b) | 40300 | 40321 |
| 4.00%, (3 Month Treasury + 0.10%), 01/31/27 (b) | 48300 | 48299 |
| 4.06%, (3 Month Treasury + 0.16%), 04/30/27 (b) | 15400 | 15400 |
| 4.06%, (3 Month Treasury + 0.16%), 07/31/27 (b) | 32200 | 32183 |
|  |  | 236929 |
| **Discount Notes 2.4%** | **Discount Notes 2.4%** | **Discount Notes 2.4%** |
| FHLBanks Office of Finance |  |  |
| 4.29%, 10/17/25 (a) (c) | 20000 | 19962 |
| 4.31%, 10/23/25 (a) (c) | 12700 | 12667 |
| 4.20%, 11/05/25 (a) (c) | 6900 | 6872 |
| 4.19%, 11/13/25 (a) (c) | 6900 | 6866 |
| 4.00%, 12/08/25 (a) (c) | 5800 | 5757 |
| 4.00%, 02/05/26 (a) (c) | 6000 | 5916 |
|  |  | 58040 |
| Total Government And Agency Obligations (cost $1,607,869) | Total Government And Agency Obligations (cost $1,607,869) | 1607869 |
| **REPURCHASE AGREEMENTS 33.3%** | **REPURCHASE AGREEMENTS 33.3%** | **REPURCHASE AGREEMENTS 33.3%** |
| Repurchase Agreements (d) |  | 811000 |
| Total Repurchase Agreements (cost $811,000) | Total Repurchase Agreements (cost $811,000) | 811000 |
| **Total Investments 99.3% (cost $2,418,869)** | **Total Investments 99.3% (cost $2,418,869)** | **2418869** |
| **Other Assets and Liabilities, Net 0.7%** | **Other Assets and Liabilities, Net 0.7%** | **17655** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2436524** |

---

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

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

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

(d) For repurchase agreements held at September 30, 2025, see Repurchase Agreements in the Schedules of Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BNS | Treasury, United States Department of, 0.00%-4.63%, due 11/13/25-02/15/53 | 109689 | 102012 | 4.20 | 09/30/25 | 10/01/25 | 100012 | 100000 | 100000 |
| CIB | Federal National Mortgage Association, Inc., 1.34%-7.00%, due 01/01/29-06/01/60 | 105160 | 59964 |  |  |  |  |  |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
|  | Federal Home Loan Mortgage Corporation, 2.50%-7.00%, due 05/01/50-07/01/55 | 18452 | 16557 |  |  |  |  |  |  |
|  | Treasury, United States Department of, 0.13%-4.00%, due 04/15/26-02/15/51 | 13453 | 15195 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 2.50%-7.50%, due 11/15/38-03/20/65 | 30504 | 10284 |  |  |  |  |  |  |
|  |  | 167569 | 102000 | 4.21 | 09/30/25 | 10/01/25 | 100012 | 100000 | 100000 |
| CTC | Treasury, United States Department of, 0.50%-4.38%, due 07/31/26-01/31/32 | 208698 | 204000 | 4.20 | 09/30/25 | 10/01/25 | 200023 | 200000 | 200000 |
| DWA | Treasury, United States Department of, 3.63%-4.63%, due 02/28/26-08/31/29 | 4396 | 4479 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 0.76%-5.50%, due 08/20/40-07/20/55 | 17723 | 17267 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 2.00%-6.00%, due 08/01/51-07/01/55 | 1194 | 1189 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.00%-6.50%, due 02/01/51-08/25/55 | 63099 | 55026 |  |  |  |  |  |  |
|  |  | 86412 | 77961 | 4.21 | 09/30/25 | 10/01/25 | 75009 | 75000 | 75000 |
| FICC | Treasury, United States Department of, 0.63%, due 01/15/26 | 26926 | 36720 | 4.20 | 09/30/25 | 10/01/25 | 36005 | 36000 | 36000 |
| RBC | Treasury, United States Department of, 0.00%-4.75%, due 10/07/25-11/15/53 | 242693 | 244759 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 0.00%-6.50%, due 05/20/40-10/20/64 | 380171 | 18758 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 0.00%-6.50%, due 11/15/35-05/25/55 | 1154226 | 36694 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 0.00%-6.50%, due 04/25/36-04/25/55 | 1124866 | 9392 |  |  |  |  |  |  |
|  |  | 2901956 | 309603 | 4.22 | 09/30/25 | 10/01/25 | 300035 | 300000 | 300000 |
|  |  |  |  |  |  |  |  |  | 811000 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1607869 |  | 1607869 |
| &nbsp;&nbsp;Repurchase Agreements |  | 811000 |  | 811000 |
|  |  | 2418869 |  | 2418869 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 56.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.9%** |
| **U.S. Treasury Note 23.9%** | **U.S. Treasury Note 23.9%** | **U.S. Treasury Note 23.9%** |
| Treasury, United States Department of |  |  |
| 3.75%, 04/15/28 - 08/31/31 | 34627 | 34476 |
| 3.63%, 03/31/30 - 09/30/31 | 40964 | 40686 |
| 4.63%, 09/30/30 - 02/15/35 | 399 | 415 |
| 4.25%, 02/28/31 - 08/15/35 | 84700 | 85711 |
| 4.13%, 11/30/31 - 11/15/32 | 60415 | 61224 |
| 4.00%, 04/30/32 - 02/15/34 | 3719 | 3735 |
| 2.75%, 08/15/32 | 11078 | 10298 |
| 3.88%, 09/30/32 - 08/15/34 | 14500 | 14375 |
| 3.50%, 02/15/33 (a) | 95540 | 92756 |
|  |  | 343676 |
| **Mortgage-Backed Securities 16.6%** | **Mortgage-Backed Securities 16.6%** | **Mortgage-Backed Securities 16.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/30 - 06/01/52 | 10085 | 9085 |
| 3.50%, 11/01/33 - 03/01/52 | 4434 | 4130 |
| 1.50%, 07/01/35 - 02/01/51 | 3200 | 2683 |
| 2.00%, 12/01/36 - 08/01/52 | 17933 | 14766 |
| 4.00%, 05/01/38 - 02/01/53 | 3477 | 3353 |
| 6.00%, 07/01/39 - 08/01/55 | 5841 | 6052 |
| 2.50%, 06/01/40 - 02/01/52 | 9303 | 7998 |
| 5.00%, 05/01/52 - 08/01/53 | 2713 | 2725 |
| 5.50%, 09/01/52 - 08/01/53 | 3270 | 3336 |
| 4.50%, 10/01/52 - 08/01/55 | 1056 | 1029 |
| 5.00%, 12/01/52 (a) | 945 | 950 |
| 6.50%, 09/01/53 - 03/01/55 | 4206 | 4415 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.00%, 02/01/28 - 03/01/52 | 19106 | 16076 |
| 3.00%, 02/01/31 - 04/01/52 | 14628 | 13141 |
| 3.50%, 08/01/34 - 07/01/52 | 7292 | 6907 |
| 2.50%, 05/01/35 - 01/01/52 | 17563 | 15489 |
| 1.50%, 11/01/35 - 02/01/51 | 2449 | 2040 |
| 4.00%, 06/01/38 - 09/01/52 | 6868 | 6585 |
| 4.50%, 03/01/39 - 11/01/52 | 1397 | 1382 |
| 4.50%, 08/01/49 (a) | 1450 | 1427 |
| 5.00%, 09/01/52 - 06/01/53 | 2364 | 2383 |
| 5.50%, 09/01/52 - 08/01/54 | 6312 | 6442 |
| 6.00%, 09/01/52 - 07/01/55 | 12990 | 13365 |
| 6.50%, 05/01/53 - 08/01/55 | 3404 | 3550 |
| TBA, 2.50%, 10/15/55 - 11/15/55 (b) | 5300 | 4465 |
| TBA, 3.50%, 10/15/55 (b) | 2750 | 2513 |
| TBA, 5.00%, 10/15/55 (b) | 1800 | 1785 |
| TBA, 6.00%, 10/15/55 (b) | 10550 | 10777 |
| TBA, 6.50%, 10/15/55 - 11/15/55 (b) | 2400 | 2480 |
| TBA, 2.00%, 11/15/55 (b) | 6850 | 5521 |
| Government National Mortgage Association |  |  |
| 4.00%, 02/20/41 - 03/20/47 | 1813 | 1753 |
| 3.50%, 09/20/45 - 02/20/46 | 2634 | 2464 |
| 3.00%, 12/20/46 - 03/20/50 | 777 | 700 |
| 5.00%, 04/20/48 - 12/20/54 | 726 | 732 |
| 2.50%, 08/20/51 - 01/20/52 | 6474 | 5527 |
| TBA, 2.00%, 10/15/55 - 11/15/55 (b) | 20250 | 16749 |
| TBA, 2.50%, 10/15/55 (b) | 5475 | 4713 |
| TBA, 5.50%, 10/15/55 - 11/15/55 (b) | 8475 | 8536 |
| TBA, 6.00%, 10/15/55 - 11/15/55 (b) | 18425 | 18740 |
| TBA, 6.50%, 11/15/55 (b) | 1150 | 1181 |
|  |  | 237945 |
| **U.S. Treasury Bond 12.2%** | **U.S. Treasury Bond 12.2%** | **U.S. Treasury Bond 12.2%** |
| Treasury, United States Department of |  |  |
| 0.00%, 11/15/35 - 08/15/41 (c) | 51970 | 27948 |
| 1.75%, 08/15/41 | 7868 | 5335 |
| 2.00%, 11/15/41 | 7500 | 5263 |
| 3.25%, 05/15/42 | 6600 | 5544 |
| 4.38%, 08/15/43 | 9550 | 9216 |
| 4.63%, 11/15/44 | 5090 | 5043 |
| 4.75%, 02/15/45 - 08/15/55 | 28324 | 28428 |
| 1.88%, 11/15/51 | 15598 | 8822 |
| 2.25%, 02/15/52 | 36390 | 22563 |
| 2.88%, 05/15/52 | 10630 | 7584 |
| 3.63%, 02/15/53 (a) | 13522 | 11176 |
| 4.13%, 08/15/53 | 15441 | 13955 |
| 4.25%, 02/15/54 | 23407 | 21606 |
| 4.50%, 11/15/54 | 2800 | 2696 |
|  |  | 175179 |
| **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AH-5213, REMIC, 2.25%, 04/25/37 | 324 | 307 |
| Series CL-5092, REMIC, 3.00%, 04/25/41 | 818 | 746 |
| Series AB-5210, REMIC, 3.00%, 01/25/42 | 212 | 199 |
| Series CD-5266, REMIC, 4.50%, 10/25/44 | 369 | 368 |
| Series BA-5000, REMIC, 2.00%, 04/25/45 | 388 | 359 |
| Series LA-4646, REMIC, 4.00%, 09/15/45 | 27 | 27 |
| Series KB-4692, REMIC, 4.00%, 10/15/46 | 113 | 111 |
| Series TA-5210, REMIC, 3.50%, 11/25/46 | 183 | 175 |
| Series PA-4746, REMIC, 4.00%, 02/15/47 | 54 | 54 |
| Series KA-5180, REMIC, 2.50%, 10/25/47 | 163 | 147 |
| Series LB-5202, REMIC, 2.50%, 10/25/47 | 162 | 147 |
| Series GC-5159, REMIC, 2.00%, 11/25/47 | 130 | 116 |
| Series BA-5190, REMIC, 2.50%, 11/25/47 | 198 | 180 |
| Series BA-5198, REMIC, 2.50%, 11/25/47 | 295 | 269 |
| Series DA-5197, REMIC, 2.50%, 11/25/47 | 150 | 136 |
| Series A-5248, REMIC, 4.00%, 04/15/48 | 374 | 371 |
| Series P-5236, REMIC, 5.00%, 04/25/48 | 137 | 138 |
| Series M-5164, REMIC, 2.50%, 07/25/48 | 132 | 118 |
| Series EA-5159, REMIC, 2.50%, 08/25/48 | 129 | 116 |
| Series A-5182, REMIC, 2.50%, 10/25/48 | 1099 | 984 |
| Series AG-5202, REMIC, 3.00%, 01/25/49 | 120 | 111 |
| Series TP-5178, REMIC, 2.50%, 04/25/49 | 285 | 252 |
| Series BA-5169, REMIC, 2.50%, 05/25/49 | 569 | 504 |
| Series CA-5190, REMIC, 2.50%, 05/25/49 | 166 | 147 |
| Series TP-5189, REMIC, 2.50%, 05/25/49 | 198 | 175 |
| Series A-5197, REMIC, 2.50%, 06/25/49 | 166 | 147 |
| Series TP-5169, REMIC, 2.50%, 06/25/49 | 131 | 116 |
| Series CA-5191, REMIC, 2.50%, 04/25/50 | 191 | 167 |
| Series CB-5175, REMIC, 2.50%, 04/25/50 | 826 | 731 |
| Series UA-5202, REMIC, 3.00%, 04/25/50 | 180 | 163 |
| Series BE-5058, REMIC, 3.00%, 11/25/50 | 300 | 259 |
| Series PK-5220, REMIC, 3.50%, 01/25/51 | 229 | 218 |
| Series CG-5214, REMIC, 3.50%, 04/25/52 | 156 | 149 |
| Series FA-5330, REMIC, 5.41%, (SOFR 30-Day Average + 1.05%), 08/25/53 (d) | 368 | 368 |
| Series FK-5425, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 06/25/54 (d) | 271 | 272 |
| Series FD-5459, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 10/25/54 (d) | 510 | 509 |
| Series FV-5500, REMIC, 5.61%, (SOFR 30-Day Average + 1.25%), 10/25/54 (d) | 328 | 329 |
| Series FB-5509, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 02/25/55 (d) | 282 | 283 |
| Series WF-5499, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 02/25/55 (d) | 179 | 179 |
| Series CF-5529, REMIC, 5.41%, (SOFR 30-Day Average + 1.05%), 04/25/55 (d) | 321 | 320 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2013-DJ-44, REMIC, 1.85%, 05/25/33 | 380 | 353 |
| Series 2020-JC-45, REMIC, 1.50%, 07/25/40 | 730 | 620 |
| Series 2022-AB-69, REMIC, 4.50%, 01/25/44 | 353 | 350 |
| Series 2022-MA-13, REMIC, 3.00%, 05/25/44 | 2191 | 2101 |
| Series 2020-BA-51, REMIC, 2.00%, 06/25/46 | 400 | 364 |
| Series 2022-HA-13, REMIC, 3.00%, 08/25/46 | 123 | 116 |
| Series 2022-GC-15, REMIC, 3.00%, 01/25/47 | 272 | 256 |
| Series 2022-CK-35, REMIC, 4.00%, 03/25/47 | 1754 | 1711 |
| Series 2022-BH-17, REMIC, 3.00%, 05/25/47 | 295 | 281 |
| Series 2022-AB-25, REMIC, 4.00%, 09/25/47 | 234 | 231 |
| Series 2022-N-3, REMIC, 2.00%, 10/25/47 | 1427 | 1271 |
| Series 2022-DA-5, REMIC, 2.25%, 11/25/47 | 500 | 450 |
| Series 2022-E-7, REMIC, 2.50%, 11/25/47 | 613 | 558 |
| Series 2021-DA-66, REMIC, 2.00%, 01/25/48 | 163 | 137 |
| Series 2021-DM-66, REMIC, 2.00%, 01/25/48 | 174 | 146 |
| Series 2022-D-3, REMIC, 2.00%, 02/25/48 | 621 | 558 |
| Series 2022-A-7, REMIC, 3.00%, 05/25/48 | 374 | 346 |
| Series 2022-BA-9, REMIC, 3.00%, 05/25/48 | 191 | 177 |
| Series 2022-JA-13, REMIC, 3.00%, 05/25/48 | 226 | 209 |
| Series 2022-KA-1, REMIC, 3.00%, 05/25/48 | 264 | 244 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2022-E-30, REMIC, 4.50%, 07/25/48 | 289 | 284 |
| Series 2021-L-85, REMIC, 2.50%, 08/25/48 | 141 | 126 |
| Series 2021-NA-95, REMIC, 2.50%, 09/25/48 | 423 | 379 |
| Series 2022-TC-49, REMIC, 4.00%, 12/25/48 | 90 | 88 |
| Series 2021-AH-96, REMIC, 2.50%, 03/25/49 | 646 | 574 |
| Series 2022-B-4, REMIC, 2.50%, 05/25/49 | 164 | 145 |
| Series 2021-BA-95, REMIC, 2.50%, 06/25/49 | 644 | 569 |
| Series 2022-B-11, REMIC, 3.00%, 06/25/49 | 199 | 186 |
| Series 2021-A-68, REMIC, 2.00%, 07/25/49 | 278 | 224 |
| Series 2022-BA-5, REMIC, 2.50%, 12/25/49 | 214 | 187 |
| Series 2021-HA-96, REMIC, 2.50%, 02/25/50 | 227 | 199 |
| Series 2022-A-28, REMIC, 2.50%, 02/25/52 | 508 | 485 |
| Series 2022-TH-2, REMIC, 2.50%, 02/25/52 | 64 | 59 |
| Series 2023-FD-54, REMIC, 5.81%, (SOFR 30-Day Average + 1.45%), 11/25/53 (d) | 517 | 521 |
| Series 2024-FB-41, REMIC, 5.89%, (SOFR 30-Day Average + 1.53%), 07/25/54 (d) | 166 | 167 |
| Series 2025-FC-33, REMIC, 5.96%, (SOFR 30-Day Average + 1.60%), 08/25/54 (d) | 1022 | 1029 |
| Series 2025-FH-4, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 09/25/54 (d) | 213 | 214 |
| Series 2025-DF-7, REMIC, 5.76%, (SOFR 30-Day Average + 1.40%), 09/25/54 (d) | 339 | 340 |
| Series 2024-FG-93, REMIC, 5.46%, (SOFR 30-Day Average + 1.10%), 12/25/54 (d) | 710 | 711 |
| Series 2024-FD-90, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 12/25/54 (d) | 885 | 887 |
| Series 2025-FE-7, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 02/25/55 (d) | 191 | 191 |
| Series 2025-FB-7, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 02/25/55 (d) | 459 | 460 |
| Series 2025-AF-7, REMIC, 5.76%, (SOFR 30-Day Average + 1.40%), 02/25/55 (d) | 334 | 336 |
| Government National Mortgage Association |  |  |
| Series 2017-BA-139, REMIC, 3.00%, 09/20/47 | 208 | 186 |
| Series 2019-F-11, REMIC, 4.65%, (1 Month Term SOFR + 0.51%), 01/20/49 (d) | 127 | 127 |
| Series 2019-NF-23, REMIC, 4.70%, (1 Month Term SOFR + 0.56%), 02/20/49 (d) | 75 | 74 |
| Series 2019-FB-153, REMIC, 4.70%, (1 Month Term SOFR + 0.56%), 12/20/49 (d) | 358 | 351 |
| | | 30045 |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Abu Dhabi, Government of |  |  |
| 3.13%, 09/30/49 (e) | 480 | 346 |
| 3.88%, 04/16/50 (e) | 145 | 117 |
| 3.00%, 09/15/51 (e) | 105 | 72 |
| 5.50%, 04/30/54 (e) | 200 | 208 |
| Angola, Government of |  |  |
| 9.50%, 11/12/25 (e) | 190 | 190 |
| 8.25%, 05/09/28 (e) | 125 | 126 |
| 8.75%, 04/14/32 (e) | 135 | 129 |
| 9.38%, 05/08/48 (e) (f) | 50 | 43 |
| Arab Republic of Egypt |  |  |
| 7.50%, 01/31/27 (e) | 235 | 238 |
| 7.63%, 05/29/32 (e) | 90 | 89 |
| 7.90%, 02/21/48 (e) | 15 | 12 |
| 8.70%, 03/01/49 (e) | 310 | 275 |
| 7.50%, 02/16/61 (e) | 185 | 145 |
| Bank Gospodarstwa Krajowego |  |  |
| 5.38%, 05/22/33 (e) | 200 | 206 |
| 6.25%, 07/09/54 (e) | 200 | 207 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (e) | 215 | 212 |
| 3.38%, 08/20/50 (e) | 60 | 42 |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/36 (e) (g) | 511 | 305 |
| 0.00%, 02/01/30 - 02/01/36 (e) (g) | 353 | 163 |
| 0.00%, 08/01/41 (c) (d) (e) (h) (i) | 75 | 60 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 135 | 125 |
| 3.00%, 01/15/34 | 90 | 78 |
| 3.30%, 03/11/41 | 85 | 66 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 3.00%, 01/30/30 | 285 | 258 |
| 7.38%, 04/25/30 - 09/18/37 | 230 | 245 |
| 3.13%, 04/15/31 | 115 | 100 |
| 8.00%, 04/20/33 - 11/14/35 | 405 | 436 |
| 7.50%, 02/02/34 | 50 | 53 |
| 6.13%, 01/18/41 | 10 | 9 |
| 5.00%, 06/15/45 | 225 | 169 |
| 5.20%, 05/15/49 | 150 | 113 |
| 4.13%, 05/15/51 | 50 | 33 |
| 8.75%, 11/14/53 | 635 | 699 |
| Dubai, Government of |  |  |
| 5.25%, 01/30/43 (j) | 200 | 197 |
| Federal Government of Nigeria |  |  |
| 7.63%, 11/21/25 (e) | 125 | 125 |
| 6.50%, 11/28/27 (e) | 10 | 10 |
| 6.13%, 09/28/28 (e) | 305 | 299 |
| 7.14%, 02/23/30 (e) | 90 | 89 |
| 7.88%, 02/16/32 (e) | 105 | 104 |
| 7.70%, 02/23/38 (e) | 60 | 56 |
| Gabon, Government of |  |  |
| 6.63%, 02/06/31 (e) | 80 | 64 |
| 7.00%, 11/24/31 (e) | 40 | 32 |
| Ghana, Government of |  |  |
| 0.00%, 07/03/26 - 01/03/30 (c) (e) | 12 | 10 |
| 5.00%, 07/03/29 - 07/03/35 (e) (g) | 143 | 129 |
| Gobierno de la Republica de Costa Rica |  |  |
| 5.63%, 04/30/43 (e) | 5 | 5 |
| 7.30%, 11/13/54 (e) | 200 | 219 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.90%, 06/01/30 (e) | 10 | 10 |
| 5.38%, 04/24/32 (e) | 125 | 126 |
| 6.60%, 06/13/36 (e) | 20 | 21 |
| 6.25%, 08/15/36 (e) | 200 | 207 |
| 6.13%, 06/01/50 (e) | 75 | 73 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (e) (g) | 309 | 279 |
| 6.90%, 07/31/35 (e) (g) | 195 | 148 |
| Gobierno de La Republica del Paraguay |  |  |
| 2.74%, 01/29/33 (e) | 200 | 176 |
| 6.00%, 02/09/36 (e) | 200 | 212 |
| 5.40%, 03/30/50 (e) | 30 | 27 |
| 6.65%, 03/04/55 (e) | 200 | 213 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.75%, 10/28/34 | 70 | 75 |
| 5.10%, 06/18/50 | 150 | 142 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 04/22/29 | 70 | 70 |
| 3.25%, 04/16/30 | 135 | 127 |
| 2.66%, 05/24/31 | 100 | 89 |
| 3.50%, 02/12/34 | 125 | 109 |
| 6.35%, 02/09/35 | 200 | 211 |
| 6.00%, 05/07/36 | 200 | 205 |
| 6.88%, 05/13/37 | 200 | 216 |
| 6.05%, 01/11/40 | 145 | 146 |
| 7.38%, 05/13/55 | 200 | 220 |
| 3.77%, 05/24/61 | 180 | 114 |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (e) | 200 | 213 |
| Government of Saudi Arabia |  |  |
| 3.25%, 10/22/30 (e) | 385 | 366 |
| 2.25%, 02/02/33 (e) | 200 | 171 |
| 4.50%, 10/26/46 (e) | 125 | 108 |
| 4.63%, 10/04/47 (e) | 110 | 95 |
| 3.75%, 01/21/55 (e) | 100 | 72 |
| 4.50%, 04/22/60 (e) | 300 | 245 |
| 3.45%, 02/02/61 (e) | 250 | 162 |
| Government of the People's Republic of Benin |  |  |
| 7.96%, 02/13/38 (e) | 200 | 205 |
| Government of the Republic of Panama |  |  |
| 7.88%, 03/01/57 | 200 | 226 |
| 3.87%, 07/23/60 | 225 | 145 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government of the Republic of Serbia |  |  |
| 6.50%, 09/26/33 (e) | 75 | 81 |
| 6.00%, 06/12/34 (e) | 125 | 130 |
| Government of the Republic of Zambia |  |  |
| 5.75%, 06/30/33 (e) (g) | 12 | 12 |
| 0.50%, 12/31/53 (e) (g) | 169 | 115 |
| Government of the Sultanate of Oman |  |  |
| 6.00%, 08/01/29 (e) | 50 | 53 |
| 6.25%, 01/25/31 (e) | 200 | 215 |
| 6.50%, 03/08/47 (e) | 25 | 27 |
| 6.75%, 01/17/48 (e) | 125 | 137 |
| 7.00%, 01/25/51 (e) | 25 | 28 |
| Israel, State of |  |  |
| 5.75%, 03/12/54 | 200 | 189 |
| Jamaica, The Government of |  |  |
| 7.88%, 07/28/45 | 35 | 42 |
| Kenya, Government of |  |  |
| 9.75%, 02/16/31 (e) | 200 | 213 |
| Kingdom of Bahrain |  |  |
| 5.63%, 05/18/34 (e) | 45 | 44 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.13%, 12/04/27 (e) | 200 | 207 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 (e) | 90 | 92 |
| 3.63%, 03/27/32 (e) | 98 | 87 |
| 7.13%, 01/17/33 (e) | 110 | 117 |
| 7.50%, 02/10/37 (e) | 136 | 146 |
| 4.00%, 02/14/51 (e) | 85 | 56 |
| Ministry of Defence State of Israel |  |  |
| 3.38%, 01/15/50 | 135 | 89 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.63%, 06/02/46 (e) | 220 | 204 |
| 4.82%, 03/14/49 (e) | 275 | 261 |
| 4.40%, 04/16/50 (e) | 285 | 254 |
| Minstry of Finance, Lebenon Republic of |  |  |
| 0.00%, 03/09/20 - 04/03/20 (h) (i) (j) | 315 | 70 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (e) | 200 | 220 |
| Pakistan, Government of |  |  |
| 6.00%, 04/08/26 (e) | 145 | 144 |
| 6.88%, 12/05/27 (e) | 95 | 95 |
| 7.38%, 04/08/31 (e) | 160 | 157 |
| People's Government of Inner Mongolia Autonomous Region |  |  |
| 7.88%, 06/05/29 (e) | 200 | 212 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (e) | 200 | 192 |
| 8.08%, 04/01/36 (e) | 200 | 207 |
| Presidencia da Republica |  |  |
| 3.88%, 06/12/30 | 170 | 163 |
| 8.25%, 01/20/34 | 225 | 263 |
| 7.13%, 01/20/37 | 115 | 127 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 122 | 89 |
| 0.75%, 07/09/30 (g) | 1099 | 756 |
| 4.13%, 07/09/35 (g) | 997 | 526 |
| 5.00%, 01/09/38 (g) | 484 | 275 |
| 3.50%, 07/09/41 (g) | 245 | 120 |
| Presidencia de la Republica de Chile |  |  |
| 2.75%, 01/31/27 | 75 | 74 |
| 2.45%, 01/31/31 | 285 | 258 |
| 4.00%, 01/31/52 | 200 | 158 |
| 5.33%, 01/05/54 | 200 | 194 |
| 3.10%, 01/22/61 | 160 | 100 |
| Presidencia de la Republica de El Salvador |  |  |
| 0.25%, 04/17/30 (e) | 150 | 4 |
| 9.25%, 04/17/30 (e) | 150 | 164 |
| 7.65%, 06/15/35 (e) | 55 | 56 |
| 7.63%, 02/01/41 (e) | 20 | 19 |
| 7.12%, 01/20/50 (e) | 40 | 35 |
| 9.65%, 11/21/54 (e) | 150 | 162 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (e) | 240 | 244 |
| 6.00%, 07/19/28 (e) | 75 | 78 |
| 7.05%, 02/03/31 (e) | 300 | 324 |
| 6.60%, 06/01/36 (e) | 150 | 157 |
| 5.30%, 01/21/41 (e) | 95 | 86 |
| 6.85%, 01/27/45 (e) | 80 | 83 |
| 7.15%, 02/24/55 (e) | 150 | 160 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.10%, 04/24/28 | 105 | 105 |
| 8.50%, 10/12/35 (e) | 165 | 210 |
| 6.63%, 02/17/37 (e) | 30 | 34 |
| 7.75%, 01/17/38 (e) | 160 | 197 |
| 5.25%, 01/17/42 (e) | 45 | 45 |
| 6.75%, 01/15/44 (e) | 70 | 80 |
| 5.13%, 01/15/45 (e) | 85 | 83 |
| 5.95%, 01/08/46 (e) | 220 | 233 |
| 4.35%, 01/11/48 | 90 | 77 |
| 3.50%, 02/14/50 | 60 | 44 |
| 4.20%, 10/15/50 | 1515 | 1242 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 09/15/27 (h) (i) | 580 | 138 |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (e) | 200 | 171 |
| 5.50%, 06/16/34 (e) | 155 | 157 |
| 3.13%, 09/21/51 (e) | 75 | 47 |
| 6.75%, 09/25/52 (e) | 35 | 38 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (e) | 115 | 84 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/27/27 - 09/30/29 | 110 | 110 |
| 5.88%, 04/20/32 | 60 | 61 |
| 7.10%, 11/19/36 (e) | 200 | 209 |
| 5.00%, 10/12/46 | 85 | 64 |
| 5.65%, 09/27/47 | 75 | 60 |
| 5.75%, 09/30/49 | 140 | 112 |
| The Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 04/15/28 (e) | 39 | 38 |
| 3.10%, 01/15/30 (e) (g) | 55 | 52 |
| 3.35%, 03/15/33 (e) (g) | 189 | 162 |
| 3.60%, 06/15/35 - 02/15/38 (e) (g) | 135 | 116 |
| The Egyptian Financial Company for Sovereign Taskeek (S.A.E.) |  |  |
| 7.95%, 10/07/32 (e) | 200 | 200 |
| The Government of the Republic of Armenia |  |  |
| 3.60%, 02/02/31 (e) | 65 | 58 |
| 6.75%, 03/12/35 (e) | 200 | 204 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 7.38%, 10/10/47 (e) | 60 | 57 |
| The Ministry of Finance of Georgia |  |  |
| 2.75%, 04/22/26 (e) | 200 | 196 |
| The Philippines, Government of |  |  |
| 2.95%, 05/05/45 | 35 | 25 |
| 2.65%, 12/10/45 | 70 | 47 |
| 5.95%, 10/13/47 | 200 | 214 |
| 5.50%, 01/17/48 | 200 | 204 |
| The Republic of Rwanda, Government of |  |  |
| 5.50%, 08/09/31 (e) | 120 | 108 |
| The Republic of Uzbekistan |  |  |
| 3.70%, 11/25/30 (e) | 85 | 79 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 4.88%, 10/09/26 - 04/16/43 | 380 | 336 |
| 6.00%, 03/25/27 - 01/14/41 | 215 | 193 |
| 9.88%, 01/15/28 | 145 | 159 |
| 9.38%, 03/14/29 - 01/19/33 | 580 | 661 |
| 9.13%, 07/13/30 | 90 | 102 |
| 5.88%, 06/26/31 | 85 | 84 |
| 7.63%, 05/15/34 | 200 | 212 |
| 6.63%, 02/17/45 | 30 | 27 |
| 5.75%, 05/11/47 | 75 | 59 |
| Turkiye Ihracat Kredi Bankasi Anonim Sirketi |  |  |
| 6.88%, 07/03/28 (e) | 200 | 204 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 11/16/32 | 90 | 96 |
| 5.50%, 04/04/53 | 45 | 43 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vlada Crne Gore |  |  |
| 7.25%, 03/12/31 (e) | 240 | 255 |
| | | 28695 |
| **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** |
| Treasury, United States Department of |  |  |
| 2.38%, 02/15/55 (k) | 962 | 940 |
| **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-K072, REMIC, 3.44%, 12/25/27 | 300 | 297 |
| Series A2-K074, REMIC, 3.60%, 01/25/28 | 400 | 398 |
|  |  | 695 |
| Total Government And Agency Obligations (cost $861,631) | Total Government And Agency Obligations (cost $861,631) | 817175 |
| **CORPORATE BONDS AND NOTES 26.3%** | **CORPORATE BONDS AND NOTES 26.3%** | **CORPORATE BONDS AND NOTES 26.3%** |
| **Financials 11.6%** | **Financials 11.6%** | **Financials 11.6%** |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 5.50%, 05/08/34 (e) | 200 | 212 |
| 5.25%, 10/02/54 (e) | 200 | 196 |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (e) | 20 | 21 |
| 8.50%, 06/15/29 (e) | 20 | 21 |
| 6.00%, 08/01/29 (e) | 40 | 40 |
| 7.50%, 11/06/30 (e) | 20 | 21 |
| 6.75%, 07/01/32 (e) | 25 | 26 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 2.45%, 10/29/26 | 561 | 551 |
| 6.45%, 04/15/27 | 867 | 894 |
| 3.00%, 10/29/28 | 588 | 566 |
| 5.10%, 01/19/29 | 1651 | 1690 |
| 3.30%, 01/30/32 | 629 | 579 |
| 6.50%, 01/31/56 | 67 | 69 |
| AIA Group Limited |  |  |
| 3.20%, 09/16/40 (e) | 538 | 425 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (e) | 94 | 96 |
| 6.50%, 10/01/31 (e) | 20 | 20 |
| 7.38%, 10/01/32 (e) | 40 | 41 |
| Alliant Holdings LP |  |  |
| 10.00%, 12/31/99 (l) | 47 | 48 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (m) | 323 | 312 |
| 5.75%, 11/20/25 | 670 | 670 |
| 7.10%, 11/15/27 | 1430 | 1505 |
| 8.00%, 11/01/31 | 690 | 786 |
| 6.70%, 02/14/33 (f) | 30 | 31 |
| 6.65%, 01/17/40 | 58 | 58 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (e) | 20 | 20 |
| 4.88%, 06/30/29 (e) | 35 | 34 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (e) | 125 | 130 |
| Ares Strategic Income Fund |  |  |
| 5.70%, 03/15/28 | 1335 | 1355 |
| 5.45%, 09/09/28 (e) | 732 | 738 |
| 5.80%, 09/09/30 (e) | 592 | 602 |
| Athene Global Funding |  |  |
| 5.34%, 01/15/27 (e) | 2128 | 2156 |
| 5.58%, 01/09/29 (e) | 952 | 984 |
| Avolon Holdings Funding Limited |  |  |
| 4.38%, 05/01/26 (e) | 2900 | 2898 |
| 6.38%, 05/04/28 (e) | 134 | 140 |
| 5.15%, 01/15/30 (e) | 93 | 95 |
| 5.38%, 05/30/30 (e) | 503 | 516 |
| Azorra Finance Limited |  |  |
| 7.25%, 01/15/31 (e) | 65 | 68 |
| Banco de Credito del Peru |  |  |
| 5.80%, 03/10/35 (e) | 115 | 117 |
| Banco Del Estado De Chile |  |  |
| 7.95%, (100, 05/02/29) (e) (m) | 200 | 214 |
| Banco do Brasil S.A. |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (d) (e) (m) | 195 | 195 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (e) (m) | 200 | 205 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 07/26/30) (m) | 70 | 71 |
| 4.18%, 11/25/27 | 3725 | 3726 |
| 4.38%, 04/27/28 | 3800 | 3814 |
| 2.30%, 07/21/32 | 1360 | 1207 |
| 2.97%, 02/04/33 | 3100 | 2822 |
| 5.02%, 07/22/33 | 5250 | 5369 |
| Barclays PLC |  |  |
| 5.83%, 05/09/27 | 1980 | 1997 |
| 6.49%, 09/13/29 | 1408 | 1491 |
| 5.69%, 03/12/30 | 1000 | 1039 |
| 5.09%, 06/20/30 | 2500 | 2533 |
| 6.22%, 05/09/34 | 1083 | 1165 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (e) | 200 | 196 |
| BCI Miami |  |  |
| 8.75%, (100, 02/08/29) (e) (m) | 200 | 216 |
| Blackstone Private Credit Fund |  |  |
| 7.30%, 11/27/28 | 1600 | 1709 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (e) | 60 | 61 |
| 3.50%, 06/01/31 | 40 | 37 |
| 6.50%, 05/15/32 | 231 | 239 |
| 6.00%, 08/15/33 (e) | 45 | 46 |
| BNP Paribas |  |  |
| 7.45%, (100, 06/27/35) (e) (m) (n) | 115 | 120 |
| 5.79%, 01/13/33 (e) | 1294 | 1358 |
| Burford Capital Global Finance LLC |  |  |
| 7.50%, 07/15/33 (e) | 70 | 71 |
| BW Real Estate Inc. |  |  |
| 9.50%, (100, 03/30/30) (e) (m) | 55 | 57 |
| Capital One Financial Corporation |  |  |
| 4.93%, 05/10/28 | 2117 | 2139 |
| 3.27%, 03/01/30 | 2123 | 2047 |
| 5.25%, 07/26/30 | 1600 | 1644 |
| 7.62%, 10/30/31 | 1228 | 1390 |
| Citigroup Inc. |  |  |
| 4.60%, 03/09/26 | 309 | 309 |
| 4.30%, 11/20/26 | 200 | 200 |
| 3.07%, 02/24/28 | 4000 | 3938 |
| 2.67%, 01/29/31 | 2300 | 2138 |
| 4.41%, 03/31/31 | 1522 | 1519 |
| 4.91%, 05/24/33 | 491 | 496 |
| Commonwealth Bank of Australia |  |  |
| 3.61%, 09/12/34 (e) (n) | 384 | 368 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 420 | 416 |
| 3.90%, 04/05/32 | 1490 | 1422 |
| 4.35%, 04/05/42 | 111 | 97 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.50%, 10/01/30 (e) | 70 | 70 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 5.00%, 09/11/30 | 5000 | 5073 |
| 3.73%, 01/14/32 (n) | 2500 | 2342 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (e) | 235 | 239 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (e) | 60 | 63 |
| 8.50%, 05/15/30 (e) | 98 | 104 |
| Equitable Holdings, Inc. |  |  |
| 4.57%, 02/15/29 (e) | 257 | 258 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (e) | 1710 | 1602 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 1700 | 1697 |
| 5.73%, 09/05/30 | 69 | 70 |
| GGAM Finance Ltd. |  |  |
| 7.75%, 05/15/26 (e) | 135 | 135 |
| 8.00%, 06/15/28 (e) | 30 | 32 |
| 6.88%, 04/15/29 (e) | 40 | 42 |
| 5.88%, 03/15/30 (e) | 95 | 96 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (e) | 175 | 180 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.62%, 03/15/28 | 3900 | 3868 |
| 4.22%, 05/01/29 | 5000 | 5003 |
| 3.80%, 03/15/30 | 2570 | 2528 |
| 2.38%, 07/21/32 | 1355 | 1209 |
| 3.10%, 02/24/33 | 2900 | 2661 |
| GTCR W-2 Merger Sub LLC |  |  |
| 7.50%, 01/15/31 (e) | 140 | 149 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (e) | 35 | 34 |
| 9.13%, 01/31/30 (e) | 90 | 96 |
| HPS Corporate Lending Fund |  |  |
| 5.45%, 01/14/28 (f) | 2431 | 2453 |
| Intesa Sanpaolo S.p.A. |  |  |
| 5.71%, 01/15/26 (e) | 3028 | 3035 |
| 4.20%, 06/01/32 (e) | 200 | 189 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (e) | 90 | 94 |
| 6.13%, 11/01/32 (e) | 75 | 76 |
| 6.75%, 05/01/33 (e) | 115 | 120 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (e) | 25 | 24 |
| 6.63%, 10/15/31 (e) | 110 | 111 |
| Jefferson Capital Holdings LLC |  |  |
| 8.25%, 05/15/30 (e) | 75 | 79 |
| JPMorgan Chase & Co. |  |  |
| 3.51%, 01/23/29 | 1850 | 1825 |
| 5.30%, 07/24/29 | 1500 | 1546 |
| 4.49%, 03/24/31 | 4900 | 4946 |
| 5.10%, 04/22/31 | 921 | 951 |
| 2.96%, 05/13/31 | 677 | 634 |
| 4.59%, 04/26/33 | 3532 | 3543 |
| 4.91%, 07/25/33 | 1287 | 1314 |
| 5.72%, 09/14/33 | 1700 | 1798 |
| 5.57%, 04/22/36 (f) | 1094 | 1154 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (e) | 120 | 121 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (e) | 200 | 213 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (e) | 145 | 152 |
| 8.13%, 03/30/29 (e) | 85 | 88 |
| 6.50%, 03/26/31 (e) | 85 | 91 |
| MDGH - GMTN B.V. |  |  |
| 2.88%, 11/07/29 (e) | 200 | 191 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 5.08%, 05/22/53 (e) | 200 | 188 |
| Morgan Stanley |  |  |
| 4.21%, 04/20/28 | 5800 | 5806 |
| 5.45%, 07/20/29 | 788 | 814 |
| 4.43%, 01/23/30 | 1000 | 1005 |
| 3.62%, 04/01/31 | 4344 | 4207 |
| 5.19%, 04/17/31 | 835 | 862 |
| 4.89%, 07/20/33 | 1207 | 1225 |
| 5.66%, 04/17/36 | 662 | 699 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 732 | 738 |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28 (n) | 712 | 700 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 40 | 40 |
| 4.88%, 03/15/28 | 25 | 25 |
| 5.50%, 03/15/29 (f) | 40 | 39 |
| 7.88%, 06/15/32 (f) | 40 | 42 |
| 5.63%, 08/01/33 | 35 | 32 |
| NBK Tier 1 Financing Limited |  |  |
| 3.63%, (100, 08/24/26) (e) (f) (m) | 200 | 196 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 - 09/15/32 | 148 | 153 |
| 6.63%, 05/15/29 | 100 | 103 |
| 6.13%, 05/15/30 | 60 | 61 |
| 7.50%, 05/15/31 | 120 | 126 |
| 6.75%, 03/15/32 | 40 | 41 |
| 6.50%, 03/15/33 | 40 | 40 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 - 02/15/33 (e) | 116 | 120 |
| 6.75%, 02/15/34 (e) | 65 | 66 |
| Phoenix Aviation Capital Limited |  |  |
| 9.25%, 07/15/30 (e) | 44 | 47 |
| Pine Street Trust II |  |  |
| 5.57%, 02/15/49 (e) | 1000 | 948 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (e) | 74 | 76 |
| PTT Treasury Center Company Limited |  |  |
| 3.70%, 07/16/70 (e) | 50 | 35 |
| Regions Bank |  |  |
| 6.45%, 06/26/37 | 500 | 547 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 - 07/15/30 (e) | 85 | 87 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (e) | 85 | 87 |
| 6.38%, 08/01/33 (e) | 115 | 119 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (e) | 65 | 67 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 (e) | 841 | 870 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 6.13%, 03/01/29 | 514 | 530 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 80 | 83 |
| Societe Generale |  |  |
| 1.49%, 12/14/26 (e) | 1483 | 1474 |
| 5.50%, 04/13/29 (e) | 884 | 903 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 (e) | 20 | 20 |
| 5.25%, 10/15/28 (e) | 35 | 35 |
| 7.25%, 04/01/29 (e) | 40 | 42 |
| 6.00%, 04/15/30 (e) | 45 | 46 |
| 6.50%, 07/01/30 - 10/15/30 (e) | 75 | 78 |
| 5.75%, 01/15/31 (e) | 35 | 35 |
| StoneX Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 (e) | 35 | 36 |
| TCS Finance Designated Activity Company |  |  |
| 0.00%, (100, 12/20/26) (e) (h) (i) (j) (l) (m) (n) | 200 |  |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (e) | 640 | 592 |
| Tiaa Asset Management, LLC |  |  |
| 4.00%, 11/01/28 (e) | 425 | 424 |
| Truenoord Capital Designated Activity Company |  |  |
| 8.75%, 03/01/30 (e) | 65 | 69 |
| UBS Group AG |  |  |
| 4.55%, 04/17/26 | 699 | 701 |
| 1.49%, 08/10/27 (e) (n) | 836 | 815 |
| 4.28%, 01/09/28 (e) | 2059 | 2060 |
| 3.87%, 01/12/29 (e) (n) | 303 | 300 |
| 4.19%, 04/01/31 (e) | 1376 | 1360 |
| Unum Group |  |  |
| 5.75%, 08/15/42 | 1423 | 1427 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (e) | 115 | 117 |
| 6.25%, 03/15/31 (e) | 85 | 85 |
| VFH Parent LLC |  |  |
| 7.50%, 06/15/31 (e) | 67 | 69 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (e) (f) | 40 | 42 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (e) (f) | 74 | 75 |
| 6.38%, 02/01/30 (e) (f) | 175 | 171 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (e) | 70 | 72 |
| Wells Fargo & Company |  |  |
| 3.53%, 03/24/28 | 5123 | 5077 |
| 5.57%, 07/25/29 | 1500 | 1554 |
| 4.48%, 04/04/31 | 4110 | 4132 |
| 5.15%, 04/23/31 | 1247 | 1286 |
| 5.50%, 01/23/35 | 722 | 753 |
| 5.61%, 04/23/36 | 1101 | 1156 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Alliance Bancorporation |  |  |
| 3.00%, 06/15/31 | 170 | 165 |
| Western Southern Global Funding |  |  |
| 4.90%, 05/01/30 (e) | 361 | 369 |
| Westpac Banking Corporation |  |  |
| 4.11%, 07/24/34 (n) | 558 | 546 |
| Wex, Inc. |  |  |
| 6.50%, 03/15/33 (e) | 105 | 107 |
| | | 166128 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| ADNOC Murban RSC Ltd |  |  |
| 5.13%, 09/11/54 (e) | 200 | 189 |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (e) | 65 | 65 |
| 5.75%, 10/15/33 (e) | 40 | 40 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (e) | 50 | 51 |
| Bapco Energies B.S.C. Closed |  |  |
| 7.50%, 10/25/27 (e) | 110 | 114 |
| 8.38%, 11/07/28 (e) | 40 | 43 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32 (e) (f) | 70 | 69 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (e) | 34 | 34 |
| 8.25%, 06/15/29 (e) | 170 | 177 |
| 7.00%, 01/15/34 (e) | 5 | 5 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 8.13%, 01/15/27 (e) | 90 | 89 |
| 9.75%, 07/15/28 (e) | 120 | 119 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (e) | 366 | 127 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | 1400 | 1238 |
| 6.75%, 11/15/39 | 36 | 40 |
| 5.40%, 06/15/47 | 89 | 82 |
| 3.75%, 02/15/52 | 140 | 100 |
| Cenub Qaz Dehlizi, Qapali Sehmdar Cemiyyeti |  |  |
| 6.88%, 03/24/26 (e) | 160 | 162 |
| Citgo Petroleum Corporation |  |  |
| 6.38%, 06/15/26 (e) | 165 | 165 |
| 8.38%, 01/15/29 (e) | 35 | 37 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (e) | 105 | 101 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (e) | 35 | 35 |
| 7.25%, 03/01/32 (e) | 60 | 62 |
| Columbia Pipelines Operating Company LLC |  |  |
| 6.04%, 11/15/33 (e) | 492 | 525 |
| 6.50%, 08/15/43 (e) | 147 | 157 |
| 6.54%, 11/15/53 (e) | 265 | 284 |
| 6.71%, 08/15/63 (e) | 158 | 173 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (e) | 50 | 50 |
| 5.88%, 01/15/30 (e) | 125 | 120 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (e) | 155 | 168 |
| CVR Energy, Inc. |  |  |
| 8.50%, 01/15/29 (e) | 125 | 128 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (e) | 195 | 196 |
| 8.63%, 03/15/29 (e) | 38 | 40 |
| 7.38%, 06/30/33 (e) | 35 | 36 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 75 | 67 |
| 8.88%, 01/13/33 | 310 | 336 |
| 8.38%, 01/19/36 | 70 | 72 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (e) | 270 | 250 |
| Empresa Nacional del Petroleo |  |  |
| 5.95%, 07/30/34 (e) | 200 | 210 |
| Energean PLC |  |  |
| 6.50%, 04/30/27 (e) (f) | 269 | 268 |
| Energy Transfer LP |  |  |
| 6.63%, (100, 02/15/28) (m) | 195 | 196 |
| 7.13%, (100, 05/15/30) (m) | 40 | 41 |
| 5.25%, 04/15/29 | 925 | 952 |
| 3.75%, 05/15/30 | 327 | 317 |
| 5.30%, 04/15/47 | 700 | 632 |
| 5.00%, 05/15/50 | 338 | 289 |
| 6.50%, 02/15/56 | 8 | 8 |
| 6.75%, 02/15/56 | 8 | 8 |
| Enfragen Energia Sur S.A. |  |  |
| 5.38%, 12/30/30 (e) | 380 | 353 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (e) | 35 | 37 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (e) | 91 | 83 |
| 2.63%, 03/31/36 (e) | 300 | 264 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 130 | 136 |
| Geopark Limited |  |  |
| 5.50%, 01/17/27 (e) | 110 | 104 |
| 8.75%, 01/31/30 (e) | 200 | 181 |
| Global Partners LP |  |  |
| 6.88%, 01/15/29 | 185 | 187 |
| 7.13%, 07/01/33 (e) | 35 | 36 |
| Golar LNG Limited |  |  |
| 7.00%, 10/20/25 | 100 | 100 |
| 7.75%, 09/19/29 | 200 | 202 |
| 7.50%, 10/02/30 (e) | 130 | 129 |
| 2.75%, 12/15/30 (e) (n) | 73 | 73 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (e) | 150 | 127 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 6.13%, 02/23/38 (e) | 200 | 214 |
| 6.51%, 02/23/42 (e) | 200 | 216 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (e) | 154 | 151 |
| Halliburton Company |  |  |
| 3.80%, 11/15/25 | 5 | 5 |
| Harbour Energy PLC |  |  |
| 5.50%, 10/15/26 (e) | 30 | 30 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 - 05/15/32 (e) | 150 | 152 |
| Hess Corporation |  |  |
| 7.13%, 03/15/33 | 1351 | 1568 |
| 5.80%, 04/01/47 | 601 | 625 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (e) | 80 | 81 |
| 6.50%, 06/01/29 (e) | 85 | 88 |
| 4.25%, 02/15/30 (e) | 23 | 22 |
| 5.50%, 10/15/30 (e) | 20 | 20 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (e) | 10 | 10 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (e) | 35 | 36 |
| 6.63%, 01/15/34 (e) | 40 | 41 |
| Investment Energy Resources Limited |  |  |
| 6.25%, 04/26/29 (e) | 200 | 199 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (e) | 60 | 62 |
| 5.75%, 04/19/47 (e) | 35 | 33 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (e) | 115 | 118 |
| 5.88%, 06/15/30 (e) | 55 | 55 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (e) | 75 | 76 |
| 6.75%, 10/01/35 (e) | 50 | 51 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (e) | 110 | 110 |
| 7.75%, 05/01/27 (e) | 30 | 29 |
| 7.50%, 03/01/28 (e) | 125 | 110 |
| 8.75%, 10/01/31 (e) (f) | 355 | 274 |
| Leviathan Bond Ltd |  |  |
| 6.50%, 06/30/27 (j) | 160 | 160 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (e) | 219 | 188 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (e) | 250 | 261 |
| Mesquite Energy, Inc. |  |  |
| 0.00% (e) (h) (i) (m) | 269 | 3 |
| Moss Creek Resources Holdings, Inc. |  |  |
| 8.25%, 09/01/31 (e) | 106 | 104 |
| MPLX LP |  |  |
| 4.95%, 09/01/32 | 993 | 996 |
| 4.50%, 04/15/38 | 675 | 610 |
| 4.70%, 04/15/48 | 325 | 272 |
| Nabors Industries Ltd. |  |  |
| 7.50%, 01/15/28 (e) | 74 | 74 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (e) | 43 | 44 |
| 9.13%, 01/31/30 (e) | 25 | 26 |
| 8.88%, 08/15/31 (e) (f) | 45 | 42 |
| New Fortress Energy Inc. |  |  |
| 6.50%, 09/30/26 (e) (f) | 45 | 11 |
| NFE Financing LLC |  |  |
| 12.00%, 11/15/29 (e) | 516 | 151 |
| Occidental Petroleum Corporation |  |  |
| 7.50%, 05/01/31 | 1400 | 1569 |
| 6.45%, 09/15/36 | 1135 | 1204 |
| 6.60%, 03/15/46 | 1375 | 1436 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (e) | 99 | 97 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/24/27 | 338 | 339 |
| 4.40%, 10/15/29 | 353 | 353 |
| 4.75%, 10/15/31 | 688 | 688 |
| Orlen S.A. |  |  |
| 6.00%, 01/30/35 (e) | 200 | 209 |
| Parkland Corporation |  |  |
| 4.50%, 10/01/29 (e) | 60 | 58 |
| 4.63%, 05/01/30 (e) | 210 | 204 |
| 6.63%, 08/15/32 (e) | 55 | 57 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 40 | 40 |
| 9.88%, 03/15/30 (e) | 95 | 100 |
| 7.88%, 09/15/30 (e) (f) | 107 | 106 |
| Pemex Project Funding Master Trust |  |  |
| 6.63%, 06/15/35 | 410 | 391 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 04/12/27 (h) (i) (j) | 8990 | 1236 |
| 0.00%, 04/12/27 (h) (i) (j) | 1390 | 223 |
| 0.00%, 05/17/35 (e) (h) (i) | 330 | 60 |
| Petroleos Mexicanos |  |  |
| 6.88%, 10/16/25 | 60 | 60 |
| 6.88%, 08/04/26 (f) | 75 | 76 |
| 6.49%, 01/23/27 | 395 | 399 |
| 6.50%, 03/13/27 - 06/02/41 | 260 | 257 |
| 5.95%, 01/28/31 | 2235 | 2164 |
| 6.70%, 02/16/32 | 500 | 495 |
| 6.38%, 01/23/45 | 60 | 49 |
| 6.75%, 09/21/47 | 2560 | 2111 |
| 6.35%, 02/12/48 | 4400 | 3504 |
| 7.69%, 01/23/50 | 741 | 673 |
| 6.95%, 01/28/60 | 115 | 95 |
| PETRONAS Capital Limited |  |  |
| 3.50%, 04/21/30 (e) | 50 | 49 |
| 3.40%, 04/28/61 (e) | 105 | 72 |
| Petrorio Luxembourg Trading S.A. R.L. |  |  |
| 6.13%, 06/09/26 (e) | 75 | 75 |
| Plains All American Pipeline, L.P. |  |  |
| 8.58%(3 Month Term SOFR + 4.37%), (d) (m) | 330 | 330 |
| 3.55%, 12/15/29 | 188 | 182 |
| Prairie Acquiror LP |  |  |
| 9.00%, 08/01/29 (e) | 75 | 78 |
| PT Pertamina (Persero) |  |  |
| 4.18%, 01/21/50 (e) | 90 | 71 |
| QatarEnergy LNG |  |  |
| 1.38%, 09/12/26 (e) | 325 | 316 |
| 2.25%, 07/12/31 (e) | 200 | 180 |
| 3.13%, 07/12/41 (e) | 110 | 85 |
| 3.30%, 07/12/51 (e) | 350 | 247 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (e) | 100 | 104 |
| Saudi Arabian Oil Company |  |  |
| 3.50%, 04/16/29 (e) | 315 | 308 |
| 2.25%, 11/24/30 (e) | 380 | 343 |
| 4.25%, 04/16/39 (e) | 285 | 259 |
| 4.38%, 04/16/49 (e) | 35 | 29 |
| 3.25%, 11/24/50 (e) | 130 | 89 |
| 6.38%, 06/02/55 (j) | 200 | 213 |
| 5.88%, 07/17/64 (e) | 200 | 197 |
| 3.50%, 11/24/70 (e) | 65 | 42 |
| Seplat Energy PLC |  |  |
| 9.13%, 03/21/30 (e) | 200 | 206 |
| Sesi of Delaware, L.L.C. |  |  |
| 7.88%, 09/30/30 (e) | 25 | 25 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 76 | 81 |
| 7.63%, 03/01/55 | 15 | 16 |
| Sunnova Energy Corporation |  |  |
| 0.00%, 09/01/26 (e) (h) (i) | 245 | 1 |
| Sunoco Logistics Partners Operations L.P. |  |  |
| 5.40%, 10/01/47 | 41 | 38 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (e) (m) | 125 | 127 |
| 5.88%, 03/15/28 | 45 | 45 |
| 7.00%, 05/01/29 (e) | 30 | 31 |
| 4.50%, 05/15/29 | 60 | 59 |
| 5.63%, 03/15/31 (e) | 40 | 40 |
| 7.25%, 05/01/32 (e) | 40 | 42 |
| 6.25%, 07/01/33 (e) | 55 | 56 |
| 5.88%, 03/15/34 (e) | 40 | 40 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (e) | 480 | 471 |
| 6.75%, 03/15/34 (e) | 40 | 40 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29 (e) | 30 | 31 |
| 9.38%, 02/01/31 (e) | 55 | 57 |
| Targa Resources Corp. |  |  |
| 4.90%, 09/15/30 | 447 | 454 |
| 5.65%, 02/15/36 | 1076 | 1100 |
| Tecpetrol |  |  |
| 7.63%, 01/22/33 (e) | 60 | 61 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 3.25%, 08/15/30 (e) | 95 | 87 |
| TGS ASA |  |  |
| 8.50%, 01/15/30 (e) | 115 | 118 |
| TMS ISSUER S.a r.l. |  |  |
| 5.78%, 08/23/32 (e) | 110 | 115 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 158 | 151 |
| 3.95%, 05/15/50 | 509 | 397 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (e) | 40 | 42 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (e) | 70 | 70 |
| 8.25%, 05/15/29 (e) | 30 | 30 |
| 8.75%, 02/15/30 (e) | 53 | 55 |
| 8.50%, 05/15/31 (e) | 65 | 64 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (e) | 20 | 21 |
| Tullow Oil PLC |  |  |
| 10.25%, 05/15/26 (e) | 381 | 324 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 105 | 105 |
| 6.25%, 10/01/33 (e) | 70 | 70 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (e) | 224 | 239 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (e) | 120 | 127 |
| 6.75%, 01/15/36 (e) | 95 | 101 |
| Viridien |  |  |
| 10.00%, 10/15/30 (e) (f) | 70 | 72 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (e) | 55 | 55 |
| 6.50%, 10/15/33 (e) | 55 | 55 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Midstream Operating, LP |  |  |
| 4.05%, 02/01/30 (g) (o) | 4300 | 4194 |
| Williams Companies, Inc., The |  |  |
| 4.65%, 08/15/32 | 1037 | 1035 |
| Yinson Boronia Production B.V. |  |  |
| 8.95%, 07/31/42 (e) | 292 | 325 |
| YPF S.A. |  |  |
| 8.25%, 01/17/34 (e) | 60 | 58 |
| | | 50450 |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| Alpha Star Holding IX Limited |  |  |
| 7.00%, 08/26/28 (j) | 200 | 205 |
| American Homes 4 Rent, L.P. |  |  |
| 3.63%, 04/15/32 | 451 | 423 |
| Anywhere Real Estate Group LLC |  |  |
| 5.75%, 01/15/29 (e) | 45 | 43 |
| 5.25%, 04/15/30 (e) | 19 | 18 |
| 7.00%, 04/15/30 (e) | 36 | 36 |
| 9.75%, 04/15/30 (e) | 30 | 33 |
| Boston Properties Limited Partnership |  |  |
| 6.75%, 12/01/27 | 740 | 777 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.30%, 03/15/28 (g) (o) | 1062 | 1128 |
| 4.55%, 10/01/29 (f) | 189 | 180 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 257 | 254 |
| 4.50%, 10/15/30 | 119 | 118 |
| 2.75%, 04/15/31 | 187 | 169 |
| Corporacion Inmobiliaria Vesta, S.A.B. DE C.V. |  |  |
| 5.50%, 01/30/33 (e) | 200 | 202 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (e) | 85 | 83 |
| Dar Al Arkan Sukuk Co Ltd |  |  |
| 7.25%, 07/02/30 (j) | 200 | 203 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (e) | 70 | 70 |
| Forestar Group Inc. |  |  |
| 6.50%, 03/15/33 (e) | 110 | 112 |
| GLP Financing, LLC |  |  |
| 5.63%, 09/15/34 | 167 | 169 |
| Healthcare Realty Holdings, L.P. |  |  |
| 3.50%, 08/01/26 | 201 | 200 |
| 3.10%, 02/15/30 | 193 | 182 |
| Howard Hughes Corporation, The |  |  |
| 4.13%, 02/01/29 (e) | 35 | 34 |
| Hudson Pacific Properties, L.P. |  |  |
| 4.65%, 04/01/29 (f) | 2500 | 2330 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 1513 | 1463 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 105 | 98 |
| Kilroy Realty, L.P. |  |  |
| 4.75%, 12/15/28 (f) | 925 | 930 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.75%, 06/15/29 (e) | 50 | 49 |
| 7.00%, 07/15/31 (e) | 50 | 53 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (e) | 45 | 46 |
| 6.25%, 09/15/32 (e) | 85 | 85 |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 (f) | 397 | 385 |
| 4.63%, 08/01/29 (f) | 45 | 37 |
| 3.50%, 03/15/31 | 115 | 84 |
| 8.50%, 02/15/32 (e) | 65 | 69 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 5000 | 5013 |
| 3.63%, 10/01/29 | 852 | 818 |
| 3.38%, 02/01/31 | 1283 | 1191 |
| 3.25%, 04/15/33 (f) | 1005 | 887 |
| Piedmont Operating Partnership, LP |  |  |
| 2.75%, 04/01/32 | 207 | 176 |
| Realty Income Corporation |  |  |
| 3.40%, 01/15/28 | 238 | 235 |
| 2.20%, 06/15/28 | 133 | 127 |
| Redfin Corporation |  |  |
| 0.50%, 04/01/27 (n) | 320 | 297 |
| Retail Properties of America, Inc. |  |  |
| 4.75%, 09/15/30 | 58 | 58 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (e) | 75 | 77 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1350 | 1227 |
| Star Holding LLC |  |  |
| 8.75%, 08/01/31 (e) | 65 | 64 |
| Store Capital LLC |  |  |
| 2.75%, 11/18/30 (f) | 329 | 299 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 233 | 220 |
| 2.70%, 07/15/31 | 617 | 558 |
| Tanger Properties Limited Partnership |  |  |
| 3.13%, 09/01/26 (f) | 3000 | 2968 |
| 2.75%, 09/01/31 | 1630 | 1464 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (e) | 191 | 201 |
| 8.63%, 06/15/32 (e) (f) | 140 | 134 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (e) | 8 | 8 |
| VICI Properties L.P. |  |  |
| 4.75%, 02/15/28 - 04/01/28 | 1180 | 1190 |
| 4.95%, 02/15/30 | 1407 | 1423 |
| 5.13%, 05/15/32 | 345 | 348 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 271 | 267 |
|  |  | 29518 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Acuris Finance US, Inc. |  |  |
| 5.00%, 05/01/28 (e) | 140 | 136 |
| 9.00%, 08/01/29 (e) | 60 | 63 |
| Advantage Sales & Marketing Inc. |  |  |
| 6.50%, 11/15/28 (e) (f) | 135 | 116 |
| Altice Financing S.A. |  |  |
| 9.63%, 07/15/27 (e) | 40 | 36 |
| 5.75%, 08/15/29 (e) | 338 | 254 |
| Altice France |  |  |
| 0.00%, 02/15/28 (e) (h) (i) | 205 | 73 |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 - 10/15/29 (e) | 190 | 166 |
| 5.13%, 01/15/29 (e) | 255 | 218 |
| 5.13%, 07/15/29 (e) | 330 | 285 |
| AT&T Inc. |  |  |
| 4.90%, 08/15/37 | 400 | 391 |
| 3.80%, 12/01/57 | 2900 | 2071 |
| Axian Telecom Holding and Management PLC |  |  |
| 7.25%, 07/11/30 (e) | 270 | 276 |
| C T Trust |  |  |
| 5.13%, 02/03/32 (e) | 200 | 191 |
| C&W Senior Finance Ltd. |  |  |
| 9.00%, 01/15/33 (e) | 380 | 398 |
| Cablevision Lightpath LLC |  |  |
| 3.88%, 09/15/27 (e) | 35 | 34 |
| 5.63%, 09/15/28 (e) | 10 | 10 |
| CCO Holdings, LLC |  |  |
| 4.75%, 03/01/30 (e) | 75 | 72 |
| 4.50%, 08/15/30 (e) | 40 | 38 |
| 4.75%, 02/01/32 (e) | 425 | 393 |
| 4.50%, 05/01/32 | 125 | 114 |
| 4.50%, 06/01/33 (e) | 50 | 44 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 694 | 728 |
| 2.30%, 02/01/32 (f) | 166 | 142 |
| 4.40%, 04/01/33 | 487 | 462 |
| 6.55%, 06/01/34 | 479 | 511 |
| 5.38%, 05/01/47 | 2440 | 2106 |
| 4.80%, 03/01/50 | 4552 | 3605 |
| 5.50%, 04/01/63 | 487 | 408 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (e) (f) | 75 | 73 |
| 7.88%, 04/01/30 (e) | 85 | 89 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.13%, 02/15/31 (e) | 95 | 98 |
| 7.50%, 03/15/33 (e) | 95 | 99 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (e) | 25 | 23 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (e) | 215 | 215 |
| Colombia Telecomunicaciones S.A. E.S.P. |  |  |
| 4.95%, 07/17/30 (e) | 205 | 189 |
| Connect Holding II LLC |  |  |
| 10.50%, 04/03/31 (e) | 10 | 10 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (e) | 35 | 33 |
| 4.13%, 12/01/30 (e) (f) | 190 | 124 |
| 4.63%, 12/01/30 (e) | 231 | 81 |
| 3.38%, 02/15/31 (e) | 145 | 94 |
| 4.50%, 11/15/31 (e) | 150 | 98 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 175 | 174 |
| 5.25%, 12/01/26 (e) | 15 | 15 |
| 7.38%, 07/01/28 | 70 | 64 |
| 5.13%, 06/01/29 | 310 | 265 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (e) | 119 | 126 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (e) | 65 | 64 |
| E.W. Scripps Company, The |  |  |
| 9.88%, 08/15/30 (e) | 45 | 42 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 156 | 172 |
| 3.88%, 11/30/30 (n) (p) | 274 | 667 |
| 6.75%, 11/30/30 (p) | 123 | 126 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (e) | 8 | 8 |
| Frontier Communications Parent, Inc. |  |  |
| 5.00%, 05/01/28 (e) | 35 | 35 |
| IHS Holding Limited |  |  |
| 5.63%, 11/29/26 (e) | 118 | 117 |
| 6.25%, 11/29/28 (e) | 20 | 20 |
| 7.88%, 05/29/30 (e) | 310 | 321 |
| 8.25%, 11/29/31 (e) (f) | 55 | 58 |
| Iliad Holding |  |  |
| 8.50%, 04/15/31 (e) | 90 | 96 |
| 7.00%, 04/15/32 (e) | 60 | 61 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (e) | 35 | 34 |
| 9.50%, 05/30/29 (e) | 90 | 95 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (e) | 105 | 104 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (e) | 20 | 19 |
| 3.63%, 01/15/29 (e) | 40 | 35 |
| 4.88%, 06/15/29 (e) | 45 | 43 |
| 3.75%, 07/15/29 (e) | 70 | 60 |
| 4.50%, 04/01/30 (e) | 71 | 65 |
| 3.88%, 10/15/30 (e) | 35 | 31 |
| 4.00%, 04/15/31 (e) (f) | 30 | 26 |
| 6.88%, 06/30/33 (e) | 80 | 82 |
| 7.00%, 03/31/34 (e) | 85 | 86 |
| Liquid Telecommunications Financing PLC |  |  |
| 5.50%, 09/04/26 (e) | 455 | 395 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (e) | 25 | 23 |
| 4.13%, 04/15/30 (e) | 30 | 29 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (e) | 126 | 126 |
| 4.50%, 04/27/31 (e) | 200 | 189 |
| 7.38%, 04/02/32 (e) | 50 | 52 |
| MTN (Mauritius) Investments Limited |  |  |
| 6.50%, 10/13/26 (e) | 70 | 71 |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (e) (m) | 50 | 50 |
| NTT Finance Corporation |  |  |
| 4.57%, 07/16/27 (e) | 200 | 201 |
| 4.62%, 07/16/28 (e) | 200 | 202 |
| 4.88%, 07/16/30 (e) | 449 | 456 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (e) | 65 | 69 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 47 | 49 |
| 7.13%, 04/15/55 | 27 | 29 |
| Sable International Finance Limited |  |  |
| 7.13%, 10/15/32 (e) | 325 | 330 |
| Silk Road Group Holding LLC |  |  |
| 7.50%, 09/15/30 (e) | 200 | 201 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 - 03/15/34 (e) | 100 | 102 |
| Telecomunicaciones Digitales, S.A. |  |  |
| 4.50%, 01/30/30 (e) | 260 | 249 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 72 | 74 |
| 7.00%, 10/15/55 | 38 | 40 |
| Tencent Holdings Limited |  |  |
| 1.81%, 01/26/26 (e) | 50 | 50 |
| 3.98%, 04/11/29 (e) | 40 | 40 |
| 2.39%, 06/03/30 (e) | 65 | 60 |
| T-Mobile USA, Inc. |  |  |
| 3.75%, 04/15/27 | 870 | 865 |
| 3.88%, 04/15/30 | 40 | 39 |
| 4.50%, 04/15/50 | 40 | 34 |
| TV Azteca S.A.B. de C.V. |  |  |
| 0.00%, 08/09/26 (h) (i) (j) | 300 | 106 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (e) (f) | 195 | 183 |
| 6.00%, 01/15/30 (e) | 115 | 104 |
| Verizon Communications Inc. |  |  |
| 2.55%, 03/21/31 | 846 | 769 |
| 4.78%, 02/15/35 | 179 | 176 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (e) | 115 | 107 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (e) | 75 | 71 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (e) | 157 | 152 |
| 4.38%, 04/15/29 (e) | 100 | 93 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (e) | 250 | 245 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (e) | 175 | 181 |
| 7.75%, 09/15/30 (e) | 205 | 215 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (e) | 140 | 145 |
| 7.50%, 10/15/33 (e) | 125 | 125 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (e) | 55 | 52 |
| | | 24427 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (e) | 70 | 70 |
| AECOM |  |  |
| 6.00%, 08/01/33 (e) | 125 | 128 |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (e) | 200 | 159 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (e) | 200 | 210 |
| Air Lease Corporation |  |  |
| 4.13%, (100, 12/15/26) (m) | 173 | 167 |
| 3.75%, 06/01/26 | 3475 | 3459 |
| Aircastle Limited |  |  |
| 5.25%, (100, 06/17/26) (e) (m) | 157 | 156 |
| Ambipar Lux S.a r.l. |  |  |
| 9.88%, 02/06/31 (e) | 158 | 28 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (e) | 5 | 5 |
| Ameritex Holdco Intermediate LLC |  |  |
| 7.63%, 08/15/33 (e) | 85 | 89 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (e) | 70 | 72 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 6.00%, 06/15/27 (e) | 40 | 40 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.00%, 09/01/29 (e) | 74 | 68 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (e) (f) | 437 | 387 |
| ATP Tower Holdings, LLC |  |  |
| 7.88%, 02/03/30 (e) | 100 | 103 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (e) | 80 | 82 |
| 6.25%, 03/15/33 (e) | 75 | 77 |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/30 (e) | 85 | 88 |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (o) | 291 | 299 |
| 6.30%, 05/01/29 (o) | 373 | 396 |
| 5.15%, 05/01/30 (o) | 778 | 799 |
| 6.39%, 05/01/31 (o) | 283 | 308 |
| 6.53%, 05/01/34 (o) | 303 | 335 |
| 5.71%, 05/01/40 (o) | 560 | 572 |
| 5.81%, 05/01/50 (o) | 166 | 166 |
| 6.86%, 05/01/54 (o) | 456 | 520 |
| 5.93%, 05/01/60 (o) | 560 | 559 |
| 7.01%, 05/01/64 (o) | 430 | 498 |
| Bombardier Inc. |  |  |
| 8.75%, 11/15/30 (e) | 35 | 38 |
| 7.25%, 07/01/31 (e) | 45 | 48 |
| 7.00%, 06/01/32 (e) | 70 | 73 |
| 6.75%, 06/15/33 (e) | 45 | 47 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (e) | 45 | 45 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (e) | 50 | 47 |
| 6.38%, 03/01/34 (e) | 40 | 41 |
| 6.75%, 05/15/35 (e) | 140 | 146 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (e) | 110 | 114 |
| Carrier Global Corporation |  |  |
| 5.90%, 03/15/34 | 121 | 130 |
| Clean Harbors, Inc. |  |  |
| 6.38%, 02/01/31 (e) | 60 | 61 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/29 (e) | 35 | 35 |
| 6.88%, 01/15/30 (e) | 60 | 62 |
| 8.75%, 04/15/30 (e) | 52 | 53 |
| 6.75%, 04/15/32 (e) | 85 | 87 |
| CoreCivic, Inc. |  |  |
| 4.75%, 10/15/27 | 140 | 138 |
| 8.25%, 04/15/29 | 100 | 106 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (e) | 55 | 53 |
| 6.13%, 01/15/29 (e) | 50 | 41 |
| 9.50%, 08/15/29 (e) | 25 | 24 |
| Crown Americas LLC |  |  |
| 5.88%, 06/01/33 (e) | 105 | 106 |
| Czechoslovak Group a.s. |  |  |
| 6.50%, 01/10/31 (e) | 200 | 206 |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (e) | 100 | 99 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (e) | 170 | 175 |
| 6.75%, 07/15/31 (e) | 60 | 62 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (e) | 65 | 67 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (e) | 65 | 69 |
| 7.00%, 06/15/32 (e) | 40 | 42 |
| Forward Air Corporation |  |  |
| 9.50%, 10/15/31 (e) (f) | 37 | 40 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (e) | 140 | 142 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 75 | 79 |
| 10.25%, 04/15/31 | 105 | 116 |
| GFL Environmental Inc. |  |  |
| 3.50%, 09/01/28 (e) | 80 | 78 |
| 6.75%, 01/15/31 (e) | 50 | 52 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (e) | 5 | 5 |
| Graphic Packaging International, LLC |  |  |
| 3.75%, 02/01/30 (e) | 45 | 42 |
| 6.38%, 07/15/32 (e) | 65 | 66 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (e) | 105 | 109 |
| 7.25%, 06/15/33 (e) | 85 | 89 |
| HTA Group Limited |  |  |
| 7.50%, 06/04/29 (e) | 105 | 109 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 37 | 37 |
| 5.25%, 05/15/27 | 160 | 157 |
| 9.75%, 01/15/29 | 55 | 55 |
| 4.38%, 02/01/29 | 100 | 86 |
| 10.00%, 11/15/29 (e) | 130 | 131 |
| 9.00%, 06/15/30 | 115 | 111 |
| JELD-WEN Holding, Inc. |  |  |
| 4.88%, 12/15/27 (e) (f) | 45 | 44 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (e) | 105 | 107 |
| JH North America Holdings Inc. |  |  |
| 6.13%, 07/31/32 (e) | 25 | 26 |
| Kingston Airport Revenue Finance Ltd. |  |  |
| 6.75%, 12/15/36 (e) | 200 | 206 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (e) | 85 | 90 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (e) | 45 | 47 |
| Misc Capital Two Labuan Ltd |  |  |
| 3.75%, 04/06/27 (e) | 200 | 198 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (e) | 50 | 51 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (e) (f) | 25 | 24 |
| Montego Bay Airport Revenue Finance Ltd. |  |  |
| 6.60%, 06/15/35 (e) | 200 | 205 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (e) | 75 | 79 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 112 | 115 |
| 5.35%, 04/15/32 | 157 | 163 |
| 5.60%, 04/15/35 | 124 | 130 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (e) | 55 | 55 |
| 8.63%, 01/31/31 (e) | 75 | 80 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (e) | 205 | 213 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (e) | 255 | 264 |
| 6.75%, 03/01/33 (e) | 75 | 78 |
| RailWorks Holdings, LP |  |  |
| 8.25%, 11/15/28 (e) | 135 | 137 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (e) | 207 | 215 |
| Reworld Holding Corporation |  |  |
| 4.88%, 12/01/29 (e) | 75 | 71 |
| Science Applications International Corporation |  |  |
| 5.88%, 11/01/33 (e) | 105 | 105 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (e) (f) | 60 | 58 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (e) | 115 | 119 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (e) | 115 | 121 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (e) | 85 | 85 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (e) | 70 | 72 |
| 6.25%, 08/01/33 (e) | 135 | 137 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (e) | 65 | 68 |
| TAV Havalimanlari Holding Anonim Sirketi |  |  |
| 8.50%, 12/07/28 (e) | 45 | 47 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (e) | 195 | 195 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (e) | 330 | 337 |
| 7.13%, 12/01/31 (e) | 60 | 63 |
| 6.63%, 03/01/32 (e) | 55 | 57 |
| 6.00%, 01/15/33 (e) | 40 | 40 |
| 6.25%, 01/31/34 (e) | 30 | 31 |
| 6.75%, 01/31/34 (e) | 110 | 114 |
| Transnet SOC Limited |  |  |
| 8.25%, 02/06/28 (e) | 55 | 58 |
| Trinet Group, Inc. |  |  |
| 7.13%, 08/15/31 (e) | 115 | 119 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 582 | 576 |
| 4.80%, 09/15/35 | 459 | 455 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 296 | 297 |
| 5.13%, 02/15/36 (f) | 665 | 672 |
| Waste Pro USA, Inc. |  |  |
| 7.00%, 02/01/33 (e) | 40 | 42 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (e) | 65 | 67 |
| Wrangler Holdco Corp. |  |  |
| 6.63%, 04/01/32 (e) | 75 | 78 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (e) | 75 | 79 |
| | | 20249 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.88%, 04/23/30 (e) | 40 | 41 |
| 4.75%, 03/09/37 (e) | 200 | 198 |
| 4.00%, 10/03/49 (e) | 95 | 77 |
| Aegea Finance S.a r.l. |  |  |
| 9.00%, 01/20/31 (e) | 200 | 212 |
| AES Corporation, The |  |  |
| 3.95%, 07/15/30 (e) | 1148 | 1108 |
| 2.45%, 01/15/31 | 4200 | 3763 |
| 6.95%, 07/15/55 | 90 | 89 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (e) | 45 | 46 |
| Aydem Yenilenebilir Enerji Anonim Sirketi |  |  |
| 7.75%, 02/02/27 (e) | 160 | 163 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (e) | 119 | 129 |
| California Buyer Limited |  |  |
| 6.38%, 02/15/32 (e) | 120 | 123 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (e) | 40 | 40 |
| 4.63%, 02/01/29 (e) | 45 | 45 |
| Cerro Del Aguila S.A. |  |  |
| 5.50%, 09/11/35 (e) | 200 | 202 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (e) | 179 | 188 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (e) | 25 | 25 |
| 3.75%, 01/15/32 (e) | 95 | 85 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29 | 1499 | 1403 |
| Contourglobal Power Holdings S.A. |  |  |
| 6.75%, 02/28/30 (e) | 75 | 78 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (e) | 209 | 187 |
| 2.78%, 01/07/32 (e) | 659 | 584 |
| Edison International |  |  |
| 5.00%, (100, 12/15/26) (m) | 30 | 29 |
| 6.25%, 03/15/30 (f) | 47 | 49 |
| 8.13%, 06/15/53 (f) | 80 | 82 |
| 7.88%, 06/15/54 (f) | 40 | 41 |
| Energuate Trust |  |  |
| 6.35%, 09/15/35 (e) | 200 | 201 |
| Enfragen Energia Sur S.A. |  |  |
| 8.50%, 06/30/32 (e) | 80 | 84 |
| ESKOM Holdings |  |  |
| 6.35%, 08/10/28 (e) | 150 | 154 |
| 8.45%, 08/10/28 (e) | 25 | 27 |
| Exelon Corporation |  |  |
| 3.35%, 03/15/32 | 2834 | 2648 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (e) | 169 | 166 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (e) | 50 | 50 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (e) | 88 | 87 |
| Niagara Energy S.A.C. |  |  |
| 5.75%, 10/03/34 (e) | 200 | 206 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (e) | 40 | 38 |
| 5.75%, 07/15/29 - 01/15/34 (e) | 245 | 245 |
| 3.63%, 02/15/31 (e) | 45 | 42 |
| 6.00%, 02/01/33 - 01/15/36 (e) | 180 | 181 |
| 6.25%, 11/01/34 (e) | 80 | 82 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 122 | 128 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (n) | 100 | 101 |
| 5.00%, 07/01/28 | 60 | 59 |
| 5.25%, 07/01/30 (f) | 150 | 148 |
| 7.38%, 03/15/55 | 149 | 153 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 516 | 504 |
| 4.22%, 03/15/32 | 2096 | 2009 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (e) | 200 | 215 |
| TermoCandelaria Power S.A. |  |  |
| 7.75%, 09/17/31 (e) | 200 | 209 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (e) | 55 | 61 |
| 7.75%, 05/01/35 (e) | 55 | 62 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (e) | 60 | 64 |
| 6.88%, 04/15/32 (e) | 70 | 73 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (e) (f) | 45 | 46 |
| 8.38%, 01/15/31 (e) (f) | 56 | 59 |
| 8.63%, 03/15/33 (e) | 56 | 59 |
|  |  | 17148 |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (e) | 90 | 94 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (e) | 50 | 51 |
| ASGN Incorporated |  |  |
| 4.63%, 05/15/28 (e) | 70 | 69 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28 (e) | 271 | 258 |
| 2.45%, 02/15/31 (e) | 2643 | 2404 |
| 2.60%, 02/15/33 (e) | 2342 | 2054 |
| 3.42%, 04/15/33 (e) | 208 | 193 |
| CA Magnum Holdings |  |  |
| 5.38%, 10/31/26 (e) | 200 | 199 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (e) | 291 | 302 |
| 8.25%, 06/30/32 (e) | 100 | 106 |
| 6.63%, 08/15/33 (e) | 40 | 41 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (e) | 105 | 104 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (e) | 105 | 108 |
| 9.00%, 02/01/31 (e) | 195 | 200 |
| Dell International L.L.C. |  |  |
| 4.15%, 02/15/29 | 590 | 588 |
| 4.50%, 02/15/31 | 1171 | 1168 |
| 4.75%, 10/06/32 | 781 | 778 |
| 5.10%, 02/15/36 | 1440 | 1431 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (e) | 20 | 20 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.95%, 06/15/30 (e) | 60 | 61 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (e) | 130 | 124 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (e) | 140 | 142 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33 (e) | 52 | 53 |
| Helios Software Holdings, Inc. |  |  |
| 8.75%, 05/01/29 (e) | 75 | 78 |
| Insight Enterprises, Inc. |  |  |
| 6.63%, 05/15/32 (e) | 80 | 82 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (n) | 121 | 133 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 364 | 365 |
| 5.25%, 08/19/35 | 1050 | 1061 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (c) (n) | 107 | 121 |
| 3.88%, 09/01/28 (e) | 15 | 15 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 - 12/01/29 (e) | 255 | 243 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 444 | 444 |
| 4.80%, 09/26/32 | 741 | 742 |
| 5.20%, 09/26/35 | 675 | 678 |
| 5.88%, 09/26/45 | 416 | 417 |
| 5.95%, 09/26/55 | 522 | 520 |
| 6.10%, 09/26/65 | 537 | 537 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 (e) (n) | 140 | 215 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (e) | 50 | 53 |
| 5.88%, 07/15/30 (e) | 10 | 10 |
| 5.75%, 12/01/34 (e) | 130 | 130 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (e) | 105 | 105 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (e) | 45 | 43 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (e) | 90 | 93 |
| Wolfspeed, Inc. |  |  |
| 0.00%, 12/01/29 (h) (i) (n) | 496 | 214 |
| 9.88%, 06/23/30 (e) (h) (i) (p) | 55 | 58 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (j) | 215 | 226 |
| | | 17131 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Ahlstrom Holding 3 Oy |  |  |
| 4.88%, 02/04/28 (e) | 25 | 24 |
| Alcoa Nederland Holding B.V. |  |  |
| 7.13%, 03/15/31 (e) | 205 | 215 |
| Alumina Pty Ltd |  |  |
| 6.38%, 09/15/32 (e) | 145 | 149 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (e) | 200 | 181 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (e) | 200 | 208 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (e) | 115 | 121 |
| Braskem Idesa, S.A.P.I. |  |  |
| 7.45%, 11/15/29 (e) | 75 | 46 |
| Braskem Netherlands Finance B.V. |  |  |
| 7.25%, 02/13/33 (e) | 280 | 108 |
| 8.00%, 10/15/34 (e) | 200 | 75 |
| 5.88%, 01/31/50 (e) | 75 | 28 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (e) | 85 | 87 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (d) (g) (o) | 639 | 663 |
| 6.50%, 04/15/30 (f) | 60 | 60 |
| 7.05%, 11/15/30 (d) (g) (o) | 649 | 670 |
| 6.75%, 04/15/33 (f) | 100 | 100 |
| 7.20%, 11/15/33 (d) (g) (o) | 379 | 394 |
| Celtic Resources Holdings Designated Activity Company |  |  |
| 0.00%, 12/31/25 (e) (h) (i) (j) (l) | 100 |  |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 6.18%, 05/05/32 (e) | 200 | 209 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (e) (m) | 310 | 309 |
| 7.20%, (100, 06/10/30) (e) (m) | 200 | 208 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (e) | 70 | 73 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (e) | 35 | 37 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (e) | 260 | 254 |
| 4.63%, 11/15/29 (e) | 10 | 9 |
| 8.00%, 01/15/33 (e) | 75 | 75 |
| Cleveland-Cliffs Inc. |  |  |
| 7.50%, 09/15/31 (e) | 30 | 31 |
| 7.00%, 03/15/32 (e) (f) | 40 | 40 |
| 7.38%, 05/01/33 (e) | 35 | 36 |
| 7.63%, 01/15/34 (e) | 40 | 41 |
| Commercial Metals Company |  |  |
| 4.13%, 01/15/30 | 35 | 34 |
| 4.38%, 03/15/32 | 45 | 42 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (e) | 200 | 207 |
| Consolidated Energy Finance S.A. |  |  |
| 6.50%, 05/15/26 (e) | 15 | 15 |
| 5.63%, 10/15/28 (e) | 35 | 29 |
| 12.00%, 02/15/31 (e) (f) | 85 | 78 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (e) | 25 | 24 |
| 3.15%, 01/14/30 (e) | 60 | 57 |
| 5.95%, 01/08/34 (e) | 200 | 210 |
| 3.70%, 01/30/50 (e) | 140 | 99 |
| 6.30%, 09/08/53 (e) | 200 | 205 |
| CSN Islands XII Corp |  |  |
| 6.75%, 01/28/28 (e) | 150 | 146 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (e) | 85 | 72 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (e) | 122 | 128 |
| Endeavour Mining PLC |  |  |
| 7.00%, 05/28/30 (e) | 200 | 206 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (e) | 140 | 140 |
| First Quantum Minerals Ltd |  |  |
| 9.38%, 03/01/29 (e) | 138 | 146 |
| 8.00%, 03/01/33 (e) | 115 | 121 |
| 7.25%, 02/15/34 (e) | 355 | 367 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (e) | 85 | 87 |
| Fresnillo PLC |  |  |
| 4.25%, 10/02/50 (e) | 200 | 159 |
| GPD Companies, Inc. |  |  |
| 12.50%, 12/31/29 (e) (p) | 61 | 47 |
| Herens Holdco S.a r.l. |  |  |
| 4.75%, 05/15/28 (e) | 130 | 114 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (e) | 70 | 70 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (e) | 155 | 153 |
| Inversiones CMPC S.A. |  |  |
| 3.00%, 04/06/31 (e) | 60 | 54 |
| 6.70%, 12/09/57 (e) | 200 | 205 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (e) | 205 | 212 |
| Kobe Us Midco 2 Incorporated |  |  |
| 9.25%, 11/01/26 (e) (g) (p) | 180 | 159 |
| LD Celulose International GmbH |  |  |
| 7.95%, 01/26/32 (e) | 200 | 211 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (e) | 95 | 94 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 125 | 125 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.25%, 12/15/29 | 55 | 55 |
| 6.25%, 03/15/32 (e) | 140 | 142 |
| 5.65%, 12/01/44 | 90 | 77 |
| Mineral Resources Limited |  |  |
| 8.13%, 05/01/27 (e) | 95 | 95 |
| 8.00%, 11/01/27 (e) | 105 | 107 |
| 9.25%, 10/01/28 (e) | 40 | 42 |
| 8.50%, 05/01/30 (e) (f) | 65 | 68 |
| 7.00%, 04/01/31 (e) | 40 | 41 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.95%, 10/17/31 (e) | 200 | 213 |
| Navoiyuran, Davlat Korxonasi |  |  |
| 6.70%, 07/02/30 (e) | 200 | 201 |
| Nexa Resources S.A. |  |  |
| 6.75%, 04/09/34 (e) (f) | 200 | 212 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (e) | 95 | 98 |
| 3.88%, 08/15/31 (e) | 45 | 41 |
| 6.38%, 08/15/33 (e) | 40 | 40 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (e) | 200 | 210 |
| 3.75%, 06/23/31 (e) | 230 | 216 |
| 6.88%, 04/25/44 (e) | 120 | 125 |
| 5.13%, 06/23/51 (e) | 110 | 92 |
| Olin Corporation |  |  |
| 5.00%, 02/01/30 (f) | 196 | 191 |
| 6.63%, 04/01/33 (e) | 120 | 121 |
| Olympus Water US Holding Corporation |  |  |
| 6.25%, 10/01/29 (e) (f) | 95 | 92 |
| 7.25%, 06/15/31 - 02/15/33 (e) | 360 | 362 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.80%, 05/13/30 (e) | 200 | 209 |
| 2.88%, 05/11/31 (e) | 70 | 60 |
| POSCO Holdings Inc. |  |  |
| 5.88%, 01/17/33 (e) | 200 | 213 |
| PT Freeport Indonesia |  |  |
| 6.20%, 04/14/52 (e) (f) | 200 | 205 |
| PT Indonesia Asahan Aluminium |  |  |
| 5.45%, 05/15/30 (e) | 130 | 134 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (e) (g) (p) | 502 | 504 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 175 | 174 |
| 8.75%, 05/03/29 (e) | 200 | 208 |
| 5.50%, 03/18/31 | 35 | 31 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (e) | 200 | 207 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| 5.38%, 11/01/26 (e) | 94 | 94 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (e) | 75 | 79 |
| 6.50%, 07/15/32 (e) (f) | 40 | 41 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 200 | 202 |
| 3.75%, 01/15/31 (g) | 60 | 57 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 110 | 110 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (e) | 205 | 134 |
| Usiminas International S.a r.l. |  |  |
| 7.50%, 01/27/32 (e) | 200 | 207 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 125 | 129 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.75%, 01/24/30 (e) | 221 | 229 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (e) | 145 | 135 |
| 7.38%, 03/01/31 (e) | 35 | 36 |
| 6.63%, 08/15/32 (e) | 90 | 89 |
| | | 14795 |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (e) | 185 | 190 |
| Acadia Healthcare Company, Inc. |  |  |
| 7.38%, 03/15/33 (e) (f) | 70 | 73 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (e) | 77 | 73 |
| Auna S.A. |  |  |
| 10.00%, 12/18/29 (e) | 158 | 167 |
| Bausch Health Companies Inc. |  |  |
| 8.50%, 01/31/27 (e) | 60 | 60 |
| 4.88%, 06/01/28 (e) | 115 | 103 |
| 11.00%, 09/30/28 (e) | 85 | 89 |
| 5.25%, 01/30/30 (e) | 45 | 32 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 540 | 531 |
| 2.45%, 07/15/28 | 1120 | 1041 |
| 4.63%, 12/15/29 | 840 | 819 |
| 3.38%, 02/15/30 | 495 | 456 |
| 2.63%, 08/01/31 | 520 | 447 |
| Charles River Laboratories International, Inc. |  |  |
| 3.75%, 03/15/29 (e) | 35 | 33 |
| Community Health Systems, Inc. |  |  |
| 6.13%, 04/01/30 (e) | 255 | 185 |
| 5.25%, 05/15/30 (e) | 10 | 9 |
| 4.75%, 02/15/31 (e) | 580 | 501 |
| 9.75%, 01/15/34 (e) | 65 | 67 |
| CVS Health Corporation |  |  |
| 3.00%, 08/15/26 | 92 | 91 |
| 3.63%, 04/01/27 | 259 | 257 |
| 5.00%, 01/30/29 | 529 | 540 |
| 5.25%, 01/30/31 | 217 | 223 |
| 6.75%, 12/10/54 | 63 | 65 |
| 7.00%, 03/10/55 | 184 | 193 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (e) | 175 | 168 |
| 6.88%, 09/01/32 (e) | 115 | 119 |
| 6.75%, 07/15/33 (e) | 70 | 72 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (e) | 108 | 90 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (e) | 35 | 36 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (e) | 55 | 53 |
| HAH Group Holding Company LLC |  |  |
| 9.75%, 10/01/31 (e) | 82 | 78 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 783 | 808 |
| 5.88%, 02/01/29 | 698 | 726 |
| 3.50%, 09/01/30 | 513 | 490 |
| 3.63%, 03/15/32 | 137 | 128 |
| IQVIA Inc. |  |  |
| 6.50%, 05/15/30 (e) | 210 | 217 |
| 6.25%, 06/01/32 (e) | 125 | 129 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (e) (f) | 60 | 63 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (e) | 899 | 916 |
| 5.00%, 03/01/32 (e) | 675 | 691 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (e) | 286 | 294 |
| ModivCare Inc. |  |  |
| 0.00%, 10/01/29 (e) (h) (i) | 35 |  |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (e) | 190 | 192 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (e) (f) | 155 | 136 |
| 6.75%, 05/15/34 (e) | 68 | 65 |
| 7.88%, 05/15/34 (e) | 140 | 130 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 03/31/29 (e) (f) | 40 | 32 |
| 6.63%, 04/01/30 (e) (f) | 50 | 41 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (e) | 85 | 85 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (e) | 75 | 78 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (d) (e) (g) (p) | 11 | 11 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 8.50%, 07/15/32 (e) | 40 | 42 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (e) | 125 | 125 |
| Sotera Health Holdings, LLC |  |  |
| 7.38%, 06/01/31 (e) | 70 | 73 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (e) (f) | 48 | 49 |
| Team Health Holdings, Inc. |  |  |
| 8.38%, 06/30/28 (e) | 45 | 46 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 - 06/15/30 | 154 | 155 |
| 4.25%, 06/01/29 | 35 | 34 |
| 4.38%, 01/15/30 | 50 | 49 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 7.88%, 09/15/29 | 200 | 218 |
| 6.00%, 12/01/32 | 255 | 265 |
| Teva Pharmaceutical Finance Netherlands IV B.V. |  |  |
| 5.75%, 12/01/30 | 235 | 242 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (e) | 165 | 169 |
| | | 13560 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| Adient Global Holdings Ltd |  |  |
| 7.50%, 02/15/33 (e) | 90 | 93 |
| Amer Sports Company |  |  |
| 6.75%, 02/16/31 (e) | 120 | 125 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/32 (e) | 55 | 55 |
| 7.75%, 10/15/33 (e) | 100 | 101 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (e) | 50 | 47 |
| 6.88%, 08/01/33 (e) | 40 | 40 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (e) | 103 | 101 |
| Azul Secured Finance LLP |  |  |
| 0.00%, 08/28/28 (h) (i) | 75 | 23 |
| 0.00%, 08/28/29 (e) (h) (i) | 92 | 4 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (e) | 45 | 47 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (e) (p) | 145 | 157 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (e) (f) | 75 | 76 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (e) | 85 | 86 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (e) | 51 | 52 |
| 6.50%, 02/15/32 (e) | 100 | 102 |
| 6.00%, 10/15/32 (e) (f) | 90 | 89 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (e) | 70 | 70 |
| 5.75%, 03/15/30 - 08/01/32 (e) | 165 | 168 |
| 5.88%, 06/15/31 (e) | 105 | 108 |
| 6.13%, 02/15/33 (e) | 75 | 77 |
| Carvana Co. |  |  |
| 5.63%, 10/01/25 (e) | 198 | 198 |
| 5.88%, 10/01/28 (e) | 85 | 80 |
| 4.88%, 09/01/29 (e) | 170 | 156 |
| 10.25%, 05/01/30 (e) | 145 | 157 |
| Century Communities, Inc. |  |  |
| 6.63%, 09/15/33 (e) | 85 | 86 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 - 09/15/32 (e) | 160 | 164 |
| Corporacion Geo, S.A.B. De C.V. |  |  |
| 0.00%, 12/31/49 (h) (i) (l) | 99 |  |
| Discovery Communications, LLC |  |  |
| 5.00%, 09/20/37 | 35 | 30 |
| 6.35%, 06/01/40 | 40 | 37 |
| Dream Finders Homes, Inc. |  |  |
| 6.88%, 09/15/30 (e) | 80 | 80 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (e) | 499 | 549 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (e) | 195 | 183 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.88%, 06/04/31 (e) | 220 | 223 |
| Forvia |  |  |
| 6.75%, 09/15/33 (e) | 70 | 71 |
| GENM Capital Labuan Limited |  |  |
| 3.88%, 04/19/31 (e) | 200 | 184 |
| Grubhub Holdings Inc. |  |  |
| 5.50%, 07/01/27 (e) | 105 | 105 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 - 03/15/33 (e) | 75 | 77 |
| 3.63%, 02/15/32 (e) | 112 | 102 |
| 6.13%, 04/01/32 (e) | 40 | 41 |
| 5.75%, 09/15/33 (e) | 125 | 127 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (e) | 155 | 145 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (e) (f) | 45 | 42 |
| 9.50%, 06/15/31 (e) | 80 | 84 |
| Les Vetements de Sport Gildan Inc. |  |  |
| 4.70%, 10/07/30 (e) | 102 | 102 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (e) | 45 | 47 |
| 4.00%, 07/15/29 (e) | 45 | 41 |
| 7.00%, 11/15/32 (e) (f) | 145 | 142 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (e) | 145 | 147 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (e) | 105 | 105 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (e) | 50 | 51 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 89 | 88 |
| 4.25%, 04/01/52 | 293 | 237 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (e) | 85 | 70 |
| Metalsa, S.A.P.I. de C.V. |  |  |
| 3.75%, 05/04/31 (e) | 150 | 131 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (e) | 49 | 51 |
| 11.88%, 04/15/31 (e) | 55 | 58 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (e) | 85 | 85 |
| 6.75%, 02/01/32 (e) | 75 | 77 |
| 6.25%, 09/15/33 (e) | 85 | 85 |
| New Flyer Holdings, Inc. |  |  |
| 9.25%, 07/01/30 (e) | 40 | 43 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (e) | 90 | 95 |
| 6.38%, 05/15/30 | 50 | 50 |
| 6.63%, 05/15/32 (f) | 40 | 39 |
| 6.88%, 04/01/36 (g) (o) | 90 | 90 |
| 7.00%, 04/01/46 (d) (g) (o) | 45 | 40 |
| Nordstrom, Inc. |  |  |
| 5.00%, 01/15/44 | 100 | 74 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (e) | 4 | 4 |
| Park River Holdings, Inc. |  |  |
| 8.00%, 03/15/31 (e) | 25 | 25 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (e) | 50 | 51 |
| Prosus N.V. |  |  |
| 3.68%, 01/21/30 (e) | 45 | 43 |
| 3.06%, 07/13/31 (e) | 125 | 113 |
| 4.19%, 01/19/32 (e) | 200 | 192 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (e) | 60 | 61 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (e) | 55 | 54 |
| 6.13%, 06/15/29 (e) | 55 | 56 |
| 5.63%, 09/15/29 (e) | 155 | 157 |
| 4.00%, 10/15/30 (e) | 40 | 38 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (e) | 60 | 61 |
| 5.63%, 09/30/31 (e) | 70 | 71 |
| 6.25%, 03/15/32 (e) | 116 | 120 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.00%, 02/01/33 (e) | 130 | 133 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (e) | 132 | 68 |
| Sally Holdings, LLC |  |  |
| 6.75%, 03/01/32 (f) | 34 | 35 |
| Service Corporation International |  |  |
| 5.75%, 10/15/32 | 45 | 46 |
| Sgus LLC |  |  |
| 11.00%, 12/15/29 (e) | 74 | 70 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (e) | 2 | 2 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (e) | 155 | 155 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.88%, 11/15/40 | 425 | 406 |
| 5.50%, 09/01/41 | 2000 | 1830 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (e) | 145 | 144 |
| 12.75%, 01/15/30 (e) | 85 | 68 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (e) | 35 | 36 |
| Stonemor Inc. |  |  |
| 8.50%, 05/15/29 (e) | 155 | 152 |
| Telekom Srbija A.D. Beograd |  |  |
| 7.00%, 10/28/29 (e) | 225 | 229 |
| The New Home Company Inc. |  |  |
| 8.50%, 11/01/30 (e) | 35 | 36 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (e) | 101 | 102 |
| 10.50%, 05/15/29 (e) | 85 | 87 |
| TopBuild Corp. |  |  |
| 4.13%, 02/15/32 (e) | 75 | 70 |
| 5.63%, 01/31/34 (e) | 70 | 70 |
| Univision Communications Inc. |  |  |
| 8.00%, 08/15/28 (e) | 59 | 61 |
| 4.50%, 05/01/29 (e) | 25 | 24 |
| 8.50%, 07/31/31 (e) | 340 | 351 |
| 9.38%, 08/01/32 (e) | 105 | 111 |
| Viking Cruises Limited |  |  |
| 9.13%, 07/15/31 (e) | 75 | 81 |
| 5.88%, 10/15/33 (e) | 175 | 175 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 (f) | 15 | 14 |
| 5.05%, 03/15/42 | 70 | 56 |
| 5.14%, 03/15/52 | 20 | 15 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 130 | 131 |
| 6.50%, 06/15/33 | 120 | 120 |
| 5.75%, 03/01/34 | 10 | 10 |
| Wolverine World Wide, Inc. |  |  |
| 4.00%, 08/15/29 (e) | 30 | 27 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 275 | 267 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 - 04/23/32 (e) | 100 | 99 |
| 6.75%, 04/23/30 (e) | 85 | 83 |
| 7.50%, 03/24/31 (e) | 50 | 50 |
| | | 12950 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Albertsons Companies, Inc. |  |  |
| 6.25%, 03/15/33 (e) | 60 | 61 |
| Albion Financing 1 S.a r.l. |  |  |
| 7.00%, 05/21/30 (e) | 95 | 98 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (e) | 90 | 93 |
| 7.88%, 02/15/31 (e) | 126 | 132 |
| Altria Group, Inc. |  |  |
| 4.40%, 02/14/26 | 13 | 13 |
| 3.88%, 09/16/46 | 1500 | 1152 |
| Avis Budget Car Rental, LLC |  |  |
| 8.38%, 06/15/32 (e) | 70 | 73 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (e) | 65 | 66 |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/29 (e) | 60 | 58 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/28 (e) | 87 | 79 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (e) | 155 | 153 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (e) (f) | 51 | 49 |
| Cosan Overseas Limited |  |  |
| 8.25% (j) (m) | 190 | 192 |
| DP World Crescent Limited |  |  |
| 3.75%, 01/30/30 (e) | 175 | 170 |
| DP World Salaam |  |  |
| 6.00%, (100, 10/01/25) (j) (m) | 200 | 200 |
| Fiesta Purchaser, Inc. |  |  |
| 7.88%, 03/01/31 (e) | 35 | 37 |
| 9.63%, 09/15/32 (e) (f) | 30 | 32 |
| GRUMA, S.A.B. de C.V. |  |  |
| 5.76%, 12/09/54 (e) | 200 | 199 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (e) | 536 | 553 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 09/30/32 (e) | 150 | 150 |
| JBS USA Food Company |  |  |
| 3.63%, 01/15/32 | 210 | 196 |
| 3.00%, 05/15/32 | 5280 | 4723 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (e) | 130 | 137 |
| Kronos Acquisition Holdings Inc |  |  |
| 8.25%, 06/30/31 (e) (f) | 130 | 101 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.38%, 01/31/32 (e) | 135 | 128 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (e) | 115 | 106 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (e) | 75 | 82 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (e) | 120 | 122 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (e) | 85 | 83 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (e) (f) | 155 | 105 |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (e) | 65 | 67 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 (e) | 91 | 91 |
| 4.63%, 04/15/30 (e) | 35 | 34 |
| 6.25%, 02/15/32 - 10/15/34 (e) | 110 | 112 |
| 6.38%, 03/01/33 (e) | 50 | 51 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | 1000 | 992 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (e) | 40 | 38 |
| 4.88%, 02/15/30 (e) | 135 | 133 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (e) | 40 | 41 |
| 4.75%, 02/15/29 (e) | 60 | 59 |
| 5.75%, 04/15/33 (e) | 60 | 60 |
| United Rentals (North America), Inc. |  |  |
| 6.13%, 03/15/34 (e) | 105 | 109 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (e) | 65 | 69 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 06/15/29 - 04/15/30 (e) | 120 | 123 |
|  |  | 11322 |
| Total Corporate Bonds And Notes (cost $384,414) | Total Corporate Bonds And Notes (cost $384,414) | 377678 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.3%** |
| AASET 2019-2 Trust |  |  |
| Series 2019-A-2, 3.38%, 10/16/26 (g) | 84 | 82 |
| Series 2019-B-2, 4.46%, 10/16/26 (g) | 46 | 44 |
| AASET 2020-1 Trust |  |  |
| Series 2020-A-1A, 3.35%, 01/15/27 (g) | 80 | 77 |
| Series 2020-B-1A, 4.34%, 01/15/27 (g) | 60 | 53 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AASET 2021-1 Trust |  |  |
| Series 2021-A-1A, 2.95%, 10/16/28 (g) | 403 | 384 |
| AASET 2021-2 Trust |  |  |
| Series 2021-A-2A, 2.80%, 12/15/28 (g) | 1068 | 1002 |
| AASET 2022-1 Limited |  |  |
| Series 2022-A-1A, 6.00%, 05/16/29 (g) | 1085 | 1078 |
| AASET 2024-1 |  |  |
| Series 2024-A1-1A, 6.26%, 05/16/31 (g) | 700 | 720 |
| Series 2024-A2-1A, 6.26%, 05/16/31 (g) | 638 | 654 |
| AASET 2025-1 |  |  |
| Series 2025-A-1A, 5.94%, 02/16/32 (e) | 554 | 565 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-1A-A, 5.61%, 09/15/26 | 300 | 301 |
| AIMCO CLO 11 Ltd |  |  |
| Series 2020-A1R2-11A, 5.66%, (3 Month Term SOFR + 1.34%), 07/17/37 (d) | 969 | 973 |
| AIMCO CLO 14 Ltd |  |  |
| Series 2021-A-14A, 5.58%, (3 Month Term SOFR + 1.25%), 04/20/34 (d) | 1573 | 1573 |
| Series 2021-A1R-14A, 0.00%, (3 Month Term SOFR + 0.00%), 10/20/38 (d) | 1573 | 1574 |
| AIMCO CLO 17 Ltd |  |  |
| Series 2022-A1R-17A, 5.68%, (3 Month Term SOFR + 1.35%), 07/20/37 (d) | 1099 | 1103 |
| AIMCO CLO 19, Ltd. |  |  |
| Series 2024-A-19A, 5.68%, (3 Month Term SOFR + 1.35%), 10/20/37 (d) | 340 | 341 |
| AIMCO CLO 22 Ltd |  |  |
| Series 2024-A-22A, 5.83%, (3 Month Term SOFR + 1.50%), 04/19/37 (d) | 1878 | 1886 |
| AIMCO CLO Series 2018-B |  |  |
| Series 2018-ARR-BA, 5.82%, (3 Month Term SOFR + 1.50%), 04/16/37 (d) | 1188 | 1193 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.89%, (1 Month Term SOFR + 1.74%), 06/15/27 (d) | 780 | 784 |
| Allegro CLO XII, Ltd. |  |  |
| Series 2020-A1R-1A, 5.77%, (3 Month Term SOFR + 1.44%), 07/21/37 (d) | 1461 | 1466 |
| Allegro CLO XIII, Ltd. |  |  |
| Series 2021-A1R-1A, 5.65%, (3 Month Term SOFR + 1.34%), 07/20/38 (d) | 716 | 718 |
| Allegro CLO XV, Ltd. |  |  |
| Series 2022-A1R-1A, 5.51%, (3 Month Term SOFR + 1.18%), 04/20/38 (d) | 893 | 893 |
| ALTDE 2025-1 Trust |  |  |
| Series 2025-A-1A, 5.90%, 02/15/32 (g) | 757 | 769 |
| Ares LIV CLO Ltd |  |  |
| Series 2019-AR2-54A, 5.62%, (3 Month Term SOFR + 1.31%), 07/15/38 (d) | 643 | 646 |
| Ares LIX CLO Ltd |  |  |
| Series 2021-A-59A, 5.61%, (3 Month Term SOFR + 1.29%), 04/25/34 (d) | 521 | 521 |
| Ares Loan Funding V, Ltd. |  |  |
| Series 2024-A1-ALF5A, 5.82%, (3 Month Term SOFR + 1.50%), 07/27/37 (d) | 1092 | 1096 |
| Ares LV CLO Ltd |  |  |
| Series 2020-A1R2-55A, 5.69%, (3 Month Term SOFR + 1.37%), 10/15/37 (d) | 652 | 656 |
| Ares LVIII CLO Ltd. |  |  |
| Series 2020-A1R2-58A, 5.56%, (3 Month Term SOFR + 1.24%), 04/15/38 (d) | 908 | 909 |
| Ares XLI CLO Ltd. |  |  |
| Series 2016-AR2-41A, 5.65%, (3 Month Term SOFR + 1.33%), 04/17/34 (d) | 2135 | 2137 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 175 | 176 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 5.55%, (3 Month Term SOFR + 1.32%), 07/18/38 (d) | 943 | 946 |
| BAMLL Commercial Mortgage Securities Trust 2019-BPR |  |  |
| Series 2019-ANM-BPR, REMIC, 3.11%, 11/05/32 | 412 | 393 |
| Series 2019-BNM-BPR, REMIC, 3.47%, 11/05/32 | 100 | 94 |
| Bank 2017-BNK6 |  |  |
| Series 2017-ASB-BNK6, REMIC, 3.29%, 07/17/26 | 22 | 22 |
| Bank 2019-BNK21 |  |  |
| Series 2019-A5-BN21, REMIC, 2.85%, 09/17/29 | 94 | 88 |
| Bank 2020-BNK25 |  |  |
| Interest Only, Series 2020-XB-BN25, REMIC, 0.44%, 01/18/63 (d) | 3200 | 52 |
| Bank 2022-BNK44 |  |  |
| Series 2022-A5-BNK44, REMIC, 5.94%, 10/18/32 (d) (q) | 3815 | 4056 |
| Bank5 2025-5YR16 |  |  |
| Interest Only, Series 2025-XB-5YR16, REMIC, 0.35%, 08/17/63 (d) | 1600 | 30 |
| Barings CLO Ltd. 2020-IV |  |  |
| Series 2020-AR-4A, 5.70%, (3 Month Term SOFR + 1.37%), 10/20/37 (d) | 1190 | 1195 |
| Barings CLO Ltd. 2021-I |  |  |
| Series 2021-A-1A, 5.60%, (3 Month Term SOFR + 1.28%), 04/25/34 (d) | 1146 | 1148 |
| Barings CLO Ltd.2020-I |  |  |
| Series 2020-A1R2-1A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (d) | 589 | 590 |
| Barings CLO Ltd.2023-IV |  |  |
| Series 2023-A-4A, 6.08%, (3 Month Term SOFR + 1.75%), 01/20/37 (d) | 1424 | 1428 |
| BCRED BSL Static CLO 2025-1 Ltd |  |  |
| Series 2025-AR-1A, 5.58%, (3 Month Term SOFR + 1.25%), 07/24/35 (d) | 875 | 873 |
| Beechwood Park CLO Ltd |  |  |
| Series 2019-A1R-1A, 5.62%, (3 Month Term SOFR + 1.30%), 01/17/35 (d) | 1382 | 1385 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-A5-B4, REMIC, 4.12%, 06/16/28 (d) | 106 | 105 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-ASB-B10, REMIC, 3.62%, 11/17/28 | 141 | 138 |
| Benchmark 2019-B12 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B12, REMIC, 1.06%, 08/16/52 (d) | 6516 | 166 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.76%, 12/15/62 (d) | 4519 | 93 |
| Benchmark 2019-B9 Mortgage Trust |  |  |
| Series 2019-AAB-B9, REMIC, 3.93%, 09/15/28 | 261 | 259 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (d) | 2026 | 98 |
| Bethpage Park CLO, Ltd. |  |  |
| Series 2021-A-1A, 5.71%, (3 Month Term SOFR + 1.39%), 01/16/35 (d) | 638 | 639 |
| BHG Securitization Trust 2025-2CON |  |  |
| Series 2025-A-2CON, 4.84%, 09/17/36 | 197 | 198 |
| Blackbird Capital II Aircraft Lease Limited |  |  |
| Series 2021-A-1A, 2.44%, 07/17/28 (g) | 858 | 807 |
| BLP Commercial Mortgage Trust |  |  |
| Series 2024-A-IND2, REMIC, 5.49%, (1 Month Term SOFR + 1.34%), 03/16/26 (d) | 534 | 535 |
| Blueberry Park CLO, Ltd. |  |  |
| Series 2024-A-1A, 5.68%, (3 Month Term SOFR + 1.35%), 10/20/37 (d) | 1264 | 1268 |
| BMP 2024-MF23 |  |  |
| Series 2024-A-MF23, 5.52%, (1 Month Term SOFR + 1.37%), 06/15/26 (d) | 749 | 750 |
| Series 2024-B-MF23, 5.79%, (1 Month Term SOFR + 1.64%), 06/15/26 (d) | 370 | 371 |
| Series 2024-C-MF23, 5.99%, (1 Month Term SOFR + 1.84%), 06/15/26 (d) | 261 | 262 |
| BofA Auto Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.35%, 11/20/29 | 200 | 201 |
| Brant Point CLO 2025-8 Ltd |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (d) | 100 | 100 |
| BRAVO Residential Funding Trust 2023-RPL 1 |  |  |
| Series 2023-A1-RPL1, REMIC, 5.00%, 05/25/63 (d) | 521 | 523 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.50%, 02/25/65 (g) | 275 | 278 |
| BX 2021-PAC Mortgage Trust |  |  |
| Series 2021-A-PAC, REMIC, 4.95%, (1 Month Term SOFR + 0.80%), 11/15/38 (d) | 1203 | 1200 |
| Series 2021-B-PAC, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 11/15/38 (d) | 180 | 179 |
| Series 2021-C-PAC, REMIC, 5.36%, (1 Month Term SOFR + 1.21%), 11/15/38 (d) | 241 | 240 |
| Series 2021-D-PAC, REMIC, 5.56%, (1 Month Term SOFR + 1.41%), 11/15/38 (d) | 234 | 233 |
| Series 2021-E-PAC, REMIC, 6.21%, (1 Month Term SOFR + 2.06%), 11/15/38 (d) | 813 | 810 |
| BX Commercial Mortgage Trust 2018-BIOA |  |  |
| Series 2025-A-DIME, REMIC, 5.30%, (1 Month Term SOFR + 1.15%), 02/16/27 (d) | 888 | 886 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-D-SOAR, REMIC, 5.66%, (1 Month Term SOFR + 1.51%), 06/15/38 (d) | 420 | 420 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 02/15/39 (d) | 565 | 565 |
| Series 2022-B-LP2, REMIC, 5.46%, (1 Month Term SOFR + 1.31%), 02/15/39 (d) | 400 | 399 |
| Series 2022-C-LP2, REMIC, 5.71%, (1 Month Term SOFR + 1.56%), 02/15/39 (d) | 328 | 328 |
| Series 2022-D-LP2, REMIC, 6.11%, (1 Month Term SOFR + 1.96%), 02/15/39 (d) | 328 | 328 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-A-XL3, REMIC, 5.91%, (1 Month Term SOFR + 1.76%), 12/15/25 (d) | 614 | 615 |
| Series 2023-B-XL3, REMIC, 6.34%, (1 Month Term SOFR + 2.19%), 12/15/25 (d) | 168 | 168 |
| Series 2023-C-XL3, REMIC, 6.79%, (1 Month Term SOFR + 2.64%), 12/15/25 (d) | 74 | 74 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-A-GPA3, REMIC, 5.44%, (1 Month Term SOFR + 1.29%), 12/15/26 (d) | 311 | 311 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 05/15/29 (d) | 1316 | 1318 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 02/17/26 (d) | 1224 | 1225 |
| Series 2024-B-XL4, REMIC, 5.94%, (1 Month Term SOFR + 1.79%), 02/17/26 (d) | 115 | 115 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.54%, (1 Month Term SOFR + 1.39%), 03/15/26 (d) | 2190 | 2191 |
| Series 2024-B-XL5, REMIC, 5.84%, (1 Month Term SOFR + 1.69%), 03/15/26 (d) | 374 | 375 |
| Series 2024-C-XL5, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 03/15/26 (d) | 497 | 497 |
| BX Commercial Mortgage Trust 2025-SPOT |  |  |
| Series 2025-A-SPOT, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 04/15/27 (d) | 1977 | 1979 |
| Series 2025-B-SPOT, REMIC, 5.89%, (1 Month Term SOFR + 1.74%), 04/15/27 (d) | 710 | 710 |
| BX Trust 2021-LBA |  |  |
| Series 2021-AJV-LBA, REMIC, 5.06%, (1 Month Term SOFR + 0.91%), 02/15/28 (d) | 100 | 100 |
| BX Trust 2022-IND |  |  |
| Series 2022-A-IND, REMIC, 5.64%, (1 Month Term SOFR + 1.49%), 04/15/37 (d) | 606 | 606 |
| Series 2022-B-IND, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 04/15/37 (d) | 427 | 427 |
| Series 2022-C-IND, REMIC, 6.44%, (1 Month Term SOFR + 2.29%), 04/15/37 (d) | 97 | 97 |
| Series 2022-D-IND, REMIC, 6.99%, (1 Month Term SOFR + 2.84%), 04/15/37 (d) | 81 | 81 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 04/15/29 (d) | 1555 | 1557 |
| Series 2024-B-CNYN, REMIC, 5.84%, (1 Month Term SOFR + 1.69%), 04/15/29 (d) | 248 | 248 |
| Series 2024-C-CNYN, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 04/15/29 (d) | 206 | 206 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 5.29%, (1 Month Term SOFR + 1.14%), 03/15/27 (d) | 2608 | 2602 |
| Series 2025-B-ROIC, REMIC, 5.54%, (1 Month Term SOFR + 1.39%), 03/15/27 (d) | 382 | 381 |
| Series 2025-C-ROIC, REMIC, 5.69%, (1 Month Term SOFR + 1.54%), 03/15/27 (d) | 538 | 537 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.55%, (1 Month Term SOFR + 1.40%), 06/15/27 (d) | 347 | 346 |
| Carlyle US CLO 2021-10 LTD |  |  |
| Series 2021-A1R-10A, 5.64%, (3 Month Term SOFR + 1.31%), 01/20/38 (d) | 728 | 730 |
| Carlyle US CLO 2021-11 LTD |  |  |
| Series 2021-A1R-11A, 5.73%, (3 Month Term SOFR + 1.41%), 07/27/37 (d) | 1277 | 1281 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (g) | 26 | 26 |
| Cedar Funding Vi CLO, Ltd. |  |  |
| Series 2016-ARR-6A, 5.64%, (3 Month Term SOFR + 1.31%), 04/20/34 (d) | 6596 | 6596 |
| Cedar Funding X CLO Ltd |  |  |
| Series 2019-AR2-10A, 5.69%, (3 Month Term SOFR + 1.36%), 10/20/37 (d) | 710 | 712 |
| Cedar Funding XII CLO Ltd |  |  |
| Series 2020-ARR-12A, 5.52%, (3 Month Term SOFR + 1.20%), 01/25/38 (d) | 857 | 858 |
| Cedar Funding XV CLO Ltd |  |  |
| Series 2022-A-15A, 5.65%, (3 Month Term SOFR + 1.32%), 04/20/35 (d) | 1052 | 1052 |
| Cedar Funding XVII CLO, Ltd. |  |  |
| Series 2023-AR-17A, 5.68%, (3 Month Term SOFR + 1.35%), 07/20/38 (d) | 877 | 880 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 5.09%, (1 Month Term SOFR + 5.09%), 07/12/30 (d) | 716 | 721 |
| CENT TRUST 2025-CITY |  |  |
| Interest Only, Series 2025-X-CITY, REMIC, 0.21%, 07/10/40 (d) | 8500 | 62 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1448 | 1199 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A2-C7, REMIC, 3.59%, 11/13/26 | 167 | 166 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A3-C8, REMIC, 3.30%, 03/17/27 | 898 | 886 |
| CFMT 2023-HB12, LLC |  |  |
| Series 2023-A-HB12, 4.25%, 07/25/26 (d) | 10 | 10 |
| CFMT 2024-HB13, LLC |  |  |
| Series 2024-A-HB13, 3.00%, 05/25/27 | 303 | 292 |
| CFMT 2024-HB15, LLC |  |  |
| Series 2024-A-HB15, 4.00%, 08/25/27 | 154 | 149 |
| Chesapeake Funding II LLC |  |  |
| Series 2023-A1-2A, 6.16%, 11/16/26 | 183 | 186 |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 352 | 356 |
| CIFC Funding 2019-V Ltd |  |  |
| Series 2019-A1R2-5A, 5.42%, (3 Month Term SOFR + 1.27%), 10/15/38 (d) | 823 | 825 |
| CIFC Funding 2025-VI Ltd |  |  |
| Series 2025-A1-6A, 0.00%, (3 Month Term SOFR + 1.25%), 10/23/38 (d) | 545 | 545 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Interest Only, Series 2019-XA-GC41, REMIC, 1.03%, 08/11/56 (d) | 3196 | 96 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 5.33%, (3 Month Term SOFR + 1.00%), 04/18/35 (d) | 1044 | 1045 |
| CSAIL 2018-CX12 Commercial Mortgage Trust |  |  |
| Series 2018-A3-CX12, REMIC, 3.96%, 05/17/28 | 210 | 207 |
| DB Master Finance LLC |  |  |
| Series 2021-A2I-1A, 2.05%, 11/20/26 | 361 | 351 |
| DLLAA 2023-1 LLC |  |  |
| Series 2023-A3-1A, 5.64%, 02/22/28 | 246 | 249 |
| DLLAD 2023-1 LLC |  |  |
| Series 2023-A3-1A, 4.79%, 03/22/27 | 214 | 214 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2022-A1R-108A, 5.69%, (3 Month Term SOFR + 1.36%), 07/18/37 (d) | 1705 | 1711 |
| Dryden 85 CLO Ltd |  |  |
| Series 2020-A1R2-85A, 5.70%, (3 Month Term SOFR + 1.38%), 07/15/37 (d) | 1266 | 1271 |
| Dryden 90 CLO, Ltd. |  |  |
| Series 2021-A1A-90A, 5.60%, (3 Month Term SOFR + 1.39%), 02/20/35 (d) | 457 | 457 |
| Dryden 98 CLO Ltd |  |  |
| Series 2022-A-98A, 5.63%, (3 Month Term SOFR + 1.30%), 04/20/35 (d) | 591 | 591 |
| DTP Commercial Mortgage Trust 2023-STE2 |  |  |
| Series 2023-A-STE2, REMIC, 5.84%, 01/18/29 (d) | 282 | 289 |
| Eaton Vance CLO 2019-1, Ltd. |  |  |
| Series 2019-AR2-1A, 5.83%, (3 Month Term SOFR + 1.51%), 07/15/37 (d) | 1021 | 1024 |
| Eaton Vance CLO 2020-1, Ltd. |  |  |
| Series 2020-ARR-1A, 5.71%, (3 Month Term SOFR + 1.39%), 10/15/37 (d) | 1146 | 1149 |
| Eaton Vance CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 5.70%, (3 Month Term SOFR + 1.38%), 10/15/37 (d) | 1020 | 1022 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-A-ELP, REMIC, 4.97%, (1 Month Term SOFR + 0.82%), 11/15/38 (d) | 2411 | 2409 |
| Enterprise Fleet Financing 2024-2, LLC |  |  |
| Series 2024-A2-2, 5.74%, 05/20/26 | 260 | 261 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.83%, 11/16/26 | 112 | 112 |
| Series 2025-A3-1, 4.69%, 03/15/28 | 115 | 116 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 07/15/38 (d) | 481 | 481 |
| Series 2021-B-ESH, REMIC, 5.64%, (1 Month Term SOFR + 1.49%), 07/15/38 (d) | 274 | 274 |
| Series 2021-C-ESH, REMIC, 5.96%, (1 Month Term SOFR + 1.81%), 07/15/38 (d) | 202 | 202 |
| Series 2021-D-ESH, REMIC, 6.51%, (1 Month Term SOFR + 2.36%), 07/15/38 (d) | 757 | 757 |
| Extended Stay America, Inc. |  |  |
| Series 2025-A-ESH, 0.00%, 10/15/30 (d) | 1660 | 1663 |
| Series 2025-B-ESH, 0.00%, 10/15/30 (d) | 295 | 296 |
| Series 2025-C-ESH, 0.00%, 10/15/30 (d) | 145 | 145 |
| Fidelity Investment Grade Bond ETF |  |  |
| Series 2024-A-17A, 5.65%, (3 Month Term SOFR + 1.32%), 01/18/38 (d) | 374 | 375 |
| Flatiron CLO 20 Ltd |  |  |
| Series 2020-AR-1A, 5.58%, (3 Month Term SOFR + 1.38%), 05/20/36 (d) | 1862 | 1866 |
| Series 2020-A1R2-1A, 0.00%, (3 Month Term SOFR + 1.24%), 11/20/38 (d) | 1862 | 1862 |
| Flatiron CLO 21 Ltd |  |  |
| Series 2021-A1R-1A, 5.70%, (3 Month Term SOFR + 1.36%), 10/19/37 (d) | 1103 | 1106 |
| Flatiron CLO 26 Ltd. |  |  |
| Series 2024-A-4A, 5.59%, (3 Month Term SOFR + 1.33%), 01/15/38 (d) | 1041 | 1046 |
| Flatiron CLO 32 Ltd |  |  |
| Series 2025-A1-32A, 5.60%, (3 Month Term SOFR + 1.29%), 10/22/38 (d) | 849 | 853 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-A1-30A, REMIC, 5.46%, (3 Month Term SOFR + 1.16%), 04/15/38 (d) | 905 | 904 |
| Gilead Aviation (Warehouse) LLC |  |  |
| Series 2025-A-1A, 5.79%, 03/15/32 (g) | 1287 | 1299 |
| GM Financial Automobile Leasing Trust 2023-3 |  |  |
| Series 2023-A3-3, 5.38%, 11/20/26 | 52 | 53 |
| GMF Floorplan Owner Revolving Trust |  |  |
| Series 2024-A1-4A, REMIC, 4.73%, 11/15/27 | 750 | 760 |
| Green Lakes Park CLO LLC |  |  |
| Series 2025-ARR-1A, 5.50%, (3 Month Term SOFR + 1.18%), 01/25/38 (d) | 905 | 905 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.21%, (1 Month Term SOFR + 1.06%), 10/15/26 (d) | 710 | 707 |
| Series 2021-B-IP, REMIC, 5.42%, (1 Month Term SOFR + 1.26%), 10/15/26 (d) | 110 | 109 |
| Series 2021-C-IP, REMIC, 5.82%, (1 Month Term SOFR + 1.66%), 10/15/26 (d) | 100 | 99 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Series 2017-A2-GS6, REMIC, 3.16%, 03/12/27 | 92 | 91 |
| GS Mortgage-Backed Securities Trust 2024-RPL2 |  |  |
| Series 2024-A1-RPL2, REMIC, 3.75%, 02/25/26 (d) | 342 | 334 |
| GS Mortgage-Backed Securities Trust 2024-RPL4 |  |  |
| Series 2024-A1-RPL4, REMIC, 3.90%, 07/25/26 (g) | 626 | 615 |
| Hamlin Park CLO Ltd |  |  |
| Series 2024-A-1A, 5.67%, (3 Month Term SOFR + 1.34%), 10/20/37 (d) | 1015 | 1017 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/25 (g) | 115 | 112 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 500 | 503 |
| Invesco US CLO 2024-1 Ltd |  |  |
| Series 2024-AR-1RA, 5.87%, (3 Month Term SOFR + 1.55%), 04/15/37 (d) | 959 | 961 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-AFX-WPT, REMIC, 4.25%, 07/08/33 | 339 | 326 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A1-NQM2, REMIC, 5.57%, 05/25/29 (d) | 193 | 195 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2024-A2-1A, 5.64%, 02/15/32 | 1214 | 1239 |
| Series 2025-A2-1A, 5.61%, 08/16/32 | 530 | 541 |
| JPMDB Commercial Mortgage Securities Trust 2016-C4 |  |  |
| Series 2016-ASB-C4, REMIC, 2.99%, 06/17/26 | 20 | 20 |
| Series 2016-A2-C4, REMIC, 2.88%, 09/17/26 | 180 | 176 |
| Lakeside Park CLO Ltd |  |  |
| Series 2025-A-1A, 5.41%, (3 Month Term SOFR + 1.15%), 04/15/38 (d) | 658 | 658 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-C-BMR, REMIC, 5.36%, (1 Month Term SOFR + 1.21%), 03/15/38 (d) | 17 | 17 |
| Series 2021-D-BMR, REMIC, 5.66%, (1 Month Term SOFR + 1.51%), 03/15/38 (d) | 159 | 158 |
| Series 2021-E-BMR, REMIC, 6.01%, (1 Month Term SOFR + 1.86%), 03/15/38 (d) | 139 | 137 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.45%, (1 Month Term SOFR + 1.30%), 05/17/38 (d) | 2042 | 1986 |
| Series 2022-B-BMR2, REMIC, 5.94%, (1 Month Term SOFR + 1.79%), 05/17/38 (d) | 1221 | 1126 |
| Series 2022-C-BMR2, REMIC, 6.24%, (1 Month Term SOFR + 2.09%), 05/17/38 (d) | 684 | 625 |
| Series 2022-D-BMR2, REMIC, 6.69%, (1 Month Term SOFR + 2.54%), 05/17/38 (d) | 608 | 541 |
| Madison Park Funding Ltd |  |  |
| Series 2021-A-50A, 5.73%, (3 Month Term SOFR + 1.40%), 04/19/34 (d) | 1340 | 1341 |
| Madison Park Funding XIX, Ltd. |  |  |
| Series 2015-AR3-19A, 5.87%, (3 Month Term SOFR + 1.60%), 01/22/37 (d) | 469 | 471 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-ARR-45A, 5.40%, (3 Month Term SOFR + 1.08%), 07/15/34 (d) | 653 | 653 |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2024-A1-67A, 5.83%, (3 Month Term SOFR + 1.51%), 04/25/37 (d) | 1211 | 1215 |
| Magnetite XLI, Limited |  |  |
| Series 2024-A-41A, REMIC, 5.61%, (3 Month Term SOFR + 1.29%), 01/25/38 (d) | 596 | 598 |
| Magnetite Xlv Ltd |  |  |
| Series 2025-A1-45A, REMIC, 5.42%, (3 Month Term SOFR + 1.15%), 04/15/38 (d) | 635 | 635 |
| Magnetite XXI, Limited |  |  |
| Series 2019-AR-21A, 5.61%, (3 Month Term SOFR + 1.28%), 04/20/34 (d) | 920 | 920 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Magnetite XXIII Ltd |  |  |
| Series 2019-AR-23A, 5.71%, (3 Month Term SOFR + 1.39%), 01/25/35 (d) | 731 | 732 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-AR-29A, 5.67%, (3 Month Term SOFR + 1.35%), 07/15/37 (d) | 1150 | 1154 |
| Magnetite XXVI Ltd |  |  |
| Series 2020-AR2-26A, 5.47%, (3 Month Term SOFR + 1.15%), 01/25/38 (d) | 870 | 870 |
| Magnetite XXVIII Ltd |  |  |
| Series 2020-A1RR-28A, 5.50%, (3 Month Term SOFR + 1.24%), 01/15/38 (d) | 1209 | 1212 |
| Magnetite XXX, Limited |  |  |
| Series 2021-AR-30A, 5.67%, (3 Month Term SOFR + 1.35%), 10/25/37 (d) | 1072 | 1075 |
| Magnetite XXXVI Ltd |  |  |
| Series 2023-AR-36A, 5.64%, (3 Month Term SOFR + 1.32%), 07/26/38 (d) | 863 | 866 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-A-1A, 7.21%, 05/20/26 | 284 | 286 |
| Series 2024-A-1A, 5.82%, 08/20/27 | 504 | 508 |
| MFA 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 4.25%, 02/25/66 (d) | 175 | 166 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-A-STOR, REMIC, 4.97%, (1 Month Term SOFR + 0.81%), 07/15/38 (d) | 603 | 603 |
| MHP Commercial Mortgage Trust 2025-MHIL2 |  |  |
| Series 2025-A-MHIL2, REMIC, 5.65%, (1 Month Term SOFR + 1.50%), 09/15/27 (d) | 751 | 751 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A3-L2, REMIC, 3.81%, 01/18/29 | 449 | 444 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Series 2016-A4-UB11, REMIC, 2.78%, 08/17/26 | 700 | 688 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 700 | 690 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-A-NUGS, REMIC, 5.21%, (1 Month Term SOFR + 1.06%), 12/15/36 (d) | 900 | 676 |
| Morgan Stanley Eaton Vance CLO 2025-21 Ltd |  |  |
| Series 2025-A1-21A, 5.45%, (3 Month Term SOFR + 1.17%), 04/15/38 (d) | 1085 | 1086 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 05/25/70 (d) | 365 | 369 |
| Navigator 2025-1 Aviation Ltd |  |  |
| Series 2025-A-1, 5.11%, 10/15/50 (l) | 1257 | 1261 |
| Neuberger Berman Loan Advisers CLO 25 Ltd |  |  |
| Series 2017-AR2-25A, 5.73%, (3 Month Term SOFR + 1.40%), 07/18/38 (d) | 965 | 967 |
| NYMT Loan Trust 2022-CP1 |  |  |
| Series 2022-A1-CP1, 2.04%, 09/25/27 | 115 | 108 |
| NYMT Loan Trust 2024-CP1 |  |  |
| Series 2024-A1-CP1, REMIC, 3.75%, 08/25/37 | 254 | 240 |
| Oak Hill Credit Partners |  |  |
| Series 2024-A1-18A, 5.83%, (3 Month Term SOFR + 1.50%), 04/20/37 (d) | 1393 | 1399 |
| Series 2024-A2-18A, 5.98%, (3 Month Term SOFR + 1.65%), 04/20/37 (d) | 250 | 251 |
| OCP CLO 2018-15 Ltd |  |  |
| Series 2018-AR-15A, 5.58%, (3 Month Term SOFR + 1.25%), 01/20/38 (d) | 550 | 551 |
| OCP CLO 2020-8R Ltd |  |  |
| Series 2020-AR2-8RA, 0.00%, (3 Month Term SOFR + 1.22%), 10/18/38 (d) | 806 | 806 |
| OCP CLO 2025-44 Ltd |  |  |
| Series 2025-A-44A, 5.56%, (3 Month Term SOFR + 1.30%), 10/25/38 (d) | 891 | 893 |
| Ocwen Loan Investment Trust 2023-HB1 |  |  |
| Series 2023-A-HB1, 3.00%, 06/25/26 (d) | 33 | 32 |
| OCWEN Loan Investment Trust 2024-HB1 |  |  |
| Series 2024-A-HB1, 3.00%, 02/25/27 | 42 | 41 |
| OHA Credit Funding 13 Ltd |  |  |
| Series 2022-AR-13A, 5.68%, (3 Month Term SOFR + 1.35%), 07/20/37 (d) | 1592 | 1595 |
| OHA Credit Funding 14-R Ltd |  |  |
| Series 2023-A-14RA, 5.56%, (3 Month Term SOFR + 1.23%), 04/20/38 (d) | 594 | 595 |
| OHA Credit Funding 4 Ltd. |  |  |
| Series 2019-AR2-4A, 5.62%, (3 Month Term SOFR + 1.29%), 01/22/38 (d) | 1088 | 1092 |
| OHA Credit Funding 5 Ltd. |  |  |
| Series 2012-AR4-7A, 5.34%, (3 Month Term SOFR + 1.14%), 02/20/38 (d) | 979 | 979 |
| OHA Credit Funding 6 Ltd |  |  |
| Series 2020-AR2-6A, 5.66%, (3 Month Term SOFR + 1.33%), 10/20/37 (d) | 857 | 859 |
| Onity Loan Investment Trust 2024-HB2 |  |  |
| Series 2024-A-HB2, 5.00%, 08/25/27 | 130 | 130 |
| Open Trust 2023-AIR |  |  |
| Series 2023-A-AIR, REMIC, 7.24%, (1 Month Term SOFR + 3.09%), 11/17/25 (d) | 50 | 50 |
| Series 2023-B-AIR, REMIC, 7.99%, (1 Month Term SOFR + 3.84%), 11/17/25 (d) | 372 | 372 |
| Oportun Issuance Trust 2025-B |  |  |
| Series 2025-A-B, 4.88%, 11/08/27 | 300 | 302 |
| Palmer Square Loan Funding 2024-2 Ltd |  |  |
| Series 2024-A1N-2A, 5.32%, (3 Month Term SOFR + 1.00%), 01/15/33 (d) | 484 | 484 |
| Palmer Square Loan Funding 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 5.01%, (3 Month Term SOFR + 0.80%), 02/15/33 (d) | 993 | 992 |
| Palmer Square Loan Funding 2025-2 Ltd |  |  |
| Series 2025-A1-2A, 5.18%, (3 Month Term SOFR + 0.94%), 07/15/33 (d) | 847 | 847 |
| Peace Park CLO Ltd |  |  |
| Series 2021-AR-1A, 5.29%, (3 Month Term SOFR + 1.25%), 10/20/38 (d) | 898 | 901 |
| PK Alift Loan Funding 3 LP |  |  |
| Series 2024-A1-1, 5.84%, 06/15/29 | 194 | 197 |
| Planet Fitness Master |  |  |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 664 | 652 |
| Series 2022-A2II-1A, 4.01%, 12/07/26 | 593 | 548 |
| Series 2019-A2-1A, 3.86%, 12/05/49 (e) | 623 | 598 |
| PRET 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 3.90%, 10/25/63 (d) | 399 | 383 |
| PRET 2025-RPL3 Trust |  |  |
| Series 2025-A1-RPL3, REMIC, 4.15%, 04/25/65 (g) | 291 | 282 |
| PRMI Securitization Trust 2024-CMG1 |  |  |
| Series 2024-A1-CMG1, REMIC, 5.80%, (1 Month Term SOFR + 1.45%), 07/25/54 (d) (q) | 404 | 404 |
| PRPM 2024-RCF4, LLC |  |  |
| Series 2024-A1-RCF4, REMIC, 4.00%, 07/25/28 (g) | 145 | 143 |
| PRPM 2024-RCF6, LLC |  |  |
| Series 2024-A1-RCF6, 4.00%, 10/25/64 (g) | 86 | 85 |
| PRPM 2024-RPL2, LLC |  |  |
| Series 2024-A1-RPL2, 3.50%, 05/25/28 (g) | 659 | 643 |
| PRPM 2025-RCF3, LLC |  |  |
| Series 2025-A1-RCF3, REMIC, 5.25%, 07/26/55 | 186 | 187 |
| RR 34 LTD |  |  |
| Series 2024-A1R-34RA, 5.67%, (3 Month Term SOFR + 1.35%), 10/15/39 (d) | 478 | 480 |
| RR 7 Ltd |  |  |
| Series 2019-A1AB-7A, 5.66%, (3 Month Term SOFR + 1.34%), 01/15/37 (d) | 1141 | 1142 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 (g) | 420 | 401 |
| Series 2020-B-1A, 4.34%, 03/15/27 (g) | 126 | 116 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 365 | 362 |
| Series 2020-2C-2, 2.33%, 01/15/28 | 279 | 265 |
| Silver Aircraft Lease Investment Limited |  |  |
| Series 2019-A-1, 3.97%, 07/15/26 (g) | 486 | 472 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2021-A1R-19A, 5.56%, (3 Month Term SOFR + 1.28%), 07/17/37 (d) | 540 | 541 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sixth Street CLO XVIII Ltd |  |  |
| Series 2021-A1R-18A, 5.46%, (3 Month Term SOFR + 1.25%), 10/18/38 (d) | 819 | 821 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 5.63%, (3 Month Term SOFR + 1.32%), 07/19/38 (d) | 697 | 699 |
| SLAM 2025-1 Ltd |  |  |
| Series 2025-A-1A, 5.81%, 05/15/32 (g) | 593 | 601 |
| SPGN 2022-TFLM Mortgage Trust |  |  |
| Series 2022-B-TFLM, REMIC, 6.15%, (1 Month Term SOFR + 2.00%), 02/15/39 (d) | 278 | 274 |
| Series 2022-C-TFLM, REMIC, 6.80%, (1 Month Term SOFR + 2.65%), 02/15/39 (d) | 145 | 142 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.00%, (1 Month Term SOFR + 0.85%), 11/15/38 (d) | 1438 | 1436 |
| Series 2021-B-MFP, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 11/15/38 (d) | 531 | 530 |
| Series 2021-C-MFP, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 11/15/38 (d) | 330 | 329 |
| Series 2021-D-MFP, REMIC, 5.84%, (1 Month Term SOFR + 1.69%), 11/15/38 (d) | 216 | 216 |
| Subway Funding LLC |  |  |
| Series 2024-A2I-3A, 5.25%, 07/30/29 | 1240 | 1235 |
| Series 2024-A2II-3A, 5.57%, 07/30/29 | 587 | 589 |
| Series 2024-A23-3A, 5.91%, 07/30/29 | 1189 | 1183 |
| Series 2024-A2I-1A, 6.03%, 07/30/29 | 1670 | 1694 |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 994 | 1018 |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 871 | 908 |
| Symphony CLO 43 Ltd |  |  |
| Series 2024-A1-43A, 5.84%, (3 Month Term SOFR + 1.52%), 04/15/37 (d) | 856 | 859 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.67%, (3 Month Term SOFR + 1.34%), 04/20/33 (d) | 1629 | 1629 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1170 | 1176 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-A-DPM, REMIC, 5.45%, (1 Month Term SOFR + 1.30%), 12/17/29 (d) | 1112 | 1113 |
| Series 2024-B-DPM, REMIC, 5.80%, (1 Month Term SOFR + 1.65%), 12/17/29 (d) | 271 | 271 |
| Series 2024-C-DPM, REMIC, 6.20%, (1 Month Term SOFR + 2.05%), 12/17/29 (d) | 200 | 201 |
| Tesla Auto Lease Trust 2023-B |  |  |
| Series 2023-A3-B, 6.13%, 12/22/25 | 163 | 164 |
| Thunderbolt II Aircraft Lease Limited |  |  |
| Series 2018-A-A, 4.15%, 09/15/38 (g) | 465 | 461 |
| Thunderbolt III Aircraft Lease Limited |  |  |
| Series 2019-A-1, 3.67%, 11/15/26 (g) | 442 | 427 |
| Upgrade Receivables Trust 2024-1 |  |  |
| Series 2024-A-1A, 5.37%, 02/18/31 | 48 | 48 |
| Verus Securitization Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.43%, 06/25/70 (g) | 292 | 295 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A1-6, 5.42%, 07/25/70 (g) | 990 | 998 |
| VLS Commercial Mortgage Trust 2020-LAB |  |  |
| Series 2020-A-LAB, REMIC, 2.13%, 10/11/30 | 1251 | 1068 |
| Series 2020-B-LAB, REMIC, 2.45%, 10/11/30 | 70 | 57 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 382 | 386 |
| Voya CLO 2020-2 Ltd |  |  |
| Series 2020-A1RR-2A, 5.64%, (3 Month Term SOFR + 1.31%), 01/20/38 (d) | 304 | 305 |
| Voya CLO 2023-1 Ltd |  |  |
| Series 2023-A1-1A, 6.13%, (3 Month Term SOFR + 1.80%), 01/21/37 (d) | 1100 | 1103 |
| Voya CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.84%, (3 Month Term SOFR + 1.52%), 04/15/37 (d) | 813 | 816 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-A12-MGP, REMIC, 5.84%, (1 Month Term SOFR + 1.75%), 08/15/26 (d) | 600 | 598 |
| Series 2024-A11-MGP, REMIC, 6.14%, (1 Month Term SOFR + 2.05%), 08/15/26 (d) | 300 | 301 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-ASB-C55, REMIC, 2.65%, 10/17/29 | 179 | 173 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT |  |  |
| Series 2021-A-FCMT, REMIC, 5.46%, (1 Month Term SOFR + 1.31%), 05/15/31 (d) | 688 | 686 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 795 | 803 |
| Willis Engine Structured Trust VII |  |  |
| Series 2023-A-A, 8.00%, 10/15/29 (g) | 405 | 416 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-A-A, 5.58%, 06/16/31 (g) | 763 | 767 |
| World Omni Auto Receivables Trust 2023-C |  |  |
| Series 2023-A3-C, 5.15%, 11/15/28 | 246 | 247 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $192,017) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $192,017) | 191765 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.2%** | **SENIOR FLOATING RATE INSTRUMENTS 5.2%** | **SENIOR FLOATING RATE INSTRUMENTS 5.2%** |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Accelya Lux Finco S.a r.l. |  |  |
| Term Loan, 0.00%, (SOFR + 5.25%), 09/05/32 (d) (l) (r) | 125 | 122 |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 9.60%, (3 Month Term SOFR + 5.50%), 08/21/31 (d) | 25 | 25 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 10/28/27 (d) | 144 | 128 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.28%, (1 Month Term SOFR + 3.00%), 07/31/28 (d) | 148 | 149 |
| Air Canada |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.00%), 03/14/31 (d) | 64 | 64 |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (d) (r) | 9 | 9 |
| 2025 Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (d) | 3 | 3 |
| 2025 Term Loan, 7.06%, (3 Month Term SOFR + 2.75%), 12/11/31 (d) | 138 | 138 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 07/29/32 (d) | 178 | 176 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 07/31/31 (d) | 193 | 193 |
| American Airlines, Inc. |  |  |
| 2023 1st Lien Term Loan, 6.26%, (6 Month Term SOFR + 2.25%), 05/29/29 (d) | 99 | 99 |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 05/09/32 (d) | 80 | 80 |
| Amynta Agency Borrower Inc. |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 12/29/31 (d) | 132 | 132 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.76%, (3 Month Term SOFR + 3.40%), 07/21/28 (d) | 83 | 84 |
| 2024 Term Loan B6, 7.76%, (3 Month Term SOFR + 3.40%), 11/16/28 (d) | 43 | 43 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/03/29 (d) | 158 | 158 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.75%), 10/10/31 (d) (r) | 12 | 12 |
| 2024 Term Loan B, 9.05%, (3 Month Term SOFR + 4.25%), 10/10/31 (d) | 107 | 108 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/31 (d) (r) | 60 | 53 |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/31 (d) | 187 | 167 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 9.55%, (3 Month Term SOFR + 5.25%), 11/08/30 (d) | 138 | 123 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 08/14/32 (d) | 70 | 70 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 12/11/31 (d) | 95 | 95 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 12/26/30 (d) | 79 | 79 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 7.31%, (3 Month Term SOFR + 3.25%), 06/25/32 (d) | 120 | 121 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 10/31/28 (d) | 64 | 64 |
| Brock Holdings III, Inc. |  |  |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 05/01/30 (d) (l) | 50 | 48 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2023 Refinancing Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 07/20/30 (d) | 85 | 85 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 12/30/28 (d) | 240 | 216 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.79%, (3 Month Term SOFR + 2.50%), 03/15/30 (d) | 81 | 81 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 7.05%, (3 Month Term SOFR + 2.75%), 09/29/28 (d) | 121 | 121 |
| 2025 Term Loan B1, 7.07%, (1 Month Term SOFR + 2.75%), 09/29/28 (d) |  |  |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 7.54%, (3 Month Term SOFR + 3.25%), 03/21/31 (d) | 89 | 89 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.49%, (1 Month Term SOFR + 3.17%), 03/30/29 (d) | 551 | 550 |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (d) (r) | 5 | 5 |
| 2025 Delayed Draw Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (d) |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (d) | 294 | 294 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/13/28 (d) | 129 | 81 |
| Congruex Group LLC |  |  |
| Term Loan, 5.96%, (3 Month Term SOFR + 1.50%), 04/26/29 (d) | 159 | 133 |
| Constant Contact Inc |  |  |
| Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 02/10/28 (d) | 370 | 343 |
| Second Lien Term Loan, 12.08%, (3 Month Term SOFR + 7.50%), 02/10/29 (d) | 10 | 9 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 10/30/31 (d) | 109 | 109 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 6.17%, (1 Month Term SOFR + 2.00%), 02/09/31 (d) | 49 | 49 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 04/12/28 (d) (r) | 60 | 57 |
| 2021 Term Loan B, 7.50%, (1 Month Term SOFR + 3.25%), 04/12/28 (d) | 160 | 151 |
| 2022 Term Loan, 9.78%, (1 Month Term SOFR + 5.63%), 08/01/28 (d) | 65 | 62 |
| 2024 Term Loan B, 8.65%, (1 Month Term SOFR + 4.50%), 05/05/31 (d) | 35 | 32 |
| Corporation Service Company |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 08/10/29 (d) | 182 | 180 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/10/31 (d) | 124 | 124 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.78%, (1 Month Term SOFR + 4.50%), 09/18/28 (d) | 49 | 49 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 12/31/30 (d) | 397 | 397 |
| Crown Equipment Corporation |  |  |
| 2025 Term Loan B, 6.53%, (1 Month Term SOFR + 2.25%), 10/10/31 (d) | 80 | 80 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2025 Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 01/30/31 (d) | 218 | 219 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 07/02/31 (d) | 124 | 124 |
| 2nd Lien Term Loan, 9.57%, (3 Month Term SOFR + 5.25%), 07/02/32 (d) | 70 | 70 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 7.97%, (1 Month Term SOFR + 3.75%), 07/01/32 (d) | 133 | 133 |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 07/24/33 (d) | 30 | 30 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 7.48%, (3 Month Term SOFR + 3.25%), 08/01/32 (d) | 45 | 45 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (d) | 101 | 101 |
| 2024 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 10/24/31 (d) | 38 | 38 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 08/16/28 (d) |  |  |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 11/09/28 (d) (r) | 190 | 184 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 10/24/29 (d) | 80 | 80 |
| Emrld Borrower LP |  |  |
| Term Loan B, 6.45%, (3 Month Term SOFR + 2.25%), 05/04/30 (d) | 25 | 25 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 06/18/31 (d) | 109 | 109 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 7.31%, (3 Month Term SOFR + 3.00%), 08/01/29 (d) | 182 | 182 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 5.00%), 08/23/28 (d) (r) | 5 | 3 |
| Term Loan B, 9.56%, (3 Month Term SOFR + 5.00%), 08/23/28 (d) | 291 | 151 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.41%, (1 Month Term SOFR + 3.25%), 01/13/29 (d) (p) | 1016 | 1014 |
| Filtration Group Corporation |  |  |
| 2025 USD Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 10/21/28 (d) | 196 | 197 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/15/31 (d) | 184 | 184 |
| Fusion Buyer LLC |  |  |
| Term Loan, 12.40%, (3 Month Term SOFR + 8.00%), 06/06/30 (d) | 128 | 130 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 6.05%, (3 Month Term SOFR + 1.75%), 03/27/31 (d) | 139 | 138 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 2.50%), 02/04/32 (d) | 190 | 190 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 01/16/32 (d) | 155 | 150 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/24/29 (d) | 164 | 164 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Groupe Solmax Inc. |  |  |
| Term Loan, 9.18%, (1 Month Term SOFR + 4.75%), 06/28/28 (d) | 83 | 63 |
| Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 06/28/28 (d) | 97 | 73 |
| GTCR Everest Borrower, LLC |  |  |
| Add on Term Loan B, 7.06%, (3 Month Term SOFR + 2.75%), 09/05/31 (d) | 179 | 179 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 04/22/30 (d) | 219 | 219 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 7.07%, (3 Month Term SOFR + 2.75%), 02/03/32 (d) | 170 | 170 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.15%, (1 Month Term SOFR + 2.00%), 02/05/30 (d) | 90 | 90 |
| Horizon US Finco LP |  |  |
| Term Loan B, 9.06%, (3 Month Term SOFR + 4.75%), 12/16/31 (d) | 234 | 228 |
| ICON Luxembourg S.a r.l. |  |  |
| 2024 LUX Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (d) | 89 | 89 |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/06/28 (d) | 157 | 158 |
| John Bean Technologies Corp |  |  |
| Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 01/02/32 (d) | 45 | 45 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 06/09/31 (d) | 114 | 114 |
| Kaman Corporation |  |  |
| 2025 Term Loan B, 6.79%, (3 Month Term SOFR + 2.75%), 01/30/32 (d) | 29 | 29 |
| 2025 Delayed Draw Term Loan, 6.83%, (3 Month Term SOFR + 2.50%), 01/30/32 (d) | 16 | 16 |
| 2025 Term Loan B, 6.95%, (3 Month Term SOFR + 2.75%), 01/30/32 (d) | 142 | 142 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 9.43%, (1 Month Term SOFR + 5.00%), 04/19/30 (d) | 89 | 88 |
| 2024 Term Loan B, 10.68%, (1 Month Term SOFR + 6.25%), 10/19/30 (d) | 85 | 76 |
| KUEHG Corp. |  |  |
| 2025 Term Loan, 7.04%, (Prime + 1.75%), 06/12/30 (d) | 155 | 155 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.55%, (3 Month Term SOFR + 6.25%), 01/02/29 (d) | 60 | 60 |
| 2024 Term Loan B, 6.06%, (3 Month Term SOFR + 1.50%), 08/10/29 (d) | 171 | 122 |
| LBM Acquisition LLC |  |  |
| 2025 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/06/31 (d) (r) | 30 | 30 |
| 2024 Incremental Term Loan B, 7.99%, (1 Month Term SOFR + 3.75%), 06/06/31 (d) | 276 | 269 |
| 2025 Incremental Term Loan, 9.14%, (1 Month Term SOFR + 5.00%), 06/06/31 (d) | 122 | 121 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/14/31 (d) | 114 | 114 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (d) | 108 | 108 |
| 2025 Term Loan B, 7.45%, (6 Month Term SOFR + 3.25%), 03/26/32 (d) | 155 | 155 |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/26/31 (d) | 33 | 33 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 05/12/28 (d) | 84 | 82 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 05/21/31 (d) | 44 | 44 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.81%, (3 Month Term SOFR + 4.50%), 04/03/31 (d) | 357 | 352 |
| Modivcare Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 8.75%), 06/17/31 (d) (h) (i) | 79 | 36 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 05/22/32 (d) (r) | 3 | 3 |
| Delayed Draw Term Loan, 7.40%, (1 Month Term SOFR + 3.25%), 05/22/32 (d) | 3 | 3 |
| Delayed Draw Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/22/32 (d) | 2 | 2 |
| Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/22/32 (d) | 67 | 65 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 02/19/32 (d) | 80 | 80 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan A, 9.18%, (3 Month Term SOFR + 4.75%), 10/11/28 (d) | 354 | 336 |
| 2022 USD Term Loan B, 9.43%, (3 Month Term SOFR + 5.00%), 04/11/29 (d) | 330 | 314 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 6.82%, (1 Month Term SOFR + 2.50%), 10/04/30 (d) | 84 | 84 |
| Nourish Buyer I Inc |  |  |
| 2025 Term Loan B, 8.82%, (3 Month Term SOFR + 4.50%), 07/08/32 (d) (l) | 250 | 250 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 11/17/31 (d) | 144 | 144 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 07/25/30 (d) | 228 | 228 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.56%, (3 Month Term SOFR + 5.25%), 08/17/26 (d) | 137 | 107 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 04/29/29 (d) | 52 | 48 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 06/18/28 (d) (r) | 10 | 9 |
| Term Loan, 7.68%, (1 Month Term SOFR + 3.25%), 06/18/28 (d) | 94 | 89 |
| Parexel International Corporation |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 11/15/28 (d) | 220 | 220 |
| Park River Holdings, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 09/24/32 (d) (r) | 80 | 80 |
| Patagonia Holdco LLC |  |  |
| Term Loan B1, 9.98%, (3 Month Term SOFR + 5.75%), 08/01/29 (d) (p) |  |  |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 02/13/32 (d) (r) | 25 | 25 |
| 2025 Term Loan B, 8.32%, (1 Month Term SOFR + 4.00%), 02/13/32 (d) | 150 | 149 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.43%, (1 Month Term SOFR + 3.00%), 01/15/28 (d) | 90 | 91 |
| Pinnacle Buyer, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (d) (r) | 110 | 110 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 01/31/32 (d) | 45 | 45 |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 8.73%, (3 Month Term SOFR + 4.25%), 02/03/29 (d) |  |  |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (d) | 22 | 22 |
| QuidelOrtho Corp |  |  |
| Term Loan, 8.34%, (3 Month Term SOFR + 4.00%), 08/13/32 (d) | 270 | 268 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Quikrete Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/30/32 (d) | 214 | 214 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.00%), 03/18/30 (d) (r) | 10 | 10 |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 03/18/30 (d) | 40 | 40 |
| Reworld Holding Corp |  |  |
| 2025 Term Loan B, 6.39%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 47 | 47 |
| 2025 Term Loan C, 6.39%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 3 | 3 |
| Term Loan B, 6.39%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 104 | 104 |
| Term Loan C, 6.39%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 8 | 8 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 11/23/29 (d) | 103 | 103 |
| Sabert Corporation |  |  |
| 2024 Term Loan B, 7.43%, (1 Month Term SOFR + 3.00%), 12/10/26 (d) | 120 | 121 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 10.05%, (3 Month Term SOFR + 4.50%), 07/16/32 (d) | 65 | 65 |
| Shift4 Payments, LLC |  |  |
| 2025 Term Loan, 7.08%, (3 Month Term SOFR + 2.75%), 05/12/32 (d) | 25 | 25 |
| Sk Neptune Husky Finance S.a r.l. |  |  |
| Term Loan, 0.00%, (Prime + 9.00%), 04/30/33 (d) (h) (i) | 6 | 1 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 8.08%, (3 Month Term SOFR + 3.75%), 09/16/27 (d) | 68 | 68 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.82%, (3 Month Term SOFR + 2.50%), 12/04/31 (d) | 195 | 194 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.39%, (3 Month Term SOFR + 4.00%), 02/26/28 (d) | 1087 | 906 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 08/14/32 (d) | 100 | 100 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 7.20%, (3 Month Term SOFR + 3.00%), 04/30/30 (d) | 160 | 160 |
| TKC Holdings, Inc. |  |  |
| 2022 PIK Toggle Holdco Term Loan, 12.00%, 02/14/27 (l) | 149 | 150 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 6.39%, (1 Month Term SOFR + 2.25%), 03/22/30 (d) | 695 | 694 |
| 2024 Term Loan L, 6.80%, (3 Month Term SOFR + 2.50%), 09/05/32 (d) | 44 | 44 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.20%, (3 Month Term SOFR + 2.00%), 02/22/31 (d) | 157 | 157 |
| US Fertility Enterprises LLC |  |  |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 10/03/31 (d) | 62 | 62 |
| 2024 Delayed Draw Term Loan, 8.81%, (3 Month Term SOFR + 4.50%), 10/03/31 (d) | 1 | 1 |
| 2024 Delayed Draw Term Loan, 8.82%, (3 Month Term SOFR + 4.50%), 10/03/31 (d) | 2 | 2 |
| Van Pool Transportation LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 06/18/30 (d) (r) | 3 | 3 |
| 2025 Delayed Draw Term Loan, 7.46%, (3 Month Term SOFR + 3.25%), 06/18/30 (d) | 2 | 2 |
| 2025 Delayed Draw Term Loan, 7.48%, (3 Month Term SOFR + 3.25%), 06/18/30 (d) | 4 | 4 |
| 2025 Term Loan, 7.50%, (3 Month Term SOFR + 3.25%), 06/18/30 (d) | 66 | 66 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/27/31 (d) | 104 | 104 |
| VM Consolidated, Inc. |  |  |
| 2024 Term Loan B2, 6.57%, (1 Month Term SOFR + 2.25%), 03/24/28 (d) | 121 | 121 |
| Wash Multifamily Parent Inc |  |  |
| Term Loan B, 7.44%, (1 Month Term SOFR + 3.25%), 08/07/32 (d) | 75 | 75 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 8.17%, (1 Month Term SOFR + 4.00%), 05/07/29 (d) | 44 | 44 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.53%, (1 Month Term SOFR + 2.25%), 01/20/31 (d) | 304 | 305 |
| WIN Waste Innovations Holdings, Inc. |  |  |
| 2025 Incremental Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 03/27/28 (d) | 95 | 95 |
| 2021 Term Loan B, 7.18%, (1 Month Term SOFR + 2.75%), 03/31/28 (d) | 109 | 109 |
| WOOF Holdings, Inc |  |  |
| 2025 First Out Exchange Term Loan, 8.28%, (3 Month Term SOFR + 3.95%), 12/31/29 (d) | 94 | 75 |
| 2025 Second Out Exchange Term Loan, 8.34%, (3 Month Term SOFR + 3.75%), 12/31/29 (d) | 71 | 31 |
| Worldwide Express Operations, LLC |  |  |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 07/26/28 (d) | 138 | 137 |
| | | 20183 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.07%, (1 Month Term SOFR + 1.75%), 09/23/30 (d) | 138 | 137 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 12/21/28 (d) | 732 | 730 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (d) (r) | 105 | 104 |
| American Trailer World Corp. |  |  |
| Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 02/17/28 (d) | 177 | 159 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 06/26/31 (d) | 134 | 133 |
| Aramark Services, Inc. |  |  |
| 2025 Repriced Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 04/06/28 (d) | 85 | 85 |
| 2024 Term Loan B8, 6.20%, (3 Month Term SOFR + 2.00%), 06/24/30 (d) | 31 | 31 |
| 2024 Term Loan B8, 6.32%, (1 Month Term SOFR + 2.00%), 06/24/30 (d) | 81 | 81 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/09/31 (d) | 99 | 99 |
| At Home Group Inc. |  |  |
| 2025 DIP Delayed Draw Term Loan Tranche A, 0.00%, (3 Month Term SOFR + 8.00%), 10/17/25 (d) (r) | 1 | 1 |
| 2025 Tranche B Roll-up Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 10/17/25 (d) (l) | 21 | 21 |
| 2025 DIP DDTL Tranche A Transferred Facility, 12.14%, (3 Month Term SOFR + 8.00%), 10/17/25 (d) | 3 | 3 |
| 2025 DIP Delayed Draw Term Loan Tranche A, 12.23%, (3 Month Term SOFR + 8.00%), 10/17/25 (d) | 2 | 2 |
| 2025 DIP Delayed Draw Term Loan Tranche A, 12.33%, (3 Month Term SOFR + 8.00%), 10/17/25 (d) | 5 | 4 |
| 2025 DIP DDTL Tranche A Transferred Facility, 12.33%, (3 Month Term SOFR + 8.00%), 10/17/25 (d) |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 07/24/28 (d) (h) (i) | 100 |  |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 07/10/32 (d) | 75 | 74 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Belron Finance 2019 LLC |  |  |
| 2025 Repriced Term Loan B, 6.74%, (3 Month Term SOFR + 2.50%), 10/16/31 (d) | 217 | 218 |
| BJ's Wholesale Club, Inc. |  |  |
| 2023 Term Loan B, 5.88%, (3 Month Term SOFR + 1.75%), 02/03/29 (d) | 79 | 79 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 7.07%, (1 Month Term SOFR + 2.75%), 12/13/29 (d) | 126 | 126 |
| 2024 Term Loan B4, 7.07%, (1 Month Term SOFR + 2.75%), 01/22/31 (d) | 13 | 13 |
| Byju's Alpha, Inc. |  |  |
| 2024 DIP New Money Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 04/03/26 (d) (l) (r) | 1 | 1 |
| 2024 DIP New Money Term Loan, 12.33%, (1 Month Term SOFR + 8.00%), 04/03/26 (d) (l) | 1 | 1 |
| 2024 Prepetition Reimbursement New Money Term Loan, 12.30%, (3 Month Term SOFR + 8.00%), 04/24/26 (d) (l) | 4 | 4 |
| 2024 Bridge Term Loan, 12.33%, (1 Month Term SOFR + 8.00%), 04/24/26 (d) (l) | 1 | 1 |
| Term Loan B, 0.00%, (LIBOR + 5.50%), 11/05/26 (d) (h) (i) | 158 | 8 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/25/30 (d) | 583 | 581 |
| 2024 Term Loan B1, 6.57%, (1 Month Term SOFR + 2.25%), 01/24/31 (d) | 69 | 69 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/06/30 (d) | 213 | 213 |
| 2025 USD Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/14/32 (d) | 85 | 85 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.93%, (1 Month Term SOFR + 2.50%), 05/25/28 (d) | 127 | 124 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 02/07/28 (d) | 164 | 165 |
| Empire Today, LLC |  |  |
| 2024 2nd Out Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 08/03/29 (d) (l) | 49 | 2 |
| 2024 1st Out Term Loan B, 10.07%, (3 Month Term SOFR + 5.50%), 08/03/29 (d) | 8 | 5 |
| 2024 UnSub FLFO Term Loan A, 10.07%, (3 Month Term SOFR + 5.50%), 08/30/29 (d) | 15 | 9 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 01/17/32 (d) | 187 | 187 |
| Foundation Building Materials Holding Company LLC |  |  |
| 2024 Term Loan B2, 8.31%, (3 Month Term SOFR + 4.00%), 01/25/31 (d) | 237 | 237 |
| 2024 Term Loan B2, 8.32%, (1 Month Term SOFR + 4.00%), 01/25/31 (d) | 1 | 1 |
| Fugue Finance B.V. |  |  |
| 2025 Repriced Term Loan, 6.95%, (3 Month Term SOFR + 2.75%), 01/09/32 (d) | 98 | 98 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.97%, (6 Month Term SOFR + 2.75%), 11/19/31 (d) | 109 | 109 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 05/18/30 (d) | 170 | 170 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/20/32 (d) | 1968 | 1965 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 6.61%, (SOFR + 2.25%), 10/31/29 (d) | 151 | 150 |
| 2025 Term Loan B5 (2032), 6.61%, (SOFR + 2.25%), 07/30/32 (d) | 81 | 81 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 05/20/28 (d) | 378 | 377 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (d) | 515 | 515 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 04/26/30 (d) | 185 | 183 |
| LIDS Holdings, Inc. |  |  |
| Term Loan, 9.74%, (1 Month Term SOFR + 5.50%), 12/03/26 (d) (l) | 13 | 13 |
| Lippert Colipper |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 03/18/32 (d) | 85 | 85 |
| Marriott Ownership Resorts, Inc. |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 03/17/31 (d) | 165 | 165 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 04/08/28 (d) | 133 | 125 |
| Needle Holdings LLC |  |  |
| 2024 Exit Term Loan, 0.00%, (Prime + 8.50%), 04/30/28 (d) (h) (i) (l) | 11 | 3 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.56%, (1 Month Term SOFR + 6.25%), 03/01/26 (d) | 100 | 77 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/15/26 (d) | 57 | 57 |
| Peer Holding III B.V. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (d) (r) | 55 | 55 |
| Power Stop, LLC |  |  |
| 2022 Term Loan, 9.16%, (3 Month Term SOFR + 4.75%), 01/26/29 (d) | 97 | 79 |
| Raising Cane's Restaurants, LLC |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/10/31 (d) | 25 | 25 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.93%, (1 Month Term SOFR + 2.50%), 10/15/28 (d) | 182 | 177 |
| 2022 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 3.25%), 10/20/28 (d) | 109 | 107 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 02/08/28 (d) | 161 | 152 |
| Somnigroup International Inc |  |  |
| Term Loan B, 6.61%, (1 Month Term SOFR + 2.25%), 10/24/31 (d) | 193 | 194 |
| Specialty Building Products Holdings, LLC |  |  |
| 2021 Term Loan B, 8.17%, (1 Month Term SOFR + 3.75%), 10/05/28 (d) | 3 | 3 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 5.00%), 06/24/32 (d) (r) | 32 | 32 |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/24/32 (d) (r) | 21 | 21 |
| 2025 Term Loan, 9.32%, (1 Month Term SOFR + 5.00%), 06/24/32 (d) | 151 | 149 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.75%), 08/22/29 (d) (r) | 135 | 128 |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 08/22/29 (d) | 286 | 271 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/07/31 (d) | 147 | 147 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 08/03/28 (d) | 173 | 173 |
| TGP Holdings III, LLC |  |  |
| 2021 Term Loan, 7.67%, (1 Month Term SOFR + 3.25%), 06/24/28 (d) | 200 | 186 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 04/14/28 (d) | 177 | 174 |
| Varsity Brands, Inc. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 08/26/31 (d) | 189 | 189 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/30/31 (d) | 84 | 84 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Weber-Stephen Products LLC |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 10/20/27 (d) | 409 | 404 |
| 2022 Incremental Term Loan B, 8.67%, (1 Month Term SOFR + 4.25%), 10/30/27 (d) | 94 | 94 |
| Weber-Stephen Products, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 12/31/49 (d) (r) | 350 | 346 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 8.95%, (3 Month Term SOFR + 4.75%), 02/12/32 (d) | 560 | 560 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 08/03/28 (d) | 137 | 137 |
| | | 11853 |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 7.05%, (3 Month Term SOFR + 2.75%), 01/24/31 (d) | 94 | 94 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/07/31 (d) | 210 | 210 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 12/11/28 (d) | 124 | 124 |
| AZZ Inc. |  |  |
| Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/06/29 (d) | 84 | 84 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (d) | 531 | 531 |
| CACI International, Inc. |  |  |
| Term Loan B, 6.03%, (1 Month Term SOFR + 1.75%), 10/16/31 (d) | 74 | 74 |
| Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 10/16/31 (d) | 5 | 5 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.42%, (1 Month Term SOFR + 4.00%), 03/15/31 (d) | 167 | 166 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (d) | 105 | 90 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.00%), 07/22/32 (d) | 94 | 94 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 7.48%, (3 Month Term SOFR + 3.25%), 03/24/31 (d) | 235 | 236 |
| 2025 Term Loan B (2032), 7.48%, (3 Month Term SOFR + 3.25%), 08/07/32 (d) | 245 | 246 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (d) | 77 | 77 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 6.31%, (3 Month Term SOFR + 2.00%), 03/01/31 (d) | 69 | 69 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 02/16/29 (d) | 165 | 150 |
| Dragon Buyer, Inc |  |  |
| Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 09/24/31 (d) | 89 | 89 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 08/30/30 (d) | 69 | 69 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 10/29/29 (d) | 160 | 160 |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 8.06%, (SOFR + 3.50%), 11/06/28 (d) | 20 | 19 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.82%, (1 Month Term SOFR + 2.50%), 05/23/31 (d) | 217 | 217 |
| Finastra USA, Inc. |  |  |
| 2023 Term Loan, 11.29%, (3 Month Term SOFR + 7.25%), 09/13/29 (d) | 48 | 48 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (d) | 68 | 67 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/28/29 (d) | 215 | 214 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 01/23/32 (d) | 95 | 94 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 11/09/29 (d) | 131 | 130 |
| 2024 Term Loan B7, 6.07%, (1 Month Term SOFR + 1.75%), 05/21/31 (d) | 79 | 79 |
| GTT Communications, Inc. |  |  |
| 2025 Fixed Holdco Term Loan, 0.00%, 07/15/31 (r) | 32 | 26 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 03/05/32 (d) | 269 | 269 |
| 2025 2nd Lien Term Loan B, 9.32%, (1 Month Term SOFR + 5.00%), 03/07/33 (d) | 100 | 100 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 8.06%, (3 Month Term SOFR + 3.75%), 07/21/32 (d) | 90 | 90 |
| MH Sub I, LLC |  |  |
| 2021 2nd Lien Term Loan, 10.57%, (1 Month Term SOFR + 6.25%), 02/12/29 (d) | 90 | 78 |
| 2024 Term Loan B4, 0.00%, (1 Month Term SOFR + 4.25%), 12/11/31 (d) (r) | 110 | 101 |
| 2024 Term Loan B4, 8.57%, (1 Month Term SOFR + 4.25%), 12/11/31 (d) | 567 | 521 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 06/05/31 (d) | 143 | 143 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 6.17%, (1 Month Term SOFR + 2.00%), 08/17/29 (d) | 188 | 188 |
| NCR Atleos Corp. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 04/16/29 (d) | 83 | 83 |
| Nord Security Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.00%), 09/22/32 (d) (r) | 30 | 30 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/31/30 (d) | 143 | 143 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.75%), 06/03/28 (d) | 799 | 769 |
| 2nd Lien Term Loan, 13.30%, (3 Month Term SOFR + 9.00%), 06/04/29 (d) | 95 | 90 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 8.07%, (Prime + 2.75%), 07/22/32 (d) | 57 | 57 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 10/28/30 (d) | 192 | 193 |
| 2025 2nd Lien Incremental Term Loan, 9.30%, (3 Month Term SOFR + 5.00%), 11/22/32 (d) | 110 | 109 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 7.07%, (3 Month Term SOFR + 2.75%), 07/02/31 (d) | 138 | 138 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 08/31/28 (d) | 134 | 134 |
| Qnity Electronics Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 08/11/32 (d) (r) | 155 | 155 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 7.04%, (1 Month Term SOFR + 2.75%), 03/15/28 (d) | 272 | 121 |
| 2024 First Lien First Out Term Loan, 10.54%, (1 Month Term SOFR + 6.25%), 05/15/28 (d) | 63 | 64 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (d) | 117 | 116 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (d) | 60 | 60 |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 8.22%, (1 Month Term SOFR + 4.00%), 08/07/32 (d) | 205 | 199 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/05/30 (d) | 174 | 151 |
| Sandisk Corp |  |  |
| Term Loan B, 7.14%, (1 Month Term SOFR + 3.00%), 12/12/31 (d) | 124 | 124 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 7.48%, (3 Month Term SOFR + 3.25%), 08/13/29 (d) | 93 | 93 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.32%, (1 Month Term SOFR + 2.00%), 05/09/31 (d) | 175 | 176 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.45%, (3 Month Term SOFR + 4.25%), 10/11/31 (d) | 104 | 104 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 6.53%, (1 Month Term SOFR + 2.25%), 05/23/30 (d) | 102 | 102 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 01/30/31 (d) | 582 | 581 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 6.03%, (1 Month Term SOFR + 1.75%), 08/07/32 (d) | 162 | 162 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 6.56%, (3 Month Term SOFR + 2.25%), 04/12/31 (d) | 79 | 79 |
| X Corp. |  |  |
| Term Loan, 10.96%, (3 Month Term SOFR + 6.50%), 10/27/29 (d) | 397 | 389 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 675 | 677 |
| X.AI Corp. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 7.25%), 06/17/30 (d) (r) | 5 | 5 |
| Term Loan, 11.54%, (3 Month Term SOFR + 7.25%), 06/17/30 (d) | 175 | 169 |
| Term Loan, 12.50%, 06/28/30 | 20 | 21 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.43%, (1 Month Term SOFR + 3.00%), 02/18/27 (d) | 85 | 83 |
| 2022 USD Incremental Term Loan B, 8.49%, (1 Month Term SOFR + 4.17%), 03/09/27 (d) | 76 | 76 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 09/28/29 (d) | 158 | 158 |
| 5th Amendment Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 10/24/31 (d) | 99 | 99 |
| | | 10662 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/27/29 (d) | 186 | 185 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 8.14%, (1 Month Term SOFR + 3.75%), 11/05/27 (d) | 55 | 55 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 8.25%, (3 Month Term SOFR + 4.00%), 04/08/30 (d) | 144 | 145 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.65%, (3 Month Term SOFR + 5.50%), 02/10/27 (d) (p) | 342 | 241 |
| Altice Financing S.A. |  |  |
| 2022 USD Term Loan, 9.32%, (3 Month Term SOFR + 5.00%), 10/31/27 (d) | 5 | 4 |
| Altice France S.A. |  |  |
| 2018 Term Loan B13, 10.50%, (Prime + 3.00%), 07/13/26 (d) | 20 | 19 |
| 2023 USD Term Loan B14, 9.82%, (3 Month Term SOFR + 5.50%), 08/31/28 (d) | 1033 | 996 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.93%, (1 Month Term SOFR + 5.50%), 07/21/27 (d) | 83 | 80 |
| High-Yield Term Loan B2, 9.93%, (1 Month Term SOFR + 5.50%), 07/21/27 (d) | 135 | 131 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 11/24/28 (d) | 131 | 131 |
| Aventiv Technologies, LLC |  |  |
| 2024 Bridge Term Loan, 14.26%, (3 Month Term SOFR + 10.00%), 12/24/25 (d) | 14 | 14 |
| 2024 PIK Third Out Term Loan, 4.09%, (3 Month Term SOFR + 5.09%), 03/25/26 (d) | 326 | 227 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 03/25/26 (d) | 9 | 9 |
| 2025 5th Amendment Incremental Bridge Loan, 14.58%, (3 Month Term SOFR + 10.00%), 03/25/26 (d) | 103 | 107 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.54%, (3 Month Term SOFR + 2.25%), 11/21/31 (d) | 558 | 558 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.89%, (1 Month Term SOFR + 1.75%), 10/24/30 (d) | 44 | 44 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 07/21/30 (d) | 227 | 227 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (d) | 382 | 365 |
| Coherent Corp |  |  |
| 2025 1st Lien Term Loan B2, 6.32%, (1 Month Term SOFR + 2.00%), 07/02/29 (d) | 111 | 110 |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 12/15/29 (d) | 390 | 394 |
| Connect Holding II LLC |  |  |
| Delayed Draw Term Loan, 8.40%, (1 Month Term SOFR + 4.25%), 04/03/31 (d) | 20 | 19 |
| Delayed Draw Term Loan, 8.46%, (1 Month Term SOFR + 4.25%), 04/03/31 (d) | 78 | 71 |
| Delayed Draw Term Loan, 8.52%, (1 Month Term SOFR + 4.25%), 04/03/31 (d) | 112 | 102 |
| PIK Term Loan B, 9.89%, (1 Month Term SOFR + 5.75%), 10/03/31 (d) | 27 | 19 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 7.57%, (3 Month Term SOFR + 3.25%), 01/24/32 (d) | 160 | 158 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.78%, (1 Month Term SOFR + 4.50%), 12/02/31 (d) | 412 | 411 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.65%, (1 Month Term SOFR + 4.50%), 01/17/28 (d) | 45 | 44 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 06/29/29 (d) | 130 | 121 |
| 2024 1st Lien Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 09/26/31 (d) | 109 | 101 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 7.78%, (1 Month Term SOFR + 3.50%), 06/05/32 (d) | 110 | 110 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (d) | 165 | 165 |
| 2025 Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 05/22/32 (d) | 115 | 114 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.65%, (1 Month Term SOFR + 2.50%), 07/01/31 (d) | 114 | 114 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 05/17/32 (d) | 65 | 65 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 7.39%, (3 Month Term SOFR + 3.39%), 09/16/32 (d) | 120 | 116 |
| Level 3 Financing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 03/29/32 (d) (r) | 15 | 15 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 6.25%, (1 Month Term SOFR + 2.00%), 11/05/31 (d) | 154 | 154 |
| Light and Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 6.39%, (1 Month Term SOFR + 2.25%), 04/19/29 (d) | 184 | 184 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 10.32%, (1 Month Term SOFR + 6.00%), 06/01/28 (d) | 172 | 175 |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (d) | 173 | 172 |
| 2024 Extended Term Loan B2, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/30 (d) | 479 | 475 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (d) | 98 | 95 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 8.07%, (3 Month Term SOFR + 3.75%), 02/21/30 (d) | 99 | 99 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.61%, (3 Month Term SOFR + 9.05%), 11/01/25 (d) | 180 | 2 |
| Sinclair Television Group Inc. |  |  |
| 2025 Term Loan B7, 8.52%, (1 Month Term SOFR + 4.10%), 12/31/30 (d) | 73 | 65 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 11/21/31 (d) | 114 | 114 |
| Topgolf Callaway Brands Corp. |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 03/14/30 (d) | 64 | 63 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/17/31 (d) | 45 | 39 |
| TripAdvisor Inc |  |  |
| Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 07/01/31 (d) | 79 | 77 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 05/06/28 (d) | 310 | 308 |
| 2024 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 01/31/29 (d) | 74 | 74 |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (d) | 58 | 58 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (d) | 160 | 158 |
| Windstream Services LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.00%), 09/24/32 (d) (r) | 275 | 272 |
| | | 8371 |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.32%, (1 Month Term SOFR + 3.00%), 11/06/30 (d) | 800 | 798 |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 06/07/32 (d) | 175 | 174 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 05/21/32 (d) | 105 | 105 |
| 2025 2nd Lien Term Loan, 9.82%, (1 Month Term SOFR + 5.50%), 05/15/33 (d) | 70 | 72 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/23/32 (d) | 213 | 213 |
| Asurion LLC |  |  |
| 2021 Term Loan B9, 7.68%, (1 Month Term SOFR + 3.25%), 02/05/28 (d) | 84 | 84 |
| 2021 2nd Lien Term Loan B3, 9.68%, (1 Month Term SOFR + 5.25%), 02/05/28 (d) | 125 | 122 |
| 2022 Term Loan B10, 8.42%, (1 Month Term SOFR + 4.00%), 08/16/28 (d) | 178 | 179 |
| 2023 Term Loan B11, 8.67%, (1 Month Term SOFR + 4.25%), 08/19/28 (d) | 91 | 91 |
| 2021 Second Lien Term Loan B4, 9.68%, (1 Month Term SOFR + 5.25%), 01/15/29 (d) | 320 | 306 |
| 2024 Term Loan B12, 8.57%, (1 Month Term SOFR + 4.25%), 09/12/30 (d) | 892 | 888 |
| 2025 Term Loan B13, 8.57%, (1 Month Term SOFR + 4.25%), 09/19/30 (d) | 170 | 169 |
| Azorra Soar TLB Finance Ltd |  |  |
| 2025 Term Loan B, 6.79%, (3 Month Term SOFR + 2.75%), 10/18/29 (d) | 89 | 89 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.70%, (3 Month Term SOFR + 3.50%), 07/22/32 (d) | 75 | 75 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.07%, (1 Month Term SOFR + 2.75%), 05/10/31 (d) | 194 | 194 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 05/30/32 (d) | 140 | 133 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.43%, (1 Month Term SOFR + 4.25%), 02/11/28 (d) | 167 | 167 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 10/31/31 (d) | 213 | 213 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/21/31 (d) | 171 | 168 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 55 | 55 |
| 2025 2nd Amendment Term Loan, 7.03%, (1 Month Term SOFR + 2.75%), 02/16/32 (d) | 70 | 68 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.58%, (3 Month Term SOFR + 2.50%), 06/20/30 (d) | 527 | 528 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.20%, (3 Month Term SOFR + 2.00%), 12/10/31 (d) | 161 | 160 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 7.06%, (3 Month Term SOFR + 2.75%), 03/15/30 (d) | 59 | 59 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (d) | 181 | 133 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 07/31/31 (d) | 220 | 220 |
| 2025 Incremental Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 07/31/31 (d) | 50 | 50 |
| 2025 2nd Lien Term Loan B, 10.07%, (1 Month Term SOFR + 5.75%), 01/30/32 (d) | 65 | 65 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.15%, (3 Month Term SOFR + 5.00%), 01/19/29 (d) (p) | 84 | 78 |
| Osttra Group Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 05/21/32 (d) (r) | 80 | 80 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/11/31 (d) | 152 | 152 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/16/28 (d) | 143 | 143 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 Second Out Term Loan, 11.82%, (1 Month Term SOFR + 7.50%), 10/03/29 (d) (l) | 72 | 6 |
| 2024 UnSub FLFO, 12.57%, (1 Month Term SOFR + 8.35%), 10/07/29 (d) (l) | 34 | 30 |
| Superannuation and Investments US LLC |  |  |
| 2025 Repriced Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 12/01/28 (d) | 78 | 78 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.07%, (1 Month Term SOFR + 1.75%), 06/06/31 (d) | 49 | 49 |
| 2024 Term Loan B9, 6.07%, (1 Month Term SOFR + 1.75%), 06/24/31 (d) | 167 | 167 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 05/06/31 (d) (r) | 60 | 60 |
| 2024 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 05/06/31 (d) | 183 | 183 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 6.55%, (3 Month Term SOFR + 2.25%), 11/23/29 (d) | 129 | 129 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (d) | 29 | 29 |
| | | 6762 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| American Rock Salt Company LLC |  |  |
| 2021 Term Loan, 8.46%, (3 Month Term SOFR + 4.00%), 06/04/28 (d) | 34 | 26 |
| 2024 First Out Term Loan, 11.46%, (3 Month Term SOFR + 7.00%), 06/09/28 (d) | 17 | 16 |
| 2024 First Out Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 7.00%), 06/12/28 (d) (r) | 4 | 4 |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.42%, (1 Month Term SOFR + 4.00%), 10/28/27 (d) | 43 | 41 |
| 2020 2nd Lien Term Loan, 12.17%, (1 Month Term SOFR + 7.75%), 10/28/28 (d) | 140 | 127 |
| Avient Corporation |  |  |
| 2025 Term Loan B, 6.07%, (3 Month Term SOFR + 1.75%), 08/29/29 (d) | 26 | 26 |
| Bakelite US Holdco, Inc. |  |  |
| 2024 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/16/31 (d) | 154 | 153 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 7.53%, (3 Month Term SOFR + 3.25%), 06/07/31 (d) | 149 | 150 |
| 2025 Term Loan B7, 7.58%, (3 Month Term SOFR + 3.25%), 06/07/31 (d) | 43 | 43 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 6.93%, (1 Month Term SOFR + 2.75%), 12/01/30 (d) | 158 | 158 |
| Chemours Company (The) |  |  |
| 2023 USD Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 08/10/28 (d) | 194 | 193 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.82%, (1 Month Term SOFR + 4.50%), 11/07/30 (d) | 122 | 114 |
| Derby Buyer LLC |  |  |
| 2024 Repriced Term Loan B, 7.18%, (1 Month Term SOFR + 3.00%), 11/01/30 (d) | 128 | 128 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 8.08%, (3 Month Term SOFR + 3.75%), 08/04/29 (d) | 228 | 226 |
| Graham Packaging Company Inc. |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 08/04/27 (d) | 147 | 147 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.14%, (1 Month Term SOFR + 4.00%), 03/15/29 (d) | 441 | 440 |
| 2022 USD 2nd Lien Term Loan, 11.85%, (1 Month Term SOFR + 7.44%), 02/09/30 (d) | 54 | 54 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.67%, (1 Month Term SOFR + 4.25%), 03/09/29 (d) | 321 | 289 |
| 2023 USD Term Loan, 8.17%, (1 Month Term SOFR + 3.75%), 03/01/30 (d) | 64 | 56 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 9.02%, (6 Month Term SOFR + 4.72%), 02/04/26 (d) | 145 | 70 |
| 2025 USD Bridge Facility, 14.14%, (1 Month Term SOFR + 10.00%), 10/27/26 (d) (l) | 14 | 14 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 11/26/31 (d) | 118 | 117 |
| Lonza Group AG |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.92%), 04/29/28 (d) (r) | 30 | 27 |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.92%), 04/29/28 (d) | 297 | 267 |
| Luxembourg Investment Company 428 S.a r.l. |  |  |
| Term Loan B, 0.00%, (SOFR + 7.00%), 10/22/28 (d) (h) (i) | 58 | 1 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 9.06%, (3 Month Term SOFR + 4.75%), 08/21/31 (d) | 337 | 333 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.82%, (1 Month Term SOFR + 5.50%), 03/25/30 (d) | 304 | 306 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.92%, (1 Month Term SOFR + 3.50%), 09/22/28 (d) | 151 | 151 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.50%, (1 Month Term SOFR + 3.25%), 04/03/28 (d) | 138 | 138 |
| SCIH Salt Holdings Inc. |  |  |
| 2021 Incremental Term Loan B, 7.20%, (6 Month Term SOFR + 3.00%), 03/16/27 (d) | 119 | 119 |
| Solstice Advanced Materials, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 09/16/32 (d) (r) | 75 | 75 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 03/18/28 (d) | 90 | 90 |
| 2025 USD Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 05/22/30 (d) | 115 | 115 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 03/27/31 (d) | 30 | 30 |
| TPC Group Inc. |  |  |
| 2024 Term Loan B, 9.77%, (3 Month Term SOFR + 5.75%), 11/22/31 (d) | 134 | 129 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 01/29/28 (d) | 207 | 205 |
| USALCO, LLC |  |  |
| 2025 Term Loan, 7.82%, (1 Month Term SOFR + 3.50%), 09/30/31 (d) | 72 | 72 |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.50%), 12/31/49 (d) (r) | 7 | 7 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 7.35%, (1 Month Term SOFR + 3.00%), 08/11/32 (d) | 95 | 95 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 2.75%), 08/01/30 (d) | 157 | 157 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 6.41%, (1 Month Term SOFR + 2.25%), 01/24/31 (d) | 84 | 84 |
|  |  | 4993 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.70%, (3 Month Term SOFR + 4.25%), 02/01/29 (d) | 98 | 72 |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 07/24/32 (d) | 115 | 115 |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan B6, 6.42%, (1 Month Term SOFR + 2.00%), 11/08/27 (d) | 10 | 10 |
| Aveanna Healthcare, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 09/11/32 (d) (r) | 45 | 45 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (d) | 200 | 199 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.57%, (1 Month Term SOFR + 6.25%), 09/25/30 (d) | 599 | 589 |
| Cano Health LLC |  |  |
| 2024 Exit Term Loan, 13.80%, (3 Month Term SOFR + 9.50%), 06/28/29 (d) | 94 | 77 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.56%, (3 Month Term SOFR + 2.25%), 11/08/32 (d) | 139 | 139 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 05/09/31 (d) | 140 | 140 |
| Electron BidCo Inc. |  |  |
| 2021 Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 10/29/28 (d) | 82 | 83 |
| Embecta Corp |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 01/27/29 (d) | 133 | 133 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/23/31 (d) | 163 | 163 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.82%, (1 Month Term SOFR + 4.50%), 01/30/29 (d) | 69 | 69 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.63%, (1 Month Term SOFR + 3.50%), 10/02/28 (d) | 85 | 85 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) (r) | 8 | 8 |
| 2024 Delayed Draw Term Loan, 7.82%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) | 1 | 1 |
| 2024 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) | 71 | 71 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 07/31/32 (d) | 45 | 45 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 9.32%, (1 Month Term SOFR + 5.00%), 09/20/31 (d) | 297 | 267 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 08/04/31 (d) | 191 | 192 |
| Jazz Financing Lux S.a r.l. |  |  |
| 2024 1st Lien Term Loan B2, 6.57%, (1 Month Term SOFR + 2.25%), 05/05/28 (d) | 242 | 243 |
| Loire Finco Luxembourg S.a. r.l. |  |  |
| 2025 USD Term Loan B, 8.31%, (3 Month Term SOFR + 4.00%), 01/31/30 (d) | 55 | 55 |
| MED ParentCo LP |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 04/15/31 (d) | 140 | 141 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 10/23/28 (d) | 390 | 390 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 6.41%, (1 Month Term SOFR + 2.25%), 05/19/31 (d) | 159 | 155 |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/21/31 (d) | 103 | 103 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 06/26/32 (d) | 25 | 25 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.64%, (1 Month Term SOFR + 2.50%), 05/30/31 (d) | 85 | 85 |
| Team Health Holdings, Inc. |  |  |
| 2025 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 06/30/28 (d) | 40 | 40 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.64%, (1 Month Term SOFR + 4.25%), 09/22/28 (d) | 44 | 44 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.57%, (3 Month Term SOFR + 4.00%), 12/30/26 (d) | 624 | 599 |
| 2020 Incremental Term Loan, 13.07%, (3 Month Term SOFR + 8.50%), 12/30/26 (d) | 53 | 51 |
| US Radiology Specialists, Inc. |  |  |
| 2024 Term Loan B, 9.05%, (3 Month Term SOFR + 4.75%), 05/10/28 (d) | 62 | 62 |
| | | 4496 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 08/06/32 (d) | 545 | 547 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 12/23/30 (d) | 99 | 99 |
| BIFM US Finance LLC |  |  |
| 2024 Incremental Term Loan, 8.07%, (1 Month Term SOFR + 3.75%), 05/31/28 (d) | 109 | 109 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 03/17/28 (d) | 121 | 120 |
| C&S Wholesale Grocers LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 08/05/30 (d) (r) | 200 | 195 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 11.15%, (3 Month Term SOFR + 6.75%), 07/20/29 (d) | 194 | 165 |
| Celsius Holdings, Inc |  |  |
| Term Loan, 7.54%, (3 Month Term SOFR + 3.25%), 03/21/32 (d) | 110 | 110 |
| Chobani, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 10/25/27 (d) | 149 | 149 |
| Del Monte Foods, Inc. |  |  |
| 2025 DIP Term Loan, 5.33%, (1 Month Term SOFR + 9.50%), 04/02/26 (d) | 168 | 160 |
| 2025 PIK Roll-Up Term Loan, 13.75%, (1 Month Term SOFR + 9.60%), 04/02/26 (d) | 134 | 107 |
| 2025 PIK Roll-Up Term Loan, 13.77%, (1 Month Term SOFR + 9.50%), 04/02/26 (d) | 85 | 68 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (d) (h) (i) | 44 | 21 |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (d) (h) (i) | 42 | 20 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (d) (h) (i) | 276 | 11 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (d) | 145 | 144 |
| 2025 Incremental Term Loan, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (d) (l) | 213 | 213 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/12/31 (d) | 158 | 158 |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 6.20%, (6 Month Term SOFR + 2.00%), 09/16/31 (d) | 153 | 151 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.23%, (1 Month Term SOFR + 4.00%), 10/07/31 (d) | 79 | 79 |
| JP Intermediate B, LLC |  |  |
| 2023 Revolver, 9.82%, (3 Month Term SOFR + 5.50%), 08/12/27 (d) (l) | 31 | 1 |
| 2023 Term Loan, 0.00%, (Prime + 6.50%), 11/20/27 (d) (h) (i) | 130 | 4 |
| Term Loan, 0.00%, 12/31/49 (d) (l) (r) | 3 | 3 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.65%, (3 Month Term SOFR + 3.25%), 01/24/29 (d) | 142 | 107 |
| 2025 FLFO Term Loan, 9.80%, (3 Month Term SOFR + 5.50%), 01/24/29 (d) | 108 | 108 |
| 2025 FLTO Term Loan, 10.40%, (3 Month Term SOFR + 6.00%), 01/24/30 (d) | 28 | 12 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 6.39%, (1 Month Term SOFR + 2.25%), 03/05/32 (d) | 219 | 219 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.80%, (3 Month Term SOFR + 3.50%), 02/17/29 (d) | 33 | 32 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.54%, (3 Month Term SOFR + 3.25%), 04/01/29 (d) | 117 | 114 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 03/31/28 (d) | 333 | 333 |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 8.30%, (6 Month Term SOFR + 3.75%), 01/03/28 (d) | 138 | 132 |
|  |  | 3691 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/19/31 (d) | 144 | 143 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 02/26/32 (d) | 75 | 75 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/30/31 (d) | 61 | 61 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (d) | 163 | 163 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (d) (r) | 5 | 2 |
| 2025 Incremental Term Loan B, 9.57%, (3 Month Term SOFR + 5.50%), 10/30/28 (d) | 1154 | 555 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.06%, (3 Month Term SOFR + 1.75%), 03/27/31 (d) | 139 | 139 |
| 2024 Term Loan, 6.17%, (1 Month Term SOFR + 1.75%), 03/27/31 (d) |  |  |
| Talen Energy Supply, LLC |  |  |
| 2024-1 Incremental Term Loan, 6.73%, (3 Month Term SOFR + 2.50%), 12/10/31 (d) | 55 | 55 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.38%, (1 Month Term SOFR + 2.23%), 05/25/29 (d) | 5 | 5 |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.54%, (1 Month Term SOFR + 2.23%), 05/25/29 (d) | 24 | 24 |
| Base Term Loan, 6.54%, (1 Month Term SOFR + 2.23%), 05/25/29 (d) | 231 | 231 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 6.07%, (1 Month Term SOFR + 1.75%), 12/11/25 (d) | 211 | 211 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (d) | 224 | 224 |
| | | 1888 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.80%, (3 Month Term SOFR + 4.50%), 08/01/30 (d) | 527 | 476 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan B1, 7.07%, (1 Month Term SOFR + 2.75%), 01/31/30 (d) | 98 | 98 |
| 2025 Term Loan B3, 7.07%, (1 Month Term SOFR + 2.75%), 01/31/30 (d) | 66 | 66 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 08/21/30 (d) | 78 | 78 |
|  |  | 718 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| ACNR Holdings INC |  |  |
| 2nd Lien Term Loan, 13.00%, (3 Month Term SOFR + 0.00%), 12/11/29 (d) (l) | 40 | 39 |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 12/30/27 (d) | 54 | 54 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.92%, (1 Month Term SOFR + 3.50%), 11/10/29 (d) | 128 | 128 |
| Epic Crude Services, LP |  |  |
| 2025 Term Loan B, 6.83%, (3 Month Term SOFR + 2.50%), 10/15/31 (d) | 107 | 107 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 02/28/30 (d) | 88 | 88 |
| Prairie ECI Acquiror LP |  |  |
| 2025 Repriced Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 08/01/29 (d) | 54 | 54 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/18/31 (d) | 149 | 149 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.81%, (3 Month Term SOFR + 2.50%), 02/16/28 (d) | 59 | 59 |
|  |  | 678 |
| Total Senior Floating Rate Instruments (cost $76,423) | Total Senior Floating Rate Instruments (cost $76,423) | 74295 |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| California Resources Corporation | 2 | 90 |
| Expand Energy Corporation | 5 | 500 |
| Limetree Bay Cayman Limited (h) (l) |  |  |
| Mesquite Energy, Inc. (h) (l) | 4 | 790 |
| New Fortress Energy Inc. (h) (s) | 8 | 17 |
|  |  | 1397 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Acrisure Investment Holdings, LLC (h) (l) | 6 | 162 |
| AFLAC Incorporated (h) | 2 | 38 |
| New Cineworld Ltd. (h) (l) | 5 | 128 |
|  |  | 328 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| ACNR Holdings Inc. (h) (l) | 2 | 247 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Cano Health, Inc. (h) (l) | 15 | 177 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Fusion Parent, LLC (h) (l) | 3 | 132 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Old Claimco, LLC (h) (l) | 5 | 49 |
| Party City Holdings Inc. (h) (l) |  |  |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Travelport Worldwide Limited (h) (l) |  | 36 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Diamond Sports Group, LLC (h) |  | 2 |
| Total Common Stocks (cost $850) | Total Common Stocks (cost $850) | 2368 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Strategy Inc, 10.00% (m) | 2 | 181 |
| Strategy Inc, 9.00%, (101, 11/07/25) (m) |  | 39 |
|  |  | 220 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Albemarle Corporation, 7.25%, 03/01/27 (n) | 1 | 43 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Apollo Global Management, Inc., 6.75%, 07/31/26 (n) | 1 | 42 |
| Total Preferred Stocks (cost $319) | Total Preferred Stocks (cost $319) | 305 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Cano Health, Inc. (h) (l) | 1 | 2 |
| Carnelian Point Holdings, L.P. (h) (l) |  |  |
| Total Warrants (cost $3) | Total Warrants (cost $3) | 2 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Parkland Corporation (h) (l) (t) | 60 |  |
| Parkland Corporation (h) (l) (t) | 55 |  |
| Parkland Corporation (h) (l) (t) | 210 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (u) (v) | 66479 | 66479 |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 4.14% (u) (v) | 12728 | 12728 |
| Total Short Term Investments (cost $79,207) | Total Short Term Investments (cost $79,207) | 79207 |
| **Total Investments 107.4% (cost $1,594,864)** | **Total Investments 107.4% (cost $1,594,864)** | **1542795** |
| **Total Forward Sales Commitments (0.4)% (proceeds $5,523)** | **Total Forward Sales Commitments (0.4)% (proceeds $5,523)** | **(5525)** |
| **Total Purchased Options 0.1% (cost $1,010)** | **Total Purchased Options 0.1% (cost $1,010)** | **754** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **188** |
| **Other Assets and Liabilities, Net (7.1)%** | **Other Assets and Liabilities, Net (7.1)%** | **(102092)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1436120** |

---

(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 September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $77,621.

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

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 September 30, 2025, the value and the percentage of net assets of these securities was $130,057 and 9.1% of the Fund.

(f) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

(h) Non-income producing security.

(i) As of September 30, 2025, 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) 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.

(k) Treasury inflation indexed note, par amount is adjusted for inflation.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(m) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(n) Convertible security.

(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 September 30, 2025.

(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) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(r) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(t) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(u) Investment in affiliate.

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.4%)** | **FORWARD SALES COMMITMENTS (0.4%)** | **FORWARD SALES COMMITMENTS (0.4%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** |
| **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 2.00%, 10/15/55 (a) | (6850) | (5525) |
| Total Government And Agency Obligations (proceeds $5,523) | Total Government And Agency Obligations (proceeds $5,523) | (5525) |
| **Total Forward Sales Commitments (0.4%) (proceeds $5,523)** | **Total Forward Sales Commitments (0.4%) (proceeds $5,523)** | **(5525)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $5,523.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 17327 | 258732 | 209580 | 1071 |  |  | 66479 | 4.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10156 | 124123 | 121551 | 383 |  |  | 12728 | 0.9 |
|  | 27483 | 382855 | 331131 | 1454 |  |  | 79207 | 5.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Alpha Star Holding IX Limited, 7.00%, 08/26/28 | 04/02/25 | 203 | 205 |  |
| Celtic Resources Holdings Designated Activity Company, 0.00%, 12/31/25 | 10/02/19 | 102 |  |  |
| Cosan Overseas Limited, 8.25% | 06/27/19 | 190 | 192 |  |
| Dar Al Arkan Sukuk Co Ltd, 7.25%, 07/02/30 | 08/18/25 | 201 | 203 |  |
| DP World Salaam, 6.00% (callable at 100, 10/01/25) | 02/15/23 | 200 | 200 |  |
| Dubai, Government of, 5.25%, 01/30/43 | 10/27/22 | 172 | 197 |  |
| Leviathan Bond Ltd, 6.50%, 06/30/27 | 05/14/25 | 159 | 160 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 03/09/20 | 06/24/19 | 217 | 48 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 04/03/20 | 07/01/19 | 74 | 22 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 05/15/17 | 3158 | 1236 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 10/23/17 | 402 | 223 |  |
| Saudi Arabian Oil Company, 6.38%, 06/02/55 | 06/11/25 | 197 | 213 |  |
| TCS Finance Designated Activity Company, 0.00% (callable at 100, 12/20/26) | 09/13/21 | 200 |  |  |
| TV Azteca S.A.B. de C.V., 0.00%, 08/09/26 | 07/01/19 | 300 | 106 |  |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 215 | 226 | 0.1 |
|  |  | 5990 | 3231 | 0.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 121 | December 2025 | 13623 | (2) | (11) |
| United States 2 Year Note | 142 | January 2026 | 29589 | 16 | 3 |
| United States 5 Year Note | 1086 | January 2026 | 118374 | 42 | 212 |
| United States Long Bond | 13 | December 2025 | 1518 | (3) | (2) |
|  |  |  |  | 53 | 202 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (16) | December 2025 | (1929) | 9 | 8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/17/27 | 15474 | (6) | 60 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/17/28 | 23068 | (13) | 129 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/29 | 4838 | (2) | 39 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/32 | 3677 |  | 45 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/45 | 1691 | 4 | 33 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/17/35 | 210 |  | (1) |
|  |  |  |  |  | (17) | 305 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total 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** |
| CDX.EM.IG.44 (Q) | N/A | 1.00 | 12/20/30 | 595 | (9) | (18) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| U.S. SOFR, 04/26/35 | BOA | Call | 4.08 | 04/24/30 | 1380000 | 1380 | 44 |
| U.S. SOFR, 04/25/35 | BOA | Call | 4.03 | 04/23/30 | 470000 | 470 | 14 |
| U.S. SOFR, 05/06/35 | BOA | Call | 4.07 | 05/02/30 | 1930000 | 1930 | 61 |
| U.S. SOFR, 08/12/36 | BOA | Call | 3.80 | 08/13/26 | 450000 | 450 | 13 |
| U.S. SOFR, 05/09/35 | BOA | Call | 4.01 | 05/07/30 | 610000 | 610 | 18 |
| U.S. SOFR, 01/30/36 | CIT | Call | 4.11 | 01/28/26 | 2480000 | 2480 | 9 |
| U.S. SOFR, 04/29/35 | CIT | Call | 4.03 | 04/25/30 | 600000 | 600 | 18 |
| U.S. SOFR, 08/27/36 | GSC | Call | 3.80 | 08/25/26 | 3040000 | 3040 | 66 |
| U.S. SOFR, 11/09/34 | MSC | Call | 3.87 | 11/07/29 | 1700000 | 1700 | 46 |
| U.S. SOFR, 04/26/35 | MSC | Call | 4.08 | 04/24/30 | 1490000 | 1490 | 47 |
| U.S. SOFR, 04/25/35 | BOA | Put | 4.03 | 04/23/30 | 470000 | 470 | 13 |
| U.S. SOFR, 05/06/35 | BOA | Put | 4.07 | 05/02/30 | 1930000 | 1930 | 50 |
| U.S. SOFR, 04/26/35 | BOA | Put | 4.08 | 04/24/30 | 1380000 | 1380 | 35 |
| U.S. SOFR, 05/09/35 | BOA | Put | 4.01 | 05/07/30 | 610000 | 610 | 17 |
| U.S. SOFR, 08/12/36 | BOA | Put | 3.80 | 08/13/26 | 450000 | 450 | 10 |
| U.S. SOFR, 01/30/36 | CIT | Put | 4.11 | 01/28/26 | 2480000 | 2480 | 101 |
| U.S. SOFR, 04/29/35 | CIT | Put | 4.03 | 04/25/30 | 600000 | 600 | 16 |
| U.S. SOFR, 08/27/36 | GSC | Put | 3.80 | 08/25/26 | 3040000 | 3040 | 91 |
| U.S. SOFR, 11/09/34 | MSC | Put | 3.87 | 11/07/29 | 1700000 | 1700 | 47 |
| U.S. SOFR, 04/26/35 | MSC | Put | 4.08 | 04/24/30 | 1490000 | 1490 | 38 |
|  |  |  |  |  |  |  | 754 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total 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 - 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** |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 40  | 7  | 10  | (3)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 70  | 12  | 18  | (6)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 10  | 1  | 2  | (1)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 100  | 16  | 30  | (14)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 60  | 9  | 17  | (8)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 50  | 8  | 15  | (7)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 20  | 3  | 6  | (3)  |
| CMBX.NA.BB.18 (M)  | GSC | N/A | 5.00 | 12/17/57  | 100  | 13  | 15  | (2)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 7  | 10  | (3)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 7  | 7  | —  |
| CMBX.NA.AAA.13 (M)  | JPM | N/A | 0.50 | 12/16/72  | 970  | (4)  | 6  | (10)  |
| CMBX.NA.BB.18 (M)  | JPM | N/A | 5.00 | 12/17/57  | 100  | 12  | 7  | 5  |
| CMBX.NA.BBB-.18 (M)  | JPM | N/A | 3.00 | 12/17/57  | 100  | 7  | 5  | 2  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 300  | 22  | 12  | 10  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 30  | 5  | 8  | (3)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 40  | 6  | 10  | (4)  |
| CMBX.NA.BBB-.16 (M)  | MSC | N/A | 3.00 | 04/17/65  | 80  | 13  | 21  | (8)  |
| CMBX.NA.BB.18 (M)  | MSC | N/A | 5.00 | 12/17/57  | 100  | 13  | 7  | 6  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 50  | 9  | 15  | (6)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 30  | 5  | 9  | (4)  |
| CMBX.NA.BBB-.18 (M)  | CIT | N/A | 3.00 | 12/17/57  | 100  | 7  | 4  | 3  |
|  |  |  |  |  | 2550 | 178 | 234 | (56) |
| **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** |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (300)  | (4)  | (4)  | —  |
| CMBX.NA.AAA.17 (M)  | MSC | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (300)  | (4)  | (9)  | 5  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (3)  | 1  |
| CMBX.NA.AAA.13 (M)  | MSC | 0.00 | 0.50 | 12/16/72  | (970)  | 4  | (23)  | 27  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (1)  | (2)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (500)  | (6)  | (9)  | 3  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
|  |  |  |  |  | (2470) | (17) | (54) | 37 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 817175 |  | 817175 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 377630 | 48 | 377678 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 190504 | 1261 | 191765 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 73373 | 922 | 74295 |
| &nbsp;&nbsp;Common Stocks | 630 | 17 | 1721 | 2368 |
| &nbsp;&nbsp;Preferred Stocks | 305 |  |  | 305 |
| &nbsp;&nbsp;Warrants |  |  | 2 | 2 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 79207 |  |  | 79207 |
|  | 80142 | 1458699 | 3954 | 1542795 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (5525) |  | (5525) |
|  |  | (5525) |  | (5525) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 223 |  |  | 223 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 306 |  | 306 |
| &nbsp;&nbsp;OTC Purchased Options |  | 754 |  | 754 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 63 |  | 63 |
|  | 223 | 1123 |  | 1346 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13) |  |  | (13) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (1) |  | (1) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (82) |  | (82) |
|  | (13) | (83) |  | (96) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **United States of America 57.9%** | **United States of America 57.9%** | **United States of America 57.9%** |
| AES Corporation, The | 189 | 2491 |
| American Electric Power Company, Inc. | 195 | 21935 |
| American Tower Corporation | 5 | 966 |
| Cheniere Energy, Inc. | 70 | 16530 |
| CSX Corporation | 518 | 18378 |
| Dominion Energy, Inc. | 213 | 13037 |
| DT Midstream, Inc. | 73 | 8286 |
| Duke Energy Corporation | 192 | 23725 |
| Equinix, Inc. | 7 | 5150 |
| Evergy, Inc. | 176 | 13410 |
| Eversource Energy | 185 | 13132 |
| NextEra Energy, Inc. | 245 | 18503 |
| Norfolk Southern Corporation | 64 | 19105 |
| ONEOK, Inc. | 191 | 13971 |
| PG&E Corporation | 653 | 9851 |
| Public Service Enterprise Group Incorporated | 138 | 11508 |
| SBA Communications Corporation - Class A | 79 | 15190 |
| Sempra | 243 | 21900 |
| Targa Resources Corp. | 41 | 6819 |
| UGI Corporation | 139 | 4606 |
| Union Pacific Corporation | 47 | 11185 |
| XCEL Energy Inc. | 212 | 17061 |
|  |  | 286739 |
| **Australia 6.3%** | **Australia 6.3%** | **Australia 6.3%** |
| Atlas Arteria Limited | 3067 | 9989 |
| Transurban Holdings Limited | 2337 | 21354 |
|  |  | 31343 |
| **France 6.2%** | **France 6.2%** | **France 6.2%** |
| Aeroports de Paris | 77 | 10170 |
| Getlink S.E. | 889 | 16360 |
| VINCI | 29 | 4060 |
|  |  | 30590 |
| **United Kingdom 5.8%** | **United Kingdom 5.8%** | **United Kingdom 5.8%** |
| National Grid PLC | 1494 | 21425 |
| United Utilities PLC | 489 | 7555 |
|  |  | 28980 |
| **Mexico 4.7%** | **Mexico 4.7%** | **Mexico 4.7%** |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 620 | 14596 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 622 | 8516 |
|  |  | 23112 |
| **Brazil 3.7%** | **Brazil 3.7%** | **Brazil 3.7%** |
| Motiva Infraestrutura De Mobilidade S.A. | 4402 | 12290 |
| Rumo S.A. | 2016 | 6020 |
|  |  | 18310 |
| **China 3.6%** | **China 3.6%** | **China 3.6%** |
| Beijing Capital International Airport Co., Ltd. - Class H (a) | 15634 | 5585 |
| China Tower Corporation Limited - Class H | 4799 | 7077 |
| ENN Energy Holdings Limited | 644 | 5312 |
|  |  | 17974 |
| **Switzerland 3.0%** | **Switzerland 3.0%** | **Switzerland 3.0%** |
| Flughafen Zurich AG - Class N | 48 | 14803 |
| **Italy 2.8%** | **Italy 2.8%** | **Italy 2.8%** |
| Hera S.p.A. | 1960 | 8841 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (b) | 449 | 5278 |
|  |  | 14119 |
| **Japan 2.6%** | **Japan 2.6%** | **Japan 2.6%** |
| Japan Airport Terminal Co., Ltd. | 240 | 7663 |
| West Japan Railway Company | 228 | 5003 |
|  |  | 12666 |
| **Germany 1.7%** | **Germany 1.7%** | **Germany 1.7%** |
| RWE Aktiengesellschaft | 186 | 8300 |
| **Denmark 0.3%** | **Denmark 0.3%** | **Denmark 0.3%** |
| Orsted A/S (a) (b) (c) | 77 | 1343 |
| Total Common Stocks (cost $442,795) | Total Common Stocks (cost $442,795) | 488279 |
| **RIGHTS 0.2%** | **RIGHTS 0.2%** | **RIGHTS 0.2%** |
| **Denmark 0.2%** | **Denmark 0.2%** | **Denmark 0.2%** |
| Orsted A/S (a) (c) | 1148 | 1143 |
| Total Rights (cost $1,128) | Total Rights (cost $1,128) | 1143 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 2452 | 2452 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 1815 | 1815 |
| Total Short Term Investments (cost $4,267) | Total Short Term Investments (cost $4,267) | 4267 |
| **Total Investments 99.7% (cost $448,190)** | **Total Investments 99.7% (cost $448,190)** | **493689** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **1321** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **495010** |

---

(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 September 30, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 6419 | 114931 | 119535 | 126 |  |  | 1815 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 52084 | 49632 | 102 |  |  | 2452 | 0.5 |
|  | 6419 | 167015 | 169167 | 228 |  |  | 4267 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 04/26/22 | 5288 | 5278 | 1.0 |
| Orsted A/S | 08/29/25 | 1275 | 1343 | 0.3 |
|  |  | 6563 | 6621 | 1.3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 328161 | 160118 |  | 488279 |
| &nbsp;&nbsp;Rights |  | 1143 |  | 1143 |
| &nbsp;&nbsp;Short Term Investments | 4267 |  |  | 4267 |
|  | 332428 | 161261 |  | 493689 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 34.6%** | **CORPORATE BONDS AND NOTES 34.6%** | **CORPORATE BONDS AND NOTES 34.6%** |
| **Health Care 6.6%** | **Health Care 6.6%** | **Health Care 6.6%** |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4780 | 4658 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/15/29 (a) (b) | 12847 | 10216 |
| 6.13%, 04/01/30 (a) (b) | 8000 | 5802 |
| 10.88%, 01/15/32 (b) | 24250 | 25694 |
| 9.75%, 01/15/34 (b) | 1000 | 1028 |
| CVS Health Corporation |  |  |
| 5.25%, 02/21/33 | 3500 | 3581 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (b) | 3500 | 3353 |
| HCA Inc. |  |  |
| 5.50%, 06/01/33 | 8500 | 8827 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (b) | 4000 | 3860 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 | 6000 | 6002 |
| 6.13%, 06/15/30 | 20000 | 20277 |
|  |  | 93298 |
| **Financials 6.1%** | **Financials 6.1%** | **Financials 6.1%** |
| Barclays PLC |  |  |
| 5.75%, 08/09/33 (c) | 8500 | 8933 |
| 7.44%, 11/02/33 | 5000 | 5740 |
| Citigroup Inc. |  |  |
| 6.27%, 11/17/33 | 10500 | 11455 |
| CommScope Finance LLC |  |  |
| 8.25%, 03/01/27 (a) (b) | 2000 | 2022 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (a) (b) | 3000 | 3221 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 4000 | 3994 |
| 7.35%, 03/06/30 (a) | 3000 | 3210 |
| General Motors Financial Company, Inc. |  |  |
| 6.40%, 01/09/33 | 3500 | 3751 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.56%, 10/24/34 | 8000 | 8963 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (d) | 2000 | 2070 |
| 6.88%, (100, 06/01/29) (d) | 3000 | 3161 |
| 6.25%, 10/23/34 | 1500 | 1653 |
| KeyBank National Association |  |  |
| 4.90%, 08/08/32 | 1500 | 1489 |
| Morgan Stanley |  |  |
| 6.34%, 10/18/33 | 2000 | 2198 |
| 5.25%, 04/21/34 | 4000 | 4124 |
| 6.63%, 11/01/34 | 2500 | 2800 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 4000 | 4316 |
| Truist Financial Corporation |  |  |
| 4.92%, 07/28/33 | 2000 | 1993 |
| U.S. Bancorp |  |  |
| 5.85%, 10/21/33 | 4500 | 4797 |
| Wells Fargo & Company |  |  |
| 5.56%, 07/25/34 | 6000 | 6300 |
|  |  | 86190 |
| **Industrials 4.8%** | **Industrials 4.8%** | **Industrials 4.8%** |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 2500 | 2501 |
| 5.75%, 04/20/29 (b) | 4000 | 4016 |
| 8.50%, 05/15/29 (b) | 2500 | 2608 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (b) | 4278 | 4122 |
| 5.25%, 08/15/27 (b) | 18096 | 6841 |
| Boeing Company, The |  |  |
| 5.15%, 05/01/30 (e) | 3000 | 3080 |
| 3.25%, 02/01/35 | 4500 | 3904 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (b) | 2000 | 2054 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (b) | 1500 | 1450 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (b) | 2000 | 2058 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (b) | 1250 | 1299 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (b) | 3500 | 3552 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (b) | 5000 | 5055 |
| 9.25%, 04/15/27 (b) | 5000 | 5009 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (b) | 3000 | 3108 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (b) | 2000 | 2051 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (b) | 6300 | 6441 |
| 6.63%, 03/01/32 (b) | 5000 | 5151 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (b) | 4000 | 3940 |
|  |  | 68240 |
| **Consumer Discretionary 4.4%** | **Consumer Discretionary 4.4%** | **Consumer Discretionary 4.4%** |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (b) (f) | 4000 | 4321 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (b) | 5000 | 5144 |
| 6.50%, 02/15/32 (b) | 2500 | 2550 |
| 6.00%, 10/15/32 (a) (b) | 3500 | 3447 |
| Carnival Corporation |  |  |
| 5.75%, 08/01/32 (b) | 5000 | 5091 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (a) (b) | 6215 | 5348 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (b) | 1600 | 1522 |
| 6.75%, 01/15/30 (b) | 3000 | 2817 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 3500 | 3060 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 (a) | 2500 | 2596 |
| 5.15%, 04/01/38 | 6000 | 5737 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (b) | 1500 | 1400 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (b) | 1000 | 1029 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (b) | 1500 | 1591 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (b) | 750 | 757 |
| 6.25%, 08/15/33 (b) | 750 | 767 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 5500 | 5564 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (b) | 1500 | 1591 |
| Wynn Las Vegas, LLC |  |  |
| 5.25%, 05/15/27 (b) | 2000 | 1998 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (a) (b) | 5000 | 5082 |
|  |  | 61412 |
| **Energy 3.3%** | **Energy 3.3%** | **Energy 3.3%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (b) | 2156 | 2171 |
| 8.13%, 01/15/27 (b) | 3000 | 2967 |
| 9.25%, 07/15/29 (b) | 4800 | 4908 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (b) | 2000 | 1957 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.40%, 02/01/34 | 4000 | 4123 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (b) | 1500 | 1510 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 2000 | 2143 |
| 5.55%, 10/01/34 (a) | 2000 | 2027 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (b) (d) | 7500 | 7426 |
| 8.13%, 06/01/28 (b) | 4500 | 4659 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (b) | 6000 | 6137 |
| 6.75%, 10/15/33 (b) | 1500 | 1501 |
| Williams Companies, Inc., The |  |  |
| 5.65%, 03/15/33 | 4400 | 4627 |
| | | 46156 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (b) | 2000 | 1936 |
| ArcelorMittal |  |  |
| 6.80%, 11/29/32 (a) | 6000 | 6685 |
| Celanese US Holdings LLC |  |  |
| 6.67%, 07/15/27 (e) (g) | 4000 | 4102 |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32 (b) | 2500 | 2528 |
| 7.38%, 05/01/33 (b) | 2000 | 2041 |
| 7.63%, 01/15/34 (a) (b) | 2500 | 2576 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (b) | 3000 | 3075 |
| 4.38%, 04/01/31 (b) | 3000 | 2863 |
| Rain Carbon Inc. |  |  |
| 12.25%, 09/01/29 (a) (b) | 4500 | 4823 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 3300 | 3226 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (b) | 3000 | 1959 |
| 9.13%, 09/30/30 (b) | 2000 | 1959 |
|  |  | 37773 |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (b) | 5000 | 5001 |
| NRG Energy, Inc. |  |  |
| 5.75%, 07/15/29 (b) | 9000 | 9011 |
| 6.00%, 01/15/36 (b) | 3000 | 3001 |
| PG&E Corporation |  |  |
| 4.55%, 07/01/30 | 2500 | 2485 |
| The Southern Company |  |  |
| 3.25%, 06/15/28 (b) (c) | 1500 | 1522 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.75%, 05/01/35 (b) | 4500 | 5080 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (b) (d) | 8000 | 8184 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (b) | 2500 | 2649 |
|  |  | 36933 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (b) | 5000 | 4954 |
| 6.38%, 09/01/29 (b) | 5000 | 5073 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) (b) | 4000 | 3994 |
| CommScope, LLC. |  |  |
| 7.13%, 07/01/28 (b) | 9775 | 9814 |
| 9.50%, 12/15/31 (b) | 6000 | 6211 |
|  |  | 30046 |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |
| B.A.T Capital Corporation |  |  |
| 6.42%, 08/02/33 | 2850 | 3129 |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 | 4000 | 4179 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (b) | 2000 | 2049 |
| Pilgrim's Pride Corporation |  |  |
| 6.25%, 07/01/33 | 4500 | 4800 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 | 6000 | 5985 |
| 6.00%, 12/15/29 (b) | 4000 | 4123 |
|  |  | 24265 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Micron Technology, Inc. |  |  |
| 5.88%, 02/09/33 | 1000 | 1062 |
| Oracle Corporation |  |  |
| 6.25%, 11/09/32 | 2000 | 2176 |
|  |  | 3238 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (b) | 1500 | 1526 |
| Total Corporate Bonds And Notes (cost $480,612) | Total Corporate Bonds And Notes (cost $480,612) | 489077 |
| **COMMON STOCKS 32.9%** | **COMMON STOCKS 32.9%** | **COMMON STOCKS 32.9%** |
| **Health Care 6.9%** | **Health Care 6.9%** | **Health Care 6.9%** |
| AbbVie Inc. | 65 | 15050 |
| Amgen Inc. | 20 | 5644 |
| AstraZeneca PLC - ADR | 60 | 4603 |
| Bristol-Myers Squibb Company | 93 | 4193 |
| Johnson & Johnson | 160 | 29667 |
| Mallinckrodt Public Limited Company (h) (i) | 27 | 2780 |
| Medtronic, Inc. | 50 | 4762 |
| Merck & Co., Inc. | 225 | 18884 |
| Pfizer Inc. | 470 | 11973 |
|  |  | 97556 |
| **Energy 5.6%** | **Energy 5.6%** | **Energy 5.6%** |
| Chevron Corporation | 185 | 28729 |
| ConocoPhillips | 75 | 7094 |
| Exxon Mobil Corporation | 220 | 24805 |
| Halliburton Company | 60 | 1476 |
| Schlumberger Limited | 125 | 4296 |
| Shell PLC - Class A - ADR | 150 | 10729 |
| TotalEnergies SE - ADR (a) | 40 | 2388 |
|  |  | 79517 |
| **Utilities 4.4%** | **Utilities 4.4%** | **Utilities 4.4%** |
| Dominion Energy, Inc. | 150 | 9176 |
| Duke Energy Corporation | 70 | 8662 |
| NextEra Energy, Inc. | 211 | 15952 |
| Sempra | 75 | 6748 |
| The Southern Company | 175 | 16585 |
| XCEL Energy Inc. | 63 | 5081 |
|  |  | 62204 |
| **Consumer Staples 4.3%** | **Consumer Staples 4.3%** | **Consumer Staples 4.3%** |
| Coca-Cola Company, The | 150 | 9948 |
| Nestle S.A. - Series B - ADR | 80 | 7342 |
| PepsiCo, Inc. | 150 | 21066 |
| Philip Morris International Inc. | 30 | 4866 |
| Procter & Gamble Company, The | 115 | 17670 |
|  |  | 60892 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| Caterpillar Inc. | 5 | 2386 |
| Honeywell International Inc. | 23 | 4840 |
| Johnson Controls International Public Limited Company | 50 | 5497 |
| Lockheed Martin Corporation | 30 | 14976 |
| RTX Corporation | 45 | 7530 |
| Union Pacific Corporation | 66 | 15599 |
| United Parcel Service, Inc. - Class B | 50 | 4218 |
|  |  | 55046 |
| **Information Technology 3.0%** | **Information Technology 3.0%** | **Information Technology 3.0%** |
| Analog Devices, Inc. | 17 | 4177 |
| Cisco Systems, Inc. | 225 | 15394 |
| Dell Technologies Inc. - Class C | 37 | 5246 |
| International Business Machines Corporation | 17 | 4797 |
| Texas Instruments Incorporated | 70 | 12861 |
|  |  | 42475 |
| **Financials 1.5%** | **Financials 1.5%** | **Financials 1.5%** |
| Citigroup Inc. | 25 | 2537 |
| Fifth Third Bancorp | 75 | 3341 |
| JPMorgan Chase & Co. | 25 | 7886 |
| Morgan Stanley | 50 | 7948 |
|  |  | 21712 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| Home Depot, Inc., The | 35 | 14182 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| McDonald's Corporation | 15 | 4558 |
| | | 18740 |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| Air Products and Chemicals, Inc. | 25 | 6818 |
| LyondellBasell Industries N.V. - Class A | 56 | 2746 |
| Rio Tinto PLC - ADR | 100 | 6601 |
|  |  | 16165 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Comcast Corporation - Class A | 175 | 5498 |
| Verizon Communications Inc. | 120 | 5274 |
|  |  | 10772 |
| Total Common Stocks (cost $406,676) | Total Common Stocks (cost $406,676) | 465079 |
| **EQUITY LINKED STRUCTURED NOTES 17.5%** | **EQUITY LINKED STRUCTURED NOTES 17.5%** | **EQUITY LINKED STRUCTURED NOTES 17.5%** |
| Barclays Bank PLC |  |  |
| (RTX Corporation), 7.50%, 10/16/25 (j) | 45 | 5744 |
| (Target Corporation), 10.00%, 12/29/25 (j) | 31 | 2794 |
| (Amazon.com, Inc.), 10.00%, 03/25/26 (j) | 25 | 5294 |
| (Micron Technology, Inc.), 10.00%, 09/08/26 (j) | 40 | 5345 |
| (Microchip Technology Incorporated), 10.00%, 10/05/26 (j) | 100 | 6311 |
| BNP Paribas Issuance B.V. |  |  |
| (International Paper Company), 9.00%, 10/20/25 (j) | 65 | 3016 |
| (Applied Materials, Inc.), 10.00%, 12/10/25 (b) (j) | 28 | 5452 |
| (Advanced Micro Devices, Inc.), 10.00%, 03/02/26 (b) (j) | 30 | 4051 |
| (Texas Instruments Incorporated), 9.00%, 07/01/26 (j) | 50 | 9277 |
| (Freeport-McMoRan Inc.), 10.00%, 08/28/26 (j) | 175 | 6691 |
| (Target Corporation), 11.00%, 10/07/26 (j) (k) | 22 | 1876 |
| Citigroup Global Markets Holdings Inc. |  |  |
| (UnitedHealth Group Incorporated), 9.00%, 01/27/26 (j) | 7 | 2501 |
| (Newmont Corporation), 9.50%, 02/18/26 (j) | 123 | 6108 |
| (International Business Machines Corporation), 8.50%, 08/21/26 (j) | 13 | 3417 |
| Citigroup Inc. |  |  |
| (Boeing Company, The), 8.50%, 12/08/25 (j) | 44 | 7805 |
| Goldman Sachs Bank USA |  |  |
| (NIKE, Inc.), 9.00%, 03/31/26 (j) | 50 | 3567 |
| JPMorgan Chase Bank, National Association |  |  |
| (Home Depot, Inc., The), 8.00%, 10/15/25 (b) (j) | 12 | 4756 |
| (CVS Health Corporation), 9.00%, 11/25/25 (b) (j) | 75 | 5223 |
| (Boeing Company, The), 10.00%, 01/22/26 (j) | 23 | 4438 |
| (Truist Financial Corporation), 9.50%, 03/02/26 (b) (j) | 125 | 5560 |
| Merrill Lynch SA |  |  |
| (Microsoft Corporation), 7.50%, 10/06/25 (j) | 13 | 5857 |
| (Microsoft Corporation), 7.00%, 03/09/26 (j) | 15 | 6697 |
| (Comcast Corporation), 8.50%, 06/22/26 (j) | 150 | 4750 |
| (UnitedHealth Group Incorporated), 10.00%, 07/01/26 (j) | 10 | 3344 |
| (Albemarle Corporation), 12.50%, 08/28/26 (j) | 48 | 3816 |
| (Microchip Technology Incorporated), 11.00%, 09/03/26 (j) | 100 | 6444 |
| (Halliburton Company), 8.50%, 09/21/26 (j) | 145 | 3364 |
| (UnitedHealth Group Incorporated), 9.00%, 09/25/26 (j) | 14 | 4669 |
| Mizuho Markets Cayman LP |  |  |
| (Intel Corporation), 10.00%, 12/08/25 (b) (j) | 275 | 8162 |
| (Freeport-McMoRan Inc.), 10.00%, 12/24/25 (b) (j) | 100 | 3943 |
| (Exxon Mobil Corporation), 8.50%, 04/07/26 (b) (j) | 100 | 11300 |
| (Analog Devices, Inc.), 8.50%, 05/18/26 (b) (j) | 45 | 10019 |
| (Amgen Inc.), 10.00%, 06/15/26 (j) | 18 | 4921 |
| Morgan Stanley Finance II Ltd. |  |  |
| (International Business Machines Corporation), 8.00%, 04/08/27 (j) | 15 | 4182 |
| Royal Bank of Canada |  |  |
| (Texas Instruments Incorporated), 9.00%, 07/21/26 (j) | 15 | 2838 |
| Toronto-Dominion Bank, The |  |  |
| (Starbucks Corporation), 9.00%, 01/12/26 (j) | 89 | 7611 |
| (Target Corporation), 12.00%, 06/30/26 (j) | 40 | 3576 |
| (Intel Corporation), 10.50%, 09/01/26 (j) | 170 | 4621 |
| UBS AG |  |  |
| (Bank of America Corporation), 8.00%, 01/28/26 (j) | 300 | 14899 |
| (Marvell Technology, Inc.), 12.00%, 05/14/26 (j) | 60 | 4293 |
| (Accenture Public Limited Company), 8.00%, 07/13/26 (j) | 15 | 3856 |
| Wells Fargo Bank, National Association |  |  |
| (Qualcomm Incorporated), 10.00%, 10/22/25 (j) | 30 | 5017 |
| (Schlumberger Limited), 10.00%, 11/26/25 (j) | 100 | 3493 |
| (Citigroup Inc.), 8.50%, 02/25/26 (j) | 70 | 6496 |
| (CVS Health Corporation), 10.00%, 04/09/26 (b) (j) | 80 | 5831 |
| (Salesforce, Inc.), 9.00%, 06/15/26 (j) | 17 | 4080 |
| Total Equity Linked Structured Notes (cost $241,017) | Total Equity Linked Structured Notes (cost $241,017) | 247305 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 10.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.3%** |
| **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.00%, 05/01/53 - 11/01/54 | 18979 | 18855 |
| 5.50%, 07/01/53 - 02/01/55 | 20349 | 20545 |
| 6.00%, 02/01/55 | 2166 | 2213 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 08/01/49 | 485 | 466 |
| 5.00%, 05/01/53 - 11/01/53 | 13869 | 13807 |
| 5.50%, 11/01/54 | 3223 | 3251 |
| 6.00%, 08/01/55 | 3921 | 4008 |
| Government National Mortgage Association |  |  |
| 5.50%, 03/20/55 - 07/20/55 | 10202 | 10284 |
| 6.00%, 03/20/55 - 08/20/55 | 17109 | 17429 |
|  |  | 90858 |
| **U.S. Treasury Bond 2.5%** | **U.S. Treasury Bond 2.5%** | **U.S. Treasury Bond 2.5%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/15/53 | 14000 | 11560 |
| Principal Only, 0.00%, 11/15/54 (l) | 75000 | 18782 |
| 4.50%, 11/15/54 | 5000 | 4814 |
|  |  | 35156 |
| **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** |
| Treasury, United States Department of |  |  |
| 4.00%, 05/31/30 | 7500 | 7588 |
| 2.88%, 05/15/32 | 5000 | 4701 |
| 4.13%, 05/31/32 | 7500 | 7596 |
|  |  | 19885 |
| Total Government And Agency Obligations (cost $145,341) | Total Government And Agency Obligations (cost $145,341) | 145899 |
| **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Albemarle Corporation, 7.25%, 03/01/27 (c) | 225 | 8523 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Boeing Company, The, 6.00%, 10/15/27 (c) | 110 | 7653 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| NextEra Energy, Inc., 7.23%, 11/01/27 (a) (c) | 150 | 7054 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Ares Management Corporation, 6.75%, 10/01/27 (c) | 25 | 1242 |
| Total Preferred Stocks (cost $22,832) | Total Preferred Stocks (cost $22,832) | 24472 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Exchange 1st Out Term Loan, 8.06%, (3 Month Term SOFR + 3.75%), 12/31/30 (j) | 891 | 887 |
| X Corp. |  |  |
| Term Loan, 10.96%, (3 Month Term SOFR + 6.50%), 10/27/29 (j) | 3473 | 3404 |
|  |  | 4291 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.44%, (3 Month Term SOFR + 3.25%), 03/01/32 (j) | 2000 | 2004 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Clydesdale Acquisition Holdings Inc |  |  |
| 2025 Delayed Draw Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) | 1 | 1 |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) | 1471 | 1468 |
|  |  | 1469 |
| Total Senior Floating Rate Instruments (cost $7,713) | Total Senior Floating Rate Instruments (cost $7,713) | 7764 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 2799 | 2895 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 1659 | 1697 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,458) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,458) | 4592 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Endo, Inc. (h) (i) (m) | 4724 |  |
| Endo, Inc. (h) (i) (m) | 2500 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 3.4%** | **SHORT TERM INVESTMENTS 3.4%** | **SHORT TERM INVESTMENTS 3.4%** |
| **Securities Lending Collateral 1.7%** | **Securities Lending Collateral 1.7%** | **Securities Lending Collateral 1.7%** |
| JNL Government Money Market Fund - Class SL, 4.14% (n) (o) | 24062 | 24062 |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.04% (n) (o) | 23386 | 23386 |
| Total Short Term Investments (cost $47,448) | Total Short Term Investments (cost $47,448) | 47448 |
| **Total Investments 101.3% (cost $1,356,097)** | **Total Investments 101.3% (cost $1,356,097)** | **1431636** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(17707)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1413929** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $363,182 and 25.7% of the Fund.

(c) Convertible security.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(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 September 30, 2025.

(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 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 September 30, 2025.

(h) Non-income producing security.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 18630 | 279997 | 275241 | 506 |  |  | 23386 | 1.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 14770 | 138274 | 128982 | 547 |  |  | 24062 | 1.7 |
|  | 33400 | 418271 | 404223 | 1053 |  |  | 47448 | 3.4 |

---

---

| | | |
|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund —Unfunded Commitments** | **JNL/Franklin Templeton Income Fund —Unfunded Commitments** | **JNL/Franklin Templeton Income Fund —Unfunded Commitments** |
| | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Clydesdale Acquisition Holdings Inc, 2025 Delayed Draw Term Loan, 1 Month Term SOFR + 3.25% | 25 |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 489077 |  | 489077 |
| &nbsp;&nbsp;Common Stocks | 462299 |  | 2780 | 465079 |
| &nbsp;&nbsp;Equity Linked Structured Notes |  | 247305 |  | 247305 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 145899 |  | 145899 |
| &nbsp;&nbsp;Preferred Stocks | 24472 |  |  | 24472 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 7764 |  | 7764 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 4592 |  | 4592 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 47448 |  |  | 47448 |
|  | 534219 | 894637 | 2780 | 1431636 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Information Technology 33.6%** | **Information Technology 33.6%** | **Information Technology 33.6%** |
| Accenture Public Limited Company - Class A | 187 | 46035 |
| Adobe Inc. (a) | 149 | 52426 |
| Akamai Technologies, Inc. (a) | 324 | 24574 |
| Amphenol Corporation - Class A | 561 | 69415 |
| Applied Materials, Inc. | 423 | 86694 |
| Broadcom Inc. | 251 | 82721 |
| CDW Corp. | 99 | 15760 |
| Cisco Systems, Inc. | 810 | 55417 |
| Corning Incorporated | 1440 | 118111 |
| Fair Isaac Corporation (a) | 16 | 24278 |
| Fortinet, Inc. (a) | 333 | 28005 |
| Gartner, Inc. (a) | 143 | 37464 |
| Hewlett Packard Enterprise Company | 1676 | 41172 |
| HP, Inc. | 1703 | 46370 |
| Intel Corporation (a) | 374 | 12551 |
| Jabil Inc. | 583 | 126533 |
| KLA Corporation | 51 | 55101 |
| Lam Research Corporation | 760 | 101753 |
| Microsoft Corporation | 118 | 61305 |
| Motorola Solutions, Inc. | 72 | 32731 |
| NetApp, Inc. | 1179 | 139615 |
| NVIDIA Corporation | 364 | 67885 |
| NXP Semiconductors N.V. | 116 | 26370 |
| ON Semiconductor Corporation (a) | 195 | 9603 |
| Oracle Corporation | 274 | 77116 |
| Qualcomm Incorporated | 663 | 110349 |
| Skyworks Solutions, Inc. | 474 | 36482 |
| TE Connectivity Public Limited Company | 261 | 57223 |
| Texas Instruments Incorporated | 133 | 24387 |
| Trimble Inc. (a) | 231 | 18830 |
| VeriSign, Inc. | 68 | 19086 |
|  |  | 1705362 |
| **Financials 12.4%** | **Financials 12.4%** | **Financials 12.4%** |
| American Express Company | 56 | 18551 |
| Ameriprise Financial, Inc. | 50 | 24469 |
| Bank of New York Mellon Corporation, The | 568 | 61860 |
| Capital One Financial Corporation | 82 | 17460 |
| CBOE Global Markets, Inc. | 76 | 18729 |
| Charles Schwab Corporation, The | 195 | 18591 |
| Citigroup Inc. | 193 | 19616 |
| CME Group Inc. - Class A | 37 | 10072 |
| Corpay Inc (a) | 101 | 29069 |
| Fifth Third Bancorp | 349 | 15554 |
| Franklin Resources, Inc. | 390 | 9023 |
| KeyCorp | 1397 | 26110 |
| KKR & Co. Inc. - Class A | 228 | 29690 |
| Marsh & Mclennan Companies, Inc. | 75 | 15143 |
| MasterCard Incorporated - Class A | 47 | 26931 |
| Moody's Corporation | 53 | 25355 |
| Morgan Stanley | 127 | 20197 |
| Northern Trust Corporation | 154 | 20790 |
| Progressive Corporation, The | 196 | 48515 |
| Prudential Financial, Inc. | 157 | 16255 |
| Synchrony Financial | 526 | 37350 |
| Truist Financial Corporation | 556 | 25412 |
| U.S. Bancorp | 368 | 17768 |
| Visa Inc. - Class A | 230 | 78675 |
|  |  | 631185 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| Aptiv PLC (a) | 256 | 22061 |
| AutoZone, Inc. (a) | 9 | 38827 |
| Best Buy Co., Inc. | 443 | 33526 |
| Booking Holdings Inc. | 17 | 89110 |
| BorgWarner Inc. | 551 | 24219 |
| Darden Restaurants, Inc. | 51 | 9625 |
| Expedia Group, Inc. | 44 | 9453 |
| General Motors Company | 303 | 18471 |
| Genuine Parts Company | 71 | 9802 |
| Hasbro, Inc. | 377 | 28582 |
| Lennar Corporation - Class A | 51 | 6442 |
| LKQ Corporation | 568 | 17341 |
| Lowe`s Companies, Inc. | 64 | 16198 |
| O'Reilly Automotive, Inc. (a) | 564 | 60782 |
| Ralph Lauren Corporation - Class A | 238 | 74637 |
| Tapestry, Inc. | 651 | 73760 |
|  |  | 532836 |
| **Communication Services 9.8%** | **Communication Services 9.8%** | **Communication Services 9.8%** |
| Alphabet Inc. - Class A | 384 | 93312 |
| Comcast Corporation - Class A | 1898 | 59620 |
| Electronic Arts Inc. | 170 | 34371 |
| Former Charter Communications Parent, Inc. - Class A (a) | 36 | 10004 |
| Meta Platforms, Inc. - Class A | 54 | 39738 |
| Netflix, Inc. (a) | 51 | 61650 |
| Omnicom Group Inc. | 1121 | 91431 |
| The Interpublic Group of Companies, Inc. | 1140 | 31804 |
| T-Mobile US, Inc. | 130 | 31153 |
| Verizon Communications Inc. | 595 | 26136 |
| Walt Disney Company, The | 158 | 18051 |
|  |  | 497270 |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| AbbVie Inc. | 96 | 22164 |
| Boston Scientific Corporation (a) | 177 | 17271 |
| Bristol-Myers Squibb Company | 722 | 32551 |
| Cencora, Inc. | 193 | 60474 |
| Cigna Group, The | 28 | 8170 |
| CVS Health Corporation | 396 | 29887 |
| Eli Lilly and Company | 86 | 65281 |
| HCA Healthcare, Inc. | 101 | 43183 |
| McKesson Corporation | 27 | 20998 |
| Merck & Co., Inc. | 290 | 24366 |
| Pfizer Inc. | 1031 | 26267 |
| Quest Diagnostics Incorporated | 99 | 18816 |
| Revvity, Inc. | 154 | 13483 |
| Teleflex Incorporated | 67 | 8234 |
| UnitedHealth Group Incorporated | 31 | 10762 |
| Universal Health Services, Inc. - Class B | 226 | 46231 |
| Zoetis Inc. - Class A | 214 | 31351 |
|  |  | 479489 |
| **Industrials 6.1%** | **Industrials 6.1%** | **Industrials 6.1%** |
| 3M Company | 109 | 16919 |
| Automatic Data Processing, Inc. | 168 | 49373 |
| Delta Air Lines, Inc. | 287 | 16285 |
| Huntington Ingalls Industries, Inc. | 36 | 10268 |
| Illinois Tool Works Inc. | 64 | 16633 |
| Johnson Controls International Public Limited Company | 175 | 19197 |
| Leidos Holdings, Inc. | 121 | 22875 |
| Lennox International Inc. | 60 | 31686 |
| PACCAR Inc | 157 | 15461 |
| Quanta Services, Inc. | 49 | 20463 |
| Snap-on Incorporated | 78 | 27098 |
| Stanley Black & Decker, Inc. | 120 | 8902 |
| Trane Technologies Public Limited Company | 40 | 17051 |
| United Parcel Service, Inc. - Class B | 240 | 20049 |
| United Rentals, Inc. | 20 | 18730 |
|  |  | 310990 |
| **Consumer Staples 4.9%** | **Consumer Staples 4.9%** | **Consumer Staples 4.9%** |
| Altria Group, Inc. | 460 | 30390 |
| Archer-Daniels-Midland Company | 162 | 9675 |
| Colgate-Palmolive Company | 575 | 45951 |
| Conagra Brands, Inc. | 2267 | 41513 |
| Kellanova | 207 | 16994 |
| Kimberly-Clark Corporation | 243 | 30174 |
| Philip Morris International Inc. | 219 | 35549 |
| Walmart Inc. | 352 | 36297 |
|  |  | 246543 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Dominion Energy, Inc. | 148 | 9065 |
| Edison International | 978 | 54041 |
| Entergy Corporation | 605 | 56366 |
| NRG Energy, Inc. | 89 | 14420 |
| Public Service Enterprise Group Incorporated | 178 | 14897 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| WEC Energy Group Inc. | 91 | 10390 |
| | | 159179 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| ConocoPhillips | 164 | 15509 |
| EOG Resources, Inc. | 275 | 30827 |
| Kinder Morgan, Inc. | 1935 | 54783 |
| ONEOK, Inc. | 116 | 8500 |
| Schlumberger Limited | 262 | 9010 |
| Valero Energy Corporation | 131 | 22221 |
| Williams Companies, Inc., The | 289 | 18321 |
|  |  | 159171 |
| **Real Estate 3.1%** | **Real Estate 3.1%** | **Real Estate 3.1%** |
| Alexandria Real Estate Equities, Inc. | 108 | 8994 |
| CBRE Group, Inc. - Class A (a) | 237 | 37363 |
| Crown Castle Inc. | 173 | 16705 |
| Host Hotels & Resorts, Inc. | 1562 | 26579 |
| SBA Communications Corporation - Class A | 240 | 46348 |
| Welltower Inc. | 111 | 19756 |
|  |  | 155745 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Avery Dennison Corporation | 84 | 13678 |
| CF Industries Holdings, Inc. | 315 | 28238 |
| International Paper Company | 304 | 14105 |
| LyondellBasell Industries N.V. - Class A | 378 | 18519 |
| Mosaic Company, The | 559 | 19378 |
| Packaging Corporation of America | 68 | 14833 |
| Sherwin-Williams Company, The | 95 | 32905 |
|  |  | 141656 |
| Total Common Stocks (cost $4,239,143) | Total Common Stocks (cost $4,239,143) | 5019426 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (c) | 49422 | 49422 |
| Total Short Term Investments (cost $49,422) | Total Short Term Investments (cost $49,422) | 49422 |
| **Total Investments 99.9% (cost $4,288,565)** | **Total Investments 99.9% (cost $4,288,565)** | **5068848** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **165** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **2940** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **5071953** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 19194 | 556684 | 526456 | 919 |  |  | 49422 | 1.0 |
| JNL Government Money Market Fund, 4.14% - Class SL | 7747 | 83676 | 91423 | 43 |  |  |  |  |
|  | 26941 | 640360 | 617879 | 962 |  |  | 49422 | 1.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 131 | December 2025 | 43840 | 165 | 299 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 5019426 |  |  | 5019426 |
| &nbsp;&nbsp;Short Term Investments | 49422 |  |  | 49422 |
|  | 5068848 |  |  | 5068848 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 299 |  |  | 299 |
|  | 299 |  |  | 299 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 94.0%** | **COMMON STOCKS 94.0%** | **COMMON STOCKS 94.0%** |
| **India 31.9%** | **India 31.9%** | **India 31.9%** |
| Adani Energy Solutions Limited (a) | 810 | 7998 |
| Adani Enterprises Limited | 754 | 21377 |
| Adani Green Energy (UP) Limited (a) | 1096 | 12737 |
| Adani Ports and Special Economic Zone Limited | 844 | 13425 |
| Adani Power Limited (a) | 10736 | 17523 |
| Bajaj Finserv Limited | 107 | 2431 |
| Bharti Airtel Limited | 1004 | 21282 |
| GMR Airports Limited (a) | 6909 | 6808 |
| HDFC Bank Limited - ADR | 429 | 14666 |
| ICICI Bank Limited | 1343 | 20382 |
| Indian Hotels Company Limited, The | 54 | 439 |
| Infosys Limited - ADR (b) | 448 | 7293 |
| ITC Hotels Limited (a) | 1614 | 4148 |
| ITC Limited | 9466 | 42873 |
| JSW Energy Limited | 1116 | 6694 |
| JSW Steel Limited | 758 | 9792 |
| Lodha Developers Limited | 408 | 5241 |
| Patanjali Foods Limited | 1849 | 11970 |
| Power Finance Corporation Limited | 1309 | 6076 |
| Reliance Industries Limited | 247 | 3804 |
| State Bank of India | 887 | 8732 |
| Sun Pharma Advanced Research Company Limited | 693 | 12468 |
| Tata Consultancy Services Limited | 40 | 1289 |
|  |  | 259448 |
| **Brazil 13.6%** | **Brazil 13.6%** | **Brazil 13.6%** |
| American Beverage Co Ambev - ADR (b) | 3089 | 6889 |
| B3 S.A. - Brasil, Bolsa, Balcao | 1585 | 3976 |
| Banco BTG Pactual S/A | 2257 | 20485 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 1401 | 13821 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 276 | 6846 |
| Companhia Paranaense De Energia | 1521 | 3457 |
| Embraer S.A. - ADR | 166 | 10020 |
| Eneva S.A. (a) | 2018 | 6299 |
| Equatorial Energia S.A. | 940 | 6514 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 1769 | 22396 |
| Vale S.A. - ADR | 892 | 9690 |
|  |  | 110393 |
| **Taiwan 9.9%** | **Taiwan 9.9%** | **Taiwan 9.9%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1861 | 80410 |
| **United Arab Emirates 6.3%** | **United Arab Emirates 6.3%** | **United Arab Emirates 6.3%** |
| Adnoc Gas | 8232 | 7944 |
| Aldar Properties - P J S C | 3065 | 7925 |
| Alpha Dhabi Holding | 3473 | 9961 |
| First Abu Dhabi Bank P.J.S.C. | 1822 | 7770 |
| International Holdings Limited (a) | 161 | 17568 |
|  |  | 51168 |
| **China 6.0%** | **China 6.0%** | **China 6.0%** |
| PICC Property and Casualty Company Limited - Class H | 1748 | 3942 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 1320 | 8975 |
| Tencent Holdings Limited | 352 | 29965 |
| WuXi Biologics (Cayman) Inc. (a) (c) | 133 | 704 |
| Zijin Mining Group Co., Ltd. - Class H | 1206 | 5068 |
|  |  | 48654 |
| **United States of America 4.3%** | **United States of America 4.3%** | **United States of America 4.3%** |
| Coca-Cola Company, The | 219 | 14495 |
| Philip Morris International Inc. | 126 | 20417 |
|  |  | 34912 |
| **Singapore 2.9%** | **Singapore 2.9%** | **Singapore 2.9%** |
| DBS Group Holdings Ltd | 133 | 5280 |
| Singapore Telecommunications Limited | 5571 | 17857 |
|  |  | 23137 |
| **Saudi Arabia 2.6%** | **Saudi Arabia 2.6%** | **Saudi Arabia 2.6%** |
| Al Rajhi Banking and Investment Corporation | 313 | 8946 |
| BUPA Arabia for Cooperative Insurance Company | 88 | 3892 |
| Saudi Arabian Oil Company (c) | 911 | 5982 |
| The Company For Cooperative Insurance | 58 | 2120 |
|  |  | 20940 |
| **Argentina 2.2%** | **Argentina 2.2%** | **Argentina 2.2%** |
| Grupo Financiero Galicia S.A. - Class B - ADR (b) | 77 | 2119 |
| MercadoLibre, Inc. (a) | 7 | 15940 |
|  |  | 18059 |
| **France 2.1%** | **France 2.1%** | **France 2.1%** |
| TotalEnergies SE | 274 | 16674 |
| **Indonesia 2.0%** | **Indonesia 2.0%** | **Indonesia 2.0%** |
| PT Bank Central Asia Tbk | 20701 | 9481 |
| PT Bank Mandiri (Persero) Tbk | 26284 | 6968 |
|  |  | 16449 |
| **Thailand 1.7%** | **Thailand 1.7%** | **Thailand 1.7%** |
| Kasikornbank Public Company Limited | 865 | 4474 |
| Krungthai Bank Public Company Limited | 6393 | 4900 |
| SCB X Public Company Limited | 1170 | 4647 |
|  |  | 14021 |
| **South Korea 1.6%** | **South Korea 1.6%** | **South Korea 1.6%** |
| Hanwha Aerospace Co., Ltd. | 14 | 10727 |
| Samsung Fire & Marine Insurance Co., Ltd. | 8 | 2589 |
|  |  | 13316 |
| **Hong Kong 1.6%** | **Hong Kong 1.6%** | **Hong Kong 1.6%** |
| AIA Group Limited | 1314 | 12560 |
| Zijin Gold International Company Limited (a) | 27 | 413 |
|  |  | 12973 |
| **Greece 0.9%** | **Greece 0.9%** | **Greece 0.9%** |
| Eurobank Ergasias Services And Holdings S.A. - Class R | 420 | 1624 |
| National Bank of Greece S.A. - Class R | 367 | 5356 |
|  |  | 6980 |
| **Mexico 0.8%** | **Mexico 0.8%** | **Mexico 0.8%** |
| Grupo Financiero Banorte, S.A.B. de C.V. | 673 | 6759 |
| **Hungary 0.7%** | **Hungary 0.7%** | **Hungary 0.7%** |
| OTP Bank Nyrt. | 70 | 6069 |
| **Peru 0.6%** | **Peru 0.6%** | **Peru 0.6%** |
| Credicorp Ltd. | 19 | 5089 |
| **Poland 0.5%** | **Poland 0.5%** | **Poland 0.5%** |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 208 | 4029 |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| Erste Group Bank AG | 35 | 3402 |
| **Philippines 0.4%** | **Philippines 0.4%** | **Philippines 0.4%** |
| International Container Terminal Services, Inc. | 401 | 3253 |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Coca-Cola HBC AG | 61 | 2861 |
| **Kazakhstan 0.3%** | **Kazakhstan 0.3%** | **Kazakhstan 0.3%** |
| Joint Stock Company Kaspi.Kz - ADR (c) | 30 | 2454 |
| **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** |
| Unilever PLC - ADR | 35 | 2052 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (c) (d) | 2924 |  |
| Public Joint Stock Company Oil Company Lukoil (a) (c) (d) | 202 |  |
| Public Joint Stock Company Oil Company Rosneft (a) (c) (d) | 2349 |  |
| Public Joint Stock Company Polyus (a) (c) (d) | 42 |  |
| Public Joint Stock Company Severstal (a) (c) (d) | 75 |  |
| Total Common Stocks (cost $697,107) | Total Common Stocks (cost $697,107) | 763502 |
| **PREFERRED STOCKS 5.5%** | **PREFERRED STOCKS 5.5%** | **PREFERRED STOCKS 5.5%** |
| **Brazil 5.5%** | **Brazil 5.5%** | **Brazil 5.5%** |
| Itau Unibanco Holding S.A. (e) | 3506 | 25710 |
| Petroleo Brasileiro S/A Petrobras. (e) | 3235 | 19055 |
| Total Preferred Stocks (cost $36,648) | Total Preferred Stocks (cost $36,648) | 44765 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (f) (g) | 17416 | 17416 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (f) (g) | 3346 | 3346 |
| Total Short Term Investments (cost $20,762) | Total Short Term Investments (cost $20,762) | 20762 |
| **Total Investments 102.1% (cost $754,517)** | **Total Investments 102.1% (cost $754,517)** | **829029** |
| **Other Assets and Liabilities, Net (2.1)%** | **Other Assets and Liabilities, Net (2.1)%** | **(16963)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **812066** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to 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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 29968 | 300391 | 327013 | 790 |  |  | 3346 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 21243 | 3827 | 5 |  |  | 17416 | 2.2 |
|  | 29968 | 321634 | 330840 | 795 |  |  | 20762 | 2.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Joint Stock Company Kaspi.Kz | 01/19/24 | 2813 | 2454 | 0.3 |
| Public Joint Stock Company Gazprom | 11/23/21 | 13221 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 09/25/17 | 17029 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 09/25/17 | 18442 |  |  |
| Public Joint Stock Company Polyus | 06/10/20 | 6921 |  |  |
| Public Joint Stock Company Severstal | 06/25/21 | 1642 |  |  |
| Saudi Arabian Oil Company | 06/09/24 | 6899 | 5982 | 0.7 |
| WuXi Biologics (Cayman) Inc. | 09/01/25 | 610 | 704 | 0.1 |
|  |  | 67577 | 9140 | 1.1 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 202090 | 561412 |  | 763502 |
| &nbsp;&nbsp;Preferred Stocks | 44765 |  |  | 44765 |
| &nbsp;&nbsp;Short Term Investments | 20762 |  |  | 20762 |
|  | 267617 | 561412 |  | 829029 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** |
| **Financials 19.7%** | **Financials 19.7%** | **Financials 19.7%** |
| American International Group, Inc. | 165 | 12979 |
| Bank of America Corporation | 395 | 20398 |
| Charles Schwab Corporation, The | 141 | 13446 |
| Fifth Third Bancorp | 132 | 5888 |
| Hartford Insurance Group, Inc., The | 56 | 7408 |
| JPMorgan Chase & Co. | 99 | 31237 |
| KKR & Co. Inc. - Class A | 73 | 9484 |
| Marsh & Mclennan Companies, Inc. | 53 | 10674 |
| Morgan Stanley | 62 | 9807 |
| The PNC Financial Services Group, Inc. | 75 | 15058 |
| Visa Inc. - Class A | 26 | 9004 |
| Wells Fargo & Company | 220 | 18434 |
|  |  | 163817 |
| **Health Care 13.3%** | **Health Care 13.3%** | **Health Care 13.3%** |
| Abbott Laboratories | 94 | 12609 |
| AbbVie Inc. | 34 | 7821 |
| AstraZeneca PLC | 56 | 8626 |
| Cencora, Inc. | 26 | 8080 |
| CVS Health Corporation | 157 | 11814 |
| Danaher Corporation | 63 | 12564 |
| Johnson & Johnson | 114 | 21102 |
| Lonza Group AG | 6 | 3854 |
| Medtronic, Inc. | 120 | 11464 |
| Merck & Co., Inc. | 74 | 6201 |
| Regeneron Pharmaceuticals, Inc. | 11 | 6062 |
|  |  | 110197 |
| **Industrials 12.2%** | **Industrials 12.2%** | **Industrials 12.2%** |
| Airbus SE | 24 | 5511 |
| Carlisle Companies Incorporated | 15 | 4852 |
| Deere & Company | 24 | 11149 |
| Eaton Corporation Public Limited Company | 36 | 13339 |
| Emerson Electric Co. | 59 | 7805 |
| General Electric Company | 14 | 4083 |
| Hubbell Incorporated | 16 | 7014 |
| Johnson Controls International Public Limited Company | 59 | 6496 |
| Lennox International Inc. | 11 | 5963 |
| Northrop Grumman Corporation | 20 | 12470 |
| Parker-Hannifin Corporation | 13 | 9830 |
| Union Pacific Corporation | 56 | 13225 |
|  |  | 101737 |
| **Information Technology 10.6%** | **Information Technology 10.6%** | **Information Technology 10.6%** |
| ASML Holding N.V. - ADR | 7 | 7275 |
| Broadcom Inc. | 15 | 4803 |
| Cisco Systems, Inc. | 260 | 17796 |
| Lam Research Corporation | 37 | 4929 |
| Microsoft Corporation | 40 | 20734 |
| Oracle Corporation | 14 | 4054 |
| Salesforce, Inc. | 49 | 11564 |
| TE Connectivity Public Limited Company | 34 | 7578 |
| Texas Instruments Incorporated | 48 | 8894 |
|  |  | 87627 |
| **Consumer Staples 9.6%** | **Consumer Staples 9.6%** | **Consumer Staples 9.6%** |
| Coca-Cola Company, The | 176 | 11650 |
| Colgate-Palmolive Company | 104 | 8339 |
| L'Oreal | 10 | 4521 |
| McCormick & Company, Incorporated | 89 | 5934 |
| Philip Morris International Inc. | 92 | 14860 |
| Sysco Corporation | 158 | 13030 |
| Walmart Inc. | 207 | 21288 |
|  |  | 79622 |
| **Consumer Discretionary 8.8%** | **Consumer Discretionary 8.8%** | **Consumer Discretionary 8.8%** |
| Lowe`s Companies, Inc. | 91 | 22989 |
| Marriott International, Inc. - Class A | 49 | 12814 |
| McDonald's Corporation | 59 | 17860 |
| Ross Stores, Inc. | 50 | 7580 |
| TJX Companies, Inc., The | 38 | 5532 |
| Yum! Brands, Inc. | 39 | 5901 |
|  |  | 72676 |
| **Energy 6.1%** | **Energy 6.1%** | **Energy 6.1%** |
| Chevron Corporation | 126 | 19544 |
| ConocoPhillips | 109 | 10357 |
| Valero Energy Corporation | 46 | 7751 |
| Williams Companies, Inc., The | 209 | 13222 |
|  |  | 50874 |
| **Utilities 5.4%** | **Utilities 5.4%** | **Utilities 5.4%** |
| CMS Energy Corporation | 97 | 7095 |
| Entergy Corporation | 114 | 10633 |
| PPL Corporation | 358 | 13317 |
| Public Service Enterprise Group Incorporated | 92 | 7685 |
| Sempra | 72 | 6457 |
|  |  | 45187 |
| **Communication Services 5.1%** | **Communication Services 5.1%** | **Communication Services 5.1%** |
| Alphabet Inc. - Class A | 79 | 19123 |
| AT&T Inc. | 437 | 12339 |
| Walt Disney Company, The | 96 | 10972 |
|  |  | 42434 |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Air Products and Chemicals, Inc. | 30 | 8063 |
| CRH Public Limited Company | 112 | 13490 |
| DuPont de Nemours, Inc. | 72 | 5585 |
| Smurfit Westrock Public Limited Company | 125 | 5329 |
|  |  | 32467 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Crown Castle Inc. | 66 | 6386 |
| ProLogis Inc. | 89 | 10160 |
|  |  | 16546 |
| Total Common Stocks (cost $641,814) | Total Common Stocks (cost $641,814) | 803184 |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 3.6%** | **Investment Companies 3.6%** | **Investment Companies 3.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (a) (b) | 30012 | 30012 |
| Total Short Term Investments (cost $30,012) | Total Short Term Investments (cost $30,012) | 30012 |
| **Total Investments 100.3% (cost $671,826)** | **Total Investments 100.3% (cost $671,826)** | **833196** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(2409)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **830787** |

---

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 25980 | 202703 | 198671 | 767 |  |  | 30012 | 3.6 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 16488 | 16488 | 7 |  |  |  |  |
|  | 25980 | 219191 | 215159 | 774 |  |  | 30012 | 3.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 780672 | 22512 |  | 803184 |
| &nbsp;&nbsp;Short Term Investments | 30012 |  |  | 30012 |
|  | 810684 | 22512 |  | 833196 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **COMMON STOCKS 100.3%** | **COMMON STOCKS 100.3%** | **COMMON STOCKS 100.3%** |
| **United States of America 63.2%** | **United States of America 63.2%** | **United States of America 63.2%** |
| Alphabet Inc. - Class A | 548 | 133197 |
| Amazon.com, Inc. (a) | 128 | 28176 |
| Analog Devices, Inc. | 170 | 41723 |
| Boston Scientific Corporation (a) | 185 | 18030 |
| Broadcom Inc. | 124 | 40963 |
| Cadence Design Systems, Inc. (a) | 22 | 7802 |
| Ecolab Inc. | 30 | 8201 |
| Eli Lilly and Company | 45 | 34352 |
| Equifax Inc. | 58 | 14926 |
| IDEXX Laboratories, Inc. (a) | 11 | 6727 |
| Intuit Inc. | 51 | 34982 |
| Intuitive Surgical, Inc. (a) | 38 | 17187 |
| IQVIA Holdings Inc (a) | 33 | 6167 |
| Lam Research Corporation | 279 | 37364 |
| Linde Public Limited Company | 9 | 4451 |
| Marriott International, Inc. - Class A | 50 | 12964 |
| Marvell Technology, Inc. | 208 | 17496 |
| MasterCard Incorporated - Class A | 23 | 12997 |
| Meta Platforms, Inc. - Class A | 132 | 97239 |
| Microsoft Corporation | 83 | 43206 |
| Netflix, Inc. (a) | 23 | 27299 |
| NVIDIA Corporation | 392 | 73198 |
| Phathom Pharmaceuticals, Inc. (a) | 291 | 3419 |
| S&P Global Inc. | 106 | 51411 |
| ServiceNow, Inc. (a) | 9 | 7795 |
| Stryker Corporation | 16 | 5907 |
| Thermo Fisher Scientific Inc. | 29 | 14013 |
| TJX Companies, Inc., The | 70 | 10132 |
| Universal Music Group N.V. | 123 | 3557 |
| Visa Inc. - Class A | 124 | 42167 |
| Zoetis Inc. - Class A | 22 | 3157 |
|  |  | 860205 |
| **France 6.0%** | **France 6.0%** | **France 6.0%** |
| Airbus SE | 207 | 48226 |
| EssilorLuxottica | 47 | 15349 |
| LVMH Moet Hennessy Louis Vuitton | 28 | 17258 |
|  |  | 80833 |
| **India 5.5%** | **India 5.5%** | **India 5.5%** |
| DLF Limited | 5580 | 45030 |
| HDFC Bank Limited | 634 | 6790 |
| ICICI Bank Limited - ADR | 738 | 22299 |
|  |  | 74119 |
| **Taiwan 3.7%** | **Taiwan 3.7%** | **Taiwan 3.7%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1175 | 50769 |
| **Germany 3.6%** | **Germany 3.6%** | **Germany 3.6%** |
| Allianz SE | 26 | 11077 |
| SAP SE | 143 | 38395 |
|  |  | 49472 |
| **China 3.2%** | **China 3.2%** | **China 3.2%** |
| JD.com, Inc. - Class A - ADR | 827 | 28931 |
| Tencent Holdings Limited | 174 | 14846 |
|  |  | 43777 |
| **Japan 2.3%** | **Japan 2.3%** | **Japan 2.3%** |
| Capcom Co., Ltd. | 384 | 10467 |
| HOYA Corporation | 50 | 6987 |
| Keyence Corporation | 37 | 13748 |
|  |  | 31202 |
| **Canada 2.2%** | **Canada 2.2%** | **Canada 2.2%** |
| Shopify Inc. - Class A (a) | 204 | 30348 |
| **Netherlands 2.1%** | **Netherlands 2.1%** | **Netherlands 2.1%** |
| Adyen N.V. (a) (b) | 11 | 17706 |
| ASML Holding N.V. | 4 | 4178 |
| BE Semiconductor Industries N.V. | 42 | 6269 |
|  |  | 28153 |
| **Sweden 2.0%** | **Sweden 2.0%** | **Sweden 2.0%** |
| ASSA ABLOY AB - Class B | 219 | 7604 |
| Atlas Copco Aktiebolag - Class A | 407 | 6897 |
| Spotify Technology S.A. (a) | 19 | 13042 |
|  |  | 27543 |
| **Switzerland 1.8%** | **Switzerland 1.8%** | **Switzerland 1.8%** |
| Galderma Group AG | 43 | 7452 |
| Lonza Group AG | 26 | 17055 |
|  |  | 24507 |
| **Italy 1.5%** | **Italy 1.5%** | **Italy 1.5%** |
| Brunello Cucinelli S.p.A. (c) | 113 | 12397 |
| Ferrari N.V. | 11 | 5447 |
| Moncler S.p.A. | 46 | 2690 |
|  |  | 20534 |
| **Spain 1.3%** | **Spain 1.3%** | **Spain 1.3%** |
| Amadeus IT Holding, S.A. (b) | 228 | 18118 |
| **United Kingdom 0.8%** | **United Kingdom 0.8%** | **United Kingdom 0.8%** |
| Arm Holdings PLC - ADR (a) | 75 | 10652 |
| **Argentina 0.6%** | **Argentina 0.6%** | **Argentina 0.6%** |
| MercadoLibre, Inc. (a) | 4 | 8322 |
| **Israel 0.5%** | **Israel 0.5%** | **Israel 0.5%** |
| Nice Ltd - ADR (a) | 42 | 6059 |
| Total Common Stocks (cost $777,307) | Total Common Stocks (cost $777,307) | 1364613 |
| **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 - Class I, 4.04% (d) (e) | 1670 | 1670 |
| Total Short Term Investments (cost $1,670) | Total Short Term Investments (cost $1,670) | 1670 |
| **Total Investments 100.4% (cost $778,977)** | **Total Investments 100.4% (cost $778,977)** | **1366283** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(4788)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1361495** |

---

(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 September 30, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2434 | 126113 | 126877 | 109 |  |  | 1670 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10715 | 31369 | 42084 | 69 |  |  |  |  |
|  | 13149 | 157482 | 168961 | 178 |  |  | 1670 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Adyen N.V. | 11/25/24 | 16776 | 17706 | 1.3 |
| Amadeus IT Holding, S.A. | 10/04/22 | 13335 | 18118 | 1.3 |
|  |  | 30111 | 35824 | 2.6 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 976301 | 388312 |  | 1364613 |
| &nbsp;&nbsp;Short Term Investments | 1670 |  |  | 1670 |
|  | 977971 | 388312 |  | 1366283 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Industrials 27.9%** | **Industrials 27.9%** | **Industrials 27.9%** |
| AeroVironment, Inc. (a) | 43 | 13625 |
| API Group Corporation (a) | 474 | 16287 |
| Applied Industrial Technologies, Inc. | 65 | 16923 |
| Armstrong World Industries, Inc. | 77 | 15012 |
| ATMUS Filtration Technologies Inc. | 306 | 13789 |
| Bloom Energy Corporation - Class A (a) (b) | 154 | 13010 |
| BWXT Government Group, Inc. | 97 | 17829 |
| Casella Waste Systems, Inc. - Class A (a) | 118 | 11238 |
| CBIZ, Inc. (a) | 178 | 9449 |
| Clean Harbors, Inc. (a) | 103 | 23857 |
| Construction Partners, Inc. - Class A (a) | 78 | 9907 |
| Enpro Inc. | 94 | 21245 |
| ESCO Technologies Inc. | 70 | 14772 |
| Everus Construction Group, Inc. (a) | 226 | 19390 |
| Federal Signal Corporation | 160 | 18992 |
| FTAI Aviation Ltd. | 87 | 14493 |
| Hammond Power Solutions, Inc. - Class A (b) | 103 | 9103 |
| Kratos Defense & Security Solutions, Inc. (a) | 412 | 37607 |
| Limbach Holdings, Inc. (a) | 85 | 8278 |
| Loar Holdings Inc. (a) | 10 | 841 |
| Mueller Industries, Inc. | 148 | 14980 |
| Nvent Electric Public Limited Company | 210 | 20684 |
| RBC Bearings Incorporated (a) | 52 | 20174 |
| Regal Rexnord Corporation | 83 | 11873 |
| Rocket Lab Corporation (a) (b) | 403 | 19314 |
| SPX Technologies, Inc. (a) | 157 | 29299 |
| Sterling Infrastructure, Inc. (a) | 51 | 17500 |
| Zurn Elkay Water Solutions Corporation | 364 | 17114 |
|  |  | 456585 |
| **Information Technology 22.6%** | **Information Technology 22.6%** | **Information Technology 22.6%** |
| Advanced Energy Industries, Inc. | 159 | 26988 |
| Agilysys, Inc. (a) | 154 | 16177 |
| AvePoint, Inc. - Class A (a) | 807 | 12121 |
| Box, Inc. - Class A (a) | 197 | 6369 |
| Cellebrite Di Ltd (a) | 731 | 13539 |
| CommVault Systems, Inc. (a) | 104 | 19687 |
| D-Wave Quantum Inc. (a) (b) | 230 | 5691 |
| Fabrinet (a) | 94 | 34466 |
| Impinj, Inc. (a) | 156 | 28164 |
| Itron, Inc. (a) | 101 | 12617 |
| Lattice Semiconductor Corporation (a) | 331 | 24295 |
| MACOM Technology Solutions Holdings, Inc. (a) | 216 | 26927 |
| Mirion Technologies (US), Inc. - Class A (a) | 637 | 14816 |
| Netskope, Inc. - Class A (a) | 67 | 1532 |
| Nova Ltd. (a) (b) | 44 | 14028 |
| OSI Systems, Inc. (a) | 34 | 8551 |
| Porch Group Inc - Class A (a) | 685 | 11489 |
| Sanmina Corporation (a) | 286 | 32889 |
| ServiceTitan, Inc. - Class A (a) | 112 | 11257 |
| Sitime Corporation (a) | 89 | 26895 |
| TTM Technologies, Inc. (a) | 393 | 22624 |
|  |  | 371122 |
| **Health Care 18.0%** | **Health Care 18.0%** | **Health Care 18.0%** |
| ADMA Biologics, Inc. (a) | 876 | 12837 |
| Alignment Healthcare, Inc. (a) | 611 | 10669 |
| Ascendis Pharma A/S - ADR (a) (b) | 88 | 17497 |
| Axsome Therapeutics, Inc. (a) | 104 | 12586 |
| BioLife Solutions, Inc. (a) | 583 | 14866 |
| Bridgebio Pharma, Inc. (a) | 340 | 17651 |
| Brightspring Health Services, Inc. (a) | 535 | 15828 |
| Canticle Pharmaceuticals, Inc. (a) | 51 | 23245 |
| Encompass Health Corporation | 203 | 25750 |
| Glaukos Corporation (a) | 74 | 6082 |
| Guardant Health, Inc. (a) | 414 | 25887 |
| Halozyme Therapeutics, Inc. (a) | 198 | 14528 |
| HealthEquity, Inc. (a) | 156 | 14780 |
| Insmed Incorporated (a) | 216 | 31126 |
| Integer Holdings Corporation (a) | 122 | 12570 |
| Soleno Therapeutics, Inc. (a) | 205 | 13884 |
| TransMedics Group, Inc. (a) | 105 | 11743 |
| Waystar Holding Corp. (a) | 333 | 12624 |
|  |  | 294153 |
| **Financials 12.1%** | **Financials 12.1%** | **Financials 12.1%** |
| Bancorp, Inc., The (a) | 284 | 21271 |
| Bullish (a) | 58 | 3712 |
| Evercore Inc. - Class A | 66 | 22364 |
| Galaxy Digital Inc. - Class A (a) (b) | 250 | 8450 |
| Hamilton Lane Incorporated - Class A | 101 | 13629 |
| Palomar Holdings, Inc. (a) | 68 | 7955 |
| Paymentus Holdings, Inc. - Class A (a) | 430 | 13153 |
| PennyMac Financial Services, Inc. | 160 | 19774 |
| Piper Sandler Companies | 90 | 31224 |
| Root LLC - Class A (a) | 73 | 6563 |
| Shift4 Payments, LLC - Class A (a) (b) | 132 | 10235 |
| StepStone Group Inc. - Class A | 297 | 19384 |
| Upstart Holdings, Inc. (a) (b) | 180 | 9132 |
| Western Alliance Bancorporation | 132 | 11425 |
|  |  | 198271 |
| **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** |
| Boot Barn Holdings, Inc. (a) | 127 | 21031 |
| Cavco Industries, Inc. (a) | 18 | 10501 |
| Floor & Decor Holdings, Inc. - Class A (a) | 147 | 10867 |
| Genius Sports Limited (a) | 1231 | 15237 |
| Kontoor Brands, Inc. | 162 | 12931 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 213 | 27389 |
| Planet Fitness, Inc. - Class A (a) | 132 | 13702 |
| Shake Shack, Inc. - Class A (a) | 83 | 7824 |
| Steven Madden, Ltd. | 280 | 9381 |
| Stride, Inc. (a) | 97 | 14402 |
| Travel + Leisure Co. | 161 | 9553 |
| Wingstop Inc. | 24 | 6029 |
| Wyndham Hotels & Resorts, Inc. | 111 | 8884 |
|  |  | 167731 |
| **Materials 3.4%** | **Materials 3.4%** | **Materials 3.4%** |
| Carpenter Technology Corporation | 98 | 24132 |
| Element Solutions Inc. | 511 | 12873 |
| MP Materials Corp. - Class A (a) (b) | 289 | 19388 |
|  |  | 56393 |
| **Energy 2.4%** | **Energy 2.4%** | **Energy 2.4%** |
| Antero Resources Corporation (a) | 376 | 12629 |
| TechnipFMC PLC | 407 | 16049 |
| Uranium Energy Corp. (a) | 733 | 9773 |
|  |  | 38451 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| Talen Energy Corporation (a) | 76 | 32200 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| CarGurus, Inc. - Class A (a) | 337 | 12532 |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |
| Post Holdings, Inc. (a) | 98 | 10490 |
| Total Common Stocks (cost $1,281,209) | Total Common Stocks (cost $1,281,209) | 1637928 |
| **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 Government Money Market Fund - Class SL, 4.14% (c) (d) | 21602 | 21602 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 3548 | 3548 |
| Total Short Term Investments (cost $25,150) | Total Short Term Investments (cost $25,150) | 25150 |
| **Total Investments 101.5% (cost $1,306,359)** | **Total Investments 101.5% (cost $1,306,359)** | **1663078** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(24178)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1638900** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 56506 | 349166 | 402124 | 733 |  |  | 3548 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1902 | 85581 | 65881 | 109 |  |  | 21602 | 1.3 |
|  | 58408 | 434747 | 468005 | 842 |  |  | 25150 | 1.5 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1637928 |  |  | 1637928 |
| &nbsp;&nbsp;Short Term Investments | 25150 |  |  | 25150 |
|  | 1663078 |  |  | 1663078 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **COMMON STOCKS 50.8%** | **COMMON STOCKS 50.8%** | **COMMON STOCKS 50.8%** |
| **United States of America 30.0%** | **United States of America 30.0%** | **United States of America 30.0%** |
| 3M Company | 13 | 1946 |
| Abbott Laboratories | 3 | 343 |
| AbbVie Inc. | 17 | 3862 |
| Accenture Public Limited Company - Class A |  | 73 |
| AGCO Corporation | 3 | 323 |
| Alcoa Corporation | 5 | 170 |
| Align Technology, Inc. (a) | 1 | 93 |
| Alnylam Pharmaceuticals, Inc. (a) | 2 | 774 |
| Alphabet Inc. - Class C | 16 | 3920 |
| Amazon.com, Inc. (a) | 65 | 14143 |
| American Express Company | 9 | 2949 |
| American Homes 4 Rent - Class A | 5 | 173 |
| American Tower Corporation | 10 | 1831 |
| Ameriprise Financial, Inc. |  | 113 |
| AMETEK, Inc. | 3 | 485 |
| Analog Devices, Inc. | 4 | 903 |
| Angi Inc. - Class A (a) | 1 | 20 |
| Apple Hospitality REIT, Inc. | 3 | 36 |
| Apple Inc. | 47 | 11798 |
| AppLovin Corporation - Class A (a) | 1 | 498 |
| Arch Capital Group Ltd. | 4 | 385 |
| Arthur J. Gallagher & Co. | 5 | 1403 |
| Ashtead Group Public Limited Company | 2 | 113 |
| AT&T Inc. | 66 | 1856 |
| AutoZone, Inc. (a) |  | 802 |
| Axalta Coating Systems Ltd. (a) | 5 | 143 |
| Baker Hughes Company - Class A | 61 | 2981 |
| Ball Corporation | 10 | 529 |
| Bank of America Corporation | 113 | 5873 |
| Bath & Body Works, Inc. | 2 | 55 |
| Berkshire Hathaway Inc. - Class B (a) | 2 | 1107 |
| Best Buy Co., Inc. | 1 | 108 |
| Biogen Inc. (a) | 1 | 183 |
| BJ's Wholesale Club Holdings, Inc. (a) | 4 | 355 |
| Blackstone Inc. - Class A | 6 | 949 |
| Boeing Company, The (a) | 3 | 582 |
| Booking Holdings Inc. |  | 1112 |
| Bristol-Myers Squibb Company | 34 | 1504 |
| Broadcom Inc. | 11 | 3670 |
| Burlington Stores, Inc. (a) | 4 | 966 |
| Capital One Financial Corporation | 2 | 396 |
| Cardinal Health, Inc. | 1 | 196 |
| Carlisle Companies Incorporated |  | 158 |
| Carnival Corporation (a) | 10 | 278 |
| Carrier Global Corporation | 8 | 485 |
| Carvana Co. - Class A (a) | 1 | 416 |
| Casey's General Stores, Inc. | 1 | 355 |
| CBRE Group, Inc. - Class A (a) | 3 | 404 |
| CDW Corp. | 2 | 395 |
| Cencora, Inc. | 1 | 431 |
| Charles Schwab Corporation, The | 16 | 1578 |
| Chemours Company, The | 18 | 289 |
| Cheniere Energy, Inc. | 1 | 347 |
| Chevron Corporation | 2 | 271 |
| Chipotle Mexican Grill, Inc. (a) | 16 | 641 |
| Chubb Limited | 1 | 141 |
| Ciena Corporation (a) | 2 | 333 |
| Cigna Group, The | 3 | 852 |
| Cisco Systems, Inc. | 2 | 108 |
| Cleveland-Cliffs Inc. (a) | 14 | 174 |
| CME Group Inc. - Class A | 5 | 1441 |
| Coca-Cola Company, The | 50 | 3331 |
| Cognizant Technology Solutions Corporation - Class A | 2 | 139 |
| Columbia Banking System, Inc. | 4 | 91 |
| Columbia Sportswear Company | 1 | 74 |
| Comerica Incorporated | 4 | 299 |
| Comfort Systems USA, Inc. |  | 328 |
| ConocoPhillips | 5 | 516 |
| Constellation Brands, Inc. - Class A | 1 | 88 |
| Copart, Inc. (a) | 8 | 357 |
| Corning Incorporated | 11 | 934 |
| Corpay Inc (a) | 1 | 298 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 498 |
| Cummins Inc. | 1 | 421 |
| CVS Health Corporation | 2 | 139 |
| CWT Travel Group Incorporated (a) | 1 | 4 |
| Danaher Corporation | 6 | 1282 |
| Darden Restaurants, Inc. | 2 | 439 |
| Deere & Company | 1 | 228 |
| Delta Air Lines, Inc. | 4 | 225 |
| Dominion Energy, Inc. | 35 | 2162 |
| DoorDash, Inc. - Class A (a) | 3 | 910 |
| Dover Corporation | 1 | 201 |
| Eagle Materials Inc. | 1 | 286 |
| EastGroup Properties, Inc. |  | 65 |
| Eaton Corporation Public Limited Company | 4 | 1772 |
| El Paso Electric Company (a) | 1 | 2 |
| Elevance Health, Inc. | 1 | 370 |
| Eli Lilly and Company | 1 | 621 |
| Emerson Electric Co. | 23 | 2951 |
| Entergy Corporation | 1 | 84 |
| EOG Resources, Inc. | 10 | 1142 |
| EQT Corporation | 12 | 653 |
| Equinix, Inc. | 1 | 1104 |
| Essential Utilities, Inc. | 2 | 92 |
| ExlService Holdings, Inc. (a) | 4 | 154 |
| Expand Energy Corporation | 4 | 395 |
| Expedia Group, Inc. | 3 | 817 |
| Exxon Mobil Corporation | 40 | 4510 |
| FedEx Corporation | 1 | 199 |
| Fidelity National Information Services, Inc. | 13 | 882 |
| Fifth Third Bancorp | 8 | 340 |
| Figma, Inc. - Class A (a) | 1 | 70 |
| First Citizens BancShares, Inc. - Class A | 1 | 1175 |
| First Horizon Corporation | 12 | 266 |
| Fiserv, Inc. (a) | 3 | 396 |
| Flowco Holdings Inc. - Class A | 2 | 32 |
| Flowserve Corporation | 9 | 484 |
| Flutter Entertainment Public Limited Company (a) | 1 | 370 |
| FMC Corporation | 19 | 648 |
| Fortune Brands Innovations, Inc. | 2 | 126 |
| Freeport-McMoRan Inc. | 10 | 396 |
| Garmin Ltd. | 2 | 372 |
| Gates Industrial Corporation PLC (a) | 18 | 448 |
| General Dynamics Corporation | 1 | 191 |
| General Motors Company | 5 | 307 |
| Genpact Limited | 6 | 243 |
| Gentex Corporation | 9 | 260 |
| Gilead Sciences, Inc. | 4 | 423 |
| GoDaddy Inc. - Class A (a) |  | 52 |
| Goldman Sachs Group, Inc., The | 1 | 867 |
| Graphic Packaging Holding Company | 15 | 286 |
| Hayward Holdings, Inc. (a) | 5 | 81 |
| HCA Healthcare, Inc. |  | 127 |
| Henry Schein, Inc. (a) | 4 | 254 |
| Hewlett Packard Enterprise Company | 23 | 555 |
| Hilton Worldwide Holdings Inc. | 1 | 231 |
| Home Depot, Inc., The | 1 | 532 |
| Host Hotels & Resorts, Inc. | 8 | 135 |
| Howmet Aerospace Inc. | 9 | 1892 |
| HubSpot, Inc. (a) | 1 | 405 |
| Humana Inc. | 5 | 1366 |
| IAC Inc. (a) | 2 | 81 |
| Insmed Incorporated (a) | 5 | 742 |
| Interactive Brokers Group, Inc. - Class A | 8 | 542 |
| Intercontinental Exchange, Inc. | 1 | 228 |
| International Paper Company | 2 | 85 |
| Intuit Inc. | 2 | 1128 |
| Intuitive Surgical, Inc. (a) | 1 | 589 |
| IQVIA Holdings Inc (a) | 1 | 182 |
| ITT Inc. | 4 | 672 |
| J.B. Hunt Transport Services, Inc. | 1 | 118 |
| Jabil Inc. |  | 97 |
| James Hardie Industries Public Limited Company (a) | 6 | 117 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| James Hardie Industries Public Limited Company - CHESS | 2 | 43 |
| Jefferies Financial Group Inc. | 3 | 187 |
| Johnson & Johnson | 37 | 6792 |
| Keurig Dr Pepper Inc. | 4 | 108 |
| Kinder Morgan, Inc. | 5 | 150 |
| Kinsale Capital Group, Inc. |  | 76 |
| Kontoor Brands, Inc. | 8 | 630 |
| Labcorp Holdings Inc. | 2 | 557 |
| Lamar Advertising Company - Class A | 1 | 108 |
| Lennar Corporation - Class A | 4 | 559 |
| Linde Public Limited Company | 4 | 1919 |
| Loews Corporation | 3 | 261 |
| Lowe`s Companies, Inc. | 15 | 3829 |
| M&T Bank Corporation | 2 | 409 |
| Marriott International, Inc. - Class A | 5 | 1184 |
| Marsh & Mclennan Companies, Inc. |  | 78 |
| Martin Marietta Materials, Inc. |  | 162 |
| MasterCard Incorporated - Class A (b) | 10 | 5326 |
| McDonald's Corporation | 9 | 2670 |
| McKesson Corporation | 1 | 499 |
| Media Group Holdings LLC (c) (d) | 3345 |  |
| Medtronic, Inc. | 20 | 1901 |
| Merck & Co., Inc. | 5 | 415 |
| Meta Platforms, Inc. - Class A | 16 | 11838 |
| Mettler-Toledo International Inc. (a) |  | 206 |
| MGIC Investment Corporation | 15 | 434 |
| Microsoft Corporation | 39 | 20003 |
| Mid-America Apartment Communities, Inc. | 1 | 172 |
| Middleby Corporation, The (a) | 1 | 140 |
| Mohawk Industries, Inc. (a) | 1 | 129 |
| Moody's Corporation | 1 | 419 |
| Morgan Stanley | 16 | 2497 |
| Murphy USA Inc. |  | 132 |
| Natera, Inc. (a) | 3 | 560 |
| Netflix, Inc. (a) | 1 | 1580 |
| Neurocrine Biosciences, Inc. (a) | 3 | 480 |
| Newmont Corporation | 2 | 207 |
| Nexstar Media Group, Inc. - Class A |  | 69 |
| NextEra Energy, Inc. | 26 | 2006 |
| Northern Trust Corporation | 1 | 117 |
| NVIDIA Corporation | 120 | 22394 |
| Omnicom Group Inc. | 2 | 128 |
| ON Semiconductor Corporation (a) | 9 | 460 |
| Oracle Corporation | 4 | 1202 |
| Oscar Health, Inc. - Class A (a) (e) | 3 | 56 |
| Packaging Corporation of America | 1 | 122 |
| Palo Alto Networks, Inc. (a) | 3 | 694 |
| Performance Food Group Company (a) | 3 | 350 |
| PG&E Corporation | 17 | 250 |
| Philip Morris International Inc. | 10 | 1589 |
| Post Holdings, Inc. (a) | 2 | 163 |
| Procter & Gamble Company, The | 1 | 167 |
| Progressive Corporation, The | 1 | 344 |
| Public Service Enterprise Group Incorporated | 1 | 72 |
| Public Storage Operating Company | 1 | 148 |
| Quanta Services, Inc. | 2 | 817 |
| Quest Diagnostics Incorporated | 1 | 284 |
| Range Resources Corporation | 10 | 390 |
| Raymond James Financial, Inc. |  | 79 |
| Rayonier Inc. | 4 | 99 |
| Reddit, Inc. - Class A (a) | 2 | 418 |
| Regency Centers Corporation | 3 | 191 |
| Regeneron Pharmaceuticals, Inc. | 1 | 446 |
| Regions Financial Corporation | 10 | 251 |
| Robinhood Markets, Inc. - Class A (a) | 6 | 846 |
| Ross Stores, Inc. | 5 | 760 |
| RTX Corporation | 6 | 1050 |
| Salesforce, Inc. | 5 | 1279 |
| SanDisk LLC (a) | 3 | 325 |
| SBA Communications Corporation - Class A | 1 | 106 |
| Seagate Technology Holdings Public Limited Company | 4 | 905 |
| ServiceNow, Inc. (a) |  | 361 |
| Silgan Holdings Inc. | 6 | 253 |
| Snowflake Inc. - Class A (a) | 3 | 674 |
| Southwest Airlines Co. | 22 | 700 |
| State Street Corporation | 3 | 309 |
| Synopsys, Inc. (a) | 1 | 286 |
| Take-Two Interactive Software, Inc. (a) | 3 | 709 |
| TD SYNNEX Corporation | 5 | 887 |
| TechnipFMC PLC | 11 | 421 |
| Teradyne, Inc. | 3 | 364 |
| Tesla Inc. (a) (b) | 10 | 4317 |
| Texas Instruments Incorporated | 1 | 252 |
| Textron Inc. | 1 | 45 |
| The Southern Company | 52 | 4995 |
| Thermo Fisher Scientific Inc. | 1 | 434 |
| TJX Companies, Inc., The | 5 | 763 |
| Tradeweb Markets Inc. - Class A | 2 | 242 |
| Trane Technologies Public Limited Company | 7 | 2965 |
| TransUnion | 1 | 116 |
| Travelers Companies, Inc., The | 1 | 298 |
| Twilio Inc. - Class A (a) | 2 | 225 |
| U.S. Bancorp | 35 | 1721 |
| Uber Technologies, Inc. (a) | 7 | 703 |
| Ulta Beauty, Inc. (a) | 1 | 519 |
| Union Pacific Corporation | 1 | 201 |
| UnitedHealth Group Incorporated | 7 | 2485 |
| Universal Music Group N.V. | 4 | 107 |
| Ventas, Inc. | 7 | 457 |
| Verizon Communications Inc. | 16 | 701 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 416 |
| Vistra Corp. | 3 | 584 |
| W. R. Berkley Corporation | 1 | 92 |
| Walt Disney Company, The | 47 | 5463 |
| Wells Fargo & Company (b) | 61 | 5093 |
| Wesco Aircraft Holdings, Inc. (a) (c) | 1 | 19 |
| WESCO International, Inc. | 1 | 177 |
| Western Digital Corporation | 17 | 2023 |
| Weyerhaeuser Company | 5 | 116 |
| Williams Companies, Inc., The | 11 | 720 |
| Willscot Holdings Corporation - Class A | 7 | 148 |
| XCEL Energy Inc. | 2 | 140 |
| Yum! Brands, Inc. | 7 | 1062 |
| Zillow Group, Inc. - Class C (a) | 1 | 65 |
| | | 273657 |
| **Japan 3.1%** | **Japan 3.1%** | **Japan 3.1%** |
| Advantest Corporation | 3 | 289 |
| AEON Co., Ltd. | 10 | 126 |
| AGC Inc. | 1 | 26 |
| Aisin Corporation | 2 | 40 |
| Ajinomoto Co., Inc. | 4 | 111 |
| ANA Holdings Inc. | 1 | 14 |
| Asahi Group Holdings, Ltd. | 6 | 70 |
| Asahi Kasei Corporation | 5 | 42 |
| ASICS Corporation | 3 | 73 |
| Astellas Pharma Inc. | 7 | 76 |
| Bandai Namco Holdings Inc. | 3 | 83 |
| Bridgestone Corporation | 2 | 102 |
| Canon Inc. | 4 | 105 |
| Capcom Co., Ltd. | 1 | 35 |
| Central Japan Railway Company | 4 | 112 |
| Chubu Electric Power Co., Ltd. (e) | 3 | 42 |
| Chugai Pharmaceutical Co., Ltd. | 3 | 114 |
| Concordia Financial Group, Ltd. (e) | 5 | 35 |
| Dai Nippon Printing Co., Ltd. | 2 | 32 |
| Daifuku Co., Ltd. | 1 | 45 |
| Dai-ichi Life Holdings, Inc. | 14 | 113 |
| Daiichi Sankyo Company, Limited | 7 | 164 |
| Daikin Industries, Ltd. | 1 | 139 |
| Daito Trust Construction Co., Ltd. | 1 | 22 |
| Daiwa House Industry Co., Ltd. (e) | 3 | 90 |
| Daiwa Securities Group Inc. | 5 | 40 |
| DENSO Corporation | 8 | 108 |
| DISCO Corporation |  | 125 |
| East Japan Railway Company | 4 | 103 |
| Eisai Co., Ltd. | 1 | 37 |
| ENEOS Holdings, Inc. | 10 | 66 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FANUC Corporation | 4 | 107 |
| Fast Retailing Co., Ltd. | 1 | 212 |
| Fuji Electric Co., Ltd. | 1 | 40 |
| FUJIFILM Holdings Corporation | 5 | 119 |
| Fujikura Ltd. | 1 | 98 |
| Fujitsu Limited | 7 | 165 |
| Hankyu Hanshin Holdings, Inc. (e) | 1 | 30 |
| Hikari Tsushin,Inc. |  | 28 |
| Hitachi Construction Machinery Co., Ltd. |  | 10 |
| Hitachi, Ltd. | 18 | 476 |
| Honda Motor Co., Ltd. (e) | 16 | 166 |
| Hoshizaki Corporation |  | 15 |
| HOYA Corporation | 1 | 194 |
| Hulic Co., Ltd. | 2 | 24 |
| Idemitsu Kosan Co., Ltd. (e) | 3 | 23 |
| IHI Corporation | 4 | 78 |
| Inpex Corporation | 3 | 60 |
| Isuzu Motors Limited | 2 | 28 |
| ITOCHU Corporation | 6 | 319 |
| Japan Airlines Co., Ltd. | 1 | 10 |
| Japan Exchange Group, Inc. (e) | 150 | 1668 |
| Japan Post Bank Co., Ltd. | 7 | 87 |
| Japan Post Holdings Co., Ltd. | 7 | 68 |
| Japan Post Insurance Co., Ltd. | 1 | 28 |
| Japan Real Estate Investment Corporation |  | 23 |
| Japan Tobacco Inc. | 4 | 141 |
| JFE Holdings, Inc. (e) | 2 | 28 |
| Kajima Corporation | 2 | 50 |
| Kao Corporation | 2 | 79 |
| Kawasaki Heavy Industries, Ltd. | 1 | 46 |
| Kawasaki Kisen Kaisha, Ltd. (e) | 2 | 21 |
| KDDI Corporation | 12 | 183 |
| Keyence Corporation | 6 | 2124 |
| Kikkoman Corporation (e) | 4 | 30 |
| Kirin Holdings Company, Limited | 3 | 47 |
| Kobe Bussan Co., Ltd. | 1 | 17 |
| Komatsu Ltd. | 4 | 126 |
| Konami Group Corporation |  | 43 |
| Kubota Corporation | 4 | 55 |
| KYOCERA Corporation | 6 | 75 |
| Kyowa Kirin Co., Ltd. | 1 | 14 |
| Lasertec Co., Ltd. |  | 41 |
| LINEYahoo! Corporation | 11 | 35 |
| M3, Inc. | 2 | 28 |
| Makita Corporation | 1 | 32 |
| Marubeni Corporation | 7 | 162 |
| MatsukiyoCocokara & Co. | 2 | 30 |
| McDonald's Holdings Company (Japan), Ltd. |  | 17 |
| Meiji Holdings Co., Ltd. (e) | 1 | 21 |
| Minebeamitsumi Inc. | 2 | 28 |
| Mitsubishi Chemical Group Corporation (e) | 5 | 31 |
| Mitsubishi Corporation | 15 | 361 |
| Mitsubishi Electric Corporation | 8 | 211 |
| Mitsubishi Estate Co., Ltd. (e) | 5 | 113 |
| Mitsubishi HC Capital Inc. (e) | 3 | 26 |
| Mitsubishi Heavy Industries, Ltd. (e) | 13 | 346 |
| Mitsubishi UFJ Financial Group, Inc. | 216 | 3473 |
| Mitsui & Co., Ltd. | 10 | 251 |
| Mitsui Fudosan Co., Ltd. | 11 | 118 |
| Mitsui O.S.K. Lines, Ltd. (e) | 1 | 36 |
| Mizuho Bank, Ltd. | 1 | 17 |
| Mizuho Financial Group, Inc. | 10 | 326 |
| MonotaRO Co., Ltd. | 1 | 13 |
| MS&AD Insurance Group Holdings, Inc. (e) | 6 | 125 |
| Murata Manufacturing Co., Ltd. | 7 | 141 |
| Nec Corporation | 5 | 160 |
| NEXON Co., Ltd. | 2 | 35 |
| Nidec Corporation | 4 | 71 |
| Nintendo Co., Ltd. | 5 | 398 |
| Nippon Building Fund Inc. |  | 30 |
| Nippon Paint Holdings Co., Ltd. | 4 | 25 |
| Nippon Sanso Holdings Corporation | 1 | 28 |
| Nippon Steel Corporation (e) | 21 | 84 |
| Nippon Telegraph and Telephone Corporation | 107 | 112 |
| Nippon Yusen Kabushiki Kaisha | 2 | 55 |
| Nissan Motor Co., Ltd. (a) | 9 | 21 |
| Nissin Food Holdings Co., Ltd. (e) | 1 | 19 |
| Niterra Co., Ltd. | 1 | 27 |
| Nitori Holdings Co., Ltd. (e) | 2 | 39 |
| Nitto Denko Corporation | 3 | 66 |
| Nomura Holdings, Inc. | 11 | 84 |
| Nomura Research Institute, Ltd. | 2 | 61 |
| Obayashi Corporation | 3 | 44 |
| OBIC Co., Ltd. | 1 | 45 |
| Olympus Corporation | 4 | 54 |
| OMRON Corporation | 1 | 22 |
| Ono Pharmaceutical Co., Ltd. (e) | 1 | 14 |
| Oracle Corporation Japan |  | 20 |
| Oriental Land Co., Ltd. | 4 | 104 |
| ORIX Corporation | 4 | 112 |
| Osaka Gas Co., Ltd. | 2 | 46 |
| Otsuka Corporation | 1 | 21 |
| Otsuka Holdings Co., Ltd. | 2 | 101 |
| Pan Pacific International Holdings Corporation | 11 | 69 |
| Panasonic Holdings Corporation | 9 | 93 |
| Rakuten Group, Inc. (a) | 6 | 38 |
| Recruit Holdings Co., Ltd. | 6 | 300 |
| Renesas Electronics Corporation | 6 | 71 |
| Resona Holdings, Inc. | 9 | 89 |
| Ricoh Company, Ltd. | 2 | 19 |
| SBI Holdings, Inc. | 1 | 48 |
| SCREEN Holdings Co., Ltd. |  | 36 |
| SCSK Corporation | 1 | 18 |
| Secom Co., Ltd. (e) | 2 | 55 |
| Sekisui Chemical Co., Ltd. | 2 | 30 |
| Sekisui House, Ltd. | 2 | 55 |
| Seven & I Holdings Co., Ltd. | 9 | 117 |
| SG Holdings Co., Ltd. (e) | 2 | 18 |
| Shimadzu Corporation | 1 | 30 |
| Shimano Inc. |  | 34 |
| Shimizu Corporation | 2 | 30 |
| Shin-Etsu Chemical Co., Ltd. | 32 | 1034 |
| Shionogi & Co., Ltd. | 3 | 58 |
| Shiseido Company, Limited | 2 | 26 |
| SMC Corporation |  | 61 |
| SoftBank Corp. | 110 | 161 |
| SoftBank Group Corp. | 4 | 467 |
| Sompo Holdings, Inc. | 4 | 115 |
| Sony Financial Group Inc. | 112 | 125 |
| Sony Group Corporation | 112 | 3231 |
| Square Enix Holdings Co., Ltd. | 1 | 19 |
| Subaru Corporation. (e) | 2 | 47 |
| Sumitomo Corporation | 5 | 136 |
| Sumitomo Electric Industries, Ltd. | 3 | 85 |
| Sumitomo Metal Mining Co., Ltd. (e) | 1 | 35 |
| Sumitomo Mitsui Financial Group, Inc. | 15 | 427 |
| Sumitomo Mitsui Trust Group, Inc. | 3 | 78 |
| Sumitomo Realty & Development Co., Ltd. | 2 | 84 |
| Suntory Beverage & Food Limited | 1 | 19 |
| Suzuki Motor Corporation | 7 | 105 |
| Sysmex Corporation | 2 | 27 |
| T&D Holdings, Inc. | 2 | 46 |
| Taisei Corporation | 1 | 41 |
| Takeda Pharmaceutical Company Limited (e) | 6 | 176 |
| TDK Corporation | 8 | 109 |
| Terumo Corporation | 6 | 94 |
| The Chiba Bank, Ltd. | 3 | 28 |
| The Kansai Electric Power Company, Incorporated | 4 | 59 |
| TIS Inc. | 1 | 30 |
| Toho Co., Ltd. |  | 26 |
| Tokio Marine Holdings, Inc. | 8 | 322 |
| Tokyo Century Corporation | 1 | 8 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 6 | 28 |
| Tokyo Electron Limited | 2 | 306 |
| Tokyo Gas Co., Ltd. | 1 | 50 |
| Tokyu Corporation (e) | 2 | 28 |
| TOPPAN Holdings Inc. | 1 | 28 |
| Toray Industries, Inc. | 6 | 37 |
| Toyo Suisan Kaisha, Ltd. | 1 | 36 |
| Toyota Industries Corporation | 1 | 79 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Toyota Motor Corporation | 45 | 860 |
| Toyota Tsusho Corporation | 3 | 75 |
| Trend Micro Incorporated | 1 | 27 |
| Unicharm Corporation | 4 | 28 |
| West Japan Railway Company (e) | 2 | 42 |
| Yakult Honsha Co., Ltd. (e) | 1 | 18 |
| Yamaha Motor Co., Ltd. | 4 | 28 |
| Yaskawa Electric Corporation | 1 | 21 |
| Yokogawa Electric Corporation | 1 | 29 |
| Zensho Holdings Co., Ltd. |  | 26 |
| ZOZO, Inc. | 2 | 14 |
| | | 27803 |
| **China 2.7%** | **China 2.7%** | **China 2.7%** |
| Alibaba Group Holding Limited (d) | 126 | 2838 |
| Alibaba Group Holding Limited - ADR | 2 | 294 |
| BYD Company Limited - Class H | 11 | 153 |
| China Construction Bank Corporation - Class H | 560 | 537 |
| China International Capital Corporation Limited - Class H (d) | 125 | 343 |
| China Merchants Bank Co., Ltd. - Class A | 87 | 493 |
| China Minsheng Banking Corp., Ltd. - Class H | 471 | 249 |
| China Shenhua Energy Company Limited - Class H | 40 | 191 |
| China Yangtze Power Co., Ltd. - Class A | 63 | 242 |
| Contemporary Amperex Technology Co., Limited - Class A | 11 | 611 |
| ENN Energy Holdings Limited | 29 | 241 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (d) | 40 | 407 |
| H World Group Limited | 67 | 266 |
| Haidilao International Holding Ltd. (d) (e) | 88 | 152 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 40 | 402 |
| KE Holdings Inc. | 61 | 412 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 223 |
| Lenovo Group Limited | 258 | 381 |
| Meituan - Class B (a) (d) | 21 | 274 |
| Midea Group Co., Ltd. - Class A | 37 | 372 |
| Montage Technology Co., Ltd. - Class A | 17 | 366 |
| NetEase, Inc. | 31 | 926 |
| Nongfu Spring Co., Ltd. - Class H (d) | 61 | 425 |
| PetroChina Company Limited - Class H | 406 | 369 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 2 | 259 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 79 | 537 |
| Starpower Semiconductor Ltd. - Class A | 13 | 207 |
| Tencent Holdings Limited | 95 | 8109 |
| Tencent Music Entertainment Group - Class A - ADR | 12 | 290 |
| WuXi Biologics (Cayman) Inc. (a) (d) | 14 | 71 |
| XCMG Construction Machinery Co., Ltd. - Class A | 145 | 233 |
| Xiaomi Corporation (a) (d) | 103 | 713 |
| Xinyi Solar Holdings Limited (e) | 432 | 191 |
| Yum China Holdings, Inc. | 12 | 540 |
| Yum China Holdings, Inc. | 33 | 1421 |
| Zijin Mining Group Co., Ltd. - Class H | 142 | 597 |
| ZTO Express (Cayman) Inc. (d) | 9 | 167 |
|  |  | 24502 |
| **France 1.7%** | **France 1.7%** | **France 1.7%** |
| Aeroports de Paris |  | 18 |
| Airbus SE | 2 | 535 |
| Amundi (d) |  | 19 |
| AXA | 7 | 329 |
| Biomerieux S.A. |  | 23 |
| BNP Paribas | 4 | 368 |
| Bollore SE | 3 | 15 |
| Bouygues | 1 | 32 |
| Bureau Veritas | 1 | 38 |
| Capgemini | 1 | 97 |
| Compagnie de Saint-Gobain | 2 | 193 |
| Compagnie Generale des Etablissements Michelin | 47 | 1693 |
| Credit Agricole S.A. | 4 | 87 |
| Danone | 3 | 219 |
| Dassault Aviation |  | 24 |
| Dassault Systemes | 3 | 87 |
| Engie | 7 | 147 |
| EssilorLuxottica | 1 | 398 |
| Hermes International |  | 329 |
| Kering |  | 92 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 2 | 468 |
| Legrand | 1 | 169 |
| L'Oreal | 1 | 411 |
| LVMH Moet Hennessy Louis Vuitton | 5 | 3283 |
| Orange | 7 | 116 |
| Pernod Ricard | 7 | 683 |
| Publicis Groupe S.A. | 1 | 86 |
| Safran | 10 | 3703 |
| Sanofi | 4 | 410 |
| Sartorius Stedim Biotech |  | 20 |
| Schneider Electric SE | 2 | 598 |
| Societe Generale | 3 | 182 |
| Thales |  | 111 |
| TotalEnergies SE | 8 | 484 |
| Veolia Environnement | 2 | 85 |
| VINCI | 2 | 273 |
|  |  | 15825 |
| **United Kingdom 1.6%** | **United Kingdom 1.6%** | **United Kingdom 1.6%** |
| 3i Group PLC | 4 | 211 |
| Admiral Group PLC | 1 | 41 |
| Anglo American PLC | 4 | 158 |
| Associated British Foods PLC | 1 | 33 |
| AstraZeneca PLC | 17 | 2611 |
| Auto Trader Group PLC | 3 | 36 |
| Aviva PLC | 18 | 169 |
| BAE Systems PLC | 12 | 319 |
| Barclays PLC | 57 | 295 |
| Barratt Redrow PLC | 5 | 26 |
| BP P.L.C. | 61 | 348 |
| British American Tobacco P.L.C. | 8 | 411 |
| BT Group PLC | 24 | 62 |
| Bunzl Public Limited Company | 1 | 39 |
| Centrica PLC | 19 | 43 |
| Coca-Cola Europacific Partners PLC | 1 | 76 |
| Compass Group PLC | 7 | 228 |
| Convatec Group PLC (d) | 6 | 20 |
| Croda International Public Limited Company | 1 | 18 |
| CVC Capital Partners PLC | 3 | 53 |
| Diageo PLC | 9 | 208 |
| Entain PLC | 3 | 29 |
| Experian PLC | 4 | 180 |
| Fiat Chrysler Automobiles N.V. | 8 | 72 |
| GSK PLC | 16 | 340 |
| Haleon PLC | 35 | 158 |
| Halma Public Limited Company | 2 | 71 |
| Hikma Pharmaceuticals Public Limited Company | 1 | 19 |
| Hiscox Ltd. | 2 | 29 |
| Howden Joinery Group PLC | 2 | 23 |
| HSBC Holdings PLC | 69 | 974 |
| ICG PLC | 1 | 34 |
| Imperial Brands PLC | 3 | 137 |
| Informa PLC | 5 | 62 |
| InterContinental Hotels Group PLC | 1 | 73 |
| International Consolidated Airlines Group S.A. | 14 | 71 |
| Intertek Group PLC | 1 | 40 |
| J Sainsbury PLC | 7 | 30 |
| JD Sports Fashion PLC | 10 | 13 |
| Kingfisher PLC | 7 | 28 |
| Land Securities Group PLC | 3 | 23 |
| Legal & General Group PLC | 23 | 73 |
| Lloyds Banking Group PLC | 235 | 265 |
| London Stock Exchange Group PLC | 2 | 214 |
| M&G PLC | 9 | 30 |
| Melrose Industries PLC | 5 | 38 |
| Mondi PLC | 2 | 24 |
| National Grid PLC | 19 | 279 |
| NatWest Group PLC | 30 | 212 |
| Next PLC |  | 76 |
| Pearson PLC | 3 | 37 |
| Persimmon Public Limited Company | 1 | 19 |
| Phoenix Group Holdings PLC | 3 | 25 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Prudential Public Limited Company | 24 | 329 |
| Reckitt Benckiser Group PLC | 3 | 206 |
| Relx PLC | 31 | 1462 |
| Rentokil Initial PLC | 9 | 47 |
| Rightmove PLC | 3 | 29 |
| Rio Tinto PLC - ADR | 4 | 267 |
| Rio Tinto PLC | 4 | 276 |
| Rolls-Royce Holdings PLC | 33 | 527 |
| Schroders PLC | 3 | 17 |
| SEGRO Public Limited Company | 5 | 43 |
| Severn Trent PLC | 1 | 36 |
| Shell PLC - Class A | 23 | 829 |
| Smith & Nephew PLC | 3 | 62 |
| Smiths Group PLC | 1 | 41 |
| Spirax Group PLC |  | 26 |
| SSE PLC | 4 | 100 |
| Standard Chartered PLC | 7 | 144 |
| Taylor Wimpey PLC | 14 | 19 |
| Tesco PLC | 26 | 157 |
| The Berkeley Group Holdings PLC |  | 20 |
| The Sage Group PLC. | 4 | 56 |
| Unilever PLC | 10 | 572 |
| United Utilities PLC | 3 | 41 |
| Vodafone Group Public Limited Company | 80 | 93 |
| Weir Group PLC(The) | 1 | 37 |
| Whitbread PLC | 1 | 28 |
| Wise PLC - Class A (a) | 3 | 37 |
| WPP 2012 Limited | 4 | 21 |
| | | 14625 |
| **Taiwan 1.6%** | **Taiwan 1.6%** | **Taiwan 1.6%** |
| ASE Technology Holding Co., Ltd. | 112 | 605 |
| Delta Electronics, Inc. | 27 | 770 |
| E. Sun Financial Holding Company, Ltd. | 303 | 332 |
| Formosa Chemicals & Fibre Corporation | 194 | 190 |
| MediaTek Inc. | 3 | 149 |
| Quanta Computer Inc. | 46 | 440 |
| Realtek Semiconductor Corporation | 22 | 399 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 3 | 876 |
| Taiwan Semiconductor Manufacturing Company Limited | 230 | 9916 |
| Wiwynn Corporation | 4 | 446 |
| WUS Printed Circuit Co., Ltd. | 51 | 162 |
| Yuanta Financial Holding Co., Ltd | 211 | 242 |
|  |  | 14527 |
| **Germany 1.3%** | **Germany 1.3%** | **Germany 1.3%** |
| Adidas AG - Class N | 1 | 148 |
| Allianz SE | 2 | 638 |
| BASF SE - Class N | 4 | 175 |
| Bayer Aktiengesellschaft - Class N | 4 | 120 |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 111 |
| Beiersdorf Aktiengesellschaft |  | 39 |
| BioNTech SE - ADR (a) |  | 36 |
| COMMERZBANK Aktiengesellschaft | 3 | 129 |
| Continental Aktiengesellschaft |  | 28 |
| Daimler Truck Holding AG | 2 | 75 |
| Deutsche Bank Aktiengesellschaft - Class N | 7 | 247 |
| Deutsche Borse Aktiengesellschaft - Class N | 7 | 1818 |
| Deutsche Post AG - Class N | 4 | 166 |
| Deutsche Telekom AG - Class N | 13 | 445 |
| E.ON SE - Class N | 9 | 163 |
| Elia Group |  | 19 |
| Fresenius SE & Co. KGaA | 2 | 90 |
| Hannover Ruck SE - Class N |  | 71 |
| Heidelberg Materials AG | 1 | 113 |
| Henkel AG & Co. KGaA |  | 28 |
| Infineon Technologies AG - Class N | 5 | 194 |
| Mercedes-Benz Group AG - Class N | 3 | 172 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 65 |
| MTU Aero Engines AG - Class N |  | 91 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 3 | 2079 |
| Rheinmetall Aktiengesellschaft |  | 412 |
| RWE Aktiengesellschaft | 3 | 118 |
| SAP SE | 4 | 1080 |
| Siemens Aktiengesellschaft - Class N | 9 | 2529 |
| Siemens Energy AG (a) | 3 | 311 |
| Siemens Healthineers AG (d) | 1 | 57 |
| Symrise AG |  | 43 |
| Talanx Aktiengesellschaft |  | 33 |
| Vonovia SE | 3 | 101 |
|  |  | 11944 |
| **Netherlands 1.1%** | **Netherlands 1.1%** | **Netherlands 1.1%** |
| Adyen N.V. (a) (d) |  | 185 |
| Akzo Nobel N.V. | 1 | 46 |
| ASM International N.V. |  | 104 |
| ASML Holding N.V. - ADR |  | 205 |
| ASML Holding N.V. | 6 | 6105 |
| DSM-Firmenich AG | 1 | 82 |
| Exor Nederland N.V. |  | 35 |
| HAL Trust |  | 22 |
| Heineken Holding N.V. | 1 | 35 |
| Heineken N.V. | 10 | 795 |
| ING Groep N.V. | 12 | 303 |
| JDE Peet's N.V. | 1 | 22 |
| Koninklijke Ahold Delhaize N.V. | 3 | 141 |
| Koninklijke KPN N.V. | 15 | 73 |
| Koninklijke Philips N.V. | 3 | 84 |
| NN Group N.V. | 1 | 74 |
| NXP Semiconductors N.V. | 6 | 1557 |
| Prosus N.V. - Class N | 5 | 363 |
| STMicroelectronics N.V. | 3 | 71 |
| Wolters Kluwer N.V. - Class C | 1 | 125 |
|  |  | 10427 |
| **India 0.9%** | **India 0.9%** | **India 0.9%** |
| Axis Bank Limited | 21 | 265 |
| Axis Bank Limited - GDR (d) | 3 | 192 |
| Bajaj Finance Limited | 46 | 514 |
| Bharti Airtel Limited | 5 | 110 |
| Biocon Limited | 55 | 213 |
| Blue Star Limited | 10 | 224 |
| Coforge Limited | 9 | 164 |
| Dr. Reddy's Laboratories Limited - ADR | 14 | 202 |
| Eternal Limited (a) | 50 | 184 |
| Godrej Consumer Products Limited | 19 | 244 |
| Havells India Limited | 13 | 224 |
| HDFC Bank Limited | 70 | 750 |
| HDFC Bank Limited - ADR | 15 | 500 |
| Hindalco Industries Limited | 25 | 211 |
| ICICI Bank Limited | 15 | 225 |
| ICICI Bank Limited - ADR | 3 | 92 |
| Indian Hotels Company Limited, The | 21 | 170 |
| Infosys Limited - ADR (e) | 12 | 195 |
| Infosys Limited | 17 | 275 |
| ITC Limited | 43 | 195 |
| Mahindra and Mahindra Limited | 19 | 725 |
| MakeMyTrip Limited (a) | 1 | 114 |
| Max Financial Services Limited (a) | 18 | 324 |
| NTPC Limited | 92 | 355 |
| PB Fintech Limited (a) | 10 | 198 |
| Reliance Industries Limited - GDR (d) | 5 | 331 |
| Reliance Industries Limited | 35 | 544 |
| Shriram Finance Limited | 43 | 299 |
| UltraTech Cement Limited | 2 | 321 |
|  |  | 8360 |
| **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** |
| Coupang, Inc. - Class A (a) | 6 | 207 |
| DB Insurance Co., Ltd. | 3 | 258 |
| Hana Financial Group Inc. | 8 | 508 |
| HD Hyundai Electric Co., Ltd. | 1 | 321 |
| Hugel, Inc. (a) | 1 | 169 |
| Hyundai Glovis Co., Ltd. | 2 | 203 |
| JB Financial Group Co., Ltd. | 15 | 241 |
| KIA Corporation | 8 | 586 |
| Korea Aerospace Industries, Ltd. | 4 | 302 |
| KT Corporation | 4 | 134 |
| KT Corporation - ADR | 11 | 216 |
| POSCO Holdings Inc. | 1 | 168 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Samsung Biologics Co., Ltd. (a) |  | 168 |
| Samsung Electronics Co., Ltd. | 43 | 2605 |
| Samsung Fire & Marine Insurance Co., Ltd. | 1 | 198 |
| SK Hynix Inc. | 7 | 1639 |
| SM Entertainment Co., Ltd. | 2 | 228 |
| S-Oil Corporation | 3 | 146 |
| | | 8297 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| AB Sagax - Class B | 1 | 18 |
| AB Sagax - Class D |  | 2 |
| Aktiebolaget Industrivarden - Class A |  | 18 |
| Aktiebolaget Industrivarden - Class C | 1 | 25 |
| Aktiebolaget SKF - Class B | 1 | 35 |
| Aktiebolaget Volvo - Class A | 1 | 21 |
| Aktiebolaget Volvo - Class B | 122 | 3506 |
| Alfa Laval AB | 1 | 48 |
| ASSA ABLOY AB - Class B | 4 | 144 |
| Atlas Copco Aktiebolag - Class A | 100 | 1698 |
| Atlas Copco Aktiebolag - Class B | 6 | 92 |
| Axfood AB |  | 13 |
| Boliden AB (a) | 1 | 45 |
| Castellum Aktiebolag (e) | 2 | 17 |
| Epiroc Aktiebolag - Class A | 2 | 52 |
| Epiroc Aktiebolag - Class B | 2 | 29 |
| EQT AB (d) | 3 | 95 |
| Essity Aktiebolag (publ) - Class A |  | 2 |
| Essity Aktiebolag (publ) - Class B | 2 | 61 |
| Evolution AB (publ) (d) | 1 | 58 |
| Fastighets AB Balder - Class B (a) | 3 | 20 |
| G&L Beijer Ref AB - Class B | 1 | 23 |
| H & M Hennes & Mauritz AB - Class B (e) | 2 | 36 |
| Hexagon Aktiebolag - Class B | 8 | 98 |
| Holmen Aktiebolag - Class B |  | 12 |
| Indutrade Aktiebolag | 1 | 24 |
| Investmentaktiebolaget Latour - Class B | 1 | 13 |
| Investor Aktiebolag - Class A | 3 | 85 |
| Investor Aktiebolag - Class B | 7 | 223 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B |  | 15 |
| Lifco AB (Publ) - Class B | 1 | 30 |
| NIBE Industrier AB - Class B | 6 | 25 |
| Nordnet AB | 1 | 18 |
| SAAB Aktiebolag - Class B | 1 | 88 |
| Sandvik Aktiebolag | 4 | 106 |
| Securitas AB - Class B | 2 | 31 |
| Skandinaviska Enskilda Banken AB - Class A | 5 | 103 |
| Skandinaviska Enskilda Banken AB - Class C |  | 2 |
| Skanska AB - Class B | 1 | 33 |
| Spotify Technology S.A. (a) | 1 | 594 |
| SSAB AB - Class A | 1 | 5 |
| SSAB AB - Class B | 2 | 13 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 2 | 25 |
| Svenska Handelsbanken AB - Class A | 5 | 64 |
| Swedbank AB - Class A | 4 | 116 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 1 | 19 |
| Tele2 AB - Class B | 2 | 37 |
| Telefonaktiebolaget LM Ericsson - Class A |  | 2 |
| Telefonaktiebolaget LM Ericsson - Class B (e) | 10 | 84 |
| Telia Company AB | 9 | 34 |
| Trelleborg AB - Class B | 1 | 29 |
|  |  | 7986 |
| **Switzerland 0.8%** | **Switzerland 0.8%** | **Switzerland 0.8%** |
| ABB Ltd - Class N | 6 | 450 |
| Alcon AG | 2 | 144 |
| Amrize AG (a) | 6 | 315 |
| Coca-Cola HBC AG | 1 | 59 |
| Compagnie Financiere Richemont S.A. | 2 | 401 |
| EMS-Chemie Holding AG |  | 19 |
| Galderma Group AG |  | 84 |
| Geberit AG - Class N |  | 98 |
| Givaudan S.A. - Class N |  | 134 |
| Glencore PLC | 38 | 176 |
| Holcim AG | 2 | 166 |
| Julius Bar Gruppe AG - Class N | 1 | 54 |
| Kuhne & Nagel International AG |  | 34 |
| Lonza Group AG |  | 184 |
| Nestle S.A. - Class N | 10 | 926 |
| Novartis AG - Class N | 7 | 935 |
| Partners Group Holding AG |  | 111 |
| Roche Holding AG |  | 40 |
| Sandoz Group AG | 2 | 96 |
| Schindler Holding AG - Class N |  | 29 |
| SGS S.A. | 1 | 62 |
| Sika AG | 1 | 141 |
| Sonova Holding AG |  | 52 |
| Straumann Holding AG - Class N |  | 45 |
| Swiss Life Holding AG - Class N |  | 151 |
| Swiss Re AG | 1 | 222 |
| Swisscom AG - Class N |  | 73 |
| UBS Group AG | 43 | 1770 |
| Zurich Insurance Group AG - Class N | 1 | 398 |
|  |  | 7369 |
| **Australia 0.6%** | **Australia 0.6%** | **Australia 0.6%** |
| ANZ Group Holdings Limited | 12 | 259 |
| Aristocrat Leisure Limited | 2 | 114 |
| ASX Limited | 1 | 29 |
| Atlas Arteria Limited | 4 | 13 |
| Atlassian Corporation - Class A (a) | 2 | 262 |
| Australian Pipeline Trust | 5 | 30 |
| BHP Group Limited | 19 | 533 |
| BlueScope Steel Limited | 2 | 26 |
| Brambles Limited | 5 | 88 |
| Cochlear Limited |  | 45 |
| Coles Group Limited | 5 | 81 |
| Commonwealth Bank of Australia | 7 | 727 |
| Computershare Limited | 2 | 52 |
| CSL Limited | 2 | 249 |
| DEXUS Funds Management Limited | 4 | 20 |
| Fortescue Ltd | 6 | 77 |
| Goodman Funding Pty Ltd | 8 | 164 |
| GPT Management Holdings Limited | 7 | 27 |
| Insurance Australia Group Limited | 9 | 51 |
| Macquarie Group Limited | 1 | 207 |
| Medibank Private Limited | 11 | 34 |
| Mirvac Limited | 15 | 23 |
| National Australia Bank Limited | 12 | 352 |
| Northern Star Resources Ltd | 6 | 89 |
| Orica Limited | 2 | 27 |
| Origin Energy Limited | 7 | 56 |
| Pro Medicus Limited |  | 44 |
| Qantas Airways Limited | 3 | 21 |
| QBE Insurance Group Limited | 6 | 81 |
| Ramsay Health Care Limited | 1 | 15 |
| REA Group Ltd |  | 31 |
| Reece Limited | 1 | 10 |
| Rio Tinto Limited | 1 | 118 |
| Santos Limited | 12 | 54 |
| Scentre Group Limited | 20 | 55 |
| SEEK Limited | 1 | 24 |
| SGH Limited (e) | 1 | 26 |
| Sigma Healthcare Ltd | 22 | 43 |
| Sonic Healthcare Limited | 2 | 26 |
| South32 Limited | 18 | 32 |
| Stockland Corporation Ltd | 9 | 38 |
| Suncorp Group Limited | 4 | 57 |
| Telstra Corporation Limited | 16 | 50 |
| The Lottery Corporation Limited | 9 | 34 |
| TPG Corporation Limited | 2 | 6 |
| Transurban Holdings Limited | 12 | 111 |
| Vicinity Centres RE Ltd | 14 | 24 |
| Wesfarmers Limited | 4 | 272 |
| Westpac Banking Corporation | 13 | 348 |
| Whsp Holdings Ltd | 1 | 32 |
| WiseTech Global Limited | 1 | 40 |
| Woodside Energy Group Ltd | 7 | 113 |
| Woolworths Group Limited | 5 | 84 |
|  |  | 5424 |
| **Denmark 0.4%** | **Denmark 0.4%** | **Denmark 0.4%** |
| A.P. Moller - Maersk A/S - Class A |  | 23 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| A.P. Moller - Maersk A/S - Class B (e) |  | 31 |
| Carlsberg A/S - Class B |  | 42 |
| Coloplast A/S - Class B | 1 | 47 |
| Danske Bank A/S | 3 | 109 |
| DSV A/S | 1 | 148 |
| Genmab A/S (a) (e) |  | 75 |
| Novo Nordisk A/S - ADR (e) | 7 | 384 |
| Novo Nordisk A/S - Class B | 37 | 2017 |
| Novozymes A/S - Class B (e) | 1 | 83 |
| Orsted A/S (a) (d) (e) | 2 | 32 |
| Pandora A/S |  | 40 |
| Tryg A/S | 1 | 31 |
| Vestas Wind Systems A/S | 4 | 74 |
| | | 3136 |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| AIA Group Limited | 63 | 606 |
| Budweiser Brewing Company APAC Limited (d) (e) | 7 | 7 |
| China Resources Power Holdings Company Limited | 68 | 156 |
| CK Asset Holdings Limited | 9 | 41 |
| CK Hutchison Holdings Limited | 10 | 66 |
| CK Infrastructure Holdings Limited | 3 | 16 |
| CLP Holdings Limited | 7 | 58 |
| Hang Seng Bank, Limited | 3 | 40 |
| Henderson Land Development Company Limited | 5 | 18 |
| HKT Trust | 13 | 19 |
| Hong Kong And China Gas Company Limited - The- | 42 | 36 |
| Hong Kong Exchanges and Clearing Limited | 25 | 1426 |
| Jardine Matheson Holdings Limited | 1 | 43 |
| Link Real Estate Investment Trust | 10 | 51 |
| MTR Corporation Limited (e) | 6 | 20 |
| Power Assets Holdings Limited | 6 | 35 |
| Sino Land Company Limited | 14 | 18 |
| Sun Hung Kai Properties Limited | 7 | 78 |
| Swire Pacific Limited - Class A | 1 | 8 |
| Swire Properties Limited | 4 | 11 |
| Techtronic Industries Company Limited | 21 | 262 |
| WH Group Limited (d) | 31 | 34 |
| Wharf (Holdings) Limited, The | 4 | 11 |
| Wharf Real Estate Investment Company Limited | 6 | 18 |
| Zijin Gold International Company Limited (a) | 3 | 44 |
|  |  | 3122 |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 159 | 398 |
| Banco do Brasil S.A. | 59 | 242 |
| Banco Santander (Brasil) S.A. | 61 | 337 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 29 | 283 |
| Localiza Rent A Car S/A | 42 | 308 |
| Motiva Infraestrutura De Mobilidade S.A. | 96 | 268 |
| NU Holdings Ltd. - Class A (a) | 18 | 294 |
| Porto Seguro S/A | 18 | 171 |
| Raia Drogasil S.A. | 52 | 179 |
| Suzano S.A. | 18 | 164 |
| Telefonica Brasil S.A. | 56 | 357 |
|  |  | 3001 |
| **Spain 0.3%** | **Spain 0.3%** | **Spain 0.3%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 1 | 63 |
| AENA, S.M.E., S.A. | 3 | 79 |
| Amadeus IT Holding, S.A. (d) | 2 | 136 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 23 | 435 |
| Banco Santander, S.A. | 58 | 610 |
| CaixaBank, S.A. | 14 | 147 |
| Cellnex Telecom, S.A. (d) | 2 | 78 |
| Endesa, S.A. | 1 | 40 |
| Ferrovial SE | 2 | 102 |
| Iberdrola, Sociedad Anonima | 24 | 455 |
| Industria de Diseno Textil, S.A. | 4 | 240 |
| Naturgy Energy Group S.A. |  | 13 |
| Redeia Corporacion S.A. | 2 | 31 |
| Repsol S.A. | 4 | 79 |
| Telefonica, S.A. (e) | 18 | 91 |
|  |  | 2599 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| A2a S.P.A. | 6 | 16 |
| Assicurazioni Generali Societa' Per Azioni | 4 | 140 |
| Banca Mediolanum SpA | 1 | 16 |
| Banco BPM Societa' Per Azioni | 5 | 77 |
| Buzzi S.p.A. |  | 17 |
| Davide Campari-Milano N.V. (e) | 2 | 14 |
| DiaSorin S.p.A. |  | 8 |
| ENEL - SPA | 30 | 289 |
| Eni S.P.A. | 8 | 133 |
| Ferrari N.V. |  | 233 |
| Finecobank Banca Fineco S.P.A. | 2 | 52 |
| Hera S.p.A. | 4 | 16 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (d) | 1 | 15 |
| Intesa Sanpaolo S.p.A. | 61 | 405 |
| Leonardo S.p.A. | 2 | 100 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 2 | 46 |
| Moncler S.p.A. | 1 | 49 |
| Nexi S.p.A. (e) | 2 | 11 |
| Pirelli & C. S.p.A. (d) | 1 | 10 |
| Poste Italiane - Societa' Per Azioni (d) | 2 | 43 |
| Prysmian S.p.A. | 1 | 111 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. |  | 23 |
| Snam S.p.A. | 8 | 50 |
| Telecom Italia S.p.A. | 48 | 25 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 6 | 56 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 6 | 463 |
|  |  | 2418 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 14 | 31 |
| Capitaland Group Pte. Ltd. | 19 | 34 |
| Capitaland Investment Limited | 9 | 18 |
| DBS Group Holdings Ltd | 34 | 1331 |
| Genting Singapore Limited | 22 | 13 |
| Jardine Cycle & Carriage Limited |  | 7 |
| Keppel Ltd. | 5 | 36 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (d) | 9 | 10 |
| Oversea-Chinese Banking Corporation Limited | 13 | 163 |
| Sea Limited - Class A - ADR (a) | 2 | 280 |
| Singapore Airlines Limited (e) | 5 | 27 |
| Singapore Exchange Limited | 3 | 44 |
| Singapore Technologies Engineering Ltd | 6 | 42 |
| Singapore Telecommunications Limited | 32 | 103 |
| United Overseas Bank Limited | 5 | 140 |
| Wilmar International Limited | 7 | 15 |
|  |  | 2294 |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| ABSA Group | 31 | 328 |
| Capitec Bank Holdings | 1 | 226 |
| Clicks Group | 9 | 181 |
| Gold Fields Limited | 15 | 637 |
| MTN Group | 28 | 238 |
| Shoprite Holdings | 13 | 208 |
| Sibanye Stillwater (a) | 96 | 272 |
|  |  | 2090 |
| **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** |
| Arca Continental S.A.B. de C.V. (e) | 23 | 243 |
| Fresnillo PLC | 1 | 23 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 1 | 350 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 25 | 252 |
| Regional, S.A.B. De C.V. | 41 | 366 |
| Wal-Mart de Mexico, S.A.B. de C.V. (e) | 98 | 302 |
|  |  | 1536 |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| PT Bank Central Asia Tbk | 1420 | 650 |
| PT Telekomunikasi Indonesia (Persero) Tbk | 2720 | 502 |
|  |  | 1152 |
| **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** |
| Al Rajhi Banking and Investment Corporation | 34 | 969 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Ireland 0.1%** | **Ireland 0.1%** | **Ireland 0.1%** |
| AerCap Holdings N.V. | 6 | 676 |
| DCC Public Limited Company (e) |  | 25 |
| Kerry Group Public Limited Company - Class A | 1 | 52 |
| Kingspan Group Public Limited Company | 1 | 51 |
| Smurfit Westrock Public Limited Company | 3 | 147 |
|  |  | 951 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| Ackermans |  | 22 |
| Ageas SA/NV | 1 | 46 |
| Anheuser-Busch InBev | 4 | 229 |
| Argenx SE (a) |  | 170 |
| Colruyt Group |  | 5 |
| D'Ieteren Group |  | 15 |
| Groep Brussel Lambert |  | 28 |
| KBC Groep | 1 | 117 |
| Lotus Bakeries |  | 19 |
| Sofina (e) |  | 17 |
| Syensqo |  | 22 |
| UCB |  | 131 |
| Warehouses De Pauw | 1 | 17 |
|  |  | 838 |
| **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** |
| Elisa Oyj | 1 | 29 |
| Fortum Oyj | 2 | 32 |
| Kesko Oyj - Class A |  | 8 |
| Kesko Oyj - Class B | 1 | 22 |
| Kone Corporation - Class B | 1 | 95 |
| Metso Oyj (e) | 3 | 38 |
| Neste Oyj | 2 | 31 |
| Nokia Oyj | 20 | 95 |
| Nordea Bank Abp | 12 | 194 |
| Orion Oyj - Class A |  | 8 |
| Orion Oyj - Class B |  | 32 |
| Sampo Oyj - Class A | 10 | 114 |
| Stora Enso Oyj - Class R (e) | 2 | 25 |
| UPM-Kymmene Oyj | 2 | 57 |
| Wartsila Oyj Abp | 2 | 57 |
|  |  | 837 |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| National Bank of Greece S.A. - Class R | 29 | 419 |
| Piraeus Financial Holdings S.A. - Class R | 45 | 380 |
|  |  | 799 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| Globant S.A. (a) | 2 | 138 |
| Grupo Financiero Galicia S.A. - Class B - ADR (e) | 7 | 195 |
| MercadoLibre, Inc. (a) |  | 453 |
|  |  | 786 |
| **Norway 0.1%** | **Norway 0.1%** | **Norway 0.1%** |
| Aker BP ASA | 1 | 31 |
| DNB Bank ASA | 3 | 79 |
| Equinor ASA | 3 | 64 |
| Equinor ASA - ADR | 9 | 231 |
| Gjensidige Forsikring ASA | 1 | 22 |
| Kongsberg Gruppen ASA | 2 | 55 |
| Mowi ASA | 2 | 37 |
| Norsk Hydro ASA | 5 | 34 |
| Orkla ASA | 3 | 28 |
| SalMar ASA |  | 15 |
| Storebrand ASA | 2 | 25 |
| Telenor ASA | 2 | 40 |
| Var Energi ASA | 3 | 11 |
| Vend Marketplaces ASA - Class A |  | 9 |
| Vend Marketplaces ASA - Class B |  | 14 |
| Yara International ASA | 1 | 23 |
|  |  | 718 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Akbank Turk Anonim Sirketi - Class A | 119 | 179 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 31 | 400 |
|  |  | 579 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Adnoc Drilling Company PJSC | 115 | 176 |
| Emaar Properties PJSC | 98 | 350 |
|  |  | 526 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Azrieli Group Ltd. |  | 13 |
| Bank Hapoalim B.M. | 5 | 105 |
| Bank Leumi Le-Israel B.M. | 6 | 116 |
| Elbit Systems Ltd. |  | 48 |
| ICL Group Ltd | 3 | 18 |
| Israel Discount Bank Limited | 5 | 48 |
| Mizrahi Tefahot Bank Ltd | 1 | 36 |
| Nice Ltd (a) |  | 36 |
| Teva Pharmaceutical Industries Ltd (a) | 4 | 91 |
|  |  | 511 |
| **Hungary 0.1%** | **Hungary 0.1%** | **Hungary 0.1%** |
| OTP Bank Nyrt. | 5 | 463 |
| **Canada 0.1%** | **Canada 0.1%** | **Canada 0.1%** |
| Shopify Inc. - Class A (a) | 3 | 429 |
| **Poland 0.0%** | **Poland 0.0%** | **Poland 0.0%** |
| Allegro.eu (a) (d) | 2 | 24 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 1 | 40 |
| Dino Polska Spolka Akcyjna (a) (d) | 3 | 30 |
| ING Bank Slaski Spolka Akcyjna |  | 11 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 1 | 24 |
| LPP Spolka Akcyjna |  | 24 |
| Orlen S.A. | 2 | 54 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 3 | 65 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 2 | 33 |
| Santander Bank Polska Spolka Akcyjna |  | 20 |
|  |  | 325 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Credicorp Ltd. | 1 | 315 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 2 | 60 |
| Millicom International Cellular S.A. | 5 | 226 |
| Tenaris S.A. | 1 | 26 |
|  |  | 312 |
| **Qatar 0.0%** | **Qatar 0.0%** | **Qatar 0.0%** |
| Qatar National Bank (Q.P.S.C) | 61 | 310 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP Renovaveis, S.A. | 1 | 13 |
| EDP, S.A. | 11 | 52 |
| Galp Energia, SGPS, S.A. - Class B | 2 | 31 |
| Jeronimo Martins, SGPS, S.A. | 8 | 196 |
|  |  | 292 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 48 | 264 |
| Sands China Ltd. | 8 | 22 |
|  |  | 286 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Andritz AG |  | 18 |
| BAWAG Group AG (d) |  | 39 |
| Erste Group Bank AG | 1 | 114 |
| OMV Aktiengesellschaft | 1 | 30 |
| Raiffeisen Bank International AG | 1 | 20 |
| Telekom Austria Aktiengesellschaft |  | 4 |
| Verbund AG |  | 20 |
|  |  | 245 |
| **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** |
| Joint Stock Company Kaspi.Kz - ADR (d) | 2 | 175 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Bumrungrad Hospital Public Company Limited - NVDR | 30 | 161 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| Bank of The Philippine Islands | 66 | 131 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 6 | 27 |
| Fisher & Paykel Healthcare Corporation Limited | 2 | 46 |
| Meridian Energy Limited | 5 | 16 |
|  |  | 89 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 1 | 51 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (c) (d) | 1 |  |
| Public Joint Stock Company Severstal - GDR (a) (c) (d) | 15 |  |
| Total Common Stocks (cost $446,477) | Total Common Stocks (cost $446,477) | 463192 |
| **CORPORATE BONDS AND NOTES 19.6%** | **CORPORATE BONDS AND NOTES 19.6%** | **CORPORATE BONDS AND NOTES 19.6%** |
| **United States of America 14.7%** | **United States of America 14.7%** | **United States of America 14.7%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (f) | 590 | 574 |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (f) | 471 | 486 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (f) | 495 | 478 |
| Adient Global Holdings Ltd |  |  |
| 7.00%, 04/15/28 (f) | 257 | 263 |
| ADT Security Corporation, The |  |  |
| 4.13%, 08/01/29 (f) | 496 | 480 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (f) | 443 | 462 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (f) | 444 | 450 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (f) | 759 | 772 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (f) | 983 | 1011 |
| Alta Equipment Group Inc. |  |  |
| 9.00%, 06/01/29 (f) | 444 | 415 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (f) | 515 | 543 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (f) | 931 | 935 |
| 8.50%, 05/15/29 (f) | 472 | 492 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 (e) | 472 | 448 |
| AmeriGas Partners, L.P. |  |  |
| 9.50%, 06/01/30 (f) | 432 | 452 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (f) | 206 | 210 |
| 4.88%, 06/30/29 (f) | 150 | 146 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (f) | 700 | 704 |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (f) | 545 | 552 |
| 9.75%, 04/15/30 (f) | 41 | 45 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (f) | 162 | 169 |
| Arbor Realty SR, Inc. |  |  |
| 7.88%, 07/15/30 (f) | 420 | 442 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (f) | 544 | 533 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (f) | 417 | 440 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (f) | 501 | 493 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (e) (f) | 706 | 732 |
| Axalta Coating Systems, LLC |  |  |
| 4.75%, 06/15/27 (f) | 287 | 286 |
| 3.38%, 02/15/29 (f) | 195 | 185 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (f) | 532 | 547 |
| B&G Foods, Inc. |  |  |
| 5.25%, 09/15/27 (e) | 131 | 127 |
| 8.00%, 09/15/28 (f) | 497 | 482 |
| Ball Corporation |  |  |
| 6.88%, 03/15/28 | 248 | 253 |
| 6.00%, 06/15/29 | 464 | 475 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (f) | 618 | 645 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (f) | 82 | 86 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 (f) | 71 | 71 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (f) | 609 | 617 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 12/01/27 | 317 | 316 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 107 | 116 |
| Bread Financial Payments, Inc. |  |  |
| 9.75%, 03/15/29 (f) | 459 | 490 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (f) | 158 | 151 |
| 7.00%, 02/15/30 (f) | 912 | 938 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (f) | 522 | 545 |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (f) | 182 | 181 |
| 5.13%, 03/15/28 (f) | 137 | 137 |
| Carnival Corporation |  |  |
| 6.00%, 05/01/29 (f) | 884 | 897 |
| 5.75%, 03/15/30 (f) | 32 | 33 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (f) | 650 | 659 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (f) | 184 | 184 |
| Celanese US Holdings LLC |  |  |
| 6.67%, 07/15/27 (g) (h) | 481 | 493 |
| 6.85%, 11/15/28 (g) (h) (i) | 40 | 42 |
| 6.50%, 04/15/30 | 742 | 747 |
| Central Parent Inc. |  |  |
| 7.25%, 06/15/29 (f) | 353 | 306 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (f) (h) | 282 | 265 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (f) | 97 | 101 |
| Charter Communications Operating, LLC |  |  |
| 2.80%, 04/01/31 | 600 | 542 |
| 6.65%, 02/01/34 | 50 | 53 |
| 6.38%, 10/23/35 | 650 | 680 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (f) | 163 | 159 |
| 4.63%, 11/15/29 (f) | 443 | 400 |
| Chevron Phillips Chemical Company LLC |  |  |
| 3.40%, 12/01/26 (f) | 52 | 52 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (f) | 495 | 493 |
| Citigroup Inc. |  |  |
| 1.12%, 01/28/27 | 100 | 99 |
| 4.54%, 09/19/30 | 923 | 927 |
| 2.56%, 05/01/32 | 600 | 541 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (f) | 615 | 638 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 02/15/30 (f) | 717 | 736 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (f) | 168 | 162 |
| 4.88%, 07/01/29 (f) | 611 | 577 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (f) | 481 | 480 |
| 7.88%, 04/01/30 (f) | 507 | 532 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (f) | 689 | 703 |
| 6.75%, 04/15/30 (f) | 18 | 18 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (f) | 1301 | 1313 |
| 9.00%, 09/30/29 (f) | 597 | 619 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (f) | 785 | 806 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/01/28 (f) | 394 | 374 |
| CommScope Finance LLC |  |  |
| 8.25%, 03/01/27 (e) (f) | 496 | 502 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (f) | 144 | 143 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/30 (f) | 740 | 670 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.25%, 04/15/29 (f) (j) | 571 | 528 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (f) | 451 | 472 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (f) | 803 | 802 |
| 5.88%, 01/15/30 (f) | 22 | 21 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (f) | 370 | 376 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (f) | 775 | 800 |
| CP Atlas Buyer, Inc. |  |  |
| 9.75%, 07/15/30 (f) | 419 | 441 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (f) | 375 | 394 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (f) | 425 | 442 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 519 | 495 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/30 | 433 | 439 |
| CSC Holdings, LLC |  |  |
| 11.75%, 01/31/29 (f) | 1007 | 850 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 6.75%, 05/15/28 (f) | 309 | 312 |
| Darling Ingredients Inc. |  |  |
| 6.00%, 06/15/30 (f) | 126 | 127 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (f) | 26 | 26 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (f) | 536 | 559 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (f) | 632 | 663 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (f) | 758 | 757 |
| 8.88%, 02/01/30 (f) | 549 | 544 |
| Discovery Communications, LLC |  |  |
| 4.13%, 05/15/29 | 57 | 55 |
| 3.63%, 05/15/30 | 960 | 889 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 951 | 876 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (f) | 1147 | 1214 |
| DTE Energy Company |  |  |
| 5.05%, 10/01/35 | 388 | 386 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (f) | 750 | 735 |
| Edgewell Personal Care Colombia S A S |  |  |
| 5.50%, 06/01/28 (f) | 369 | 368 |
| Edison International |  |  |
| 8.13%, 06/15/53 | 127 | 130 |
| Elastic N.V. |  |  |
| 4.13%, 07/15/29 (f) | 278 | 267 |
| Embecta Corp. |  |  |
| 5.00%, 02/15/30 (e) (f) | 456 | 432 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (f) | 322 | 340 |
| 8.50%, 05/15/30 (f) | 206 | 219 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54 (e) | 150 | 155 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 385 | 386 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (f) | 532 | 562 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (f) | 479 | 510 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (f) | 60 | 57 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 150 | 131 |
| Ford Motor Credit Company LLC |  |  |
| 3.78%, 09/16/29, EUR | 162 | 190 |
| Fortrea Holdings Inc. |  |  |
| 7.50%, 07/01/30 (e) (f) | 464 | 436 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (f) | 543 | 543 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (f) | 531 | 560 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (f) | 434 | 434 |
| 5.00%, 05/01/28 (f) | 792 | 790 |
| Gap, Inc., The |  |  |
| 3.63%, 10/01/29 (f) | 509 | 476 |
| GCI, LLC |  |  |
| 4.75%, 10/15/28 (f) | 356 | 346 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (f) | 512 | 520 |
| General Motors Financial Company, Inc. |  |  |
| 5.25%, 03/01/26 (e) | 100 | 100 |
| Genesis Energy, L.P. |  |  |
| 8.25%, 01/15/29 | 46 | 48 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 442 | 468 |
| Goldman Sachs Bank USA |  |  |
| 4.98%, (SOFR + 0.77%), 03/18/27 (f) (i) | 160 | 160 |
| Goldman Sachs Group, Inc., The |  |  |
| 0.88%, 01/21/30, EUR (d) | 740 | 802 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (f) | 578 | 625 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (f) | 457 | 444 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (f) | 573 | 625 |
| 4.88%, 06/01/29 (f) | 19 | 17 |
| Herc Holdings Inc. |  |  |
| 6.63%, 06/15/29 (f) | 591 | 607 |
| 7.00%, 06/15/30 (f) | 306 | 318 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (f) | 459 | 486 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (f) | 364 | 371 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29 | 430 | 441 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 05/01/28 (f) | 514 | 515 |
| 3.75%, 05/01/29 (f) | 73 | 70 |
| Hologic, Inc. |  |  |
| 6.00%, 01/31/33 (c) (k) | 20 | 16 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (f) | 1054 | 1100 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 415 | 408 |
| 10.00%, 11/15/29 (f) | 630 | 633 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (f) | 783 | 762 |
| Iron Mountain Incorporated |  |  |
| 5.00%, 07/15/28 (f) | 566 | 563 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (f) | 172 | 169 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (f) | 670 | 653 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (f) | 268 | 259 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (f) | 542 | 570 |
| KeyCorp |  |  |
| 6.40%, 03/06/35 | 700 | 759 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (f) | 750 | 770 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 327 | 318 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.13%, 01/31/30 (f) | 26 | 25 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (f) | 506 | 470 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lithia Motors, Inc. |  |  |
| 3.88%, 06/01/29 (f) | 515 | 492 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (f) | 428 | 425 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (f) | 552 | 508 |
| Magnera Corporation |  |  |
| 4.75%, 11/15/29 (e) (f) | 469 | 415 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (f) | 959 | 970 |
| 9.25%, 04/15/27 (f) | 351 | 352 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/29 | 666 | 678 |
| Midcap Financial Issuer Trust |  |  |
| 6.50%, 05/01/28 (f) | 561 | 557 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (f) | 332 | 318 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (f) | 620 | 631 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (f) | 473 | 492 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (f) | 325 | 317 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 125 | 122 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (f) | 1368 | 1320 |
| 5.25%, 10/01/29 (f) | 930 | 922 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (f) | 517 | 516 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (f) | 454 | 461 |
| 9.13%, 01/31/30 (f) | 61 | 63 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.00%, 01/15/27 (f) | 502 | 502 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (e) | 723 | 709 |
| 9.38%, 07/25/30 | 22 | 24 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (f) | 573 | 620 |
| Necessity Retail Reit, Inc., The |  |  |
| 4.50%, 09/30/28 (f) | 236 | 231 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (f) | 910 | 893 |
| NESCO Holdings II, Inc. |  |  |
| 5.50%, 04/15/29 (f) | 543 | 532 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (f) | 227 | 241 |
| 6.38%, 05/15/30 | 794 | 787 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (f) | 324 | 316 |
| NFE Financing LLC |  |  |
| 12.00%, 11/15/29 (f) | 1091 | 320 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (f) | 414 | 425 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (f) | 499 | 482 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (f) | 622 | 644 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (f) | 298 | 309 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (f) | 200 | 192 |
| ON Semiconductor Corporation |  |  |
| 3.88%, 09/01/28 (f) | 324 | 314 |
| OneMain Finance Corporation |  |  |
| 3.50%, 01/15/27 | 767 | 750 |
| 3.88%, 09/15/28 | 213 | 205 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 500 | 517 |
| 6.50%, 09/01/30 (f) | 200 | 215 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (f) | 811 | 784 |
| Outfront Media Capital Corporation |  |  |
| 4.25%, 01/15/29 (f) | 418 | 402 |
| Owens & Minor, Inc. |  |  |
| 6.63%, 04/01/30 (e) (f) | 436 | 359 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27 (f) | 313 | 313 |
| Pagaya Us Holding Company LLC |  |  |
| 8.88%, 08/01/30 (f) | 443 | 413 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 543 | 541 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (f) | 671 | 670 |
| Pattern Energy Group Inc. |  |  |
| 4.50%, 08/15/28 (f) | 306 | 299 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 39 | 39 |
| 9.88%, 03/15/30 (f) | 78 | 82 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (f) | 29 | 31 |
| Penske Automotive Group, Inc. |  |  |
| 3.75%, 06/15/29 | 399 | 380 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (f) | 125 | 124 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 586 | 581 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (f) | 429 | 443 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (f) | 643 | 669 |
| Prime Security Services Borrower, LLC |  |  |
| 3.38%, 08/31/27 (f) | 328 | 319 |
| Primo Water Holdings Inc. |  |  |
| 4.38%, 04/30/29 (f) | 50 | 48 |
| Prologis Euro Finance LLC |  |  |
| 3.88%, 09/22/37, EUR | 232 | 272 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (f) | 513 | 533 |
| Realty Income Corporation |  |  |
| 4.88%, 07/06/30, EUR | 500 | 629 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 (f) | 245 | 251 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (f) | 574 | 548 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (f) | 471 | 462 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (f) | 485 | 500 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 (f) | 374 | 375 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 42 | 42 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27 (f) | 13 | 13 |
| 11.13%, 07/15/30 (f) | 803 | 780 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (f) | 156 | 148 |
| SBA Communications Corporation |  |  |
| 3.13%, 02/01/29 | 701 | 656 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (f) | 574 | 561 |
| Scripps Escrow II, Inc. |  |  |
| 3.88%, 01/15/29 (f) | 478 | 422 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 (f) | 491 | 498 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (f) | 545 | 523 |
| Service Properties Trust |  |  |
| 8.38%, 06/15/29 | 463 | 470 |
| Shutterfly, LLC |  |  |
| 8.50%, 10/01/26 (f) | 34 | 17 |
| Simmons Foods, Inc. |  |  |
| 4.63%, 03/01/29 (f) | 292 | 280 |
| Sirius XM Radio Inc. |  |  |
| 4.00%, 07/15/28 (f) | 821 | 794 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 187 | 195 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (f) | 489 | 492 |
| Somnigroup International Inc. |  |  |
| 4.00%, 04/15/29 (f) | 424 | 407 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (f) | 112 | 109 |
| Southern Power Company |  |  |
| 1.85%, 06/20/26, EUR | 650 | 759 |
| 4.90%, 10/01/35 | 129 | 127 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 26 | 26 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.50%, 09/01/41 | 800 | 732 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (f) | 565 | 565 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (f) | 863 | 855 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (f) | 374 | 371 |
| 7.25%, 04/01/29 (f) | 307 | 322 |
| Stellantis Financial Services US Corp. |  |  |
| 5.40%, 09/15/30 (f) | 200 | 201 |
| Sunoco LP |  |  |
| 4.50%, 05/15/29 - 04/30/30 | 391 | 381 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (f) | 499 | 514 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (d) | 162 | 161 |
| 6.13%, 10/01/28 - 06/15/30 | 1200 | 1203 |
| 4.25%, 06/01/29 | 460 | 449 |
| 4.38%, 01/15/30 | 242 | 235 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (f) | 773 | 774 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 658 | 636 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.10%, 07/23/27 | 250 | 252 |
| Tidewater Inc. |  |  |
| 9.13%, 07/15/30 (f) | 445 | 477 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 31 | 31 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (f) | 587 | 599 |
| 4.63%, 01/15/29 | 354 | 347 |
| 6.38%, 03/01/29 (f) | 785 | 803 |
| 4.88%, 05/01/29 | 220 | 217 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (f) | 152 | 152 |
| Travel + Leisure Co. |  |  |
| 4.50%, 12/01/29 (f) | 484 | 467 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (f) | 812 | 530 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (f) | 276 | 266 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 444 | 423 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (f) | 457 | 471 |
| 4.75%, 02/15/29 (f) | 127 | 125 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/35 | 400 | 396 |
| United Rentals (North America), Inc. |  |  |
| 3.88%, 11/15/27 | 321 | 316 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (f) | 591 | 590 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (f) | 921 | 969 |
| Univision Communications Inc. |  |  |
| 8.00%, 08/15/28 (f) | 655 | 679 |
| 7.38%, 06/30/30 (f) | 451 | 456 |
| Urban One, Inc. |  |  |
| 7.38%, 02/01/28 (f) | 15 | 8 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (f) | 54 | 56 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (f) | 506 | 515 |
| V.F. Corporation |  |  |
| 2.80%, 04/23/27 | 329 | 319 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 07/15/30 (f) | 427 | 430 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (f) | 569 | 590 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (f) | 19 | 18 |
| 6.25%, 01/15/30 (f) | 785 | 819 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 (f) | 860 | 948 |
| 7.00%, 01/15/30 (e) (f) | 1000 | 1035 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (f) | 473 | 452 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (f) | 624 | 611 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (f) | 576 | 536 |
| Warner Bros. Discovery, Inc. |  |  |
| 4.30%, 01/17/30, EUR | 282 | 326 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29 | 664 | 641 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (f) | 499 | 516 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (f) | 673 | 688 |
| Wesco Distribution, Inc. |  |  |
| 7.25%, 06/15/28 (f) | 231 | 234 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 463 | 467 |
| Williams Scotsman International, Inc. |  |  |
| 4.63%, 08/15/28 (f) | 582 | 572 |
| WPC Eurobond B.V. |  |  |
| 1.35%, 04/15/28, EUR | 650 | 736 |
| 0.95%, 06/01/30, EUR | 100 | 106 |
| Xerox Holdings Corporation |  |  |
| 5.50%, 08/15/28 (f) | 312 | 183 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (e) (f) | 492 | 505 |
| Ziprecruiter, Inc. |  |  |
| 5.00%, 01/15/30 (f) | 511 | 412 |
| | | 133809 |
| **Canada 0.9%** | **Canada 0.9%** | **Canada 0.9%** |
| Enbridge Inc. |  |  |
| 5.50%, 07/15/77 (k) | 150 | 149 |
| 7.38%, 01/15/83 (k) | 350 | 362 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28 (f) | 151 | 147 |
| 3.50%, 09/01/28 (f) | 751 | 733 |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 05/15/26, GBP (d) | 2700 | 3563 |
| 1.10%, 10/19/27, CAD (f) | 297 | 207 |
| 4.25%, 04/25/28 (f) | 1067 | 1079 |
| 0.10%, 05/19/28, EUR (d) | 875 | 967 |
| Toronto-Dominion Bank, The |  |  |
| 3.19%, 02/16/29, EUR (d) | 1000 | 1196 |
|  |  | 8403 |
| **United Kingdom 0.7%** | **United Kingdom 0.7%** | **United Kingdom 0.7%** |
| Barclays PLC |  |  |
| 4.48%, 11/11/29 | 550 | 551 |
| 4.51%, 01/31/33, EUR (d) | 850 | 1051 |
| Cadent Finance PLC |  |  |
| 0.63%, 03/19/30, EUR (d) | 885 | 935 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (d) | 100 | 117 |
| National Grid PLC |  |  |
| 0.25%, 09/01/28, EUR (d) | 796 | 873 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 (k) | 200 | 195 |
| 4.32%, 09/22/29 | 200 | 199 |
| Standard Chartered PLC |  |  |
| 5.40%, 08/12/36 (f) | 550 | 558 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TSB Bank PLC |  |  |
| 3.32%, 03/05/29, EUR (d) | 800 | 959 |
| 2.70%, 02/18/30, EUR (d) | 400 | 468 |
| | | 5906 |
| **Switzerland 0.6%** | **Switzerland 0.6%** | **Switzerland 0.6%** |
| Credit Suisse Group AG |  |  |
| 7.75%, 03/01/29, EUR (d) | 550 | 719 |
| Holcim US Finance (Luxembourg) S.A. |  |  |
| 0.50%, 04/23/31, EUR (d) | 858 | 871 |
| UBS Group AG |  |  |
| 4.40%, 09/23/31 (f) | 200 | 200 |
| UBS Switzerland AG |  |  |
| 3.30%, 03/05/29, EUR (d) | 2865 | 3435 |
|  |  | 5225 |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.31%, 11/16/27 | 750 | 734 |
| 3.38%, 02/13/31, EUR (d) | 300 | 354 |
| Heidelberg Materials Finance Luxembourg S.A. |  |  |
| 4.88%, 11/21/33, EUR (d) | 711 | 909 |
| IHO Verwaltungs GmbH |  |  |
| 6.75%, 11/15/29, EUR (d) (j) | 100 | 124 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (f) | 306 | 305 |
| TRATON Finance Luxembourg S.A. |  |  |
| 3.75%, 03/27/30 - 01/14/31, EUR (d) | 700 | 832 |
| Volkswagen International Finance N.V. |  |  |
| 4.38%, 05/15/30, EUR (d) | 500 | 615 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung |  |  |
| 4.00%, 04/11/31, EUR (d) | 50 | 60 |
| Vonovia SE |  |  |
| 2.25%, 04/07/30, EUR (d) | 100 | 113 |
| 1.00%, 07/09/30, EUR (d) | 600 | 639 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (d) | 100 | 122 |
|  |  | 4807 |
| **Italy 0.4%** | **Italy 0.4%** | **Italy 0.4%** |
| Autostrade per l'italia S.P.A. |  |  |
| 5.13%, 06/14/33, EUR (d) | 600 | 765 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 3.50%, 04/23/29, EUR (d) | 700 | 845 |
| Banco BPM Societa' Per Azioni |  |  |
| 4.63%, 11/29/27, EUR (d) | 600 | 733 |
| Credito Emiliano S.P.A. |  |  |
| 3.25%, 04/18/29, EUR (d) | 600 | 717 |
| ENEL - SPA |  |  |
| 6.38%, (100, 04/16/28), EUR (d) (l) | 100 | 126 |
| Intesa Sanpaolo S.p.A |  |  |
| 4.88%, 05/19/30, EUR (d) | 100 | 127 |
| 5.13%, 08/29/31, EUR (d) | 500 | 648 |
|  |  | 3961 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| Alstom |  |  |
| 0.13%, 07/27/27, EUR (d) | 700 | 786 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (f) | 250 | 195 |
| BNP Paribas |  |  |
| 5.09%, 05/09/31 (f) | 550 | 560 |
| BPCE SFH |  |  |
| 3.38%, 03/13/29, EUR (d) | 600 | 722 |
| Constellium SE |  |  |
| 3.75%, 04/15/29 (f) | 455 | 433 |
| Credit Agricole S.A. |  |  |
| 4.82%, 09/25/33 (f) | 250 | 249 |
| Engie |  |  |
| 3.63%, 03/06/31, EUR (d) | 700 | 840 |
|  |  | 3785 |
| **Australia 0.3%** | **Australia 0.3%** | **Australia 0.3%** |
| National Australia Bank Limited |  |  |
| 3.15%, 02/05/31, EUR (d) | 700 | 836 |
| Transurban Finance Company Pty Ltd |  |  |
| 4.92%, 03/24/36 (f) | 660 | 654 |
| Woolworths Group Limited |  |  |
| 0.38%, 11/15/28, EUR (d) | 750 | 817 |
|  |  | 2307 |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group Public Limited Company |  |  |
| 4.63%, 07/23/29, EUR (d) | 600 | 738 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (f) | 700 | 689 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.00%, 07/04/31, EUR (d) | 600 | 762 |
|  |  | 2189 |
| **South Korea 0.2%** | **South Korea 0.2%** | **South Korea 0.2%** |
| Export-Import Bank of Korea, The |  |  |
| 2.63%, 05/26/26 | 1050 | 1040 |
| Korea Electric Power Corp |  |  |
| 0.75%, 01/27/26 (f) | 755 | 747 |
|  |  | 1787 |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 800 | 792 |
| 7.69%, 01/23/50 | 500 | 454 |
|  |  | 1246 |
| **Netherlands 0.1%** | **Netherlands 0.1%** | **Netherlands 0.1%** |
| Nederlandse Waterschapsbank N.V. |  |  |
| 3.50%, 07/20/27, AUD | 460 | 302 |
| Viterra Finance B.V. |  |  |
| 1.00%, 09/24/28, EUR (d) | 750 | 836 |
|  |  | 1138 |
| **Spain 0.1%** | **Spain 0.1%** | **Spain 0.1%** |
| CaixaBank, S.A. |  |  |
| 5.00%, 07/19/29, EUR (d) | 600 | 746 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (d) | 100 | 119 |
|  |  | 865 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danske Bank A/S |  |  |
| 4.50%, 11/09/28, EUR (d) | 600 | 731 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (f) | 713 | 713 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| KBC Groep |  |  |
| 4.93%, 10/16/30 (f) | 672 | 683 |
| **Multi-National 0.0%** | **Multi-National 0.0%** | **Multi-National 0.0%** |
| Inter-American Development Bank |  |  |
| 4.40%, 01/26/26, CAD | 490 | 354 |
| **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (d) | 250 | 263 |
| **Japan 0.0%** | **Japan 0.0%** | **Japan 0.0%** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.54%, 07/20/27 | 250 | 245 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Krungthai Bank Public Company Limited |  |  |
| 4.40%, (100, 03/25/26) (d) (l) | 200 | 199 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (d) | 100 | 125 |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Playtika Holding Corp. |  |  |
| 4.25%, 03/15/29 (f) | 24 | 22 |
| Total Corporate Bonds And Notes (cost $173,844) | Total Corporate Bonds And Notes (cost $173,844) | 178763 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 14.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.9%** |
| **Italy 2.8%** | **Italy 2.8%** | **Italy 2.8%** |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 16150 | 19135 |
| 3.85%, 02/01/35, EUR | 2436 | 2951 |
| 3.65%, 08/01/35, EUR (f) | 2580 | 3062 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.30%, 10/01/54, EUR (f) | 605 | 696 |
| | | 25844 |
| **United States of America 2.7%** | **United States of America 2.7%** | **United States of America 2.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 07/01/53 - 06/01/55 | 2082 | 2136 |
| 6.50%, 05/01/54 - 08/01/54 | 1715 | 1782 |
| 5.50%, 11/01/54 | 2018 | 2036 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.00%, 09/01/52 | 159 | 164 |
| 6.50%, 10/01/53 | 200 | 207 |
| Government National Mortgage Association |  |  |
| 3.00%, 10/20/51 | 1138 | 1018 |
| Treasury, United States Department of |  |  |
| 4.25%, 01/31/26 (b) | 11334 | 11341 |
| 3.38%, 09/15/27 | 100 | 100 |
| 1.63%, 10/15/29 (m) | 3370 | 3436 |
| 1.88%, 07/15/35 (m) | 2098 | 2115 |
|  |  | 24335 |
| **Germany 1.6%** | **Germany 1.6%** | **Germany 1.6%** |
| Bundesrepublik Deutschland |  |  |
| 2.20%, 03/11/27, EUR | 11410 | 13433 |
| 2.90%, 08/15/56, EUR (d) | 1015 | 1101 |
|  |  | 14534 |
| **Japan 1.6%** | **Japan 1.6%** | **Japan 1.6%** |
| Cabinet Office, Government of Japan |  |  |
| 1.50%, 06/20/35 - 09/20/43, JPY | 1496400 | 8920 |
| 1.00%, 03/20/52, JPY | 142800 | 612 |
| 1.40%, 03/20/55, JPY | 123750 | 568 |
| 2.40%, 03/20/55, JPY | 377800 | 2221 |
| 0.80%, 03/20/58, JPY | 260150 | 952 |
| Japan Bank For International Cooperation |  |  |
| 4.25%, 01/26/26 | 688 | 688 |
| 1.63%, 01/20/27 | 272 | 264 |
|  |  | 14225 |
| **United Kingdom 1.3%** | **United Kingdom 1.3%** | **United Kingdom 1.3%** |
| HM Treasury |  |  |
| 4.50%, 03/07/35, GBP (d) | 6365 | 8436 |
| 4.38%, 07/31/54, GBP (d) | 2710 | 3052 |
|  |  | 11488 |
| **Spain 1.2%** | **Spain 1.2%** | **Spain 1.2%** |
| Estado Espanol |  |  |
| 3.20%, 10/31/35, EUR (f) | 2615 | 3053 |
| 4.00%, 10/31/54, EUR (f) | 6929 | 7988 |
|  |  | 11041 |
| **Canada 1.1%** | **Canada 1.1%** | **Canada 1.1%** |
| CIBC Mellon Trust Company |  |  |
| 1.25%, 06/15/26, CAD | 140 | 100 |
| Gouvernement de la Province de Quebec |  |  |
| 4.00%, 09/01/35, CAD | 4670 | 3425 |
| Government of the Province of Alberta |  |  |
| 2.90%, 12/01/28, CAD | 40 | 29 |
| Government of the Province of British Columbia |  |  |
| 4.70%, 06/18/37, CAD | 280 | 215 |
| 2.95%, 06/18/50, CAD | 160 | 88 |
| Ontario, Government of |  |  |
| 0.01%, 11/25/30, EUR (d) | 1098 | 1121 |
| 3.80%, 12/02/34, CAD | 6711 | 4884 |
|  |  | 9862 |
| **Mexico 0.9%** | **Mexico 0.9%** | **Mexico 0.9%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.40%, 02/09/28 (e) | 292 | 299 |
| 7.75%, 05/29/31, MXN | 106500 | 5671 |
| 7.50%, 05/26/33, MXN | 32500 | 1676 |
|  |  | 7646 |
| **Thailand 0.6%** | **Thailand 0.6%** | **Thailand 0.6%** |
| Thailand, Kingdom of |  |  |
| 2.80%, 06/17/34, THB | 159965 | 5497 |
| **Hungary 0.4%** | **Hungary 0.4%** | **Hungary 0.4%** |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (f) | 331 | 284 |
| 5.38%, 09/12/33, EUR (d) | 100 | 127 |
| 4.50%, 06/16/34, EUR (d) | 230 | 276 |
| 1.75%, 06/05/35, EUR (d) | 100 | 95 |
| 7.00%, 10/24/35, HUF | 966280 | 2942 |
|  |  | 3724 |
| **Saudi Arabia 0.3%** | **Saudi Arabia 0.3%** | **Saudi Arabia 0.3%** |
| Government of Saudi Arabia |  |  |
| 2.90%, 10/22/25 (d) | 1060 | 1059 |
| 3.25%, 10/26/26 (d) | 918 | 907 |
| 4.75%, 01/18/28 (f) | 733 | 742 |
| 2.25%, 02/02/33 (f) | 322 | 275 |
|  |  | 2983 |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| Republic of Indonesia, The Government of, The |  |  |
| 6.63%, 02/15/34, IDR | 20580000 | 1253 |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| Commonwealth of Australia |  |  |
| 4.75%, 06/21/54, AUD (d) | 1935 | 1238 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Export-Import Bank of Korea, The |  |  |
| 4.88%, 01/11/26 | 422 | 423 |
| **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** |
| Romania, Government of |  |  |
| 2.00%, 04/14/33, EUR (f) | 390 | 358 |
| **South Africa 0.0%** | **South Africa 0.0%** | **South Africa 0.0%** |
| South Africa, Parliament of |  |  |
| 5.75%, 09/30/49 | 370 | 296 |
| **Egypt 0.0%** | **Egypt 0.0%** | **Egypt 0.0%** |
| Arab Republic of Egypt |  |  |
| 7.30%, 09/30/33 (d) | 295 | 279 |
| **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** |
| Gobierno de la Republica de Guatemala |  |  |
| 6.25%, 08/15/36 (f) | 200 | 207 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 166 | 199 |
| **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** |
| Government of the Republic of Panama |  |  |
| 3.87%, 07/23/60 | 300 | 194 |
| **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 | 145 |
| **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** |
| Presidencia de la Republica de El Salvador |  |  |
| 7.65%, 06/15/35 (d) | 86 | 88 |
| **France 0.0%** | **France 0.0%** | **France 0.0%** |
| Gouvernement De France |  |  |
| 2.70%, 02/25/31, EUR | 30 | 35 |
| Total Government And Agency Obligations (cost $134,664) | Total Government And Agency Obligations (cost $134,664) | 135894 |
| **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** |
| **United States of America 3.9%** | **United States of America 3.9%** | **United States of America 3.9%** |
| iShares MSCI EAFE ETF | 1 | 115 |
| JPMorgan Income ETF (n) | 765 | 35488 |
| Total Investment Companies (cost $35,579) | Total Investment Companies (cost $35,579) | 35603 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Switzerland 0.1%** | **Switzerland 0.1%** | **Switzerland 0.1%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 76 |
| Roche Holding AG | 3 | 897 |
| Schindler Holding AG |  | 60 |
|  |  | 1033 |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Petroleo Brasileiro S/A Petrobras. (k) | 100 | 586 |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 20 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft |  | 21 |
| Henkel AG & Co. KGaA (k) | 1 | 51 |
| Sartorius Aktiengesellschaft |  | 23 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Volkswagen Aktiengesellschaft (k) | 1 | 87 |
| | | 202 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 24 | 14 |
| Total Preferred Stocks (cost $1,731) | Total Preferred Stocks (cost $1,731) | 1835 |
| **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%** |
| **United States of America 0.1%** | **United States of America 0.1%** | **United States of America 0.1%** |
| Aqua Finance Issuer Trust 2025-B |  |  |
| Series 2025-A-B, 4.79%, 05/17/33 | 215 | 215 |
| GS Mortgage-Backed Securities Trust 2025-RPL3 |  |  |
| Series 2025-A1-RPL3, REMIC, 4.10%, 01/25/65 (g) | 99 | 96 |
| Lendmark Funding Trust 2025-2 |  |  |
| Series 2025-A-2, 4.78%, 10/20/29 | 449 | 452 |
| Progress Residential 2025-SFR3 Trust |  |  |
| Series 2025-A-SFR3, REMIC, 3.39%, 07/17/30 | 415 | 394 |
| Santander Drive Auto Receivables Trust 2025-3 |  |  |
| Series 2025-C-3, 4.68%, 01/16/29 | 96 | 96 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-A-2A, 4.72%, 04/20/44 | 89 | 90 |
| WHARF Commercial Mortgage Trust 2025-DC |  |  |
| Series 2025-A-DC, REMIC, 5.35%, 07/17/30 (i) | 100 | 102 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,430) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,430) | 1445 |
| **SHORT TERM INVESTMENTS 10.0%** | **SHORT TERM INVESTMENTS 10.0%** | **SHORT TERM INVESTMENTS 10.0%** |
| **Investment Companies 9.3%** | **Investment Companies 9.3%** | **Investment Companies 9.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (n) (o) | 85029 | 85029 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (n) (o) | 5539 | 5539 |
| **Commercial Paper 0.1%** | **Commercial Paper 0.1%** | **Commercial Paper 0.1%** |
| Federation des caisses Desjardins du Quebec |  |  |
| 4.26%, 11/14/25 | 290 | 289 |
| **Certificates of Deposit 0.0%** | **Certificates of Deposit 0.0%** | **Certificates of Deposit 0.0%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.41%, 07/08/26 (o) | 151 | 151 |
| Total Short Term Investments (cost $91,008) | Total Short Term Investments (cost $91,008) | 91008 |
| **Total Investments 99.5% (cost $884,733)** | **Total Investments 99.5% (cost $884,733)** | **907740** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **518** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **3745** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **912003** |

---

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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 September 30, 2025.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $128,414 and 14.1% of the Fund.

(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 September 30, 2025.

(h) 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 September 30, 2025.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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.

(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) Convertible security.

(l) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(m) Treasury inflation indexed note, par amount is adjusted for inflation.

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 16021 | 393318 | 324310 | 1185 |  |  | 85029 | 9.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 12418 | 223519 | 230398 | 380 |  |  | 5539 | 0.6 |
| JPMorgan Income ETF | 42760 |  | 7872 | 1615 | (126) | 726 | 35488 | 3.9 |
|  | 71199 | 616837 | 562580 | 3180 | (126) | 726 | 126056 | 13.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Adyen N.V. | 01/19/22 | 190 | 185 |  |
| AIB Group Public Limited Company, 4.63%, 07/23/29 | 06/07/24 | 660 | 738 | 0.1 |
| Alibaba Group Holding Limited | 08/01/24 | 1851 | 2838 | 0.3 |
| Allegro.eu | 09/17/21 | 23 | 24 |  |
| Alstom, 0.13%, 07/27/27 | 06/07/24 | 708 | 786 | 0.1 |
| Amadeus IT Holding, S.A. | 06/08/20 | 120 | 136 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Amundi | 12/17/21 | 16 | 19 |  |
| Arab Republic of Egypt, 7.30%, 09/30/33 | 09/08/25 | 277 | 279 |  |
| Autostrade per l'italia S.P.A., 5.13%, 06/14/33 | 06/07/24 | 674 | 765 | 0.1 |
| Axis Bank Limited | 07/03/25 | 190 | 192 |  |
| Banca Monte dei Paschi di Siena S.p.A., 3.50%, 04/23/29 | 06/10/24 | 750 | 845 | 0.1 |
| Banco BPM Societa' Per Azioni, 4.63%, 11/29/27 | 06/07/24 | 658 | 733 | 0.1 |
| Bank of Ireland Group Public Limited Company, 5.00%, 07/04/31 | 06/07/24 | 676 | 762 | 0.1 |
| Barclays PLC, 4.51%, 01/31/33 | 06/07/24 | 931 | 1051 | 0.1 |
| BAWAG Group AG | 06/08/20 | 24 | 39 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 09/08/25 | 127 | 125 |  |
| BPCE SFH, 3.38%, 03/13/29 | 01/07/25 | 631 | 722 | 0.1 |
| Budweiser Brewing Company APAC Limited | 12/05/23 | 9 | 7 |  |
| Bundesrepublik Deutschland, 2.90%, 08/15/56 | 07/10/25 | 1076 | 1101 | 0.1 |
| Cadent Finance PLC, 0.63%, 03/19/30 | 06/07/24 | 886 | 935 | 0.1 |
| CaixaBank, S.A., 5.00%, 07/19/29 | 06/07/24 | 665 | 746 | 0.1 |
| Cellnex Telecom, S.A. | 04/16/21 | 87 | 78 |  |
| China International Capital Corporation Limited - Class H | 05/23/25 | 272 | 343 | 0.1 |
| Commonwealth of Australia, 4.75%, 06/21/54 | 06/12/25 | 1232 | 1238 | 0.1 |
| Convatec Group PLC | 04/27/20 | 19 | 20 |  |
| Credit Suisse Group AG, 7.75%, 03/01/29 | 06/07/24 | 644 | 719 | 0.1 |
| Credito Emiliano S.P.A., 3.25%, 04/18/29 | 01/07/25 | 627 | 717 | 0.1 |
| Danske Bank A/S, 4.50%, 11/09/28 | 06/07/24 | 655 | 731 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 3.38%, 02/13/31 | 07/11/25 | 352 | 354 | 0.1 |
| Dino Polska Spolka Akcyjna | 07/08/22 | 32 | 30 |  |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 10/15/24 | 115 | 126 |  |
| Engie, 3.63%, 03/06/31 | 04/23/25 | 811 | 840 | 0.1 |
| EQT AB | 12/16/22 | 81 | 95 |  |
| Evolution AB (publ) | 12/03/20 | 71 | 58 |  |
| Evraz PLC | 05/28/19 | 5 |  |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 05/08/23 | 235 | 407 | 0.1 |
| Goldman Sachs Group, Inc., The, 0.88%, 01/21/30 | 07/14/25 | 797 | 802 | 0.1 |
| Government of Saudi Arabia, 2.90%, 10/22/25 | 07/08/20 | 1061 | 1059 | 0.1 |
| Government of Saudi Arabia, 3.25%, 10/26/26 | 06/25/20 | 931 | 907 | 0.1 |
| GreenSaif Pipelines Bidco S.a r.l., 5.85%, 02/23/36 | 06/20/25 | 252 | 263 |  |
| Haidilao International Holding Ltd. | 05/15/25 | 181 | 152 |  |
| Heidelberg Materials Finance Luxembourg S.A., 4.88%, 11/21/33 | 06/07/24 | 895 | 909 | 0.1 |
| HM Treasury, 4.50%, 03/07/35 | 07/10/25 | 8524 | 8436 | 0.9 |
| HM Treasury, 4.38%, 07/31/54 | 07/10/25 | 3134 | 3052 | 0.3 |
| Holcim US Finance (Luxembourg) S.A., 0.50%, 04/23/31 | 04/23/25 | 839 | 871 | 0.1 |
| IHO Verwaltungs GmbH, 6.75%, 11/15/29 | 06/11/25 | 120 | 124 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 06/11/25 | 117 | 117 |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 09/18/20 | 13 | 15 |  |
| Intesa Sanpaolo S.p.A, 4.88%, 05/19/30 | 06/07/24 | 113 | 127 |  |
| Intesa Sanpaolo S.p.A, 5.13%, 08/29/31 | 06/07/24 | 573 | 648 | 0.1 |
| Joint Stock Company Kaspi.Kz | 02/06/25 | 200 | 175 |  |
| Krungthai Bank Public Company Limited, 4.40% (callable at 100, 03/25/26) | 06/12/25 | 197 | 199 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/08/20 | 10 | 10 |  |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 09/08/25 | 118 | 119 |  |
| Media Group Holdings LLC, 2.00%, 12/31/26 | 04/28/14 | 50938 |  |  |
| Meituan - Class B | 04/08/25 | 350 | 274 |  |
| National Australia Bank Limited, 3.15%, 02/05/31 | 06/11/24 | 747 | 836 | 0.1 |
| National Grid PLC, 0.25%, 09/01/28 | 04/23/25 | 843 | 873 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 12/18/24 | 301 | 425 | 0.1 |
| Ontario Teachers' Finance Trust, 1.13%, 05/15/26 | 09/20/22 | 3044 | 3563 | 0.4 |
| Ontario Teachers' Finance Trust, 0.10%, 05/19/28 | 07/16/21 | 1037 | 967 | 0.1 |
| Ontario, Government of, 0.01%, 11/25/30 | 10/04/21 | 1259 | 1121 | 0.1 |
| Orsted A/S | 10/29/21 | 39 | 32 |  |
| Pirelli & C. S.p.A. | 05/09/23 | 9 | 10 |  |
| Poste Italiane - Societa' Per Azioni | 04/27/20 | 25 | 43 |  |
| Presidencia de la Republica de El Salvador, 7.65%, 06/15/35 | 09/08/25 | 86 | 88 |  |
| Public Joint Stock Company Severstal | 12/01/20 | 243 |  |  |
| Reliance Industries Limited | 03/10/25 | 334 | 331 | 0.1 |
| Sandor-Palota, 5.38%, 09/12/33 | 11/20/23 | 108 | 127 |  |
| Sandor-Palota, 4.50%, 06/16/34 | 09/08/25 | 276 | 276 |  |
| Sandor-Palota, 1.75%, 06/05/35 | 11/20/23 | 80 | 95 |  |
| Siemens Healthineers AG | 06/18/21 | 58 | 57 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 10/01/24 | 160 | 161 |  |
| Toronto-Dominion Bank, The, 3.19%, 02/16/29 | 06/11/24 | 1070 | 1196 | 0.1 |
| TRATON Finance Luxembourg S.A., 3.75%, 03/27/30 | 06/07/24 | 641 | 714 | 0.1 |
| TRATON Finance Luxembourg S.A., 3.75%, 01/14/31 | 07/11/25 | 119 | 118 |  |
| TSB Bank PLC, 3.32%, 03/05/29 | 06/10/24 | 861 | 959 | 0.1 |
| TSB Bank PLC, 2.70%, 02/18/30 | 07/10/25 | 468 | 468 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| UBS Switzerland AG, 3.30%, 03/05/29 | 06/10/24 | 3245 | 3435 | 0.4 |
| Viterra Finance B.V., 1.00%, 09/24/28 | 06/07/24 | 745 | 836 | 0.1 |
| Volkswagen International Finance N.V., 4.38%, 05/15/30 | 06/07/24 | 551 | 615 | 0.1 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 4.00%, 04/11/31 | 06/07/24 | 54 | 60 |  |
| Vonovia SE, 2.25%, 04/07/30 | 06/07/24 | 100 | 113 |  |
| Vonovia SE, 1.00%, 07/09/30 | 06/07/24 | 561 | 639 | 0.1 |
| WH Group Limited | 06/08/20 | 26 | 34 |  |
| Woolworths Group Limited, 0.38%, 11/15/28 | 06/07/24 | 728 | 817 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 06/17/22 | 49 | 71 |  |
| Xiaomi Corporation | 08/23/24 | 419 | 713 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/08/25 | 122 | 122 |  |
| ZTO Express (Cayman) Inc. | 03/19/24 | 190 | 167 |  |
|  |  | 104341 | 57125 | 6.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 54 | December 2025 | AUD | 6130 | 25 | (5) |
| Canada 10 Year Bond | 19 | December 2025 | CAD | 2279 |  | 35 |
| Canada 5 Year Bond | 54 | December 2025 | CAD | 6210 |  | 13 |
| EUR/USD Spot Rate | 24 | December 2025 |  | 3545 | 2 | (7) |
| Euro Bund | 65 | December 2025 | EUR | 8326 | 19 | 36 |
| Euro Buxl 30 Year Bond | 18 | December 2025 | EUR | 2071 | 18 | (12) |
| Euro Schatz | 23 | December 2025 | EUR | 2462 | 1 | (2) |
| Italy Government BTP Bond | 10 | December 2025 | EUR | 1185 | 5 | 16 |
| Japan 10 Year Bond | 99 | December 2025 | JPY | 1354529 | (9) | (71) |
| Japan 10 Year Bond | 3 | December 2025 | JPY | 410492 |  | (21) |
| JPY/USD Spot Rate | 112 | December 2025 |  | 9575 | 48 | (36) |
| Long Gilt | 48 | December 2025 | GBP | 4348 | 21 | 17 |
| MSCI EAFE Index | 170 | December 2025 |  | 23759 | 91 | (84) |
| MSCI Emerging Markets Index | 265 | December 2025 |  | 17830 | 59 | 186 |
| S&P 500 Index | 215 | December 2025 |  | 71443 | 271 | 999 |
| S&P Communication Services Select Sector Index | 62 | December 2025 |  | 9578 | (17) | 95 |
| S&P Technology Select Sector Index | 34 | December 2025 |  | 9414 | 62 | 335 |
| United States 5 Year Note | 1415 | January 2026 |  | 154290 | 55 | 221 |
| United States Long Bond | 4 | December 2025 |  | 456 | (1) | 10 |
|  |  |  |  |  | 650 | 1725 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro BOBL | (43) | December 2025 | EUR | (5062) | (8) | (5) |
| Euro OAT | (3) | December 2025 | EUR | (360) | (1) | (5) |
| Italy Short Term Government BTP Bond | (53) | December 2025 | EUR | (5717) | (4) | (5) |
| United States 10 Year Note | (90) | December 2025 |  | (10070) | 1 | (55) |
| United States 10 Year Ultra Bond | (17) | December 2025 |  | (1950) | 1 | (6) |
| United States 2 Year Note | (48) | January 2026 |  | (10018) | (5) | 15 |
| United States 5 Year Note | (48) | January 2026 |  | (5247) | 12 | 5 |
| United States Ultra Bond | (13) | December 2025 |  | (1510) | 2 | (51) |
|  |  |  |  |  | (2) | (107) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/EUR | CIT | 10/22/25 | EUR | (278) | (327) | 2 |
| AUD/USD | BNP | 10/22/25 | AUD | 232 | 153 |  |
| AUD/USD | GSC | 10/22/25 | AUD | 4810 | 3184 | (15) |
| AUD/USD | HSB | 10/22/25 | AUD | 1365 | 904 | 1 |
| AUD/USD | MSC | 10/22/25 | AUD | 777 | 514 | 4 |
| CAD/USD | BCL | 10/22/25 | CAD | 26 | 19 |  |
| CAD/USD | BNP | 10/22/25 | CAD | 2299 | 1654 | (8) |
| CAD/USD | MSC | 10/22/25 | CAD | 93 | 66 |  |
| CHF/USD | MSC | 10/22/25 | CHF | 2509 | 3160 | 1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CLP/USD | BNP | 10/22/25 | CLP | 212178 | 221 | (1) |
| CZK/USD | CIT | 10/22/25 | CZK | 12176 | 588 | 1 |
| DKK/USD | MSC | 10/22/25 | DKK | 5223 | 823 | 1 |
| EUR/HUF | MSC | 10/22/25 | HUF | (31427) | (94) |  |
| EUR/JPY | CIT | 10/22/25 | JPY | (55898) | (379) |  |
| EUR/USD | CIT | 10/22/25 | EUR | 1238 | 1455 |  |
| EUR/USD | HSB | 10/22/25 | EUR | 3426 | 4028 | 7 |
| EUR/USD | MSC | 10/22/25 | EUR | 7654 | 8998 | 5 |
| GBP/CHF | MSC | 10/22/25 | CHF | (234) | (295) | (3) |
| GBP/JPY | MSC | 10/22/25 | JPY | (20654) | (140) |  |
| GBP/USD | BNP | 10/22/25 | GBP | 498 | 669 | (4) |
| GBP/USD | CIT | 10/22/25 | GBP | 485 | 652 | (6) |
| GBP/USD | CIT | 10/22/25 | GBP | 125 | 168 |  |
| GBP/USD | HSB | 10/22/25 | GBP | 50 | 68 | (1) |
| GBP/USD | MSC | 10/22/25 | GBP | 128 | 172 | 1 |
| IDR/USD | SCB | 10/22/25 | IDR | 21246488 | 1275 | (19) |
| ILS/USD | BNP | 10/22/25 | ILS | 2074 | 626 | 5 |
| JPY/USD | BNP | 10/22/25 | JPY | 47720 | 323 | (1) |
| JPY/USD | HSB | 10/22/25 | JPY | 3849188 | 26089 | (29) |
| JPY/USD | HSB | 10/22/25 | JPY | 31873 | 216 |  |
| JPY/USD | MSC | 10/22/25 | JPY | 18408 | 125 |  |
| KRW/USD | BNP | 10/22/25 | KRW | 6384614 | 4555 | (45) |
| NOK/USD | CIT | 10/22/25 | NOK | 3739 | 375 | (3) |
| NZD/EUR | CIT | 10/22/25 | EUR | (279) | (328) |  |
| NZD/USD | BNP | 10/22/25 | NZD | 2266 | 1315 | (35) |
| NZD/USD | CIT | 10/22/25 | NZD | 555 | 322 | (6) |
| NZD/USD | MSC | 10/22/25 | NZD | 551 | 320 | (9) |
| PEN/USD | SCB | 10/22/25 | PEN | 727 | 209 | 1 |
| PLN/USD | BNP | 10/22/25 | PLN | 4423 | 1217 | 1 |
| RON/USD | GSC | 10/22/25 | RON | 1873 | 432 |  |
| SEK/CHF | MSC | 10/22/25 | CHF | (130) | (164) | (1) |
| SEK/EUR | CIT | 10/22/25 | EUR | (139) | (163) |  |
| SEK/USD | GSC | 10/22/25 | SEK | 3501 | 372 | (2) |
| SEK/USD | MSC | 10/22/25 | SEK | 14860 | 1580 | (12) |
| USD/AUD | CIT | 10/22/25 | AUD | (496) | (328) | (1) |
| USD/AUD | HSB | 10/22/25 | AUD | (79) | (52) | (1) |
| USD/AUD | HSB | 10/22/25 | AUD | (788) | (523) |  |
| USD/AUD | MSC | 10/22/25 | AUD | (496) | (328) | (3) |
| USD/AUD | MSC | 10/22/25 | AUD | (115) | (76) |  |
| USD/CAD | GSC | 10/22/25 | CAD | (14) | (10) |  |
| USD/CAD | HSB | 10/22/25 | CAD | (32) | (23) |  |
| USD/CAD | MSC | 10/22/25 | CAD | (44) | (32) |  |
| USD/CHF | GSC | 10/22/25 | CHF | (447) | (563) | (1) |
| USD/CHF | MSC | 10/22/25 | CHF | (253) | (318) | 1 |
| USD/EUR | CIT | 10/22/25 | EUR | (237) | (279) | 1 |
| USD/EUR | HSB | 10/22/25 | EUR | (3173) | (3730) | (15) |
| USD/EUR | HSB | 10/22/25 | EUR | (28) | (33) |  |
| USD/EUR | MSC | 10/22/25 | EUR | (6) | (7) |  |
| USD/GBP | CIT | 10/22/25 | GBP | (263) | (355) | 5 |
| USD/GBP | HSB | 10/22/25 | GBP | (42) | (57) |  |
| USD/GBP | MSC | 10/22/25 | GBP | (243) | (327) | (1) |
| USD/GBP | MSC | 10/22/25 | GBP | (132) | (178) | 1 |
| USD/HUF | MSC | 10/22/25 | HUF | (912304) | (2743) | (20) |
| USD/JPY | BCL | 10/22/25 | JPY | (162) | (1) |  |
| USD/JPY | BNP | 10/22/25 | JPY | (2001) | (14) |  |
| USD/JPY | HSB | 10/22/25 | JPY | (9969) | (67) |  |
| USD/JPY | MSC | 10/22/25 | JPY | (322569) | (2186) | 15 |
| USD/MXN | GSC | 10/22/25 | MXN | (74729) | (4071) | (47) |
| USD/MXN | MSC | 10/22/25 | MXN | (2026) | (110) |  |
| USD/NZD | CIT | 10/22/25 | NZD | (552) | (320) | 10 |
| USD/SGD | HSB | 10/22/25 | SGD | (1183) | (919) | 6 |
| USD/THB | MSC | 10/22/25 | THB | (127715) | (3948) | 90 |
|  |  |  |  |  | 43359 | (130) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 273375 | 263 | 19 | 273657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 27803 |  | 27803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 2264 | 22238 |  | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 15825 |  | 15825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 343 | 14282 |  | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 876 | 13651 |  | 14527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 36 | 11908 |  | 11944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 1762 | 8665 |  | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1103 | 7257 |  | 8360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 423 | 7874 |  | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 594 | 7392 |  | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 315 | 7054 |  | 7369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 262 | 5162 |  | 5424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 384 | 2752 |  | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 87 | 3035 |  | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 3001 |  |  | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 2599 |  | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 2418 |  | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 280 | 2014 |  | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 2090 |  | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1513 | 23 |  | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 1152 |  | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 969 |  | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 823 | 128 |  | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 838 |  | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 837 |  | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 799 |  | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | 786 |  |  | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 231 | 487 |  | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 579 |  | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 526 |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 511 |  | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 463 |  | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 429 |  |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 325 |  | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 315 |  |  | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 226 | 86 |  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar |  | 310 |  | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 292 |  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macau |  | 286 |  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 245 |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 175 |  |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 161 |  | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 131 |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 89 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 51 |  | 51 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 178747 | 16 | 178763 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 135894 |  | 135894 |
| &nbsp;&nbsp;Investment Companies | 35603 |  |  | 35603 |
| &nbsp;&nbsp;Preferred Stocks | 586 | 1249 |  | 1835 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 1445 |  | 1445 |
| &nbsp;&nbsp;Short Term Investments | 90568 | 440 |  | 91008 |
|  | 416360 | 491345 | 35 | 907740 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1983 |  |  | 1983 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 159 |  | 159 |
|  | 1983 | 159 |  | 2142 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (365) |  |  | (365) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (289) |  | (289) |
|  | (365) | (289) |  | (654) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 34.4%** | **Information Technology 34.4%** | **Information Technology 34.4%** |
| Analog Devices, Inc. | 27 | 6620 |
| Apple Inc. (a) | 236 | 60221 |
| AppLovin Corporation - Class A (b) | 2 | 1277 |
| Arista Networks, Inc. (b) | 19 | 2804 |
| Broadcom Inc. | 72 | 23731 |
| Cadence Design Systems, Inc. (b) | 8 | 2716 |
| Cognizant Technology Solutions Corporation - Class A (a) | 56 | 3755 |
| CrowdStrike Holdings, Inc. - Class A (b) | 2 | 938 |
| Intuit Inc. (a) | 6 | 4175 |
| Lam Research Corporation | 51 | 6861 |
| Micron Technology, Inc. (a) | 32 | 5293 |
| Microsoft Corporation (a) | 127 | 65972 |
| Motorola Solutions, Inc. | 3 | 1208 |
| NVIDIA Corporation (a) | 405 | 75516 |
| NXP Semiconductors N.V. | 23 | 5160 |
| Oracle Corporation (a) | 38 | 10794 |
| Palantir Technologies Inc. - Class A (b) | 26 | 4777 |
| Salesforce, Inc. | 24 | 5591 |
| Seagate Technology Holdings Public Limited Company | 25 | 5857 |
| ServiceNow, Inc. (b) | 9 | 7995 |
| Texas Instruments Incorporated | 28 | 5218 |
| Western Digital Corporation | 15 | 1753 |
|  |  | 308232 |
| **Financials 13.8%** | **Financials 13.8%** | **Financials 13.8%** |
| American Express Company | 10 | 3282 |
| Ameriprise Financial, Inc. | 6 | 2733 |
| AON Public Limited Company - Class A | 8 | 2716 |
| Apollo Global Management, Inc. (a) | 23 | 3011 |
| Arch Capital Group Ltd. | 11 | 1030 |
| Arthur J. Gallagher & Co. (a) | 22 | 6891 |
| Bank of America Corporation | 226 | 11640 |
| Berkshire Hathaway Inc. - Class B (b) | 26 | 12865 |
| Capital One Financial Corporation | 19 | 3944 |
| Charles Schwab Corporation, The | 87 | 8293 |
| Chubb Limited | 4 | 1146 |
| Citigroup Inc. | 30 | 3022 |
| CME Group Inc. - Class A | 15 | 4076 |
| Corpay Inc (a) (b) | 11 | 3227 |
| Fidelity National Information Services, Inc. (a) | 51 | 3338 |
| Fifth Third Bancorp | 79 | 3500 |
| Klarna Group PLC (b) | 2 | 85 |
| MasterCard Incorporated - Class A (a) | 25 | 14529 |
| Progressive Corporation, The | 14 | 3369 |
| Raymond James Financial, Inc. | 8 | 1325 |
| State Street Corporation | 17 | 1922 |
| Toast, Inc. - Class A (b) | 30 | 1093 |
| Truist Financial Corporation | 35 | 1595 |
| U.S. Bancorp (a) | 62 | 2981 |
| Visa Inc. - Class A | 37 | 12641 |
| Wells Fargo & Company | 113 | 9489 |
| Wex, Inc. (b) | 2 | 346 |
|  |  | 124089 |
| **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** |
| Amazon.com, Inc. (a) (b) | 166 | 36551 |
| Aptiv PLC (b) | 8 | 676 |
| AutoZone, Inc. (b) |  | 982 |
| Booking Holdings Inc. |  | 2581 |
| Burlington Stores, Inc. (a) (b) | 10 | 2441 |
| Carnival Corporation (b) | 92 | 2668 |
| Chipotle Mexican Grill, Inc. (a) (b) | 98 | 3861 |
| DoorDash, Inc. - Class A (b) | 5 | 1473 |
| Expedia Group, Inc. | 11 | 2300 |
| Hilton Worldwide Holdings Inc. (a) | 17 | 4532 |
| Lennar Corporation - Class A | 8 | 990 |
| Lowe`s Companies, Inc. | 34 | 8526 |
| McDonald's Corporation | 25 | 7564 |
| Nike, Inc. - Class B | 18 | 1276 |
| Ross Stores, Inc. (a) | 30 | 4606 |
| Tesla Inc. (b) | 42 | 18569 |
| Yum! Brands, Inc. (a) | 30 | 4583 |
|  |  | 104179 |
| **Communication Services 10.1%** | **Communication Services 10.1%** | **Communication Services 10.1%** |
| Alphabet Inc. - Class A (a) | 93 | 22627 |
| Alphabet Inc. - Class C | 60 | 14534 |
| AT&T Inc. (a) | 140 | 3965 |
| Comcast Corporation - Class A | 125 | 3927 |
| Former Charter Communications Parent, Inc. - Class A (a) (b) | 7 | 2029 |
| Meta Platforms, Inc. - Class A (a) | 40 | 29155 |
| Netflix, Inc. (b) | 6 | 7686 |
| Omnicom Group Inc. | 13 | 1088 |
| Walt Disney Company, The (a) | 42 | 4825 |
| Warner Music Group Corp. - Class A | 25 | 845 |
|  |  | 90681 |
| **Health Care 8.9%** | **Health Care 8.9%** | **Health Care 8.9%** |
| AbbVie Inc. | 47 | 10933 |
| Boston Scientific Corporation (b) | 26 | 2534 |
| Bristol-Myers Squibb Company | 95 | 4265 |
| Cigna Group, The | 12 | 3353 |
| Danaher Corporation | 28 | 5493 |
| Edwards Lifesciences Corporation (a) (b) | 49 | 3824 |
| Eli Lilly and Company | 10 | 7903 |
| HCA Healthcare, Inc. | 3 | 1097 |
| Humana Inc. | 9 | 2451 |
| Johnson & Johnson | 52 | 9641 |
| McKesson Corporation | 2 | 1618 |
| Medtronic, Inc. | 65 | 6154 |
| Merck & Co., Inc. | 14 | 1179 |
| Neurocrine Biosciences, Inc. (b) | 5 | 686 |
| Regeneron Pharmaceuticals, Inc. (a) | 5 | 2887 |
| Stryker Corporation | 17 | 6188 |
| UnitedHealth Group Incorporated | 18 | 6143 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 7 | 2731 |
| Zimmer Biomet Holdings, Inc. | 3 | 311 |
|  |  | 79391 |
| **Industrials 7.9%** | **Industrials 7.9%** | **Industrials 7.9%** |
| 3M Company | 44 | 6863 |
| Boeing Company, The (b) | 5 | 1040 |
| Carrier Global Corporation (a) | 64 | 3838 |
| Deere & Company | 10 | 4564 |
| Delta Air Lines, Inc. | 22 | 1260 |
| Eaton Corporation Public Limited Company | 10 | 3731 |
| Emerson Electric Co. | 17 | 2214 |
| FedEx Corporation | 9 | 2163 |
| GE Vernova Inc. | 4 | 2649 |
| Howmet Aerospace Inc. | 42 | 8231 |
| Ingersoll Rand Inc. | 17 | 1446 |
| Leidos Holdings, Inc. | 19 | 3636 |
| Masco Corporation | 27 | 1920 |
| Otis Worldwide Corporation | 31 | 2810 |
| PACCAR Inc | 17 | 1687 |
| RTX Corporation (a) | 36 | 6046 |
| Textron Inc. | 22 | 1860 |
| Trane Technologies Public Limited Company | 17 | 6980 |
| TransDigm Group Incorporated (a) | 3 | 3855 |
| Union Pacific Corporation | 9 | 2079 |
| United Airlines Holdings, Inc. (b) | 5 | 469 |
| United Rentals, Inc. | 1 | 1455 |
|  |  | 70796 |
| **Consumer Staples 3.9%** | **Consumer Staples 3.9%** | **Consumer Staples 3.9%** |
| Altria Group, Inc. | 27 | 1767 |
| Church & Dwight Co., Inc. | 13 | 1167 |
| Coca-Cola Company, The | 57 | 3808 |
| Kenvue Inc. | 47 | 766 |
| Keurig Dr Pepper Inc. | 135 | 3433 |
| Mondelez International, Inc. - Class A | 85 | 5312 |
| PepsiCo, Inc. | 45 | 6338 |
| Philip Morris International Inc. (a) | 25 | 3982 |
| Walmart Inc. | 82 | 8476 |
|  |  | 35049 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Baker Hughes Company - Class A | 50 | 2430 |
| ConocoPhillips | 34 | 3254 |
| Diamondback Energy, Inc. | 12 | 1758 |
| EOG Resources, Inc. | 44 | 4921 |
| EQT Corporation | 9 | 518 |
| Exxon Mobil Corporation | 115 | 12998 |
|  |  | 25879 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| Ameren Corporation | 13 | 1365 |
| Entergy Corporation | 7 | 632 |
| NextEra Energy, Inc. | 90 | 6812 |
| NRG Energy, Inc. | 3 | 509 |
| PG&E Corporation | 56 | 845 |
| Sempra | 29 | 2619 |
| The Southern Company | 77 | 7308 |
| Vistra Corp. | 6 | 1165 |
|  |  | 21255 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Ecolab Inc. | 10 | 2626 |
| Linde Public Limited Company | 14 | 6433 |
| Martin Marietta Materials, Inc. | 2 | 1555 |
| Nucor Corporation | 4 | 498 |
| PPG Industries, Inc. | 18 | 1862 |
| Sherwin-Williams Company, The | 4 | 1291 |
| Vulcan Materials Company | 7 | 2027 |
|  |  | 16292 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| Equinix, Inc. | 4 | 2892 |
| Equity Lifestyle Properties, Inc. | 20 | 1220 |
| ProLogis Inc. | 21 | 2405 |
| SBA Communications Corporation - Class A (a) | 13 | 2526 |
| Ventas, Inc. (a) | 58 | 4039 |
| Welltower Inc. | 16 | 2913 |
|  |  | 15995 |
| Total Common Stocks (cost $608,777) | Total Common Stocks (cost $608,777) | 891838 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 27612 | 27612 |
| Total Short Term Investments (cost $27,612) | Total Short Term Investments (cost $27,612) | 27612 |
| **Total Investments 102.6% (cost $636,389)** | **Total Investments 102.6% (cost $636,389)** | **919450** |
| **Total Purchased Options 1.3% (cost $11,953)** | **Total Purchased Options 1.3% (cost $11,953)** | **11763** |
| **Other Derivative Instruments (1.3)%** | **Other Derivative Instruments (1.3)%** | **(11494)** |
| **Other Assets and Liabilities, Net (2.6)%** | **Other Assets and Liabilities, Net (2.6)%** | **(23591)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **896128** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 13558 | 149431 | 135377 | 271 |  |  | 27612 | 3.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 15 | December 2025 | 5033 | 60 | 21 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Put | 6330.00 | 12/31/25 | 1349 | 853917 | 11763 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Call | 7000.00 | 12/31/25 | 1349 | 944300 | (8903) |
| S&P 500 Index | Put | 5340.00 | 12/31/25 | 1349 | 720366 | (2651) |
|  |  |  |  |  |  | (11554) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 891838 |  |  | 891838 |
| &nbsp;&nbsp;Short Term Investments | 27612 |  |  | 27612 |
|  | 919450 |  |  | 919450 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 21 |  |  | 21 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 11763 |  |  | 11763 |
|  | 11784 |  |  | 11784 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (11554) |  |  | (11554) |
|  | (11554) |  |  | (11554) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Consumer Discretionary 20.2%** | **Consumer Discretionary 20.2%** | **Consumer Discretionary 20.2%** |
| AutoZone, Inc. (a) | 7 | 29834 |
| Bright Horizons Family Solutions, Inc. (a) | 183 | 19888 |
| Burlington Stores, Inc. (a) | 146 | 37114 |
| Carvana Co. - Class A (a) | 197 | 74283 |
| Chipotle Mexican Grill, Inc. (a) | 337 | 13227 |
| Coupang, Inc. - Class A (a) | 789 | 25404 |
| DoorDash, Inc. - Class A (a) | 126 | 34396 |
| Floor & Decor Holdings, Inc. - Class A (a) | 145 | 10723 |
| Flutter Entertainment Public Limited Company (a) | 299 | 76020 |
| Garmin Ltd. | 74 | 18242 |
| Hilton Worldwide Holdings Inc. | 366 | 94970 |
| Levi Strauss & Co. - Class A | 136 | 3167 |
| On Holding AG - Class A (a) | 759 | 32165 |
| Planet Fitness, Inc. - Class A (a) | 271 | 28102 |
| Royal Caribbean Cruises Ltd. | 356 | 115238 |
| Somnigroup International Inc. | 402 | 33863 |
| Thor Industries, Inc. | 167 | 17329 |
| Ulta Beauty, Inc. (a) | 77 | 41849 |
| Wingstop Inc. | 63 | 15908 |
|  |  | 721722 |
| **Information Technology 17.4%** | **Information Technology 17.4%** | **Information Technology 17.4%** |
| AppLovin Corporation - Class A (a) | 42 | 29915 |
| Astera Labs, Inc. (a) | 54 | 10504 |
| Atlassian Corporation - Class A (a) | 59 | 9389 |
| Ciena Corporation (a) | 231 | 33625 |
| Cloudflare, Inc. - Class A (a) | 324 | 69605 |
| Credo Technology Group Holding Ltd (a) | 157 | 22926 |
| CyberArk Software Ltd. (a) | 52 | 25350 |
| Datadog, Inc. - Class A (a) | 302 | 42975 |
| Figma, Inc. - Class A (a) | 67 | 3482 |
| Gartner, Inc. (a) | 92 | 24160 |
| GoDaddy Inc. - Class A (a) | 120 | 16421 |
| HubSpot, Inc. (a) | 87 | 40627 |
| Monday.Com Ltd. (a) | 76 | 14758 |
| MongoDB, Inc. - Class A (a) | 97 | 30208 |
| Monolithic Power Systems, Inc. | 39 | 35502 |
| Nutanix, Inc. - Class A (a) | 343 | 25538 |
| Okta, Inc. - Class A (a) | 203 | 18654 |
| ON Semiconductor Corporation (a) | 323 | 15916 |
| Rambus Inc. (a) | 212 | 22046 |
| Rubrik, Inc. - Class A (a) | 151 | 12396 |
| Snowflake Inc. - Class A (a) | 122 | 27507 |
| Teledyne Technologies Incorporated (a) | 39 | 22920 |
| Teradyne, Inc. | 226 | 31158 |
| Twilio Inc. - Class A (a) | 221 | 22092 |
| Tyler Technologies, Inc. (a) | 29 | 15058 |
|  |  | 622732 |
| **Industrials 17.4%** | **Industrials 17.4%** | **Industrials 17.4%** |
| AMETEK, Inc. | 92 | 17305 |
| Axon Enterprise, Inc. (a) | 79 | 56569 |
| Broadridge Financial Solutions, Inc. | 80 | 19094 |
| Carlisle Companies Incorporated | 52 | 17012 |
| Comfort Systems USA, Inc. | 77 | 63776 |
| Copart, Inc. (a) | 303 | 13626 |
| ESAB Corporation | 148 | 16560 |
| FTAI Aviation Ltd. | 134 | 22417 |
| HEICO Corporation - Class A | 210 | 53247 |
| Howmet Aerospace Inc. | 473 | 92852 |
| Ingersoll Rand Inc. | 181 | 14964 |
| ITT Inc. | 189 | 33825 |
| Mine Safety Appliances Company, LLC | 88 | 15154 |
| Quanta Services, Inc. | 178 | 73676 |
| Rocket Lab Corporation (a) (b) | 671 | 32127 |
| Trane Technologies Public Limited Company | 40 | 16829 |
| Vertiv Holdings Co - Class A | 411 | 62049 |
|  |  | 621082 |
| **Health Care 16.1%** | **Health Care 16.1%** | **Health Care 16.1%** |
| Agilent Technologies, Inc. | 119 | 15288 |
| Alkermes Public Limited Company (a) | 359 | 10774 |
| Alnylam Pharmaceuticals, Inc. (a) | 203 | 92432 |
| Cencora, Inc. | 155 | 48484 |
| Corcept Therapeutics Incorporated (a) | 104 | 8618 |
| DexCom, Inc. (a) | 509 | 34258 |
| Edwards Lifesciences Corporation (a) | 196 | 15262 |
| IDEXX Laboratories, Inc. (a) | 42 | 27029 |
| Insmed Incorporated (a) | 442 | 63724 |
| IQVIA Holdings Inc (a) | 76 | 14344 |
| Irhythm Technologies, Inc. (a) | 4 | 659 |
| Mettler-Toledo International Inc. (a) | 17 | 20432 |
| Natera, Inc. (a) | 261 | 42007 |
| Neurocrine Biosciences, Inc. (a) | 304 | 42692 |
| Nuvalent, Inc. - Class A (a) | 178 | 15367 |
| Penumbra, Inc. (a) | 99 | 25004 |
| Revolution Medicines, Inc. (a) | 199 | 9310 |
| Rhythm Pharmaceuticals, Inc. (a) | 70 | 7062 |
| Ultragenyx Pharmaceutical Inc. (a) | 450 | 13531 |
| Veeva Systems Inc. - Class A (a) | 208 | 61918 |
| Viking Therapeutics, Inc. (a) (b) | 297 | 7818 |
|  |  | 576013 |
| **Financials 10.8%** | **Financials 10.8%** | **Financials 10.8%** |
| Affirm Holdings, Inc. - Class A (a) | 186 | 13602 |
| Ares Management Corporation - Class A | 339 | 54223 |
| Arthur J. Gallagher & Co. | 72 | 22210 |
| Coinbase Global, Inc. - Class A (a) | 68 | 22863 |
| Interactive Brokers Group, Inc. - Class A | 413 | 28434 |
| Jefferies Financial Group Inc. | 398 | 26043 |
| LPL Financial Holdings Inc. | 85 | 28321 |
| MSCI Inc. - Class A | 62 | 35360 |
| Raymond James Financial, Inc. | 149 | 25764 |
| Robinhood Markets, Inc. - Class A (a) | 452 | 64780 |
| Rocket Companies, Inc. - Class A (b) | 1401 | 27152 |
| TPG Inc. - Class A | 239 | 13710 |
| Tradeweb Markets Inc. - Class A | 216 | 23957 |
|  |  | 386419 |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| Reddit, Inc. - Class A (a) | 278 | 64013 |
| Roblox Corporation - Class A (a) | 627 | 86875 |
| Take-Two Interactive Software, Inc. (a) | 216 | 55740 |
| Trade Desk, Inc., The - Class A (a) | 296 | 14483 |
|  |  | 221111 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| Cheniere Energy, Inc. | 155 | 36340 |
| EOG Resources, Inc. | 175 | 19618 |
| TechnipFMC PLC | 427 | 16846 |
| Williams Companies, Inc., The | 572 | 36247 |
|  |  | 109051 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| Vistra Corp. | 552 | 108224 |
| **Consumer Staples 1.8%** | **Consumer Staples 1.8%** | **Consumer Staples 1.8%** |
| Casey's General Stores, Inc. | 60 | 33736 |
| Performance Food Group Company (a) | 299 | 31074 |
|  |  | 64810 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| CBRE Group, Inc. - Class A (a) | 267 | 41997 |
| Crown Castle Inc. | 146 | 14065 |
|  |  | 56062 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Eagle Materials Inc. | 92 | 21426 |
| James Hardie Industries Public Limited Company (a) | 782 | 15025 |
|  |  | 36451 |
| Total Common Stocks (cost $2,861,196) | Total Common Stocks (cost $2,861,196) | 3523677 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 53341 | 53341 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 6875 | 6875 |
| Total Short Term Investments (cost $60,216) | Total Short Term Investments (cost $60,216) | 60216 |
| **Total Investments 100.3% (cost $2,921,412)** | **Total Investments 100.3% (cost $2,921,412)** | **3583893** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(11033)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3572860** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 34725 | 601661 | 583045 | 1061 |  |  | 53341 | 1.5 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 117553 | 110678 | 342 |  |  | 6875 | 0.2 |
|  | 34725 | 719214 | 693723 | 1403 |  |  | 60216 | 1.7 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3523677 |  |  | 3523677 |
| &nbsp;&nbsp;Short Term Investments | 60216 |  |  | 60216 |
|  | 3583893 |  |  | 3583893 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** |
| **Information Technology 54.0%** | **Information Technology 54.0%** | **Information Technology 54.0%** |
| Adobe Inc. (a) | 1 | 268 |
| Advanced Micro Devices, Inc. (a) | 4 | 625 |
| Analog Devices, Inc. | 2 | 409 |
| Apple Inc. (b) | 13 | 3348 |
| Applied Materials, Inc. | 1 | 203 |
| AppLovin Corporation - Class A (a) | 1 | 431 |
| ASML Holding N.V. - ADR |  | 311 |
| Atlassian Corporation - Class A (a) |  | 28 |
| Broadcom Inc. (b) | 6 | 2123 |
| Cisco Systems, Inc. | 7 | 462 |
| Cognizant Technology Solutions Corporation - Class A | 1 | 84 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 282 |
| Datadog, Inc. - Class A (a) |  | 43 |
| HubSpot, Inc. (a) |  | 90 |
| Intel Corporation (a) | 5 | 181 |
| Intuit Inc. | 1 | 537 |
| Lam Research Corporation | 4 | 528 |
| Marvell Technology, Inc. | 3 | 229 |
| Micron Technology, Inc. | 3 | 475 |
| Microsoft Corporation (b) | 7 | 3400 |
| NVIDIA Corporation (b) | 22 | 4092 |
| NXP Semiconductors N.V. | 1 | 260 |
| Oracle Corporation | 1 | 249 |
| Palantir Technologies Inc. - Class A (a) | 3 | 621 |
| Palo Alto Networks, Inc. (a) (b) | 2 | 404 |
| Qualcomm Incorporated | 2 | 321 |
| Seagate Technology Holdings Public Limited Company | 1 | 287 |
| ServiceNow, Inc. (a) |  | 147 |
| Shopify Inc. - Class A (a) | 2 | 264 |
| Strategy Inc - Class A (a) |  | 67 |
| Synopsys, Inc. (a) | 1 | 320 |
| Teradyne, Inc. | 1 | 87 |
| Texas Instruments Incorporated | 2 | 310 |
| Workday, Inc. - Class A (a) |  | 74 |
|  |  | 21560 |
| **Communication Services 15.1%** | **Communication Services 15.1%** | **Communication Services 15.1%** |
| Alphabet Inc. - Class C (b) | 9 | 2248 |
| Comcast Corporation - Class A | 10 | 302 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 76 |
| Meta Platforms, Inc. - Class A (b) | 2 | 1543 |
| Netflix, Inc. (a) (b) | 1 | 1213 |
| Take-Two Interactive Software, Inc. (a) | 1 | 147 |
| T-Mobile US, Inc. | 2 | 463 |
| Trade Desk, Inc., The - Class A (a) | 1 | 37 |
|  |  | 6029 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| Airbnb, Inc. - Class A (a) |  | 43 |
| Amazon.com, Inc. (a) (b) | 10 | 2123 |
| Booking Holdings Inc. |  | 502 |
| Chipotle Mexican Grill, Inc. (a) | 3 | 101 |
| DoorDash, Inc. - Class A (a) | 1 | 181 |
| Lowe`s Companies, Inc. | 1 | 155 |
| Lululemon Athletica Inc. (a) |  | 13 |
| Marriott International, Inc. - Class A | 1 | 192 |
| MercadoLibre, Inc. (a) |  | 292 |
| O'Reilly Automotive, Inc. (a) | 3 | 315 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) |  | 59 |
| Ross Stores, Inc. | 1 | 90 |
| Starbucks Corporation | 2 | 134 |
| Tesla Inc. (a) (b) | 3 | 1332 |
|  |  | 5532 |
| **Health Care 4.3%** | **Health Care 4.3%** | **Health Care 4.3%** |
| AbbVie Inc. | 1 | 238 |
| Amgen Inc. | 1 | 161 |
| Biogen Inc. (a) |  | 73 |
| Bristol-Myers Squibb Company | 2 | 90 |
| DexCom, Inc. (a) | 1 | 86 |
| Intuitive Surgical, Inc. (a) | 1 | 418 |
| Regeneron Pharmaceuticals, Inc. |  | 202 |
| Thermo Fisher Scientific Inc. |  | 86 |
| UnitedHealth Group Incorporated |  | 76 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 282 |
|  |  | 1712 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Coca-Cola Company, The | 2 | 148 |
| Costco Wholesale Corporation (b) | 1 | 654 |
| Kraft Heinz Company, The | 2 | 60 |
| Mondelez International, Inc. - Class A | 4 | 269 |
| Monster Beverage 1990 Corporation (a) | 3 | 212 |
| PepsiCo, Inc. | 2 | 335 |
|  |  | 1678 |
| **Industrials 3.5%** | **Industrials 3.5%** | **Industrials 3.5%** |
| Copart, Inc. (a) | 4 | 185 |
| CSX Corporation | 7 | 265 |
| Deere & Company |  | 117 |
| Eaton Corporation Public Limited Company |  | 179 |
| Honeywell International Inc. | 2 | 356 |
| Uber Technologies, Inc. (a) | 1 | 124 |
| United Parcel Service, Inc. - Class B |  | 28 |
| Verisk Analytics, Inc. | 1 | 145 |
|  |  | 1399 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Constellation Energy Group, Inc. |  | 44 |
| NextEra Energy, Inc. | 2 | 133 |
| The Southern Company | 2 | 154 |
| XCEL Energy Inc. | 2 | 169 |
|  |  | 500 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde Public Limited Company | 1 | 394 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Corpay Inc (a) |  | 76 |
| MasterCard Incorporated - Class A |  | 138 |
| PayPal Holdings, Inc. (a) | 1 | 80 |
|  |  | 294 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Diamondback Energy, Inc. | 1 | 112 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| ProLogis Inc. | 1 | 80 |
| Total Common Stocks (cost $32,740) | Total Common Stocks (cost $32,740) | 39290 |
| **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 - Class I, 4.04% (c) (d) | 783 | 783 |
| Total Short Term Investments (cost $783) | Total Short Term Investments (cost $783) | 783 |
| **Total Investments 100.3% (cost $33,523)** | **Total Investments 100.3% (cost $33,523)** | **40073** |
| **Total Purchased Options 1.9% (cost $741)** | **Total Purchased Options 1.9% (cost $741)** | **742** |
| **Other Derivative Instruments (1.9)%** | **Other Derivative Instruments (1.9)%** | (745) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | (117) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **39953** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| NASDAQ 100 Stock Index | Put | 23400.00 | 12/31/25 | 16 | 37440 | 742 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| NASDAQ 100 Stock Index | Call | 26125.00 | 12/31/25 | 16 | 41800 | (589) |
| NASDAQ 100 Stock Index | Put | 19725.00 | 12/31/25 | 16 | 31560 | (156) |
|  |  |  |  |  |  | (745) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 39290 |  |  | 39290 |
| &nbsp;&nbsp;Short Term Investments | 783 |  |  | 783 |
|  | 40073 |  |  | 40073 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 742 |  |  | 742 |
|  | 742 |  |  | 742 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (745) |  |  | (745) |
|  | (745) |  |  | (745) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 82.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 82.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 82.7%** |
| **Mortgage-Backed Securities 25.5%** | **Mortgage-Backed Securities 25.5%** | **Mortgage-Backed Securities 25.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/28 | 5 | 5 |
| 7.00%, 10/01/31 - 06/01/32 | 5 | 6 |
| 5.00%, 08/01/33 - 11/01/54 | 7417 | 7381 |
| 3.20%, 04/01/34 | 6376 | 5878 |
| 5.50%, 07/01/38 | 514 | 535 |
| 4.50%, 10/01/40 | 253 | 253 |
| 3.50%, 09/01/46 - 01/01/50 | 5181 | 4790 |
| 3.00%, 01/01/47 | 1793 | 1637 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.10%, 01/01/26 | 7500 | 7462 |
| 6.50%, 03/01/26 - 03/01/36 | 56 | 59 |
| 3.33%, 03/01/27 | 2146 | 2126 |
| 3.04%, 06/01/27 (a) | 1869 | 1842 |
| 7.00%, 03/01/29 | 2 | 2 |
| 8.00%, 12/01/29 - 03/01/31 | 4 | 6 |
| 2.59%, 09/01/30 | 6496 | 6110 |
| 7.50%, 02/01/31 | 2 | 2 |
| 1.90%, 12/01/31 | 35000 | 30598 |
| 3.54%, 06/01/32 | 1822 | 1744 |
| 1.94%, 10/01/33 | 10000 | 8390 |
| 2.52%, 09/01/34 | 6910 | 6008 |
| 2.41%, 10/01/34 | 9900 | 8559 |
| 5.50%, 02/01/35 - 03/01/55 | 6736 | 6867 |
| 1.78%, 05/01/35 | 15000 | 11757 |
| 5.00%, 09/01/35 - 06/01/53 | 36484 | 36460 |
| 6.00%, 10/01/35 - 12/01/36 | 1132 | 1188 |
| 2.04%, 06/01/37 | 5140 | 4015 |
| 3.50%, 06/01/42 - 04/01/52 | 26006 | 24227 |
| 4.00%, 06/01/42 - 12/01/50 | 23268 | 22481 |
| 3.00%, 03/01/43 - 09/01/52 | 30394 | 27182 |
| 2.50%, 01/01/52 | 6127 | 5229 |
| 4.50%, 08/01/52 - 10/01/52 | 58327 | 57090 |
| Government National Mortgage Association |  |  |
| 6.00%, 04/15/29 - 01/15/36 | 240 | 249 |
| 2.50%, 09/15/49 - 08/20/53 | 16456 | 14271 |
| 3.00%, 04/15/50 | 7953 | 7170 |
| 3.50%, 09/20/51 | 6495 | 5852 |
| U.S. Department of Veterans Affairs |  |  |
| Series 2001-Z-2, REMIC, 6.75%, 02/15/31 | 248 | 260 |
|  |  | 317691 |
| **U.S. Treasury Note 20.4%** | **U.S. Treasury Note 20.4%** | **U.S. Treasury Note 20.4%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/26 | 17000 | 16679 |
| 2.25%, 02/15/27 - 08/15/27 | 105000 | 102764 |
| 0.63%, 03/31/27 | 25000 | 23903 |
| 4.13%, 10/31/27 | 10000 | 10101 |
| 4.00%, 06/30/28 | 20000 | 20195 |
| 1.50%, 11/30/28 | 20000 | 18725 |
| 3.63%, 08/31/30 | 11155 | 11098 |
| 3.38%, 05/15/33 | 5800 | 5571 |
| 3.88%, 08/15/34 | 10000 | 9848 |
| 4.25%, 05/15/35 - 08/15/35 | 35455 | 35776 |
|  |  | 254660 |
| **Collateralized Mortgage Obligations 14.2%** | **Collateralized Mortgage Obligations 14.2%** | **Collateralized Mortgage Obligations 14.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 30-264, 3.00%, 07/15/42 | 4185 | 3886 |
| Series BY-3104, REMIC, 5.50%, 01/15/26 | 2 | 2 |
| Series KW-3874, REMIC, 4.50%, 06/15/26 | 10 | 10 |
| Series GT-3270, REMIC, 5.50%, 01/15/27 | 9 | 9 |
| Series AM-2525, REMIC, 4.50%, 04/15/32 | 43 | 43 |
| Series NY-4206, REMIC, 3.00%, 05/15/33 | 3474 | 3320 |
| Series MJ-2638, REMIC, 5.00%, 07/15/33 | 267 | 271 |
| Series MU-2915, REMIC, 5.00%, 01/15/35 | 389 | 396 |
| Series AZ-3036, REMIC, 5.00%, 02/15/35 | 2410 | 2436 |
| Series CB-3688, REMIC, 4.00%, 06/15/36 | 321 | 314 |
| Series PB-3283, REMIC, 5.50%, 07/15/36 | 308 | 318 |
| Series B-3413, REMIC, 5.50%, 04/15/37 | 131 | 133 |
| Series PE-3341, REMIC, 6.00%, 07/15/37 | 226 | 236 |
| Series HZ-4365, REMIC, 3.00%, 01/15/40 | 2407 | 2248 |
| Series QH-3699, REMIC, 5.50%, 07/15/40 | 270 | 276 |
| Series PB-4047, REMIC, 3.50%, 01/15/41 | 464 | 462 |
| Series YN-4094, REMIC, 3.00%, 08/15/42 | 1754 | 1661 |
| Series AW-4437, REMIC, 2.50%, 02/15/45 | 5143 | 4096 |
| Series PY-4493, REMIC, 3.00%, 07/15/45 | 3715 | 3081 |
| Series DB-4585, REMIC, 3.00%, 05/15/46 | 5594 | 4405 |
| Series KR-4945, REMIC, 2.50%, 09/25/49 | 3990 | 3466 |
| Series MD-4937, REMIC, 2.50%, 10/25/49 | 3169 | 2801 |
| Series PA-4933, REMIC, 2.50%, 10/25/49 | 5286 | 4645 |
| Series 2020-M55G-1, REMIC, 3.00%, 08/25/59 | 5972 | 5299 |
| Series 2024-MT-2, REMIC, 3.50%, 05/25/64 | 2896 | 2507 |
| Series 2025-MAU-1, REMIC, 3.25%, 11/25/64 | 8766 | 7977 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2011-PB-145, REMIC, 3.50%, 01/25/32 | 4283 | 4192 |
| Series 2012-LY-134, REMIC, 3.00%, 12/25/32 | 2769 | 2627 |
| Series 2013-PY-106, REMIC, 3.00%, 10/25/33 | 4076 | 3899 |
| Series 2004-AZ-35, REMIC, 4.50%, 05/25/34 | 1390 | 1375 |
| Series 2015-BY-41, REMIC, 3.00%, 09/25/34 | 1714 | 1691 |
| Series 2015-BW-15, REMIC, 3.50%, 04/25/35 | 3639 | 3530 |
| Series 2015-GB-28, REMIC, 3.50%, 05/25/35 | 4156 | 3982 |
| Series 2015-EY-47, REMIC, 3.00%, 07/25/35 | 5051 | 4798 |
| Series 2005-PL-64, REMIC, 5.50%, 07/25/35 | 45 | 46 |
| Series 2005-BG-97, REMIC, 5.50%, 11/25/35 | 633 | 650 |
| Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 | 230 | 190 |
| Series 2016-LY-30, REMIC, 3.50%, 05/25/36 | 5618 | 5305 |
| Series 2017-DL-83, REMIC, 3.00%, 10/25/37 | 5061 | 4523 |
| Series 2010-MB-47, REMIC, 5.00%, 09/25/39 | 743 | 757 |
| Series 2010-SL-4, REMIC, 1.53%, (11.33% - (SOFR 30-Day Average \* 2.25)), 02/25/40 (a) | 25 | 22 |
| Series 2010-CB-11, REMIC, 4.50%, 02/25/40 | 32 | 32 |
| Series 2010-PM-123, REMIC, 4.00%, 07/25/40 | 286 | 286 |
| Series 2010-MB-134, REMIC, 4.50%, 12/25/40 | 1398 | 1351 |
| Series 2002-A3-T4, REMIC, 7.50%, 12/25/41 | 1150 | 1215 |
| Series 2012-EP-60, REMIC, 3.00%, 04/25/42 | 388 | 375 |
| Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42 | 322 | 329 |
| Series 2012-HY-102, REMIC, 2.00%, 09/25/42 | 4000 | 3270 |
| Series 2012-AB-121, REMIC, 3.00%, 11/25/42 | 2299 | 2096 |
| Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43 | 707 | 699 |
| Series 2016-LA-25, REMIC, 3.00%, 07/25/45 | 1937 | 1829 |
| Series 2015-N-97, REMIC, 3.00%, 11/25/45 | 13757 | 12131 |
| Series 2019-CA-71, REMIC, 2.50%, 07/25/46 | 4422 | 4145 |
| Series 2017-CA-52, REMIC, 3.00%, 07/25/47 | 2705 | 2424 |
| Series 2019-PA-65, REMIC, 2.50%, 05/25/48 | 1604 | 1481 |
| Series 2019-KA-42, REMIC, 3.00%, 07/25/49 | 7843 | 7192 |
| Series 2019-JA-81, REMIC, 2.50%, 09/25/49 | 4084 | 3574 |
| Series 2009-A-W1, REMIC, 5.99%, 12/25/49 | 75 | 78 |
| Series 2020-JC-12, REMIC, 2.00%, 03/25/50 | 7898 | 6486 |
| REMIC, 0.50%, 09/25/54 | 1683 | 1502 |
| Government National Mortgage Association |  |  |
| Series 2003-ZA-75, REMIC, 5.50%, 09/20/33 | 216 | 223 |
| Series 2003-Z-114, REMIC, 6.00%, 12/16/33 | 318 | 325 |
| Series 2007-MB-2, REMIC, 5.50%, 01/20/37 | 471 | 487 |
| Interest Only, Series 2008-SA-40, REMIC, 2.14%, (6.29% - (1 Month Term SOFR \* 1)), 05/16/38 (a) | 415 | 26 |
| Series 2009-TX-42, REMIC, 4.50%, 06/20/39 | 888 | 878 |
| Series 2011-Z-29, REMIC, 5.00%, 05/20/40 | 10372 | 10360 |
| Interest Only, Series 2011-SH-97, REMIC, 1.88%, (6.02% - (1 Month Term SOFR \* 1)), 07/20/41 (a) | 811 | 70 |
| Series 2015-PL-157, REMIC, 3.00%, 10/20/45 | 12872 | 10715 |
| Series 2016-AC-19, REMIC, 3.00%, 02/20/46 | 1284 | 1039 |
| Principal Only, Series 2018-BO-46, REMIC, 0.00%, 03/20/48 | 4212 | 3607 |
| Principal Only, Series 2022-AO-94, REMIC, 0.00%, 05/20/52 | 3333 | 2397 |
| Series 2025-JS-100, REMIC, 3.88%, (15.95% - (SOFR 30-Day Average \* 2.75)), 06/20/55 (a) | 3959 | 3922 |
| Series 2013-FA-H16, REMIC, 5.01%, (1 Month Term SOFR + 0.65%), 07/20/63 (a) | 728 | 727 |
|  |  | 177156 |
| **U.S. Treasury Bond 12.5%** | **U.S. Treasury Bond 12.5%** | **U.S. Treasury Bond 12.5%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/41 - 02/15/50 | 72500 | 47754 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.38%, 02/15/42 | 15000 | 11107 |
| 3.88%, 02/15/43 - 05/15/43 | 18000 | 16321 |
| 3.75%, 11/15/43 | 48000 | 42488 |
| 3.00%, 05/15/45 - 02/15/48 | 37500 | 28942 |
| 4.88%, 08/15/45 | 6480 | 6625 |
| 2.25%, 08/15/49 | 5000 | 3190 |
| | | 156427 |
| **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A1-K087, REMIC, 3.59%, 10/25/27 | 860 | 856 |
| Series A2-K145, REMIC, 2.58%, 05/25/32 | 4265 | 3854 |
| Series A2-K149, REMIC, 3.53%, 08/25/32 | 6000 | 5725 |
| Series APT2-Q013, REMIC, 1.17%, 05/25/50 (a) | 4385 | 4168 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-A2-M13, REMIC, 3.03%, 09/25/27 (a) | 1830 | 1792 |
| Series 2019-A2-M1, REMIC, 3.66%, 09/25/28 (a) | 2836 | 2793 |
| Series 2022-A2-M3, REMIC, 1.76%, 11/25/31 (a) | 7500 | 6445 |
| Series 2019-A2-M31, REMIC, 2.85%, 04/25/34 | 9000 | 7767 |
| Series 2020-AL-M8, REMIC, 2.01%, 03/25/35 | 9916 | 8030 |
| Series 2019-AL2-M14, REMIC, 3.07%, 04/25/48 | 8865 | 8406 |
|  |  | 49836 |
| **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 |  |  |
| 1.38%, 02/15/44 (b) | 46089 | 39364 |
| **U.S. Government Agency Obligations 2.9%** | **U.S. Government Agency Obligations 2.9%** | **U.S. Government Agency Obligations 2.9%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 3.33%, 04/28/37 (c) | 7500 | 6694 |
| Federal National Mortgage Association, Inc. |  |  |
| Principal Only, 0.00%, 03/23/28 (c) (d) | 4000 | 3619 |
| FHLBanks Office of Finance |  |  |
| 5.75%, 06/12/26 (c) | 5000 | 5064 |
| Resolution Funding Corporation |  |  |
| Principal Only, 0.00%, 01/15/30 (c) (d) (e) | 20660 | 17330 |
| Tennessee Valley Authority |  |  |
| Interest Only, 0.00%, 07/15/37 (c) (d) | 6000 | 3425 |
|  |  | 36132 |
| Total Government And Agency Obligations (cost $1,123,361) | Total Government And Agency Obligations (cost $1,123,361) | 1031266 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5%** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.85%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (f) | 242 | 221 |
| Alternative Loan Trust 2006-OA9 |  |  |
| Series 2006-2A1A-OA9, REMIC, 3.75%, (1 Month Term SOFR + 0.53%), 07/20/46 (a) (f) (g) | 130 | 109 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A4-BN26, REMIC, 2.40%, 02/15/30 | 5000 | 4555 |
| BBCMS Trust 2015-VFM |  |  |
| Series 2015-A1-VFM, REMIC, 2.47%, 03/12/26 | 220 | 218 |
| Bridge 2025-SFR1 Trust |  |  |
| Series 2025-A-SFR1, REMIC, 4.05%, 09/17/30 | 5115 | 4918 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2020-A1-1, 1.69%, 07/15/60 | 4476 | 3857 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-A5-GC46, REMIC, 2.72%, 02/15/30 | 8750 | 8072 |
| CP Atlas Buyer, Inc. |  |  |
| Series 2020-A-SFR2, REMIC, 1.27%, 11/17/25 | 7238 | 7205 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2004-4A1-5, REMIC, 6.00%, 09/25/34 | 108 | 107 |
| CSAIL 2015-C3 Commercial Mortgage Trust |  |  |
| Series 2015-A4-C3, REMIC, 3.72%, 08/17/48 | 84 | 84 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/12/35 (a) | 2989 | 2971 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27 | 10500 | 10275 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-A5-GC45, REMIC, 2.91%, 12/14/29 | 10000 | 9341 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-A-2A, 4.54%, 05/25/44 | 2860 | 2868 |
| IRV Trust 2025-200P |  |  |
| Series 2025-A-200P, REMIC, 5.29%, 02/15/35 (a) | 3600 | 3669 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2004-3A2-1, REMIC, 3.79%, 02/25/34 (a) | 179 | 154 |
| Morgan Stanley Mortgage Loan Trust 2004-8AR |  |  |
| Series 2004-4A2-8AR, REMIC, 5.36%, 10/25/34 (a) | 27 | 26 |
| Nomura Credit & Capital, Inc. |  |  |
| Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 | 925 | 794 |
| Progress Residential 2022-SFR3 Trust |  |  |
| Series 2022-A-SFR3, REMIC, 3.20%, 04/19/27 (a) | 3889 | 3829 |
| Progress Residential 2024-SFR5 Trust |  |  |
| Series 2025-A-SFR2, 3.31%, 04/17/42 | 7983 | 7590 |
| PRPM 2025-RPL2, LLC |  |  |
| Series 2025-A1-RPL2, 3.75%, 04/25/55 | 3310 | 3203 |
| SACO I Trust 2006-6 |  |  |
| Series 2006-A-6, REMIC, 4.70%, (1 Month Term SOFR + 0.37%), 06/25/36 (a) (f) (g) | 2 | 11 |
| Structured Asset Mortgage Investments II Trust 2006-AR7 |  |  |
| Series 2006-A1A-AR7, REMIC, 2.65%, (1 Month Term SOFR + 0.53%), 08/25/36 (a) (f) (g) | 203 | 166 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, REMIC, 1.50%, 07/17/26 | 11609 | 11363 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-A4-C53, REMIC, 3.04%, 10/17/29 | 6000 | 5691 |
| Worldwide Plaza Trust 2017-WWP |  |  |
| Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 | 3939 | 2664 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $99,068) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $99,068) | 93961 |
| **CORPORATE BONDS AND NOTES 7.2%** | **CORPORATE BONDS AND NOTES 7.2%** | **CORPORATE BONDS AND NOTES 7.2%** |
| **Financials 2.6%** | **Financials 2.6%** | **Financials 2.6%** |
| Bank of America Corporation |  |  |
| 6.20%, 11/10/28 | 8315 | 8666 |
| BNP Paribas |  |  |
| 1.32%, 01/13/27 (h) | 6470 | 6411 |
| KeyBank National Association |  |  |
| 5.85%, 11/15/27 | 8000 | 8254 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31 | 4300 | 4018 |
| State Street Corporation |  |  |
| 3.15%, 03/30/31 | 2000 | 1922 |
| Toyota Motor Credit Corporation |  |  |
| 5.45%, 11/10/27 | 3500 | 3609 |
|  |  | 32880 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | 7515 | 7111 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 10000 | 9797 |
|  |  | 16908 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Archer-Daniels-Midland Company |  |  |
| 3.25%, 03/27/30 (e) | 2625 | 2525 |
| Cargill, Incorporated |  |  |
| 2.13%, 04/23/30 (h) | 2480 | 2271 |
| Kroger Co., The |  |  |
| 1.70%, 01/15/31 | 5000 | 4371 |
| Philip Morris International Inc. |  |  |
| 5.75%, 11/17/32 | 5000 | 5330 |
|  |  | 14497 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Takeda Pharmaceutical Company Limited |  |  |
| 2.05%, 03/31/30 | 5000 | 4542 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 2200 | 2001 |
| | | 6543 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Ameren Illinois Company |  |  |
| 5.90%, 12/01/52 | 625 | 657 |
| PG&E Recovery Funding LLC |  |  |
| 5.54%, 07/15/47 | 5115 | 5178 |
|  |  | 5835 |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.88%, 11/15/27 (h) | 5000 | 5156 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| Hyundai Capital America |  |  |
| 1.80%, 01/10/28 (h) | 3875 | 3665 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 1013 | 1012 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/32 | 1520 | 1629 |
|  |  | 2641 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/25 | 1225 | 1227 |
| Total Corporate Bonds And Notes (cost $90,819) | Total Corporate Bonds And Notes (cost $90,819) | 89352 |
| **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%** |
| JNL Government Money Market Fund - Class I, 4.04% (i) (j) | 27404 | 27404 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (i) (j) | 3081 | 3081 |
| Total Short Term Investments (cost $30,485) | Total Short Term Investments (cost $30,485) | 30485 |
| **Total Investments 99.8% (cost $1,343,733)** | **Total Investments 99.8% (cost $1,343,733)** | **1245064** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2151** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1247215** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

(g) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $17,503 and 1.4% of the Fund.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 26006 | 263799 | 262401 | 989 |  |  | 27404 | 2.2 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 7675 | 4594 |  |  |  | 3081 | 0.2 |
|  | 26006 | 271474 | 266995 | 989 |  |  | 30485 | 2.4 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1031266 |  | 1031266 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 93961 |  | 93961 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 89352 |  | 89352 |
| &nbsp;&nbsp;Short Term Investments | 30485 |  |  | 30485 |
|  | 30485 | 1214579 |  | 1245064 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Financials 25.6%** | **Financials 25.6%** | **Financials 25.6%** |
| American Express Company | 68 | 22479 |
| Ares Management Corporation - Class A | 72 | 11496 |
| Arthur J. Gallagher & Co. | 42 | 13134 |
| Bank of America Corporation | 741 | 38228 |
| Bank of New York Mellon Corporation, The | 89 | 9702 |
| Berkshire Hathaway Inc. - Class B (a) | 40 | 20296 |
| BlackRock, Inc. | 10 | 11131 |
| Blackstone Inc. - Class A | 79 | 13433 |
| Capital One Financial Corporation | 113 | 24050 |
| Charles Schwab Corporation, The | 320 | 30565 |
| Chubb Limited | 35 | 9881 |
| Citigroup Inc. | 156 | 15848 |
| Fidelity National Information Services, Inc. | 171 | 11245 |
| First Citizens BancShares, Inc. - Class A | 6 | 11136 |
| Goldman Sachs Group, Inc., The | 27 | 21148 |
| M&T Bank Corporation | 75 | 14737 |
| Morgan Stanley | 149 | 23758 |
| Progressive Corporation, The | 67 | 16421 |
| Travelers Companies, Inc., The | 29 | 8229 |
| Wells Fargo & Company | 591 | 49554 |
|  |  | 376471 |
| **Industrials 15.5%** | **Industrials 15.5%** | **Industrials 15.5%** |
| 3M Company | 127 | 19675 |
| Carrier Global Corporation | 466 | 27809 |
| CSX Corporation | 382 | 13570 |
| Deere & Company | 32 | 14592 |
| Dover Corporation | 109 | 18178 |
| Eaton Corporation Public Limited Company | 74 | 27878 |
| General Dynamics Corporation | 73 | 25004 |
| Northrop Grumman Corporation | 15 | 8926 |
| Parker-Hannifin Corporation | 20 | 14970 |
| Republic Services, Inc. | 34 | 7757 |
| RTX Corporation | 160 | 26822 |
| Union Pacific Corporation | 95 | 22357 |
|  |  | 227538 |
| **Health Care 13.1%** | **Health Care 13.1%** | **Health Care 13.1%** |
| AbbVie Inc. | 84 | 19480 |
| Becton, Dickinson and Company | 49 | 9092 |
| Boston Scientific Corporation (a) | 70 | 6827 |
| Bristol-Myers Squibb Company | 340 | 15321 |
| Cardinal Health, Inc. | 74 | 11598 |
| Cigna Group, The | 52 | 14960 |
| CVS Health Corporation | 202 | 15243 |
| Eli Lilly and Company | 11 | 8440 |
| Johnson & Johnson | 115 | 21412 |
| Medtronic, Inc. | 114 | 10824 |
| Merck & Co., Inc. | 150 | 12579 |
| Regeneron Pharmaceuticals, Inc. | 13 | 7325 |
| Thermo Fisher Scientific Inc. | 31 | 15198 |
| UnitedHealth Group Incorporated | 48 | 16404 |
| Vertex Pharmaceuticals Incorporated (a) | 19 | 7341 |
|  |  | 192044 |
| **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** |
| Amazon.com, Inc. (a) | 125 | 27451 |
| AutoZone, Inc. (a) | 3 | 13935 |
| Booking Holdings Inc. | 1 | 7116 |
| Home Depot, Inc., The | 51 | 20822 |
| Lowe`s Companies, Inc. | 97 | 24340 |
| McDonald's Corporation | 63 | 19144 |
| O'Reilly Automotive, Inc. (a) | 91 | 9828 |
| TJX Companies, Inc., The | 141 | 20434 |
|  |  | 143070 |
| **Information Technology 9.2%** | **Information Technology 9.2%** | **Information Technology 9.2%** |
| Advanced Micro Devices, Inc. (a) | 54 | 8716 |
| Analog Devices, Inc. | 108 | 26641 |
| International Business Machines Corporation | 34 | 9684 |
| Micron Technology, Inc. | 65 | 10908 |
| Microsoft Corporation | 48 | 24726 |
| NXP Semiconductors N.V. | 71 | 16055 |
| Texas Instruments Incorporated | 111 | 20433 |
| Western Digital Corporation | 152 | 18253 |
|  |  | 135416 |
| **Energy 5.3%** | **Energy 5.3%** | **Energy 5.3%** |
| Chevron Corporation | 173 | 26901 |
| ConocoPhillips | 279 | 26347 |
| EOG Resources, Inc. | 161 | 18097 |
| Exxon Mobil Corporation | 63 | 7103 |
|  |  | 78448 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Mondelez International, Inc. - Class A | 169 | 10558 |
| PepsiCo, Inc. | 73 | 10255 |
| Philip Morris International Inc. | 166 | 27001 |
| Procter & Gamble Company, The | 95 | 14570 |
| Walmart Inc. | 139 | 14347 |
|  |  | 76731 |
| **Communication Services 4.6%** | **Communication Services 4.6%** | **Communication Services 4.6%** |
| Alphabet Inc. - Class C | 126 | 30657 |
| Comcast Corporation - Class A | 419 | 13171 |
| Meta Platforms, Inc. - Class A | 13 | 9729 |
| Walt Disney Company, The | 123 | 14119 |
|  |  | 67676 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Air Products and Chemicals, Inc. | 86 | 23316 |
| Axalta Coating Systems Ltd. (a) | 276 | 7886 |
| Ball Corporation | 195 | 9840 |
| Vulcan Materials Company | 67 | 20590 |
|  |  | 61632 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| CMS Energy Corporation | 193 | 14148 |
| Entergy Corporation | 89 | 8305 |
| NextEra Energy, Inc. | 210 | 15877 |
| Public Service Enterprise Group Incorporated | 124 | 10376 |
| XCEL Energy Inc. | 140 | 11294 |
|  |  | 60000 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| American Tower Corporation | 38 | 7251 |
| AvalonBay Communities, Inc. | 21 | 4003 |
| Host Hotels & Resorts, Inc. | 520 | 8845 |
| ProLogis Inc. | 45 | 5112 |
| Ventas, Inc. | 176 | 12300 |
|  |  | 37511 |
| Total Common Stocks (cost $1,132,730) | Total Common Stocks (cost $1,132,730) | 1456537 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Walter Energy Inc. (a) (b) (c) (d) | 1503 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **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 - Class I, 4.04% (e) (f) | 12293 | 12293 |
| Total Short Term Investments (cost $12,293) | Total Short Term Investments (cost $12,293) | 12293 |
| **Total Investments 100.0% (cost $1,145,023)** | **Total Investments 100.0% (cost $1,145,023)** | **1468830** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (176) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1468654** |

---

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(c) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(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 September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 6731 | 137526 | 131964 | 403 |  |  | 12293 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1456537 |  |  | 1456537 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 12293 |  |  | 12293 |
|  | 1468830 |  |  | 1468830 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **United Kingdom 18.5%** | **United Kingdom 18.5%** | **United Kingdom 18.5%** |
| Diageo PLC | 290 | 6942 |
| Diploma PLC | 120 | 8598 |
| Experian PLC | 213 | 10674 |
| Halma Public Limited Company | 340 | 15826 |
| InterContinental Hotels Group PLC | 67 | 8110 |
| London Stock Exchange Group PLC | 104 | 11908 |
| Relx PLC | 275 | 13176 |
| Unilever PLC | 189 | 11221 |
|  |  | 86455 |
| **Japan 9.6%** | **Japan 9.6%** | **Japan 9.6%** |
| HOYA Corporation | 67 | 9233 |
| Keyence Corporation | 19 | 7004 |
| M3, Inc. | 598 | 9724 |
| Recruit Holdings Co., Ltd. | 149 | 7986 |
| SMS Co., Ltd. | 494 | 5200 |
| Toei Animation Co., Ltd. | 280 | 5765 |
|  |  | 44912 |
| **Germany 6.8%** | **Germany 6.8%** | **Germany 6.8%** |
| RATIONAL Aktiengesellschaft | 12 | 8997 |
| SAP SE | 46 | 12325 |
| Scout24 SE (a) | 82 | 10323 |
|  |  | 31645 |
| **Taiwan 6.5%** | **Taiwan 6.5%** | **Taiwan 6.5%** |
| Lotes Co., Ltd | 142 | 7260 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 83 | 23134 |
|  |  | 30394 |
| **United States of America 6.5%** | **United States of America 6.5%** | **United States of America 6.5%** |
| Accenture Public Limited Company - Class A | 36 | 8929 |
| AON Public Limited Company - Class A | 36 | 12800 |
| Universal Music Group N.V. | 295 | 8539 |
|  |  | 30268 |
| **France 6.4%** | **France 6.4%** | **France 6.4%** |
| EssilorLuxottica | 45 | 14567 |
| LVMH Moet Hennessy Louis Vuitton | 17 | 10206 |
| Pernod Ricard | 50 | 4940 |
|  |  | 29713 |
| **Netherlands 6.3%** | **Netherlands 6.3%** | **Netherlands 6.3%** |
| ASML Holding N.V. | 18 | 17253 |
| IMCD N.V. | 49 | 5040 |
| Wolters Kluwer N.V. - Class C | 53 | 7189 |
|  |  | 29482 |
| **Sweden 4.7%** | **Sweden 4.7%** | **Sweden 4.7%** |
| ASSA ABLOY AB - Class B | 349 | 12127 |
| Hexagon Aktiebolag - Class B | 819 | 9778 |
|  |  | 21905 |
| **Switzerland 4.2%** | **Switzerland 4.2%** | **Switzerland 4.2%** |
| Partners Group Holding AG | 10 | 12932 |
| VAT Group AG (a) | 17 | 6650 |
|  |  | 19582 |
| **China 4.0%** | **China 4.0%** | **China 4.0%** |
| Tencent Holdings Limited | 221 | 18841 |
| **Hong Kong 3.9%** | **Hong Kong 3.9%** | **Hong Kong 3.9%** |
| AIA Group Limited | 876 | 8369 |
| Hong Kong Exchanges and Clearing Limited | 172 | 9759 |
|  |  | 18128 |
| **Canada 3.6%** | **Canada 3.6%** | **Canada 3.6%** |
| Dollarama Inc. | 50 | 6574 |
| Toromont Industries Ltd. | 94 | 10481 |
|  |  | 17055 |
| **India 2.7%** | **India 2.7%** | **India 2.7%** |
| HDFC Bank Limited - ADR | 364 | 12444 |
| **Israel 2.3%** | **Israel 2.3%** | **Israel 2.3%** |
| Check Point Software Technologies Ltd (b) | 52 | 10736 |
| **Spain 2.3%** | **Spain 2.3%** | **Spain 2.3%** |
| Industria de Diseno Textil, S.A. | 193 | 10670 |
| **Brazil 2.1%** | **Brazil 2.1%** | **Brazil 2.1%** |
| TOTVS S.A. | 1167 | 10015 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| Clicks Group | 488 | 9974 |
| **Australia 1.9%** | **Australia 1.9%** | **Australia 1.9%** |
| Computershare Limited | 374 | 8911 |
| **Norway 1.8%** | **Norway 1.8%** | **Norway 1.8%** |
| Gjensidige Forsikring ASA | 292 | 8575 |
| **Denmark 1.2%** | **Denmark 1.2%** | **Denmark 1.2%** |
| Coloplast A/S - Class B | 64 | 5481 |
| Total Common Stocks (cost $421,694) | Total Common Stocks (cost $421,694) | 455186 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Germany 1.1%** | **Germany 1.1%** | **Germany 1.1%** |
| Sartorius Aktiengesellschaft | 23 | 5352 |
| Total Preferred Stocks (cost $6,464) | Total Preferred Stocks (cost $6,464) | 5352 |
| **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 - Class I, 4.04% (c) (d) | 6926 | 6926 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) |  |  |
| Total Short Term Investments (cost $6,926) | Total Short Term Investments (cost $6,926) | 6926 |
| **Total Investments 100.0% (cost $435,084)** | **Total Investments 100.0% (cost $435,084)** | **467464** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (14) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **467450** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4281 | 64036 | 61391 | 160 |  |  | 6926 | 1.5 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 9987 | 9987 | 42 |  |  |  |  |
|  | 4281 | 74023 | 71378 | 202 |  |  | 6926 | 1.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Scout24 SE | 10/22/24 | 7172 | 10323 | 2.2 |
| VAT Group AG | 03/11/24 | 8756 | 6650 | 1.4 |
|  |  | 15928 | 16973 | 3.6 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 95113 | 360073 |  | 455186 |
| &nbsp;&nbsp;Preferred Stocks |  | 5352 |  | 5352 |
| &nbsp;&nbsp;Short Term Investments | 6926 |  |  | 6926 |
|  | 102039 | 365425 |  | 467464 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.5%** | **COMMON STOCKS 98.5%** | **COMMON STOCKS 98.5%** |
| **United States of America 60.0%** | **United States of America 60.0%** | **United States of America 60.0%** |
| Alnylam Pharmaceuticals, Inc. (a) | 74 | 33728 |
| Alphabet Inc. - Class A | 239 | 58041 |
| Amazon.com, Inc. (a) | 252 | 55425 |
| Autodesk, Inc. (a) | 26 | 8272 |
| Block, Inc. - Class A (a) | 101 | 7322 |
| Boeing Company, The (a) | 159 | 34232 |
| Deere & Company | 21 | 9484 |
| Doximity, Inc. - Class A (a) | 214 | 15680 |
| Expeditors International of Washington, Inc. - Class A | 38 | 4679 |
| Meta Platforms, Inc. - Class A | 108 | 79368 |
| Microsoft Corporation | 71 | 36667 |
| Netflix, Inc. (a) | 47 | 56791 |
| Oracle Corporation | 210 | 59150 |
| Qualcomm Incorporated | 51 | 8501 |
| Salesforce, Inc. | 60 | 14180 |
| SEI Investments Company | 81 | 6898 |
| Tesla Inc. (a) | 142 | 63303 |
| Under Armour, Inc. - Class A (a) | 458 | 2284 |
| Vertex Pharmaceuticals Incorporated (a) | 41 | 16229 |
| Visa Inc. - Class A | 95 | 32436 |
| Yum! Brands, Inc. | 32 | 4892 |
|  |  | 607562 |
| **China 8.4%** | **China 8.4%** | **China 8.4%** |
| Alibaba Group Holding Limited - ADR | 55 | 9753 |
| Baidu, Inc. - Class A - ADR (a) (b) | 87 | 11423 |
| Tencent Holdings Limited | 405 | 34530 |
| Trip.com Group Limited - ADR | 292 | 21963 |
| Yum China Holdings, Inc. | 176 | 7572 |
|  |  | 85241 |
| **Argentina 6.3%** | **Argentina 6.3%** | **Argentina 6.3%** |
| MercadoLibre, Inc. (a) | 28 | 64280 |
| **Canada 5.2%** | **Canada 5.2%** | **Canada 5.2%** |
| Shopify Inc. - Class A (a) | 353 | 52392 |
| **Switzerland 4.8%** | **Switzerland 4.8%** | **Switzerland 4.8%** |
| CRISPR Therapeutics AG (a) | 201 | 13026 |
| Nestle S.A. - Class N | 58 | 5335 |
| Novartis AG - Class N | 232 | 29747 |
|  |  | 48108 |
| **United Kingdom 4.3%** | **United Kingdom 4.3%** | **United Kingdom 4.3%** |
| Arm Holdings PLC - ADR (a) | 111 | 15684 |
| Experian PLC | 372 | 18598 |
| Reckitt Benckiser Group PLC | 39 | 2992 |
| Unilever PLC | 97 | 5779 |
|  |  | 43053 |
| **Netherlands 4.0%** | **Netherlands 4.0%** | **Netherlands 4.0%** |
| Adyen N.V. (a) (c) | 18 | 28735 |
| NXP Semiconductors N.V. | 54 | 12213 |
|  |  | 40948 |
| **Denmark 1.6%** | **Denmark 1.6%** | **Denmark 1.6%** |
| Novo Nordisk A/S - Class B | 294 | 16225 |
| **France 1.3%** | **France 1.3%** | **France 1.3%** |
| LVMH Moet Hennessy Louis Vuitton | 16 | 10013 |
| Societe d'exploitation Hoteliere | 52 | 3299 |
|  |  | 13312 |
| **Japan 1.3%** | **Japan 1.3%** | **Japan 1.3%** |
| FANUC Corporation | 443 | 12771 |
| **Brazil 1.2%** | **Brazil 1.2%** | **Brazil 1.2%** |
| American Beverage Co Ambev - ADR | 5594 | 12474 |
| **Hong Kong 0.1%** | **Hong Kong 0.1%** | **Hong Kong 0.1%** |
| Budweiser Brewing Company APAC Limited (b) (c) | 972 | 1034 |
| Total Common Stocks (cost $620,560) | Total Common Stocks (cost $620,560) | 997400 |
| **PREFERRED STOCKS 1.2%** | **PREFERRED STOCKS 1.2%** | **PREFERRED STOCKS 1.2%** |
| **Switzerland 1.2%** | **Switzerland 1.2%** | **Switzerland 1.2%** |
| Roche Holding AG | 38 | 12444 |
| Total Preferred Stocks (cost $12,201) | Total Preferred Stocks (cost $12,201) | 12444 |
| **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 - Class I, 4.04% (d) (e) | 1738 | 1738 |
| Total Short Term Investments (cost $1,738) | Total Short Term Investments (cost $1,738) | 1738 |
| **Total Investments 99.9% (cost $634,499)** | **Total Investments 99.9% (cost $634,499)** | **1011582** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **813** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1012395** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 7561 | 238259 | 244082 | 113 |  |  | 1738 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 N.V. | 04/21/20 | 25039 | 28735 | 2.8 |
| Budweiser Brewing Company APAC Limited | 04/21/20 | 2323 | 1034 | 0.1 |
|  |  | 27362 | 29769 | 2.9 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 828342 | 169058 |  | 997400 |
| &nbsp;&nbsp;Preferred Stocks |  | 12444 |  | 12444 |
| &nbsp;&nbsp;Short Term Investments | 1738 |  |  | 1738 |
|  | 830080 | 181502 |  | 1011582 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 57.7%** | **CORPORATE BONDS AND NOTES 57.7%** | **CORPORATE BONDS AND NOTES 57.7%** |
| **Financials 20.5%** | **Financials 20.5%** | **Financials 20.5%** |
| AEGON Funding Company LLC |  |  |
| 5.50%, 04/16/27 (a) (b) | 1260 | 1282 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 289 | 298 |
| 4.63%, 09/10/29 | 511 | 516 |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (b) | 745 | 791 |
| 5.32%, 05/15/31 (b) | 200 | 206 |
| AIG Global Funding |  |  |
| 5.20%, 01/12/29 (b) | 418 | 430 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (b) | 2086 | 2091 |
| Ally Financial Inc. |  |  |
| 5.75%, 11/20/25 | 2328 | 2329 |
| Aon Corporation |  |  |
| 8.21%, 01/01/27 | 617 | 642 |
| Atlas Warehouse Lending Company, L.P. |  |  |
| 6.05%, 01/15/28 (b) | 429 | 439 |
| 6.25%, 01/15/30 (b) | 750 | 771 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26 (b) | 2216 | 2166 |
| 3.50%, 11/01/27 (b) | 609 | 598 |
| 6.25%, 04/15/28 (b) | 533 | 555 |
| 5.38%, 07/15/29 (b) | 345 | 354 |
| Avolon Holdings Funding Limited |  |  |
| 5.50%, 01/15/26 (b) | 1949 | 1951 |
| 3.25%, 02/15/27 (b) | 378 | 372 |
| 2.53%, 11/18/27 (b) | 166 | 160 |
| 4.95%, 01/15/28 (b) | 520 | 525 |
| 2.75%, 02/21/28 (b) | 478 | 459 |
| 6.38%, 05/04/28 (b) | 849 | 886 |
| 5.75%, 03/01/29 - 11/15/29 (b) | 939 | 974 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 5.88%, 05/07/30 (b) | 491 | 509 |
| Bank of America Corporation |  |  |
| 3.97%, 03/05/29 | 3309 | 3293 |
| Bank of Ireland Group Public Limited Company |  |  |
| 2.03%, 09/30/27 (b) | 1172 | 1145 |
| 5.60%, 03/20/30 (a) (b) | 854 | 885 |
| Barclays PLC |  |  |
| 6.50%, 09/13/27 | 725 | 740 |
| 2.28%, 11/24/27 | 351 | 343 |
| 5.37%, 02/25/31 (c) | 445 | 458 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | 650 | 635 |
| 3.25%, 03/15/27 | 68 | 67 |
| 4.95%, 09/26/27 | 184 | 185 |
| Blackstone Secured Lending Fund |  |  |
| 3.63%, 01/15/26 | 1027 | 1025 |
| 2.13%, 02/15/27 | 366 | 354 |
| 5.88%, 11/15/27 | 260 | 266 |
| Block, Inc. |  |  |
| 0.00%, 05/01/26 (c) (d) | 684 | 664 |
| 2.75%, 06/01/26 | 1024 | 1010 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | 67 | 66 |
| 4.70%, 02/08/27 | 254 | 254 |
| Blue Owl Technology Finance Corp. |  |  |
| 3.75%, 06/17/26 (b) | 174 | 172 |
| BNP Paribas |  |  |
| 2.59%, 01/20/28 (b) | 1805 | 1766 |
| 5.28%, 11/19/30 (b) | 255 | 262 |
| Bread Financial Payments, Inc. |  |  |
| 9.75%, 03/15/29 (b) | 961 | 1026 |
| Brighthouse Financial, Inc. |  |  |
| 5.55%, 04/09/27 (b) | 935 | 951 |
| 5.65%, 06/10/29 (b) | 815 | 837 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 157 | 159 |
| 4.90%, 06/23/30 | 199 | 202 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (b) | 861 | 884 |
| Citigroup Inc. |  |  |
| 3.89%, 01/10/28 | 817 | 814 |
| 4.64%, 05/07/28 | 1317 | 1325 |
| 4.79%, 03/04/29 | 1571 | 1592 |
| 5.17%, 02/13/30 | 1268 | 1301 |
| 4.50%, 09/11/31 | 593 | 593 |
| Citizens Bank, National Association |  |  |
| 4.58%, 08/09/28 (e) | 759 | 764 |
| Citizens Financial Group, Inc. |  |  |
| 5.84%, 01/23/30 | 1104 | 1150 |
| 5.25%, 03/05/31 | 1410 | 1445 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (b) | 1016 | 992 |
| 4.88%, 12/10/27 (b) | 505 | 512 |
| 4.38%, 09/08/28 (b) | 395 | 395 |
| 4.95%, 09/09/29 (b) | 262 | 267 |
| CommScope Finance LLC |  |  |
| 8.25%, 03/01/27 (a) (b) | 594 | 601 |
| Danske Bank A/S |  |  |
| 4.30%, 04/01/28 (b) | 367 | 367 |
| 4.61%, 10/02/30 (b) | 510 | 513 |
| Discover Bank |  |  |
| 5.97%, 08/09/28 | 464 | 481 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (b) | 3584 | 3640 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (b) | 299 | 298 |
| 5.13%, 06/26/29 (b) | 675 | 691 |
| 4.38%, 09/30/30 (b) | 391 | 388 |
| Equitable Financial Life Global Funding |  |  |
| 5.45%, 03/03/28 (b) | 885 | 910 |
| 4.65%, 06/09/28 (b) | 388 | 393 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 (f) | 736 | 773 |
| F&G Global Funding |  |  |
| 2.30%, 04/11/27 (b) | 608 | 591 |
| 5.88%, 06/10/27 - 01/16/30 (b) | 1397 | 1446 |
| 4.65%, 09/08/28 (b) | 257 | 258 |
| Federation des caisses Desjardins du Quebec |  |  |
| 4.57%, 08/26/30 (b) | 248 | 249 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 1335 | 1354 |
| First Horizon Corporation |  |  |
| 5.51%, 03/07/31 | 526 | 542 |
| Ford Motor Credit Company LLC |  |  |
| 3.38%, 11/13/25 | 1539 | 1534 |
| 6.95%, 06/10/26 | 200 | 203 |
| 2.70%, 08/10/26 | 1131 | 1113 |
| 5.13%, 11/05/26 | 2526 | 2532 |
| 5.85%, 05/17/27 | 621 | 629 |
| 7.35%, 11/04/27 | 591 | 616 |
| 5.80%, 03/08/29 | 1112 | 1128 |
| 5.30%, 09/06/29 | 1046 | 1043 |
| Freedom Mortgage Corporation |  |  |
| 12.00%, 10/01/28 (b) | 967 | 1025 |
| FWD Group Holdings Limited |  |  |
| 5.25%, 09/22/30 (b) | 248 | 248 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (b) | 996 | 998 |
| 5.50%, 01/08/29 (b) | 821 | 850 |
| 4.50%, 09/18/30 (b) | 794 | 788 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 442 | 446 |
| 5.00%, 07/15/27 | 379 | 384 |
| 5.65%, 01/17/29 | 1048 | 1084 |
| 5.55%, 07/15/29 | 756 | 781 |
| 5.64%, 01/07/30 (g) | 377 | 374 |
| GGAM Finance Ltd. |  |  |
| 7.75%, 05/15/26 (b) | 1406 | 1410 |
| Goldman Sachs Group, Inc., The |  |  |
| 2.64%, 02/24/28 | 420 | 411 |
| 4.94%, 04/23/28 | 580 | 587 |
| 4.22%, 05/01/29 | 3501 | 3503 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.22%, 04/23/31 | 674 | 696 |
| Home Point Capital Inc. |  |  |
| 5.00%, 02/01/26 (b) | 906 | 904 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 869 | 887 |
| 4.90%, 03/03/29 (c) | 681 | 690 |
| Huntington Bancshares Incorporated |  |  |
| 4.44%, 08/04/28 | 249 | 250 |
| Intesa Sanpaolo S.p.A. |  |  |
| 5.71%, 01/15/26 (b) | 200 | 200 |
| Jane Street Group, LLC |  |  |
| 4.50%, 11/15/29 (b) | 1178 | 1150 |
| Jefferson Capital Holdings LLC |  |  |
| 6.00%, 08/15/26 (b) | 957 | 957 |
| JPMorgan Chase & Co. |  |  |
| 5.01%, 01/23/30 | 2777 | 2845 |
| 5.14%, 01/24/31 | 666 | 688 |
| 2.96%, 05/13/31 | 489 | 458 |
| KeyCorp |  |  |
| 5.12%, 04/04/31 (a) | 259 | 266 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28 (b) | 468 | 473 |
| 5.30%, 01/13/30 (b) | 523 | 541 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 251 | 256 |
| 4.63%, 11/15/27 (b) | 2619 | 2614 |
| 4.90%, 04/03/28 | 314 | 318 |
| 6.75%, 11/17/28 | 492 | 525 |
| 5.20%, 03/15/30 | 199 | 203 |
| 5.15%, 06/15/30 | 471 | 480 |
| M&T Bank Corporation |  |  |
| 4.55%, 08/16/28 | 637 | 641 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (b) | 293 | 308 |
| 8.13%, 03/30/29 (b) | 3090 | 3217 |
| 5.15%, 03/17/30 (b) | 176 | 178 |
| Macquarie Bank Limited |  |  |
| 3.62%, 06/03/30 (b) (c) | 392 | 373 |
| MGIC Investment Corporation |  |  |
| 5.25%, 08/15/28 | 687 | 686 |
| Morgan Stanley |  |  |
| 5.12%, 02/01/29 | 623 | 636 |
| 4.99%, 04/12/29 | 673 | 686 |
| 5.45%, 07/20/29 | 720 | 744 |
| 5.17%, 01/16/30 | 1746 | 1794 |
| 4.43%, 01/23/30 | 1841 | 1850 |
| 5.04%, 07/19/30 | 383 | 393 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 252 | 256 |
| MSCI Inc. |  |  |
| 4.00%, 11/15/29 (b) | 820 | 801 |
| 3.63%, 09/01/30 (b) | 333 | 318 |
| 3.88%, 02/15/31 (b) | 137 | 131 |
| Mutual Of Omaha Cps Global Funding |  |  |
| 5.45%, 12/12/28 (b) | 620 | 641 |
| 5.00%, 04/01/30 (b) | 390 | 399 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.50%, 08/15/28 (b) | 753 | 753 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 1121 | 1133 |
| 5.00%, 03/15/27 | 144 | 143 |
| NMI Holdings, Inc. |  |  |
| 6.00%, 08/15/29 | 189 | 196 |
| OneMain Finance Corporation |  |  |
| 6.63%, 01/15/28 | 634 | 649 |
| Osaic Holdings, Inc. |  |  |
| 6.25%, 03/01/28 (b) | 569 | 570 |
| Popular, Inc. |  |  |
| 7.25%, 03/13/28 | 350 | 366 |
| RGA Global Funding |  |  |
| 5.45%, 05/24/29 (b) | 502 | 521 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (b) | 705 | 724 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (b) | 2188 | 2145 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (b) | 317 | 322 |
| 5.10%, 12/10/29 (b) | 491 | 505 |
| Santander UK Group Holdings PLC |  |  |
| 6.53%, 01/10/29 (c) | 2601 | 2720 |
| 4.32%, 09/22/29 | 400 | 399 |
| Societe Generale |  |  |
| 5.25%, 02/19/27 (b) | 1126 | 1138 |
| Standard Chartered PLC |  |  |
| 6.75%, 02/08/28 (b) | 393 | 405 |
| 5.69%, 05/14/28 (b) | 457 | 467 |
| Stellantis Financial Services US Corp. |  |  |
| 4.95%, 09/15/28 (b) | 594 | 594 |
| 5.40%, 09/15/30 (b) | 323 | 324 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (e) | 1688 | 1724 |
| Synchrony Financial |  |  |
| 3.70%, 08/04/26 | 265 | 263 |
| 3.95%, 12/01/27 | 223 | 220 |
| 5.02%, 07/29/29 | 387 | 390 |
| Synovus Bank |  |  |
| 4.00%, 10/29/30 | 250 | 248 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.90%, 05/13/31 | 544 | 555 |
| Truist Financial Corporation |  |  |
| 5.44%, 01/24/30 | 409 | 423 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 564 | 568 |
| 4.65%, 02/01/29 | 883 | 893 |
| 5.78%, 06/12/29 | 422 | 439 |
| 5.10%, 07/23/30 | 646 | 665 |
| 5.05%, 02/12/31 | 1687 | 1730 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (b) (c) | 313 | 305 |
| 6.44%, 08/11/28 (b) (c) | 2029 | 2108 |
| 3.87%, 01/12/29 (b) (c) | 523 | 518 |
| 5.43%, 02/08/30 (b) (c) | 279 | 288 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 11/15/25 (b) | 749 | 749 |
| 5.75%, 06/15/27 (b) | 430 | 430 |
| Volkswagen Group of America Finance, LLC |  |  |
| 4.90%, 08/14/26 (b) | 315 | 317 |
| 5.70%, 09/12/26 (b) | 799 | 809 |
| 6.00%, 11/16/26 (b) | 400 | 407 |
| 4.95%, 03/25/27 (b) | 622 | 627 |
| 4.45%, 09/11/27 (b) | 990 | 992 |
| Wells Fargo & Company |  |  |
| 4.81%, 07/25/28 | 661 | 669 |
| 4.97%, 04/23/29 | 546 | 556 |
| 5.57%, 07/25/29 | 1270 | 1316 |
| 6.30%, 10/23/29 | 523 | 554 |
| 5.20%, 01/23/30 | 2816 | 2897 |
| Western Southern Global Funding |  |  |
| 4.50%, 07/16/28 (b) | 532 | 536 |
| 4.90%, 05/01/30 (b) | 422 | 432 |
| | | 149440 |
| **Energy 12.3%** | **Energy 12.3%** | **Energy 12.3%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 01/15/28 (b) | 1341 | 1341 |
| Antero Resources Corporation |  |  |
| 7.63%, 02/01/29 (b) | 1544 | 1575 |
| Apa Corp. |  |  |
| 4.38%, 10/15/28 | 2186 | 2129 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (b) | 1547 | 1634 |
| Buckeye Partners, L.P. |  |  |
| 3.95%, 12/01/26 | 1138 | 1129 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (b) | 747 | 748 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 353 | 352 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (b) | 215 | 213 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citgo Petroleum Corporation |  |  |
| 6.38%, 06/15/26 (b) | 1519 | 1519 |
| 8.38%, 01/15/29 (b) | 777 | 811 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (b) | 2117 | 2110 |
| 8.38%, 07/01/28 (b) | 1312 | 1361 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (b) | 1523 | 1542 |
| 6.04%, 08/15/28 (b) | 538 | 562 |
| Continental Resources, Inc. |  |  |
| 2.27%, 11/15/26 (b) | 2038 | 1986 |
| 4.38%, 01/15/28 | 868 | 863 |
| 5.75%, 01/15/31 (b) | 559 | 576 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 2053 | 2041 |
| 4.38%, 03/15/29 | 1237 | 1234 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (b) | 1495 | 1555 |
| Crestwood Midstream Partners LP |  |  |
| 5.63%, 05/01/27 (b) | 1869 | 1870 |
| 6.00%, 02/01/29 (b) | 1982 | 2010 |
| 7.38%, 02/01/31 (b) | 482 | 503 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 1045 | 1045 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (b) | 1799 | 1755 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (b) | 1493 | 1518 |
| Ecopetrol S.A. |  |  |
| 8.63%, 01/19/29 | 1971 | 2140 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (b) | 1787 | 1767 |
| 7.50%, 06/01/27 - 06/01/30 | 1190 | 1237 |
| 4.50%, 01/15/29 | 718 | 720 |
| 6.38%, 04/01/29 | 1850 | 1920 |
| Expand Energy Corporation |  |  |
| 5.88%, 02/01/29 (b) | 878 | 891 |
| Greenko Dutch B.V. |  |  |
| 3.85%, 03/29/26 (e) | 880 | 871 |
| 3.85%, 03/29/26 (b) | 329 | 326 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (b) | 1009 | 1036 |
| Helmerich & Payne, Inc. |  |  |
| 4.65%, 12/01/27 | 525 | 529 |
| 4.85%, 12/01/29 (a) | 782 | 780 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (b) | 240 | 244 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (b) | 224 | 224 |
| HF Sinclair Corporation |  |  |
| 5.00%, 02/01/28 | 1168 | 1171 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 601 | 615 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (b) | 656 | 674 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (e) | 1425 | 1419 |
| Matador Resources Company |  |  |
| 6.88%, 04/15/28 (b) | 1304 | 1331 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (b) | 930 | 944 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (b) | 946 | 948 |
| Occidental Petroleum Corporation |  |  |
| 6.38%, 09/01/28 | 600 | 627 |
| 5.20%, 08/01/29 | 318 | 323 |
| 8.88%, 07/15/30 | 877 | 1012 |
| 6.63%, 09/01/30 | 207 | 222 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 873 | 899 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 1013 | 1001 |
| Petroleos Mexicanos |  |  |
| 6.88%, 10/16/25 | 2933 | 2929 |
| 4.50%, 01/23/26 (a) | 776 | 773 |
| 6.49%, 01/23/27 | 1003 | 1014 |
| Range Resources Corporation |  |  |
| 8.25%, 01/15/29 | 946 | 970 |
| Repsol E&P Capital Markets US LLC |  |  |
| 4.81%, 09/16/28 (b) | 200 | 201 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (b) | 1050 | 1028 |
| Shelf Drilling Management Services DMCC |  |  |
| 9.63%, 04/15/29 (b) | 1271 | 1332 |
| SM Energy Company |  |  |
| 6.75%, 09/15/26 | 1662 | 1662 |
| 6.50%, 07/15/28 | 682 | 687 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 640 | 646 |
| 5.03%, 10/01/29 | 777 | 786 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 841 | 843 |
| Suncor Energy Inc. |  |  |
| 7.88%, 06/15/26 | 671 | 688 |
| Targa Resources Partners LP |  |  |
| 6.88%, 01/15/29 | 3882 | 3955 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 4.00%, 08/15/26 (e) | 3662 | 3641 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 3923 | 3925 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (b) | 1409 | 1424 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 526 | 529 |
| VNOM Sub, Inc. |  |  |
| 5.38%, 11/01/27 (b) | 1432 | 1433 |
| Welltec International ApS |  |  |
| 8.25%, 10/15/26 (b) | 517 | 517 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 385 | 388 |
| 6.35%, 01/15/29 | 1179 | 1241 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (b) | 571 | 588 |
| Williams Companies, Inc., The |  |  |
| 4.90%, 03/15/29 | 659 | 671 |
| | | 89724 |
| **Industrials 5.0%** | **Industrials 5.0%** | **Industrials 5.0%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (b) | 925 | 917 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (b) | 170 | 173 |
| 5.00%, 09/15/30 (b) | 316 | 318 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 565 | 565 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (f) | 2376 | 2358 |
| 2.25%, 06/15/26 | 413 | 407 |
| 2.70%, 02/01/27 | 504 | 494 |
| 5.04%, 05/01/27 (f) | 229 | 232 |
| 6.26%, 05/01/27 (f) | 1205 | 1240 |
| 3.25%, 02/01/28 | 425 | 415 |
| 3.20%, 03/01/29 | 229 | 221 |
| 6.30%, 05/01/29 (f) | 981 | 1041 |
| 5.15%, 05/01/30 (f) | 1590 | 1633 |
| Bombardier Inc. |  |  |
| 7.13%, 06/15/26 (b) | 248 | 248 |
| 7.88%, 04/15/27 (b) | 160 | 161 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (b) | 1205 | 1256 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/28 | 177 | 179 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (b) | 610 | 610 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 875 | 927 |
| GXO Logistics Inc. |  |  |
| 1.65%, 07/15/26 | 1040 | 1018 |
| 6.25%, 05/06/29 | 1158 | 1217 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (b) | 150 | 157 |
| Jacobs Engineering Group Inc. |  |  |
| 6.35%, 08/18/28 | 1355 | 1431 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (b) | 1602 | 1598 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (b) | 260 | 263 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (b) | 669 | 675 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (b) | 284 | 281 |
| 4.20%, 04/01/27 (b) | 1403 | 1401 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (f) | 3077 | 3164 |
| 6.30%, 02/15/30 (f) | 1736 | 1841 |
| Rolls-Royce PLC |  |  |
| 3.63%, 10/14/25 (b) | 485 | 485 |
| Spirit AeroSystems, Inc. |  |  |
| 3.85%, 06/15/26 | 1273 | 1264 |
| 9.38%, 11/30/29 (b) | 120 | 126 |
| 9.75%, 11/15/30 (b) | 417 | 459 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (b) | 676 | 690 |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 (b) | 1081 | 1119 |
| Triton Container International Limited |  |  |
| 2.05%, 04/15/26 (b) | 778 | 768 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (b) | 3354 | 3340 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (b) | 658 | 643 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (b) | 1311 | 1336 |
| | | 36671 |
| **Consumer Discretionary 4.7%** | **Consumer Discretionary 4.7%** | **Consumer Discretionary 4.7%** |
| AS Mileage Plan IP Ltd. |  |  |
| 5.02%, 10/20/29 (b) | 258 | 258 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (b) | 2335 | 2299 |
| 6.00%, 05/01/29 (b) | 3840 | 3898 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 2368 | 2313 |
| Empire Resorts, Inc. |  |  |
| 7.75%, 11/01/26 (b) | 200 | 200 |
| Flutter Treasury Designated Activity Company |  |  |
| 6.38%, 04/29/29 (b) | 1000 | 1032 |
| Hasbro, Inc. |  |  |
| 3.90%, 11/19/29 (f) | 2431 | 2368 |
| Hyatt Hotels Corporation |  |  |
| 5.25%, 06/30/29 | 361 | 371 |
| Hyundai Capital America |  |  |
| 4.88%, 06/23/27 (b) | 462 | 466 |
| 4.30%, 09/24/27 (b) | 700 | 700 |
| 2.00%, 06/15/28 (b) | 654 | 615 |
| 4.90%, 06/23/28 (b) | 649 | 658 |
| 6.10%, 09/21/28 (b) | 745 | 779 |
| 5.30%, 01/08/29 (b) | 409 | 419 |
| 6.50%, 01/16/29 (b) | 157 | 167 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 1153 | 1144 |
| 5.90%, 06/01/27 | 64 | 65 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 1196 | 1193 |
| Mattel, Inc. |  |  |
| 5.88%, 12/15/27 (b) | 1870 | 1872 |
| Nissan Motor Acceptance Company LLC |  |  |
| 6.95%, 09/15/26 (b) | 1286 | 1305 |
| Prosus N.V. |  |  |
| 3.26%, 01/19/27 (b) | 875 | 861 |
| Rakuten Group, Inc. |  |  |
| 11.25%, 02/15/27 (b) | 1791 | 1941 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.25%, 07/01/26 (b) | 824 | 823 |
| 5.50%, 08/31/26 - 04/01/28 (b) | 594 | 599 |
| 5.38%, 07/15/27 (b) | 764 | 771 |
| 3.70%, 03/15/28 | 1493 | 1469 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (b) | 250 | 250 |
| Sodexo, Inc. |  |  |
| 5.15%, 08/15/30 (b) | 256 | 262 |
| Stellantis Finance US Inc. |  |  |
| 5.35%, 03/17/28 (b) | 459 | 465 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (e) | 1040 | 1047 |
| Viking Cruises Limited |  |  |
| 5.88%, 09/15/27 (b) | 1016 | 1016 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 377 | 371 |
| 4.05%, 03/15/29 | 555 | 536 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (b) | 1650 | 1670 |
|  |  | 34203 |
| **Utilities 3.6%** | **Utilities 3.6%** | **Utilities 3.6%** |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 711 | 728 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (b) | 722 | 772 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/26 (h) | 1068 | 1075 |
| Alliant Energy Finance, LLC |  |  |
| 5.40%, 06/06/27 (b) | 244 | 247 |
| 5.95%, 03/30/29 (b) | 1349 | 1412 |
| Black Hills Corporation |  |  |
| 5.95%, 03/15/28 | 724 | 752 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (b) | 691 | 691 |
| Capital Power (US Holdings) Inc. |  |  |
| 5.26%, 06/01/28 (b) | 600 | 611 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 197 | 204 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 436 | 433 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.69%, 05/15/29 (b) | 593 | 584 |
| 5.70%, 01/24/30 (e) | 400 | 405 |
| DTE Energy Company |  |  |
| 5.10%, 03/01/29 | 560 | 574 |
| Electricite de France |  |  |
| 5.70%, 05/23/28 (b) | 872 | 902 |
| Engie |  |  |
| 5.25%, 04/10/29 (b) | 330 | 339 |
| Eversource Energy |  |  |
| 5.95%, 02/01/29 | 550 | 576 |
| Fells Point Funding Trust |  |  |
| 3.05%, 01/31/27 (b) | 1561 | 1536 |
| ITC Holdings Corp. |  |  |
| 4.95%, 09/22/27 (b) | 551 | 558 |
| Liberty Utilities Co. |  |  |
| 5.58%, 01/31/29 (b) | 688 | 710 |
| National Fuel Gas Company |  |  |
| 5.50%, 10/01/26 | 562 | 568 |
| 5.50%, 03/15/30 (f) | 1541 | 1592 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (b) | 455 | 457 |
| NRG Energy, Inc. |  |  |
| 2.00%, 12/02/25 (b) | 1063 | 1058 |
| 4.73%, 10/15/30 (b) | 332 | 332 |
| OGE Energy Corp. |  |  |
| 5.45%, 05/15/29 | 254 | 263 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (b) | 133 | 136 |
| PG&E Corporation |  |  |
| 3.15%, 01/01/26 | 1184 | 1181 |
| 5.00%, 06/04/28 | 944 | 957 |
| 5.55%, 05/15/29 | 494 | 509 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 154 | 156 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (b) | 389 | 399 |
| Snam S.p.A. |  |  |
| 5.00%, 05/28/30 (b) | 388 | 394 |
| Southwest Gas Corporation |  |  |
| 5.80%, 12/01/27 | 705 | 726 |
| 5.45%, 03/23/28 | 564 | 580 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 1500 | 1561 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (b) | 142 | 146 |
| TransAlta Corporation |  |  |
| 7.75%, 11/15/29 | 114 | 119 |
| Vistra Operations Company LLC |  |  |
| 5.50%, 09/01/26 (b) | 358 | 358 |
| 5.05%, 12/30/26 (b) | 175 | 176 |
| 3.70%, 01/30/27 (b) | 242 | 240 |
| 5.63%, 02/15/27 (b) | 1498 | 1499 |
| | | 26516 |
| **Health Care 3.0%** | **Health Care 3.0%** | **Health Care 3.0%** |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (b) | 400 | 383 |
| Adventist Health System/West |  |  |
| 4.74%, 12/01/30 | 1777 | 1778 |
| Bayer US Finance II LLC |  |  |
| 4.25%, 12/15/25 (b) | 1834 | 1834 |
| 4.38%, 12/15/28 (b) | 470 | 468 |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (a) (b) | 797 | 838 |
| 6.38%, 11/21/30 (b) | 873 | 933 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 4008 | 3942 |
| 2.45%, 07/15/28 | 757 | 704 |
| Cigna Group, The |  |  |
| 4.50%, 09/15/30 | 331 | 332 |
| Fresenius Medical Care US Finance III, Inc. |  |  |
| 1.88%, 12/01/26 (b) | 160 | 155 |
| 3.75%, 06/15/29 (b) | 992 | 967 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (b) | 313 | 322 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (b) | 923 | 1006 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 366 | 374 |
| 5.85%, 05/08/29 | 384 | 401 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 896 | 923 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | 200 | 206 |
| 6.25%, 02/01/29 | 302 | 318 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 387 | 397 |
| 4.45%, 03/25/31 | 531 | 526 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 1187 | 1225 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 1178 | 1157 |
| Tufts Medicine, Inc. |  |  |
| 8.50%, 10/01/26 | 700 | 701 |
| UnitedHealth Group Incorporated |  |  |
| 4.65%, 01/15/31 | 464 | 470 |
| Universal Health Services, Inc. |  |  |
| 4.63%, 10/15/29 | 1510 | 1508 |
|  |  | 21868 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (b) | 1162 | 1182 |
| Ashtead Capital, Inc. |  |  |
| 4.38%, 08/15/27 (b) | 887 | 887 |
| B.A.T Capital Corporation |  |  |
| 3.56%, 08/15/27 | 293 | 290 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (b) | 626 | 631 |
| 5.25%, 01/15/29 (b) | 653 | 666 |
| Bacardi-Martini B.V. |  |  |
| 5.55%, 02/01/30 (b) | 653 | 675 |
| Bunge Limited Finance Corp. |  |  |
| 2.00%, 04/21/26 | 353 | 349 |
| 3.20%, 04/21/31 | 668 | 626 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (b) | 850 | 839 |
| Conagra Brands, Inc. |  |  |
| 4.85%, 11/01/28 | 966 | 976 |
| Imperial Brands Finance PLC |  |  |
| 5.50%, 02/01/30 (b) | 2461 | 2551 |
| Japan Tobacco Inc. |  |  |
| 5.25%, 06/15/30 (b) | 1754 | 1818 |
| JBS USA Food Company |  |  |
| 3.00%, 02/02/29 | 545 | 521 |
| Keurig Dr Pepper Inc. |  |  |
| 5.10%, 03/15/27 | 327 | 330 |
| 4.35%, 05/15/28 | 503 | 503 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (b) | 1045 | 1046 |
| Prime Security Services Borrower, LLC |  |  |
| 6.25%, 01/15/28 (b) | 1412 | 1412 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (b) | 667 | 680 |
| Safeway Inc. |  |  |
| 4.63%, 01/15/27 (b) | 1901 | 1891 |
|  |  | 17873 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 3000 | 3067 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 736 | 757 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (b) | 766 | 751 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 866 | 825 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (b) | 1444 | 1427 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (b) | 2668 | 2812 |
| 5.50%, 01/25/31 (b) | 200 | 208 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (b) | 1001 | 994 |
| Intel Corporation |  |  |
| 3.75%, 08/05/27 | 374 | 371 |
| 2.45%, 11/15/29 | 330 | 306 |
| Microchip Technology Incorporated |  |  |
| 4.90%, 03/15/28 | 395 | 401 |
| 5.05%, 03/15/29 - 02/15/30 | 994 | 1015 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (b) | 670 | 698 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 507 | 507 |
|  |  | 14139 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 239 | 237 |
| 5.00%, 01/11/28 | 596 | 604 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 564 | 565 |
| 4.50%, 06/01/27 | 536 | 536 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 (b) | 299 | 296 |
| 8.00%, 06/15/27 (b) | 232 | 242 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/27 (b) | 823 | 819 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.25%, 02/01/27 (b) | 708 | 702 |
| 4.75%, 06/15/29 (b) | 1368 | 1343 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (b) | 501 | 500 |
| Service Properties Trust |  |  |
| 4.75%, 10/01/26 | 871 | 874 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VICI Properties Inc. |  |  |
| 4.50%, 09/01/26 (b) | 956 | 956 |
| 4.25%, 12/01/26 (b) | 1141 | 1137 |
| 5.75%, 02/01/27 (b) | 707 | 716 |
| 3.75%, 02/15/27 (b) | 441 | 436 |
| 3.88%, 02/15/29 (b) | 864 | 844 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 845 | 833 |
| | | 11640 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 | 177 | 179 |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (b) | 333 | 335 |
| 4.50%, 03/15/28 (b) | 1337 | 1345 |
| 3.88%, 03/16/29 (b) | 200 | 197 |
| Celanese US Holdings LLC |  |  |
| 6.67%, 07/15/27 (f) (h) | 1428 | 1465 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (e) | 201 | 201 |
| Glencore Funding LLC |  |  |
| 5.34%, 04/04/27 (b) | 885 | 899 |
| 4.91%, 04/01/28 (b) | 195 | 198 |
| 6.13%, 10/06/28 (b) | 513 | 539 |
| 5.37%, 04/04/29 (b) | 1961 | 2021 |
| 5.19%, 04/01/30 (b) | 568 | 585 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.70%, 10/17/28 (b) | 258 | 268 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (e) | 1000 | 1002 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (b) | 393 | 406 |
| Stillwater Mining Company |  |  |
| 4.00%, 11/16/26 (e) | 431 | 426 |
|  |  | 10066 |
| **Communication Services 1.3%** | **Communication Services 1.3%** | **Communication Services 1.3%** |
| CommScope Technologies LLC |  |  |
| 5.00%, 03/15/27 (b) | 615 | 610 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (b) | 1001 | 1000 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 1222 | 1238 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 496 | 501 |
| 6.00%, 01/15/30 (b) | 67 | 68 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (b) | 894 | 894 |
| 5.00%, 05/01/28 (b) | 940 | 938 |
| 6.75%, 05/01/29 (b) | 717 | 724 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (b) | 707 | 706 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (b) | 282 | 278 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 2511 | 2699 |
|  |  | 9656 |
| Total Corporate Bonds And Notes (cost $415,861) | Total Corporate Bonds And Notes (cost $415,861) | 421796 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.8%** |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.40%, (1 Month Term SOFR + 1.26%), 10/20/36 (g) | 355 | 355 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-1A-A, 5.61%, 09/15/26 | 1155 | 1160 |
| Series 2024-A-A, 5.61%, 09/15/26 | 565 | 567 |
| Affirm Master Trust |  |  |
| Series 2025-A-1A, 4.99%, 02/15/33 | 705 | 710 |
| Affirm Master Trust Series 2025-3 |  |  |
| Series 2025-A-3A, 4.45%, 10/16/34 | 1085 | 1083 |
| AGL CLO 1 LTD |  |  |
| Series 2019-ARR-1A, 5.26%, (3 Month Term SOFR + 1.20%), 10/20/34 (g) | 3100 | 3104 |
| AGL CLO 14 Ltd |  |  |
| Series 2021-AR-14A, 5.19%, (3 Month Term SOFR + 0.87%), 12/04/34 (g) | 2000 | 2001 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.89%, (1 Month Term SOFR + 1.74%), 06/15/27 (g) | 830 | 834 |
| Allegany Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 5.38%, (3 Month Term SOFR + 1.10%), 01/22/35 (g) | 1580 | 1581 |
| AmeriCredit Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-A2A-1, 5.75%, 10/18/25 | 223 | 224 |
| Apex Credit CLO 2021 Ltd |  |  |
| Series 2021-ANR-1A, 5.47%, (3 Month Term SOFR + 1.22%), 07/18/34 (g) | 3600 | 3601 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.82%, (SOFR 30-Day Average + 1.45%), 01/15/37 (g) | 380 | 380 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.49%, (1 Month Term SOFR + 1.35%), 02/20/29 (g) | 690 | 691 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.79%, (1 Month Term SOFR + 1.75%), 06/15/27 (g) | 880 | 882 |
| Ares XLIV CLO Ltd |  |  |
| Series 2021-AR-60A, 5.51%, (3 Month Term SOFR + 1.18%), 07/18/34 (g) | 2250 | 2251 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2020-A-2A, 2.02%, 02/20/26 | 1732 | 1723 |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.38%, (3 Month Term SOFR + 1.06%), 07/24/34 (g) | 610 | 611 |
| Bain Capital Credit, LP |  |  |
| Series 2019-AR2-1A, 5.56%, (3 Month Term SOFR + 1.23%), 04/19/34 (g) | 2250 | 2253 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-A3-5YR11, REMIC, 5.89%, 11/19/29 | 730 | 767 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-A3-5YR8, REMIC, 5.88%, 07/17/29 | 750 | 786 |
| Bank5 2025-5YR14 |  |  |
| Series 2025-A3-5YR14, REMIC, 5.65%, 04/15/30 | 3460 | 3617 |
| Bardot CLO, Ltd |  |  |
| Series 2019-ARR-2A, 5.25%, (3 Month Term SOFR + 0.98%), 10/22/32 (g) | 1391 | 1392 |
| Barings CLO Ltd.2021-III |  |  |
| Series 2021-AR-3A, 5.46%, (3 Month Term SOFR + 1.13%), 01/18/35 (g) | 1200 | 1201 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.46%, (SOFR 30-Day Average + 1.10%), 12/26/31 (g) | 463 | 464 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A2-5C29, REMIC, 4.74%, 08/17/29 | 1000 | 1007 |
| BBCMS Mortgage Trust 2025-5C33 |  |  |
| Series 2025-A4-5C33, REMIC, 5.84%, 02/15/30 | 720 | 758 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 940 | 984 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.53%, (1 Month Term SOFR + 1.35%), 08/19/30 (g) (h) | 970 | 972 |
| Benchmark 2018-B2 Mortgage Trust |  |  |
| Series 2018-A5-B2, REMIC, 3.88%, 01/18/28 (g) | 330 | 326 |
| Benchmark 2019-B11 Mortgage Trust |  |  |
| Series 2019-A5-B11, REMIC, 3.54%, 05/17/28 | 510 | 491 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (g) | 1710 | 1797 |
| Benchmark 2024-V12 Mortgage Trust |  |  |
| Series 2024-A3-V12, REMIC, 5.74%, 12/15/29 | 800 | 837 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benchmark 2024-V7 Mortgage Trust |  |  |
| Series 2024-A3-V7, REMIC, 6.23%, 05/17/29 (g) | 930 | 982 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 1670 | 1732 |
| Benchmark 2025-V14 Mortgage Trust |  |  |
| Series 2025-A4-V14, REMIC, 5.66%, 03/15/30 | 1530 | 1599 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 790 | 819 |
| Black Diamond CLO 2021-1 Ltd |  |  |
| Series 2021-A1AR-1A, 5.56%, (3 Month Term SOFR + 1.25%), 11/22/34 (g) | 920 | 915 |
| BMO 2023-5C2 Mortgage Trust |  |  |
| Series 2023-A3-5C2, REMIC, 7.05%, 10/17/28 (g) | 620 | 664 |
| BMO 2024-5C5 Mortgage Trust |  |  |
| Series 2024-A3-5C5, REMIC, 5.86%, 08/17/29 | 1850 | 1932 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C8, REMIC, 5.63%, 12/17/29 (g) | 1330 | 1384 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Series 2025-A3-5C12, REMIC, 5.18%, 10/15/58 | 930 | 955 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-A-FL7, 5.57%, (1 Month Term SOFR + 1.43%), 12/15/38 (g) | 201 | 201 |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-A-FL12, 0.00%, (1 Month Term SOFR + 0.00%), 04/17/43 (g) | 620 | 618 |
| Buckhorn Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 5.40%, (3 Month Term SOFR + 1.07%), 07/18/34 (g) | 2030 | 2031 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-A-ACNT, REMIC, 5.11%, (1 Month Term SOFR + 0.96%), 11/15/38 (g) | 218 | 218 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 02/17/26 (g) | 557 | 557 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.54%, (1 Month Term SOFR + 1.39%), 03/15/26 (g) | 535 | 536 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.53%, (1 Month Term SOFR + 1.38%), 08/16/27 (g) | 652 | 652 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-A-LBA6, REMIC, 5.15%, (1 Month Term SOFR + 1.00%), 01/18/39 (g) | 545 | 545 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 04/15/29 (g) | 961 | 962 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 5.29%, (1 Month Term SOFR + 1.14%), 03/15/27 (g) | 677 | 676 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.55%, (1 Month Term SOFR + 1.40%), 06/15/27 (g) | 510 | 509 |
| Canyon CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 5.35%, (3 Month Term SOFR + 1.03%), 10/15/34 (g) | 2000 | 1989 |
| Carlyle US CLO 2021-9, Ltd. |  |  |
| Series 2021-AR-9A, 5.42%, (3 Month Term SOFR + 1.11%), 10/20/34 (g) | 3160 | 3161 |
| CarMax Auto Owner Trust 2023-1 |  |  |
| Series 2023-B-1, 4.98%, 01/16/29 | 1960 | 1979 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-B-2, 5.18%, 03/15/27 | 1150 | 1167 |
| CarMax Auto Owner Trust 2023-4 |  |  |
| Series 2023-B-4, 6.39%, 09/15/27 | 1975 | 2049 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-A3-2, 5.50%, 01/16/29 | 715 | 726 |
| Series 2024-A4-2, 5.51%, 11/15/29 | 385 | 394 |
| CarMax Select Receivables Trust 2025-B |  |  |
| Series 2025-A3-B, 4.12%, 06/15/28 | 1630 | 1628 |
| Carvana Auto Receivables Trust 2021-N1 |  |  |
| Series 2021-A-N1, 0.70%, 11/10/25 | 27 | 26 |
| Carvana Auto Receivables Trust 2022-P2 |  |  |
| Series 2022-A4-P2, 4.68%, 09/10/26 | 1090 | 1093 |
| Cathedral Lake VI, Ltd. |  |  |
| Series 2021-ANR-6A, 5.38%, (3 Month Term SOFR + 1.20%), 04/25/34 (g) | 930 | 930 |
| Cedar Funding XI CLO Ltd |  |  |
| Series 2019-A1R2-11A, 5.26%, (3 Month Term SOFR + 1.06%), 06/01/32 (g) | 1201 | 1199 |
| Chase Auto Owner Trust 2024-3 |  |  |
| Series 2024-A3-3A, 5.22%, 07/25/29 | 860 | 872 |
| Chesapeake Funding II LLC |  |  |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 1244 | 1260 |
| CIFC Funding 2012-II, Ltd. |  |  |
| Series 2014-A1R2-1A, 5.69%, (3 Month Term SOFR + 1.36%), 01/31/31 (g) | 91 | 91 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Series 2016-A5-GC36, REMIC, 3.62%, 01/10/26 | 170 | 169 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Series 2016-A4-GC37, REMIC, 3.31%, 01/12/26 | 1000 | 995 |
| Citizens Auto Receivables Trust 2023-1 |  |  |
| Series 2023-A3-1, 5.84%, 06/15/26 | 1202 | 1211 |
| Series 2023-A4-1, 5.78%, 12/15/26 | 1505 | 1534 |
| Citizens Auto Receivables Trust 2023-2 |  |  |
| Series 2023-A4-2, 5.74%, 01/15/27 | 980 | 1000 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-AR-3A, 5.39%, (3 Month Term SOFR + 1.07%), 01/25/35 (g) | 1050 | 1050 |
| Columbia Cent CLO 30 Limited |  |  |
| Series 2021-A1R-31A, 5.16%, (3 Month Term SOFR + 1.10%), 04/20/34 (g) | 1580 | 1573 |
| Columbia Cent CLO 32 Ltd |  |  |
| Series 2022-A1R2-32A, 5.12%, (3 Month Term SOFR + 1.12%), 07/24/34 (g) | 1010 | 1011 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.79%, (1 Month Term SOFR + 1.70%), 08/15/41 (g) | 500 | 499 |
| CPS Auto Receivables Trust 2023-C |  |  |
| Series 2023-D-C, 6.77%, 06/15/27 | 1155 | 1190 |
| CPS Auto Receivables Trust 2024-A |  |  |
| Series 2024-D-A, 6.13%, 04/15/30 | 1050 | 1071 |
| DBGS 2018-C1 Mortgage Trust |  |  |
| Series 2018-A4-C1, REMIC, 4.47%, 10/17/28 (g) | 2030 | 2023 |
| Dryden 104 CLO Ltd |  |  |
| Series 2022-A1R-104A, 5.49%, (3 Month Term SOFR + 1.29%), 08/20/34 (g) | 2830 | 2834 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2021-AR-95A, 5.24%, (3 Month Term SOFR + 1.04%), 08/21/34 (g) | 1400 | 1400 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-AR3-43A, 5.40%, (3 Month Term SOFR + 1.07%), 04/20/34 (g) | 3400 | 3401 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R2-86A, 5.45%, (3 Month Term SOFR + 1.13%), 07/17/34 (g) | 2110 | 2115 |
| Exeter Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-D-3A, 5.98%, 09/16/30 | 565 | 577 |
| Exeter Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-D-2A, 5.89%, 07/15/31 | 500 | 515 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-A3-4A, 4.39%, 08/16/27 | 2915 | 2926 |
| First Investors Auto Owner Trust 2022-2 |  |  |
| Series 2022-A-2A, 6.26%, 07/15/27 | 37 | 37 |
| Ford Credit Auto Lease Trust 2024-A |  |  |
| Series 2024-B-A, 5.29%, 07/15/26 | 1835 | 1848 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.52%, (1 Month Term SOFR + 1.39%), 08/19/42 (g) | 300 | 300 |
| GM Financial Automobile Leasing Trust 2023-2 |  |  |
| Series 2023-B-2, 5.54%, 05/20/27 | 2216 | 2217 |
| Greywolf CLO VII, Ltd. |  |  |
| Series 2018-A1-7A, 5.77%, (3 Month Term SOFR + 1.44%), 10/20/31 (b) (g) | 69 | 69 |
| GS Mortgage Securities Corporation II |  |  |
| Series 2025-A-SNIP, REMIC, 5.75%, (1 Month Term SOFR + 1.50%), 09/15/27 (g) | 840 | 841 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 280 | 265 |
| Hertz Vehicle Financing III LLC |  |  |
| Series 2021-A-2A, 1.68%, 12/25/26 | 1241 | 1209 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.25%, (1 Month Term SOFR + 1.11%), 09/19/36 (g) (h) | 34 | 34 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.43%, 11/22/27 | 930 | 933 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-A-SPRL, REMIC, 5.47%, 01/15/30 (g) | 1390 | 1436 |
| Huntington Auto Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.23%, 09/15/27 | 1190 | 1203 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (b) | 580 | 588 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 570 | 575 |
| Hyundai Auto Lease Securitization Trust 2025-C |  |  |
| Series 2025-A3-C, 4.36%, 12/15/27 | 1395 | 1402 |
| J.P. Morgan Mortgage Trust 2025-VIS3 |  |  |
| Series 2025-A1-VIS3, REMIC, 5.06%, 02/25/66 (g) | 650 | 650 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Series 2017-A4-C7, REMIC, 3.15%, 07/16/27 | 1950 | 1909 |
| KIND Commercial Mortgage Trust 2024-1 |  |  |
| Series 2024-A-1, REMIC, 6.04%, (1 Month Term SOFR + 1.95%), 08/17/26 (g) | 550 | 551 |
| KKR CLO 15 Ltd. |  |  |
| Series BR2-15, 5.88%, (3 Month Term SOFR + 1.55%), 01/18/32 (g) | 1340 | 1340 |
| KKR CLO 23 Ltd. |  |  |
| Series BR-23, 5.61%, (3 Month Term SOFR + 1.55%), 10/20/31 (g) | 2050 | 2051 |
| KKR CLO 24 LTD. |  |  |
| Series A1R-24, 5.67%, (3 Month Term SOFR + 1.34%), 04/20/32 (g) | 1042 | 1043 |
| LAD Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.43%, 12/15/26 | 1880 | 1924 |
| LAD Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.61%, 12/15/26 | 1341 | 1350 |
| LAD Auto Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, 4.64%, 06/15/26 | 288 | 288 |
| LBA Trust 2024-7IND |  |  |
| Series 2024-A-7IND, REMIC, 5.59%, (1 Month Term SOFR + 1.44%), 10/15/26 (g) | 464 | 464 |
| LCM 33 Ltd |  |  |
| Series AR-33A, 4.31%, (3 Month Term SOFR + 1.18%), 07/20/34 (g) | 1070 | 1071 |
| Lendmark Funding Trust 2021-2 |  |  |
| Series 2021-A-2A, 2.00%, 04/20/32 | 1710 | 1643 |
| Lendmark Funding Trust 2021-B |  |  |
| Series 2021-A-1A, 1.90%, 05/20/26 | 1870 | 1810 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.43%, (1 Month Term SOFR + 1.28%), 06/17/39 (g) | 261 | 261 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.93%, (SOFR 30-Day Average + 1.55%), 01/21/37 (g) | 1011 | 1012 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.60%, (1 Month Term SOFR + 1.45%), 11/01/29 (g) | 770 | 772 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.73%, 06/17/30 | 375 | 379 |
| Madison Park Euro Funding XVII Designated Activity Company |  |  |
| Series 2022-A1R-57A, 5.59%, (3 Month Term SOFR + 1.28%), 07/27/34 (g) | 2010 | 2010 |
| Mariner Finance Issuance Trust 2021-A |  |  |
| Series 2021-A-AA, 1.86%, 03/20/26 | 1615 | 1582 |
| Mariner Finance Issuance Trust 2021-B |  |  |
| Series 2021-A-BA, 2.10%, 10/20/27 | 2585 | 2500 |
| Mercedes-Benz Auto Lease Trust 2024-A |  |  |
| Series 2024-A4-A, 5.32%, 06/15/27 | 1275 | 1299 |
| Merchants Fleet Funding LLC |  |  |
| Series 2024-A-1A, 5.82%, 08/20/27 | 1205 | 1214 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.33%, (1 Month Term SOFR + 1.19%), 10/21/36 (g) | 50 | 50 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 |  |  |
| Series 2015-A4-C27, REMIC, 3.75%, 10/20/25 | 118 | 117 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 |  |  |
| Series 2016-A4-C29, REMIC, 3.33%, 03/17/26 | 450 | 447 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 |  |  |
| Series 2025-A3-5C1, REMIC, 5.64%, 03/15/30 | 1080 | 1128 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (g) | 1337 | 1325 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3 |  |  |
| Series 2025-A1-DSC3, REMIC, 4.91%, 09/25/70 (g) | 678 | 677 |
| Navesink CLO 3, Limited |  |  |
| Series 2025-A1-3A, 5.80%, (3 Month Term SOFR + 1.48%), 07/15/37 (g) | 1780 | 1780 |
| Navient Private Education Refi Loan Trust 2021-C |  |  |
| Series 2021-A-CA, 1.06%, 10/15/69 | 653 | 599 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 605 | 554 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-A-1, 5.59%, 04/27/26 | 1795 | 1808 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.36%, 04/20/62 | 267 | 251 |
| Neuberger Berman Loan Advisers CLO 50, Ltd. |  |  |
| Series 2022-AR-50A, 5.57%, (3 Month Term SOFR + 1.25%), 07/23/36 (g) | 840 | 841 |
| Nissan Auto Lease Trust 2025-B |  |  |
| Series 2025-A3-B, 4.32%, 02/15/28 | 885 | 890 |
| Nissan Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A3-A, 4.49%, 10/16/28 | 455 | 461 |
| OBX 2025-NQM16 Trust |  |  |
| Series 2025-A1-NQM16, REMIC, 4.91%, 07/25/65 (h) | 650 | 649 |
| Ocean Trails CLO XI |  |  |
| Series 2021-AR-11A, 5.36%, (3 Month Term SOFR + 1.03%), 07/20/34 (g) | 2240 | 2241 |
| Octagon Investment Partners 41 Ltd |  |  |
| Series 2019-A1R2-2A, 5.15%, (3 Month Term SOFR + 0.83%), 10/17/33 (g) | 1290 | 1291 |
| Octagon Investment Partners 44 Ltd |  |  |
| Series 2019-AR2-1A, 5.47%, (3 Month Term SOFR + 0.89%), 10/15/34 (g) | 1210 | 1211 |
| Octagon Investment Partners 45 Ltd |  |  |
| Series 2019-A1RR-1A, 5.39%, (3 Month Term SOFR + 1.15%), 04/16/35 (g) | 1310 | 1310 |
| Octagon Investment Partners XVII, Ltd. |  |  |
| Series 2013-A1R2-1A, 5.58%, (3 Month Term SOFR + 1.26%), 01/27/31 (g) | 2 | 2 |
| Octane Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.80%, 07/20/32 | 358 | 362 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 1797 | 1802 |
| OneMain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1160 | 1121 |
| OneMain Financial Issuance Trust 2022-3 |  |  |
| Series 2022-A-3A, 5.94%, 04/14/26 | 1724 | 1735 |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.50%, 09/14/29 | 2240 | 2315 |
| Palmer Square CLO 2015-1 Ltd |  |  |
| Series 2015-A1A5-1A, 5.26%, (3 Month Term SOFR + 1.05%), 05/21/34 (g) | 1020 | 1021 |
| PFP 2025-12, Ltd. |  |  |
| Series 2025-A-12, 5.63%, (1 Month Term SOFR + 1.49%), 06/18/30 (g) (h) | 1300 | 1306 |
| Post CLO 2021-1 LTD |  |  |
| Series 2021-BR-1A, 5.92%, (3 Month Term SOFR + 1.60%), 10/15/34 (g) | 1500 | 1499 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.61%, (3 Month Term SOFR + 1.29%), 10/23/30 (g) | 330 | 330 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 690 | 691 |
| Santander Drive Auto Receivables Trust 2022-7 |  |  |
| Series 2022-C-7, 6.69%, 09/15/27 | 3238 | 3308 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1300 | 1310 |
| Santander Drive Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3, 5.77%, 05/15/28 | 680 | 694 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 1010 | 1026 |
| Santander Drive Auto Receivables Trust 2024-2 |  |  |
| Series 2024-C-2, 5.84%, 07/17/28 | 1145 | 1169 |
| Santander Drive Auto Receivables Trust 2024-3 |  |  |
| Series 2024-B-3, 5.55%, 06/15/27 | 580 | 587 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.87%, 07/15/26 | 567 | 568 |
| Series 2025-B-1, 4.88%, 05/15/28 | 535 | 539 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A4-1A, 4.68%, 07/16/29 | 1190 | 1195 |
| SCF Equipment Leasing 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.52%, 10/20/28 | 255 | 261 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 599 | 612 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 536 | 539 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.33%, 11/20/29 | 1365 | 1381 |
| SFS Auto Receivables Securitization Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.55%, 04/20/28 | 605 | 609 |
| SWCH Commercial Mortgage Trust 2025-DATA |  |  |
| Series 2025-A-DATA, 5.59%, (1 Month Term SOFR + 1.44%), 03/15/27 (g) | 860 | 855 |
| Symphony CLO XVIII Ltd |  |  |
| Series 2016-AR4-18A, 5.34%, (3 Month Term SOFR + 1.23%), 10/23/37 (g) | 430 | 431 |
| Towd Point Mortgage Trust 2019-HY1 |  |  |
| Series 2019-M2-HY1, REMIC, 6.27%, (1 Month Term SOFR + 2.11%), 08/25/28 (g) | 685 | 699 |
| Trinitas CLO XII Ltd |  |  |
| Series 2020-A1R2-12A, 5.31%, (3 Month Term SOFR + 1.05%), 04/25/33 (g) | 860 | 860 |
| Trinitas CLO XVIII Ltd |  |  |
| Series 2021-A1R-18A, 5.55%, (3 Month Term SOFR + 1.22%), 01/20/35 (g) | 280 | 280 |
| Trysail CLO 2021-1 Ltd |  |  |
| Series 2021-A1-1A, 5.91%, (3 Month Term SOFR + 1.58%), 07/20/32 (g) | 1294 | 1294 |
| U.S. Bank National Association |  |  |
| Series 2025-B-SUP1, 5.58%, 02/25/32 | 537 | 538 |
| UBS Commercial Mortgage Trust 2018-C9 |  |  |
| Series 2018-A4-C9, REMIC, 4.12%, 03/17/28 (g) | 1100 | 1081 |
| UBS Commercial Mortgage Trust 2019-C18 |  |  |
| Series 2019-A4-C18, REMIC, 3.04%, 12/17/29 | 70 | 65 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 470 | 481 |
| Venture 28A CLO Ltd |  |  |
| Series 2017-A1RR-28AA, 5.44%, (3 Month Term SOFR + 1.11%), 10/20/34 (g) | 2000 | 2000 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-A3-1A, 4.96%, 06/12/29 | 1755 | 1786 |
| Verizon Master Trust |  |  |
| Series 2024-A-7, 4.35%, 08/20/32 (h) | 400 | 403 |
| Verus Securitization Trust 2025-8 |  |  |
| Series 2025-A1-8, REMIC, 4.87%, 09/25/70 | 510 | 509 |
| Voya CLO 2017-3 Ltd |  |  |
| Series 2017-AAR2-3A, 5.93%, (3 Month Term SOFR + 1.60%), 04/20/34 (g) | 1000 | 1001 |
| Wellfleet CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.52%, (3 Month Term SOFR + 1.20%), 01/15/35 (g) | 1570 | 1571 |
| Wells Fargo Commercial Mortgage Trust 2017-C40 |  |  |
| Series 2017-A3-C40, REMIC, 3.32%, 08/17/27 | 3790 | 3727 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-A5-C50, REMIC, 3.73%, 04/17/29 | 130 | 126 |
| Wells Fargo Commercial Mortgage Trust 2024-5C1 |  |  |
| Series 2024-A3-5C1, REMIC, 5.93%, 07/15/57 | 880 | 921 |
| Wells Fargo Commercial Mortgage Trust 2025-5C3 |  |  |
| Series 2025-A3-5C3, REMIC, 6.10%, 01/15/58 | 1500 | 1590 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1710 | 1791 |
| Western Funding Auto Loan Trust 2025-1 |  |  |
| Series 2025-A-1, 4.75%, 04/17/28 | 1710 | 1724 |
| Westlake Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-C-2A, 4.85%, 09/15/27 | 38 | 38 |
| Westlake Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.79%, 02/17/26 | 925 | 950 |
| Westlake Automobile Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.02%, 09/15/28 | 1105 | 1120 |
| Westlake Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-B-1A, 5.55%, 11/15/27 | 1535 | 1545 |
| Series 2024-C-1A, 5.65%, 02/15/29 | 1335 | 1353 |
| Series 2024-D-1A, 6.02%, 10/15/29 | 820 | 841 |
| Westlake Automobile Receivables Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.91%, 04/15/30 | 765 | 775 |
| Westlake Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.71%, 08/15/26 | 500 | 502 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-B-2A, 4.63%, 01/15/31 | 2485 | 2498 |
| Westlake Flooring Master Trust |  |  |
| Series 2024-A-1A, 5.43%, 02/17/26 | 1220 | 1225 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-A1-3A, 4.80%, 05/18/28 | 865 | 874 |
| Wind River 2021-4 CLO Ltd. |  |  |
| Series 2021-AR-4A, 5.29%, (3 Month Term SOFR + 1.23%), 01/20/35 (g) | 510 | 510 |
| Wind River 2022-1 CLO Ltd |  |  |
| Series 2022-AR-1A, 5.68%, (3 Month Term SOFR + 1.35%), 07/20/35 (g) | 1530 | 1532 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $223,796) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $223,796) | 224743 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.7%** |
| **U.S. Treasury Note 2.0%** | **U.S. Treasury Note 2.0%** | **U.S. Treasury Note 2.0%** |
| Treasury, United States Department of |  |  |
| 3.75%, 06/30/27 | 14474 | 14501 |
| **Sovereign 1.7%** | **Sovereign 1.7%** | **Sovereign 1.7%** |
| Aktsionernoye Obshchestvo Bank Razvitiya Kazakhstana |  |  |
| 5.25%, 10/23/29 (b) | 222 | 227 |
| 5.63%, 04/07/30 (b) | 673 | 685 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (e) | 1500 | 1482 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (b) | 640 | 653 |
| Government of the Republic of Panama |  |  |
| 7.13%, 01/29/26 | 500 | 504 |
| 8.88%, 09/30/27 | 177 | 192 |
| 3.88%, 03/17/28 | 374 | 368 |
| Ministerul Finantelor Publice |  |  |
| 5.88%, 01/30/29 (b) | 662 | 679 |
| 5.75%, 09/16/30 (b) | 874 | 889 |
| Natsionalny Upravlyayushchi Kholding Baiterek, Ao |  |  |
| 5.45%, 05/08/28 (b) (i) | 520 | 529 |
| 4.65%, 10/01/30 (b) (i) | 552 | 547 |
| Presidencia de la Republica Dominicana |  |  |
| 6.88%, 01/29/26 (e) | 121 | 121 |
| 8.63%, 04/20/27 (e) | 281 | 292 |
| Romania, Government of |  |  |
| 5.25%, 11/25/27 (e) | 1886 | 1902 |
| Sandor-Palota |  |  |
| 5.38%, 09/26/30 (b) | 1425 | 1461 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 6.38%, 10/14/25 | 1400 | 1402 |
|  |  | 11933 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Mortgage-Backed Securities 1.2%** | **Mortgage-Backed Securities 1.2%** | **Mortgage-Backed Securities 1.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.03%, (SOFR 30-Day Average + 2.32%), 08/01/54 (g) | 350 | 359 |
| 5.89%, (SOFR 30-Day Average + 2.11%), 05/01/55 (g) | 768 | 785 |
| 5.52%, (SOFR 30-Day Average + 2.29%), 07/01/55 (g) | 877 | 892 |
| 5.20%, (SOFR 30-Day Average + 2.13%), 08/01/55 (g) | 843 | 849 |
| 5.44%, (SOFR 30-Day Average + 2.16%), 08/01/55 (g) | 343 | 347 |
| 5.64%, (SOFR 30-Day Average + 2.12%), 08/01/55 (g) | 503 | 513 |
| 5.44%, (SOFR 30-Day Average + 2.08%), 10/01/55 (g) | 490 | 497 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.58%, (SOFR 30-Day Average + 2.11%), 10/01/53 (g) | 120 | 123 |
| 5.92%, (SOFR 30-Day Average + 2.13%), 02/01/54 (g) | 212 | 218 |
| 5.03%, (SOFR 30-Day Average + 2.30%), 02/01/55 (g) | 481 | 486 |
| 5.72%, (SOFR 30-Day Average + 2.21%), 08/01/55 (g) | 779 | 796 |
| 6.00%, (SOFR 30-Day Average + 2.16%), 09/01/55 (g) | 2706 | 2791 |
| 5.47%, (SOFR 30-Day Average + 2.03%), 10/01/55 (g) | 192 | 195 |
|  |  | 8851 |
| **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M1-R01, REMIC, 6.76%, (SOFR 30-Day Average + 2.40%), 12/26/42 (g) | 1232 | 1259 |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1A1-R06, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 09/25/28 (g) | 527 | 528 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1A1-R01, REMIC, 5.31%, (SOFR 30-Day Average + 0.95%), 01/25/45 (g) | 513 | 513 |
| Series 2025-1M1-R01, REMIC, 5.46%, (SOFR 30-Day Average + 1.10%), 01/25/45 (g) | 752 | 753 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1A1-R02, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 02/27/45 (g) | 389 | 389 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-M1A-HQA2, REMIC, 7.01%, (SOFR 30-Day Average + 2.65%), 07/25/42 (g) | 522 | 533 |
| Series 2022-M1A-HQA3, REMIC, 6.66%, (SOFR 30-Day Average + 2.30%), 08/25/42 (g) | 234 | 238 |
| Series 2024-M1-HQA1, REMIC, 5.61%, (SOFR 30-Day Average + 1.25%), 03/25/44 (g) | 301 | 302 |
| Series 2024-A1-DNA2, REMIC, 5.61%, (SOFR 30-Day Average + 1.25%), 05/25/44 (g) | 1094 | 1098 |
| Series 2024-M1-DNA3, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 10/25/44 (g) | 71 | 71 |
| Series 2024-A1-DNA3, REMIC, 5.41%, (SOFR 30-Day Average + 1.05%), 10/25/44 (g) | 385 | 386 |
|  |  | 6070 |
| Total Government And Agency Obligations (cost $41,135) | Total Government And Agency Obligations (cost $41,135) | 41355 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.1%** | **SENIOR FLOATING RATE INSTRUMENTS 4.1%** | **SENIOR FLOATING RATE INSTRUMENTS 4.1%** |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B8, 6.20%, (3 Month Term SOFR + 2.00%), 06/24/30 (g) | 474 | 474 |
| 2024 Term Loan B8, 6.32%, (1 Month Term SOFR + 2.00%), 06/24/30 (g) | 1227 | 1229 |
| IRB Holding Corp |  |  |
| 2024 1st Lien Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 12/15/27 (g) | 1095 | 1095 |
| KFC Holding Co. |  |  |
| 2021 Term Loan B, 6.00%, (1 Month Term SOFR + 1.75%), 03/10/28 (g) | 1727 | 1731 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2022 Term Loan A, 6.17%, (1 Month Term SOFR + 1.75%), 04/08/27 (g) | 1438 | 1435 |
|  |  | 5964 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (g) (j) | 1000 | 1011 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 07/22/27 (g) | 187 | 187 |
| Live Nation Entertainment, Inc. |  |  |
| Term Loan B4, 5.99%, (1 Month Term SOFR + 1.75%), 10/19/26 (g) | 1247 | 1244 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B2, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/30 (g) | 2444 | 2426 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.76%, (1 Month Term SOFR + 2.50%), 10/03/27 (g) | 645 | 644 |
|  |  | 5512 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 04/20/28 (g) | 500 | 499 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 04/28/28 (g) | 1988 | 1984 |
| Crosby US Acquisition Corp. |  |  |
| 2024 1st Lien Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 08/16/29 (g) | 896 | 899 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.15%, (1 Month Term SOFR + 2.00%), 02/05/30 (g) | 1393 | 1393 |
| SkyMiles IP Ltd |  |  |
| Term Loan, 0.00%, (LIBOR + 1.50%), 10/20/28 (g) (j) | 382 | 382 |
|  |  | 5157 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 12/02/27 (g) | 2500 | 2497 |
| 2024 Term Loan B10, 6.07%, (1 Month Term SOFR + 1.75%), 01/31/31 (g) | 375 | 375 |
| Edgewater Generation, L.L.C. |  |  |
| 2025 Repriced Term Loan, 7.32%, (1 Month Term SOFR + 3.00%), 08/01/30 (g) | 999 | 1000 |
|  |  | 3872 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (g) | 2140 | 2141 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 07/31/26 (g) (j) | 1425 | 1425 |
|  |  | 3566 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Elanco Animal Health Incorporated |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 02/04/27 (g) (j) | 60 | 60 |
| Term Loan B, 6.13%, (1 Month Term SOFR + 1.75%), 02/04/27 (g) | 1724 | 1722 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 2.00%), 10/23/28 (g) (j) | 1304 | 1304 |
|  |  | 3086 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Asurion LLC |  |  |
| 2021 Term Loan B9, 7.68%, (1 Month Term SOFR + 3.25%), 02/05/28 (g) | 2871 | 2870 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Buckeye Partners, L.P. |  |  |
| 2024 Term Loan B5, 6.07%, (1 Month Term SOFR + 1.75%), 11/02/26 (g) | 304 | 304 |
| Total Senior Floating Rate Instruments (cost $30,334) | Total Senior Floating Rate Instruments (cost $30,334) | 30331 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (k) (l) | 4271 | 4271 |
| **Commercial Paper 0.6%** | **Commercial Paper 0.6%** | **Commercial Paper 0.6%** |
| Crown Castle Inc. |  |  |
| 4.68%, 10/23/25 | 1006 | 1003 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 4.87%, 11/19/25 | 1054 | 1047 |
| International Flavors & Fragrances Inc. |  |  |
| 4.46%, 11/24/25 | 746 | 741 |
| Oracle Corporation |  |  |
| 4.29%, 01/13/26 | 665 | 657 |
| 4.29%, 01/15/26 | 682 | 673 |
|  |  | 4121 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (k) (l) | 3111 | 3111 |
| Total Short Term Investments (cost $11,503) | Total Short Term Investments (cost $11,503) | 11503 |
| **Total Investments 99.9% (cost $722,629)** | **Total Investments 99.9% (cost $722,629)** | **729728** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **126** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **807** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **730661** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $220,440 and 30.2% of the Fund.

(c) Convertible security.

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(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) 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 September 30, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) 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 September 30, 2025.

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

(j) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 3035 | 268952 | 268876 | 161 |  |  | 3111 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL | 2916 | 26702 | 25347 | 137 |  |  | 4271 | 0.6 |
|  | 5951 | 295654 | 294223 | 298 |  |  | 7382 | 1.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Bermuda, Government of, 3.72%, 01/25/27 | 04/22/25 | 1479 | 1482 | 0.2 |
| Citizens Bank, National Association, 4.58%, 08/09/28 | 11/08/22 | 737 | 764 | 0.1 |
| Comision Federal De Electricidad, E.P.E., 5.70%, 01/24/30 | 06/03/25 | 398 | 405 | 0.1 |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 09/24/25 | 200 | 201 |  |
| Greenko Dutch B.V., 3.85%, 03/29/26 | 07/03/25 | 870 | 871 | 0.1 |
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 03/18/25 | 1415 | 1419 | 0.2 |
| Presidencia de la Republica Dominicana, 6.88%, 01/29/26 | 02/28/25 | 122 | 121 |  |
| Presidencia de la Republica Dominicana, 8.63%, 04/20/27 | 03/05/25 | 287 | 292 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 09/24/25 | 1000 | 1002 | 0.1 |
| Romania, Government of, 5.25%, 11/25/27 | 11/26/24 | 1878 | 1902 | 0.3 |
| Stillwater Mining Company, 4.00%, 11/16/26 | 09/19/25 | 427 | 426 | 0.1 |
| Studio City Company Limited, 7.00%, 02/15/27 | 09/22/25 | 1048 | 1047 | 0.2 |
| Synchrony Bank, 5.63%, 08/23/27 | 02/07/25 | 1700 | 1724 | 0.2 |
| Tengizchevroil Finance Company S.a r.l., 4.00%, 08/15/26 | 04/18/24 | 3619 | 3641 | 0.5 |
|  |  | 15180 | 15297 | 2.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1514 | January 2026 | 315298 | 159 | 217 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (648) | January 2026 | (70698) | (33) | (60) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 421796 |  | 421796 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 224743 |  | 224743 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 41355 |  | 41355 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 30331 |  | 30331 |
| &nbsp;&nbsp;Short Term Investments | 7382 | 4121 |  | 11503 |
|  | 7382 | 722346 |  | 729728 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 217 |  |  | 217 |
|  | 217 |  |  | 217 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (60) |  |  | (60) |
|  | (60) |  |  | (60) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Communication Services 98.9%** | **Communication Services 98.9%** | **Communication Services 98.9%** |
| Alphabet Inc. - Class A | 960 | 233384 |
| Alphabet Inc. - Class C | 835 | 203418 |
| Array Digital Infrastructure, Inc. (a) | 2 | 92 |
| AT&T Inc. | 1180 | 33326 |
| Cinemark Holdings, Inc. (a) | 17 | 466 |
| Comcast Corporation - Class A | 615 | 19319 |
| Digital World Acquisition Corp. (a) (b) | 20 | 333 |
| Electronic Arts Inc. | 38 | 7582 |
| Former Charter Communications Parent, Inc. - Class A (b) | 15 | 4236 |
| Fox Corporation - Class A | 35 | 2176 |
| Fox Corporation - Class B | 22 | 1262 |
| Frontier Communications Parent, Inc. (b) | 36 | 1341 |
| Liberty Broadband Corporation - Series A (b) | 3 | 164 |
| Liberty Broadband Corporation - Series C (b) | 17 | 1109 |
| Liberty Global Ltd. - Class A (b) | 29 | 326 |
| Liberty Global Ltd. - Class C (b) | 22 | 263 |
| Liberty Media Corporation - Series A (b) | 4 | 353 |
| Liberty Media Corporation - Series A (b) | 3 | 309 |
| Liberty Media Corporation - Series C (b) | 8 | 748 |
| Liberty Media Corporation - Series C (b) | 35 | 3662 |
| Live Nation Entertainment, Inc. (b) | 24 | 3877 |
| Lumen Technologies, Inc. (b) | 152 | 932 |
| Match Group, Inc. | 40 | 1429 |
| Meta Platforms, Inc. - Class A | 358 | 263146 |
| Netflix, Inc. (b) | 70 | 84079 |
| News Corporation - Class A | 62 | 1918 |
| News Corporation - Class B | 17 | 593 |
| Nexstar Media Group, Inc. - Class A (a) | 5 | 899 |
| Omnicom Group Inc. | 32 | 2630 |
| Pinterest, Inc. - Class A (b) | 98 | 3162 |
| Reddit, Inc. - Class A (b) | 20 | 4479 |
| Roblox Corporation - Class A (b) | 102 | 14108 |
| Roku, Inc. - Class A (b) | 21 | 2100 |
| Sirius XM Holdings Inc. (a) | 32 | 736 |
| Snap Inc. - Class A (b) | 174 | 1343 |
| Sphere Entertainment Co. - Class A (b) | 3 | 631 |
| Take-Two Interactive Software, Inc. (b) | 28 | 7227 |
| Telephone and Data Systems, Inc. | 15 | 601 |
| The Interpublic Group of Companies, Inc. | 61 | 1688 |
| The New York Times Company - Class A | 26 | 1479 |
| TKO Group Holdings Inc. - Class A | 11 | 2290 |
| T-Mobile US, Inc. | 69 | 16595 |
| Verizon Communications Inc. | 696 | 30583 |
| Walt Disney Company, The | 297 | 33976 |
| Warner Bros. Discovery, Inc. - Series A (b) | 374 | 7308 |
| Warner Music Group Corp. - Class A | 23 | 766 |
|  |  | 1002444 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Zillow Group, Inc. - Class A (b) | 8 | 604 |
| Zillow Group, Inc. - Class C (b) | 28 | 2152 |
|  |  | 2756 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Vitamin Oldco Holdings, Inc. (b) (c) | 6 |  |
| Total Common Stocks (cost $682,939) | Total Common Stocks (cost $682,939) | 1005200 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 6564 | 6564 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 533 | 533 |
| Total Short Term Investments (cost $7,097) | Total Short Term Investments (cost $7,097) | 7097 |
| **Total Investments 99.9% (cost $690,036)** | **Total Investments 99.9% (cost $690,036)** | **1012297** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (11) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1267** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1013553** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2919 | 217568 | 213923 | 150 |  |  | 6564 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 968 | 8749 | 9184 | 31 |  |  | 533 | 0.1 |
|  | 3887 | 226317 | 223107 | 181 |  |  | 7097 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Communication Services Select Sector Index | 45 | December 2025 | 6980 | (11) | 41 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1005200 |  |  | 1005200 |
| &nbsp;&nbsp;Short Term Investments | 7097 |  |  | 7097 |
|  | 1012297 |  |  | 1012297 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 41 |  |  | 41 |
|  | 41 |  |  | 41 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Consumer Discretionary 96.9%** | **Consumer Discretionary 96.9%** | **Consumer Discretionary 96.9%** |
| Abercrombie & Fitch Co. - Class A (a) | 10 | 816 |
| Acushnet Holdings Corp. | 6 | 448 |
| Airbnb, Inc. - Class A (a) | 86 | 10391 |
| Amazon.com, Inc. (a) | 2000 | 439078 |
| Aptiv PLC (a) | 42 | 3654 |
| Asbury Automotive Group, Inc. (a) | 4 | 913 |
| Autoliv, Inc. | 14 | 1723 |
| AutoNation, Inc. (a) | 6 | 1245 |
| AutoZone, Inc. (a) | 3 | 14715 |
| Bath & Body Works, Inc. | 42 | 1086 |
| Best Buy Co., Inc. | 40 | 3037 |
| Booking Holdings Inc. | 7 | 35846 |
| Boot Barn Holdings, Inc. (a) | 6 | 975 |
| BorgWarner Inc. | 43 | 1885 |
| Boyd Gaming Corporation | 12 | 1035 |
| Bright Horizons Family Solutions, Inc. (a) | 11 | 1233 |
| Brinker International, Inc. (a) | 9 | 1149 |
| Brunswick Corporation | 13 | 809 |
| Burlington Stores, Inc. (a) | 13 | 3245 |
| Caesars Entertainment, Inc. (a) | 42 | 1133 |
| CarMax, Inc. (a) | 31 | 1405 |
| Carnival Corporation (a) | 221 | 6395 |
| Carvana Co. - Class A (a) | 28 | 10645 |
| CAVA Group, Inc. (a) | 20 | 1217 |
| Cavco Industries, Inc. (a) | 2 | 873 |
| Chewy, Inc. - Class A (a) | 45 | 1829 |
| Chipotle Mexican Grill, Inc. (a) | 274 | 10756 |
| Choice Hotels International, Inc. (b) | 6 | 593 |
| Churchill Downs Incorporated | 14 | 1382 |
| Columbia Sportswear Company | 5 | 281 |
| Coupang, Inc. - Class A (a) | 251 | 8086 |
| Crocs, Inc. (a) | 11 | 928 |
| D.R. Horton, Inc. | 55 | 9293 |
| Darden Restaurants, Inc. | 24 | 4593 |
| Deckers Outdoor Corporation (a) | 31 | 3119 |
| Dick's Sporting Goods, Inc. | 13 | 2981 |
| Dillard's, Inc. - Class A (b) | 1 | 501 |
| DK Crown Holdings Inc. - Class A (a) | 100 | 3752 |
| Domino's Pizza, Inc. | 7 | 2818 |
| DoorDash, Inc. - Class A (a) | 75 | 20386 |
| Dorman Products, Inc. (a) | 5 | 839 |
| Dutch Bros Inc. - Class A (a) | 24 | 1232 |
| eBay Inc. | 96 | 8686 |
| ETSY, Inc. (a) | 21 | 1423 |
| Expedia Group, Inc. | 25 | 5316 |
| Five Below, Inc. (a) | 11 | 1719 |
| Floor & Decor Holdings, Inc. - Class A (a) | 22 | 1592 |
| Flutter Entertainment Public Limited Company (a) | 34 | 8638 |
| Ford Motor Company | 805 | 9633 |
| Frontdoor, Inc. (a) | 15 | 994 |
| GameStop Corp. - Class A (a) (b) | 84 | 2285 |
| Gap, Inc., The | 49 | 1040 |
| General Motors Company | 195 | 11901 |
| Gentex Corporation | 43 | 1226 |
| Genuine Parts Company | 29 | 3957 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 19 | 155 |
| Group 1 Automotive, Inc. | 3 | 1141 |
| H & R Block, Inc. | 28 | 1390 |
| Hasbro, Inc. | 27 | 2046 |
| Hilton Grand Vacations Inc. (a) | 12 | 508 |
| Hilton Worldwide Holdings Inc. | 45 | 11747 |
| Home Depot, Inc., The | 204 | 82657 |
| Hyatt Hotels Corporation - Class A | 8 | 1176 |
| Installed Building Products, Inc. | 5 | 1177 |
| KB Home | 13 | 840 |
| Kontoor Brands, Inc. | 11 | 903 |
| Las Vegas Sands Corp. | 64 | 3449 |
| Lear Corporation | 11 | 1107 |
| Lennar Corporation - Class A | 44 | 5517 |
| Lennar Corporation - Class B | 2 | 253 |
| Life Time Group Holdings, Inc. (a) | 25 | 687 |
| Light & Wonder, Inc. (a) | 17 | 1465 |
| Lithia Motors, Inc. - Class A | 5 | 1691 |
| LKQ Corporation | 53 | 1618 |
| Lowe`s Companies, Inc. | 115 | 28884 |
| Lucid Group, Inc. (a) (b) | 25 | 604 |
| Lululemon Athletica Inc. (a) | 22 | 3860 |
| Macy's, Inc. | 54 | 967 |
| Marriott International, Inc. - Class A | 47 | 12128 |
| Mattel, Inc. (a) | 66 | 1115 |
| McDonald's Corporation | 147 | 44696 |
| MercadoLibre, Inc. (a) | 10 | 22554 |
| Meritage Homes Corporation | 15 | 1062 |
| MGM Resorts International (a) | 41 | 1417 |
| Modine Manufacturing Company (a) | 10 | 1448 |
| Mohawk Industries, Inc. (a) | 10 | 1308 |
| Murphy USA Inc. | 4 | 1529 |
| Nike, Inc. - Class B | 231 | 16135 |
| Norwegian Cruise Line Holdings Ltd. (a) | 91 | 2245 |
| NVR, Inc. (a) | 1 | 4339 |
| O'Reilly Automotive, Inc. (a) | 173 | 18614 |
| Penske Automotive Group, Inc. (b) | 4 | 709 |
| Planet Fitness, Inc. - Class A (a) | 17 | 1734 |
| PulteGroup, Inc. | 41 | 5407 |
| PVH Corp. | 10 | 819 |
| Ralph Lauren Corporation - Class A | 8 | 2484 |
| RH (a) (b) | 3 | 636 |
| Rivian Automotive, Inc. - Class A (a) (b) | 155 | 2278 |
| Ross Stores, Inc. | 66 | 10103 |
| Royal Caribbean Cruises Ltd. | 52 | 16777 |
| Service Corporation International | 29 | 2432 |
| Shake Shack, Inc. - Class A (a) | 8 | 738 |
| Six Flags Entertainment Corporation (a) (b) | 19 | 439 |
| Skyline Champion Corporation (a) | 11 | 838 |
| Somnigroup International Inc. | 38 | 3237 |
| Starbucks Corporation | 233 | 19717 |
| Tapestry, Inc. | 42 | 4781 |
| Taylor Morrison Home II Corporation - Class A (a) | 21 | 1362 |
| Tesla Inc. (a) | 576 | 256131 |
| Texas Roadhouse, Inc. - Class A | 14 | 2282 |
| Thor Industries, Inc. | 11 | 1090 |
| TJX Companies, Inc., The | 229 | 33062 |
| Toll Brothers, Inc. | 20 | 2827 |
| Tractor Supply Company | 105 | 5959 |
| Travel + Leisure Co. | 13 | 779 |
| Ulta Beauty, Inc. (a) | 9 | 5031 |
| Urban Outfitters, Inc. (a) | 12 | 863 |
| V.F. Corporation | 68 | 977 |
| Vail Resorts, Inc. (b) | 7 | 1085 |
| Valvoline, Inc. (a) | 26 | 937 |
| Wayfair Inc. - Class A (a) (b) | 20 | 1822 |
| Whirlpool Corporation (b) | 11 | 897 |
| Williams-Sonoma, Inc. | 25 | 4905 |
| Wingstop Inc. | 6 | 1447 |
| Wyndham Hotels & Resorts, Inc. (b) | 15 | 1200 |
| Wynn Resorts, Limited | 17 | 2204 |
| Yum! Brands, Inc. | 57 | 8732 |
|  |  | 1365883 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Amcor Pty Ltd | 470 | 3844 |
| Avery Dennison Corporation | 16 | 2623 |
| Ball Corporation | 54 | 2733 |
| Crown Holdings, Inc. | 24 | 2321 |
| Graphic Packaging Holding Company | 57 | 1107 |
| International Paper Company | 106 | 4933 |
| Packaging Corporation of America | 18 | 3998 |
| Sealed Air Corporation | 29 | 1025 |
| Silgan Holdings Inc. | 18 | 780 |
| Smurfit Westrock Public Limited Company | 106 | 4528 |
| Sonoco Products Company | 20 | 864 |
|  |  | 28756 |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| Casey's General Stores, Inc. | 8 | 4236 |
| Maplebear Inc. (a) | 38 | 1390 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Reynolds Consumer Products Inc. (b) | 11 | 270 |
| | | 5896 |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| Allison Systems, Inc. | 18 | 1488 |
| Rollins, Inc. | 61 | 3561 |
| Rush Enterprises, Inc. - Class A | 12 | 660 |
| Rush Enterprises, Inc. - Class B (b) | 1 | 81 |
|  |  | 5790 |
| Total Common Stocks (cost $1,019,931) | Total Common Stocks (cost $1,019,931) | 1406325 |
| **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 - Class I, 4.04% (c) (d) | 3967 | 3967 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 3359 | 3359 |
| Total Short Term Investments (cost $7,326) | Total Short Term Investments (cost $7,326) | 7326 |
| **Total Investments 100.3% (cost $1,027,257)** | **Total Investments 100.3% (cost $1,027,257)** | **1413651** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (25) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(4092)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1409534** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 3436 | 159351 | 158820 | 123 |  |  | 3967 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 3234 | 53697 | 53572 | 66 |  |  | 3359 | 0.2 |
|  | 6670 | 213048 | 212392 | 189 |  |  | 7326 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Discretionary Select Sector Index | 19 | December 2025 | 4583 | (25) | 60 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1406325 |  |  | 1406325 |
| &nbsp;&nbsp;Short Term Investments | 7326 |  |  | 7326 |
|  | 1413651 |  |  | 1413651 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 60 |  |  | 60 |
|  | 60 |  |  | 60 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.2%** | **Consumer Staples 98.2%** | **Consumer Staples 98.2%** |
| Albertsons Companies, Inc. - Class A | 47 | 815 |
| Altria Group, Inc. | 207 | 13692 |
| Archer-Daniels-Midland Company | 56 | 3341 |
| Bellring Intermediate Holdings, Inc. (a) | 16 | 572 |
| BJ's Wholesale Club Holdings, Inc. (a) | 14 | 1335 |
| Brown-Forman Corporation - Class A | 5 | 146 |
| Brown-Forman Corporation - Class B | 36 | 976 |
| Bunge Global SA | 17 | 1398 |
| Cal-Maine Foods, Inc. | 5 | 497 |
| Campbell's Company, The (b) | 25 | 775 |
| Celsius Holdings, Inc. (a) | 20 | 1159 |
| Church & Dwight Co., Inc. | 30 | 2664 |
| Clorox Company, The | 15 | 1886 |
| Coca-Cola Company, The | 482 | 31973 |
| Coca-Cola Consolidated, Inc. | 6 | 755 |
| Colgate-Palmolive Company | 100 | 7994 |
| Conagra Brands, Inc. | 59 | 1078 |
| Constellation Brands, Inc. - Class A | 19 | 2526 |
| Costco Wholesale Corporation | 55 | 50698 |
| Coty Inc. - Class A (a) | 42 | 171 |
| Darling Ingredients Inc. (a) | 18 | 558 |
| Dollar General Corporation | 27 | 2796 |
| Dollar Tree, Inc. (a) | 24 | 2299 |
| e.l.f. Beauty, Inc. (a) | 6 | 821 |
| Estee Lauder Companies Inc., The - Class A | 29 | 2521 |
| Flowers Foods, Inc. (b) | 25 | 322 |
| Freshpet, Inc. (a) | 6 | 310 |
| General Mills, Inc. | 67 | 3403 |
| Hershey Company, The | 18 | 3403 |
| Hormel Foods Corporation | 36 | 884 |
| Ingredion Incorporated | 8 | 929 |
| Interparfums, Inc. | 2 | 219 |
| J. M. Smucker Company, The | 13 | 1405 |
| Kellanova | 34 | 2759 |
| Kenvue Inc. | 214 | 3470 |
| Keurig Dr Pepper Inc. | 150 | 3823 |
| Kimberly-Clark Corporation | 41 | 5106 |
| Kraft Heinz Company, The | 107 | 2795 |
| Kroger Co., The | 76 | 5107 |
| Lamb Weston Holdings, Inc. | 16 | 931 |
| McCormick & Company, Incorporated | 31 | 2075 |
| Molson Coors Beverage Company - Class B | 21 | 941 |
| Mondelez International, Inc. - Class A | 160 | 9986 |
| Monster Beverage 1990 Corporation (a) | 84 | 5686 |
| National Beverage Corp. (a) | 3 | 121 |
| PepsiCo, Inc. | 169 | 23724 |
| Performance Food Group Company (a) | 19 | 1991 |
| Philip Morris International Inc. | 192 | 31121 |
| Pilgrim's Pride Corporation | 5 | 208 |
| Post Holdings, Inc. (a) | 6 | 662 |
| Primo Brands Corporation - Class A | 25 | 560 |
| Procter & Gamble Company, The | 289 | 44454 |
| Simply Good Foods Company, The (a) | 11 | 265 |
| Sprouts Farmers Market, Inc. (a) | 12 | 1315 |
| Sysco Corporation | 59 | 4851 |
| Target Corporation | 56 | 5024 |
| The Marzetti Company | 3 | 434 |
| Tyson Foods, Inc. - Class A | 34 | 1821 |
| US Foods Holding Corp. (a) | 28 | 2164 |
| Walmart Inc. | 531 | 54697 |
|  |  | 360412 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| Adtalem Global Education Inc. (a) | 5 | 702 |
| Grand Canyon Education, Inc. (a) | 3 | 757 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 8 | 977 |
| Stride, Inc. (a) (b) | 5 | 738 |
|  |  | 3174 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Hims & Hers Health, Inc. - Class A (a) (b) | 25 | 1421 |
| Total Common Stocks (cost $337,419) | Total Common Stocks (cost $337,419) | 365007 |
| **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 - Class I, 4.04% (c) (d) | 1115 | 1115 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 773 | 773 |
| Total Short Term Investments (cost $1,888) | Total Short Term Investments (cost $1,888) | 1888 |
| **Total Investments 100.0% (cost $339,307)** | **Total Investments 100.0% (cost $339,307)** | **366895** |
| **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)%** | (81) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **366821** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 41 | 98226 | 97152 | 73 |  |  | 1115 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 14339 | 13566 | 4 |  |  | 773 | 0.2 |
|  | 41 | 112565 | 110718 | 77 |  |  | 1888 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Staples Select Sector Index | 25 | December 2025 | 2019 | 7 | (26) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 365007 |  |  | 365007 |
| &nbsp;&nbsp;Short Term Investments | 1888 |  |  | 1888 |
|  | 366895 |  |  | 366895 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (26) |  |  | (26) |
|  | (26) |  |  | (26) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Financials 27.1%** | **Financials 27.1%** | **Financials 27.1%** |
| American Express Company | 171 | 56675 |
| Goldman Sachs Group, Inc., The | 171 | 135878 |
| JPMorgan Chase & Co. | 171 | 53821 |
| Travelers Companies, Inc., The | 170 | 47642 |
| Visa Inc. - Class A | 171 | 58248 |
|  |  | 352264 |
| **Information Technology 20.3%** | **Information Technology 20.3%** | **Information Technology 20.3%** |
| Apple Inc. | 171 | 43446 |
| Cisco Systems, Inc. | 171 | 11674 |
| International Business Machines Corporation | 170 | 48144 |
| Microsoft Corporation | 170 | 88376 |
| NVIDIA Corporation | 170 | 31835 |
| Salesforce, Inc. | 171 | 40438 |
|  |  | 263913 |
| **Industrials 13.9%** | **Industrials 13.9%** | **Industrials 13.9%** |
| 3M Company | 171 | 26478 |
| Boeing Company, The (a) | 171 | 36826 |
| Caterpillar Inc. | 171 | 81414 |
| Honeywell International Inc. | 171 | 35917 |
|  |  | 180635 |
| **Consumer Discretionary 13.1%** | **Consumer Discretionary 13.1%** | **Consumer Discretionary 13.1%** |
| Amazon.com, Inc. (a) | 170 | 37464 |
| Home Depot, Inc., The | 171 | 69136 |
| McDonald's Corporation | 170 | 51852 |
| Nike, Inc. - Class B | 171 | 11898 |
|  |  | 170350 |
| **Health Care 11.8%** | **Health Care 11.8%** | **Health Care 11.8%** |
| Amgen Inc. | 171 | 48151 |
| Johnson & Johnson | 171 | 31637 |
| Merck & Co., Inc. | 170 | 14321 |
| UnitedHealth Group Incorporated | 170 | 58917 |
|  |  | 153026 |
| **Materials 4.5%** | **Materials 4.5%** | **Materials 4.5%** |
| Sherwin-Williams Company, The | 171 | 59081 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Coca-Cola Company, The | 170 | 11316 |
| Procter & Gamble Company, The | 171 | 26217 |
| Walmart Inc. | 171 | 17585 |
|  |  | 55118 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| Verizon Communications Inc. | 170 | 7499 |
| Walt Disney Company, The | 171 | 19537 |
|  |  | 27036 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Chevron Corporation | 170 | 26496 |
| Total Common Stocks (cost $700,365) | Total Common Stocks (cost $700,365) | 1287919 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (c) | 12213 | 12213 |
| Total Short Term Investments (cost $12,213) | Total Short Term Investments (cost $12,213) | 12213 |
| **Total Investments 99.9% (cost $712,578)** | **Total Investments 99.9% (cost $712,578)** | **1300132** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **21** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **634** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1300787** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 3560 | 125537 | 116884 | 269 |  |  | 12213 | 0.9 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 20020 | 20020 | 14 |  |  |  |  |
|  | 3560 | 145557 | 136904 | 283 |  |  | 12213 | 0.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Dow Jones Industrial Average Index | 58 | December 2025 | 13479 | 21 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1287919 |  |  | 1287919 |
| &nbsp;&nbsp;Short Term Investments | 12213 |  |  | 12213 |
|  | 1300132 |  |  | 1300132 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 61 |  |  | 61 |
|  | 61 |  |  | 61 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Energy 98.8%** | **Energy 98.8%** | **Energy 98.8%** |
| Antero Midstream Corporation | 264 | 5132 |
| Antero Resources Corporation (a) | 223 | 7475 |
| Apa Corp. | 302 | 7342 |
| Archrock, Inc. | 142 | 3740 |
| Baker Hughes Company - Class A | 832 | 40554 |
| California Resources Corporation | 53 | 2840 |
| Cheniere Energy, Inc. | 186 | 43752 |
| Chevron Corporation | 1595 | 247724 |
| Chord Energy Corporation | 50 | 5006 |
| CNX Resources Corporation (a) (b) | 118 | 3782 |
| Comstock Resources, Inc. (a) (b) | 59 | 1162 |
| ConocoPhillips | 1050 | 99278 |
| Core Natural Resources, Inc. | 43 | 3561 |
| Coterra Energy Inc. | 637 | 15064 |
| Devon Energy Corporation | 515 | 18044 |
| Diamondback Energy, Inc. | 160 | 22835 |
| DT Midstream, Inc. | 82 | 9314 |
| EOG Resources, Inc. | 458 | 51373 |
| EQT Corporation | 521 | 28345 |
| Expand Energy Corporation | 191 | 20332 |
| Exxon Mobil Corporation | 3583 | 403946 |
| Halliburton Company | 722 | 17773 |
| HF Sinclair Corporation | 129 | 6731 |
| Kinder Morgan, Inc. | 1653 | 46794 |
| Magnolia Oil & Gas Corporation - Class A | 148 | 3543 |
| Marathon Petroleum Corporation | 248 | 47867 |
| Matador Resources Company | 94 | 4211 |
| Murphy Oil Corporation (b) | 112 | 3190 |
| Noble Corporation 2022 Limited (b) | 105 | 2975 |
| NOV Inc. | 304 | 4035 |
| Occidental Petroleum Corporation | 551 | 26026 |
| ONEOK, Inc. | 522 | 38104 |
| Ovintiv Canada ULC | 219 | 8832 |
| Permian Resources Corporation - Class A | 535 | 6843 |
| Phillips 66 | 342 | 46526 |
| Range Resources Corporation | 202 | 7607 |
| Schlumberger Limited | 1248 | 42885 |
| Targa Resources Corp. | 182 | 30487 |
| TechnipFMC PLC | 348 | 13720 |
| Texas Pacific Land Corporation | 16 | 14919 |
| Valero Energy Corporation | 260 | 44359 |
| Venture Global, Inc. - Class A (b) | 79 | 1118 |
| Viper Energy, Inc. - Class A | 142 | 5428 |
| Weatherford International Public Limited Company | 61 | 4201 |
| Williams Companies, Inc., The | 1022 | 64724 |
|  |  | 1533499 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| National Fuel Gas Company | 76 | 7027 |
| Total Common Stocks (cost $1,380,147) | Total Common Stocks (cost $1,380,147) | 1540526 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 10511 | 10511 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 698 | 698 |
| Total Short Term Investments (cost $11,209) | Total Short Term Investments (cost $11,209) | 11209 |
| **Total Investments 100.0% (cost $1,391,356)** | **Total Investments 100.0% (cost $1,391,356)** | **1551735** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (128) |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **452** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1552059** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 10297 | 284981 | 284767 | 264 |  |  | 10511 | 0.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 355 | 21428 | 21085 | 20 |  |  | 698 |  |
|  | 10652 | 306409 | 305852 | 284 |  |  | 11209 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Energy Select Sector Index | 129 | December 2025 | 12237 | (128) | (71) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1540526 |  |  | 1540526 |
| &nbsp;&nbsp;Short Term Investments | 11209 |  |  | 11209 |
|  | 1551735 |  |  | 1551735 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (71) |  |  | (71) |
|  | (71) |  |  | (71) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Financials 99.0%** | **Financials 99.0%** | **Financials 99.0%** |
| Affiliated Managers Group, Inc. | 5 | 1274 |
| AFLAC Incorporated | 93 | 10373 |
| Allstate Corporation, The | 51 | 10863 |
| Ally Financial Inc. | 52 | 2041 |
| American Express Company | 104 | 34623 |
| American Financial Group, Inc. | 14 | 2021 |
| American International Group, Inc. | 102 | 8040 |
| Ameriprise Financial, Inc. | 18 | 8867 |
| Ameris Bancorp | 12 | 870 |
| AON Public Limited Company - Class A | 41 | 14634 |
| Apollo Global Management, Inc. | 85 | 11382 |
| Arch Capital Group Ltd. | 71 | 6439 |
| Ares Management Corporation - Class A | 39 | 6222 |
| Arthur J. Gallagher & Co. | 49 | 15038 |
| Associated Banc-Corp | 32 | 823 |
| Assurant, Inc. | 10 | 2093 |
| Assured Guaranty Ltd. | 9 | 769 |
| Atlantic Union Bank | 25 | 867 |
| AXIS Capital Holdings Limited | 14 | 1389 |
| Axos Financial, Inc. (a) | 9 | 796 |
| BancFirst Corporation | 4 | 514 |
| Bank of America Corporation | 1300 | 67070 |
| Bank of New York Mellon Corporation, The (b) | 130 | 14123 |
| Bank OZK | 19 | 962 |
| Berkshire Hathaway Inc. - Class B (a) | 351 | 176687 |
| BGC Group, Inc. - Class A | 66 | 622 |
| BlackRock, Inc. | 27 | 30951 |
| Blackstone Inc. - Class A | 141 | 24100 |
| Blue Owl Capital Inc. - Class A | 110 | 1860 |
| BOK Financial Corporation | 4 | 440 |
| Brown & Brown, Inc. | 54 | 5026 |
| Cadence Bank | 35 | 1318 |
| Capital One Financial Corporation | 122 | 25932 |
| Carlyle Group Inc., The | 41 | 2584 |
| Cathay General Bancorp | 12 | 592 |
| Charles Schwab Corporation, The | 325 | 31050 |
| Chubb Limited | 71 | 19995 |
| Cincinnati Financial Corporation | 30 | 4688 |
| Citigroup Inc. | 351 | 35663 |
| Citizens Financial Group, Inc. | 83 | 4438 |
| CME Group Inc. - Class A | 69 | 18565 |
| CNO Financial Group, Inc. | 19 | 752 |
| Cohen & Steers, Inc. | 5 | 352 |
| Coinbase Global, Inc. - Class A (a) | 40 | 13466 |
| Columbia Banking System, Inc. | 55 | 1411 |
| Comerica Incorporated | 24 | 1649 |
| Commerce Bancshares, Inc. | 25 | 1472 |
| Corebridge Financial, Inc. | 47 | 1499 |
| Credit Acceptance Corporation (a) | 1 | 470 |
| Cullen/Frost Bankers, Inc. | 12 | 1472 |
| East West Bancorp, Inc. | 26 | 2822 |
| Enact Holdings, Inc. | 5 | 209 |
| Equitable Holdings, Inc. | 59 | 2988 |
| Erie Indemnity Company - Class A | 5 | 1542 |
| Essent Group Ltd. | 19 | 1202 |
| Evercore Inc. - Class A | 7 | 2421 |
| Everest Group, Ltd. | 8 | 2856 |
| F&G Annuities & Life, Inc. | 4 | 121 |
| F.N.B. Corporation | 60 | 972 |
| FactSet Research Systems Inc. | 7 | 2069 |
| Federated Hermes, Inc. - Class B | 16 | 808 |
| Fidelity National Financial, Inc. - Class A | 49 | 2958 |
| Fifth Third Bancorp | 126 | 5635 |
| First American Financial Corporation | 19 | 1225 |
| First BanCorp | 28 | 620 |
| First Citizens BancShares, Inc. - Class A | 2 | 3541 |
| First Financial Bankshares, Inc. | 23 | 763 |
| First Hawaiian, Inc. | 24 | 586 |
| First Horizon Corporation | 95 | 2145 |
| FirstCash, Inc. | 8 | 1201 |
| Flagstar Financial, Inc. | 58 | 672 |
| Franklin Resources, Inc. | 54 | 1251 |
| Freedom Holding Corp. (a) (c) | 3 | 586 |
| Fulton Financial Corporation | 34 | 632 |
| Glacier Bancorp, Inc. (c) | 23 | 1122 |
| Globe Life Inc. | 15 | 2128 |
| Goldman Sachs Group, Inc., The | 59 | 46685 |
| HA Sustainable Infrastructure Capital, Inc. | 23 | 694 |
| Hamilton Lane Incorporated - Class A | 7 | 993 |
| Hancock Whitney Corporation | 16 | 979 |
| Hanover Insurance Group Inc, The | 7 | 1217 |
| Hartford Insurance Group, Inc., The | 54 | 7189 |
| Home BancShares, Inc. | 36 | 1024 |
| Houlihan Lokey, Inc. - Class A | 10 | 2100 |
| Huntington Bancshares Incorporated | 276 | 4769 |
| Independence Holdings, LLC | 23 | 1274 |
| Interactive Brokers Group, Inc. - Class A | 83 | 5698 |
| Intercontinental Exchange, Inc. | 109 | 18405 |
| International Bancshares Corporation | 10 | 706 |
| Invesco Ltd. | 65 | 1502 |
| Jackson Financial Inc. - Class A (b) | 14 | 1384 |
| Janus Henderson Group PLC | 22 | 985 |
| Jefferies Financial Group Inc. | 31 | 2022 |
| JPMorgan Chase & Co. | 525 | 165543 |
| KeyCorp | 180 | 3357 |
| Kinsale Capital Group, Inc. | 4 | 1772 |
| KKR & Co. Inc. - Class A | 127 | 16514 |
| Lazard, Inc. | 17 | 890 |
| Lincoln National Corporation | 32 | 1305 |
| Loews Corporation | 33 | 3363 |
| LPL Financial Holdings Inc. | 15 | 5084 |
| M&T Bank Corporation | 30 | 5935 |
| Markel Group Inc. (a) | 2 | 4346 |
| MarketAxess Holdings Inc. | 7 | 1257 |
| Marsh & Mclennan Companies, Inc. | 94 | 18985 |
| MasterCard Incorporated - Class A | 157 | 89492 |
| Mercury General Corporation | 4 | 370 |
| MetLife, Inc. | 108 | 8890 |
| MGIC Investment Corporation | 44 | 1236 |
| Moelis & Company - Class A | 14 | 996 |
| Moody's Corporation | 30 | 14154 |
| Morgan Stanley | 236 | 37474 |
| Morningstar, Inc. | 5 | 1136 |
| Mr. Cooper Group Inc. | 11 | 2351 |
| MSCI Inc. - Class A | 14 | 8103 |
| Nasdaq, Inc. | 74 | 6516 |
| Northern Trust Corporation | 36 | 4903 |
| Old National Bancorp | 66 | 1447 |
| Old Republic International Corporation | 44 | 1856 |
| Palomar Holdings, Inc. (a) | 5 | 592 |
| PayPal Holdings, Inc. (a) | 182 | 12199 |
| PennyMac Financial Services, Inc. | 5 | 675 |
| Pinnacle Financial Partners, Inc. | 15 | 1365 |
| Piper Sandler Companies | 3 | 998 |
| PJT Partners Inc. - Class A | 4 | 741 |
| Popular, Inc. | 12 | 1546 |
| Primerica, Inc. | 6 | 1763 |
| Principal Financial Group, Inc. | 43 | 3546 |
| Progressive Corporation, The | 112 | 27573 |
| Prosperity Bancshares, Inc. | 17 | 1128 |
| Prudential Financial, Inc. | 68 | 7024 |
| Radian Group Inc. | 27 | 997 |
| Raymond James Financial, Inc. | 33 | 5629 |
| Regions Financial Corporation | 164 | 4335 |
| Reinsurance Group of America, Incorporated | 13 | 2406 |
| RenaissanceRe Holdings Ltd | 9 | 2206 |
| RLI Corp. | 16 | 1064 |
| Robinhood Markets, Inc. - Class A (a) | 140 | 20026 |
| Ryan Specialty Group Holdings, Inc. - Class A | 20 | 1131 |
| S&P Global Inc. | 59 | 28518 |
| SEI Investments Company | 19 | 1577 |
| Selective Insurance Group, Inc. | 11 | 911 |
| ServisFirst Bancshares, Inc. | 10 | 837 |
| SLM Corporation | 39 | 1072 |
| SoFi Technologies, Inc. (a) | 222 | 5870 |
| Southstate Bank Corporation | 19 | 1859 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| State Street Corporation | 55 | 6370 |
| StepStone Group Inc. - Class A | 12 | 814 |
| Stifel Financial Corp. | 19 | 2194 |
| StoneX Group Inc. (a) (c) | 8 | 843 |
| Synchrony Financial | 71 | 5069 |
| Synovus Financial Corp. | 26 | 1288 |
| T. Rowe Price Group, Inc. | 42 | 4359 |
| Texas Capital Bancshares, Inc. (a) | 8 | 684 |
| TFS Financial Corporation | 12 | 155 |
| The PNC Financial Services Group, Inc. | 75 | 15083 |
| The Western Union Company (c) | 65 | 518 |
| TPG Inc. - Class A | 23 | 1306 |
| Tradeweb Markets Inc. - Class A | 22 | 2449 |
| Travelers Companies, Inc., The | 43 | 12008 |
| Truist Financial Corporation | 246 | 11231 |
| U.S. Bancorp | 297 | 14332 |
| UMB Financial Corporation | 14 | 1637 |
| United Bankshares, Inc. | 27 | 995 |
| United Community Banks, Inc. | 22 | 695 |
| Unum Group | 31 | 2377 |
| Upstart Holdings, Inc. (a) (c) | 15 | 786 |
| Valley National Bancorp | 85 | 900 |
| Victory Capital Holdings, Inc. - Class A | 8 | 545 |
| Visa Inc. - Class A | 325 | 110793 |
| Voya Financial, Inc. | 18 | 1355 |
| W. R. Berkley Corporation | 55 | 4223 |
| Webster Financial Corporation | 31 | 1863 |
| Wells Fargo & Company | 615 | 51572 |
| Western Alliance Bancorporation | 21 | 1814 |
| White Mountains Insurance Group Ltd |  | 762 |
| Willis Towers Watson Public Limited Company | 18 | 6308 |
| Wintrust Financial Corporation | 12 | 1587 |
| Zions Bancorporation, National Association | 27 | 1512 |
| Zurich American Corporation | 11 | 561 |
| | | 1583699 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| TransUnion | 37 | 3095 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Circle Internet Group, Inc. - Class A (a) (c) | 8 | 1043 |
| Mara Holdings, Inc. (a) (c) | 71 | 1291 |
|  |  | 2334 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| CorVel Corporation (a) | 5 | 421 |
| Total Common Stocks (cost $1,078,934) | Total Common Stocks (cost $1,078,934) | 1589549 |
| **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 - Class I, 4.04% (b) (d) | 4782 | 4782 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (d) | 418 | 418 |
| Total Short Term Investments (cost $5,200) | Total Short Term Investments (cost $5,200) | 5200 |
| **Total Investments 99.7% (cost $1,084,134)** | **Total Investments 99.7% (cost $1,084,134)** | **1594749** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (28) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **5054** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1599775** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of September 30, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 11535 | 824 | 2709 | 209 | 1099 | 3374 | 14123 | 0.9 |
| Jackson Financial Inc. - Class A | 1242 |  | 43 | 33 | 21 | 164 | 1384 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1441 | 23220 | 24243 | 46 |  |  | 418 |  |
| JNL Government Money Market Fund, 4.04% - Class I | 6429 | 258690 | 260337 | 259 |  |  | 4782 | 0.3 |
|  | 20647 | 282734 | 287332 | 547 | 1120 | 3538 | 20707 | 1.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Financial Select Sector Index | 64 | December 2025 | 10713 | (28) | (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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1589549 |  |  | 1589549 |
| &nbsp;&nbsp;Short Term Investments | 5200 |  |  | 5200 |
|  | 1594749 |  |  | 1594749 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1) |  |  | (1) |
|  | (1) |  |  | (1) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Health Care 99.4%** | **Health Care 99.4%** | **Health Care 99.4%** |
| Abbott Laboratories | 813 | 108834 |
| AbbVie Inc. | 825 | 191041 |
| ADMA Biologics, Inc. (a) | 108 | 1587 |
| Agilent Technologies, Inc. | 133 | 17060 |
| Akero Therapeutics Inc. (a) | 29 | 1376 |
| Align Technology, Inc. (a) | 33 | 4185 |
| Alignment Healthcare, Inc. (a) | 54 | 935 |
| Alkermes Public Limited Company (a) | 74 | 2235 |
| Alnylam Pharmaceuticals, Inc. (a) | 59 | 26704 |
| Amgen Inc. | 251 | 70890 |
| Arcellx Inc. (a) | 17 | 1431 |
| Avantor, Inc. (a) | 315 | 3934 |
| Avidity Biosciences, Inc. (a) | 51 | 2203 |
| Axsome Therapeutics, Inc. (a) | 18 | 2241 |
| Baxter International Inc. | 239 | 5452 |
| Becton, Dickinson and Company | 134 | 25153 |
| Biogen Inc. (a) | 66 | 9276 |
| BioMarin Pharmaceutical Inc. (a) | 89 | 4847 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 9 | 2592 |
| Bio-Techne Corporation | 74 | 4131 |
| Boston Scientific Corporation (a) | 691 | 67433 |
| Bridgebio Pharma, Inc. (a) | 65 | 3353 |
| Bristol-Myers Squibb Company | 951 | 42886 |
| Bruker Corporation | 48 | 1546 |
| Canticle Pharmaceuticals, Inc. (a) | 9 | 3952 |
| Cardinal Health, Inc. | 111 | 17492 |
| Cencora, Inc. | 86 | 26736 |
| Centene Corporation (a) | 219 | 7814 |
| Charles River Laboratories International, Inc. (a) | 21 | 3272 |
| Chemed Corporation | 7 | 3090 |
| Cigna Group, The | 120 | 34731 |
| Cooper Companies, Inc., The (a) | 92 | 6305 |
| Corcept Therapeutics Incorporated (a) | 46 | 3799 |
| Crinetics Pharmaceuticals, Inc. (a) | 42 | 1760 |
| CRISPR Therapeutics AG (a) (b) | 40 | 2596 |
| CVS Health Corporation | 591 | 44525 |
| Cytokinetics, Incorporated (a) | 54 | 2990 |
| Danaher Corporation | 305 | 60506 |
| Davita Inc. (a) | 19 | 2535 |
| DexCom, Inc. (a) | 182 | 12222 |
| Doximity, Inc. - Class A (a) | 61 | 4429 |
| Edwards Lifesciences Corporation (a) | 273 | 21239 |
| Elanco Animal Health Incorporated (a) (b) | 220 | 4433 |
| Elevance Health, Inc. | 105 | 34049 |
| Eli Lilly and Company | 373 | 284897 |
| Encompass Health Corporation | 45 | 5712 |
| Ensign Group, Inc., The | 27 | 4663 |
| Exact Sciences Corporation (a) | 86 | 4688 |
| Exelixis, Inc. (a) | 118 | 4859 |
| GE HealthCare Technologies Inc. | 213 | 15982 |
| Gilead Sciences, Inc. | 582 | 64637 |
| Glaukos Corporation (a) | 25 | 2046 |
| Globus Medical, Inc. - Class A (a) | 55 | 3123 |
| Guardant Health, Inc. (a) | 53 | 3331 |
| Haemonetics Corporation (a) | 21 | 1046 |
| Halozyme Therapeutics, Inc. (a) | 57 | 4211 |
| HCA Healthcare, Inc. | 80 | 34021 |
| HealthEquity, Inc. (a) | 40 | 3747 |
| Henry Schein, Inc. (a) | 49 | 3246 |
| Hologic, Inc. (a) | 104 | 7037 |
| Humana Inc. | 56 | 14579 |
| ICU Medical, Inc. (a) | 11 | 1343 |
| IDEXX Laboratories, Inc. (a) | 38 | 24008 |
| Illumina, Inc. (a) | 73 | 6896 |
| Incyte Corporation (a) | 75 | 6364 |
| Insmed Incorporated (a) | 97 | 14045 |
| Inspire Medical Systems, Inc. (a) | 14 | 1061 |
| Insulet Corporation (a) | 33 | 10107 |
| Integer Holdings Corporation (a) | 16 | 1643 |
| Intuitive Surgical, Inc. (a) | 167 | 74548 |
| Ionis Pharmaceuticals, Inc. (a) | 70 | 4586 |
| IQVIA Holdings Inc (a) | 79 | 14999 |
| Jazz Pharmaceuticals Public Limited Company (a) | 28 | 3693 |
| Johnson & Johnson | 1125 | 208596 |
| Krystal Biotech, Inc. (a) | 12 | 2114 |
| Labcorp Holdings Inc. | 39 | 11188 |
| Lantheus Holdings, Inc. (a) | 31 | 1581 |
| Masimo Corporation (a) | 22 | 3211 |
| McKesson Corporation | 59 | 45247 |
| Medpace Holdings, Inc. (a) | 11 | 5495 |
| Medtronic, Inc. | 599 | 57082 |
| Merck & Co., Inc. | 1137 | 95437 |
| Merit Medical Systems, Inc. (a) | 28 | 2303 |
| Mettler-Toledo International Inc. (a) | 10 | 11935 |
| Moderna, Inc. (a) | 162 | 4175 |
| Molina Healthcare, Inc. (a) | 25 | 4793 |
| Natera, Inc. (a) | 61 | 9846 |
| Neurocrine Biosciences, Inc. (a) | 46 | 6505 |
| Nuvalent, Inc. - Class A (a) | 19 | 1607 |
| Option Care Health, Inc. (a) | 77 | 2148 |
| Organon & Co. | 111 | 1184 |
| Penumbra, Inc. (a) | 17 | 4410 |
| Perrigo Company Public Limited Company (b) | 59 | 1305 |
| Pfizer Inc. | 2648 | 67480 |
| Prestige Consumer Healthcare Inc. (a) | 21 | 1336 |
| Procept Biorobotics Corporation (a) (b) | 24 | 850 |
| PTC Therapeutics, Inc. (a) | 32 | 1988 |
| Quest Diagnostics Incorporated | 52 | 9897 |
| RadNet, Inc. (a) | 31 | 2343 |
| Regeneron Pharmaceuticals, Inc. | 48 | 27217 |
| Repligen Corporation (a) | 25 | 3291 |
| ResMed Inc. | 69 | 18798 |
| Revolution Medicines, Inc. (a) | 71 | 3294 |
| Revvity, Inc. | 56 | 4945 |
| Rhythm Pharmaceuticals, Inc. (a) | 22 | 2268 |
| Roivant Sciences Ltd. (a) | 183 | 2775 |
| Royalty Pharma PLC - Class A | 165 | 5813 |
| Sarepta Therapeutics, Inc. (a) | 46 | 896 |
| Soleno Therapeutics, Inc. (a) | 20 | 1374 |
| Solventum Corporation (a) | 65 | 4743 |
| Sotera Health LLC (a) | 74 | 1162 |
| Steris Public Limited Company | 45 | 11037 |
| Stryker Corporation | 169 | 62427 |
| Summit Therapeutics Inc. (a) (b) | 51 | 1053 |
| Teleflex Incorporated | 22 | 2655 |
| Tempus AI, Inc. - Class A (a) (b) | 39 | 3137 |
| Tenet Healthcare Corporation (a) | 41 | 8291 |
| TG Therapeutics, Inc. (a) (b) | 68 | 2456 |
| Thermo Fisher Scientific Inc. | 176 | 85564 |
| Ultragenyx Pharmaceutical Inc. (a) | 41 | 1245 |
| United Therapeutics Corporation (a) | 19 | 8095 |
| UnitedHealth Group Incorporated | 423 | 146238 |
| Universal Health Services, Inc. - Class B | 26 | 5327 |
| Vaxcyte, Inc. (a) | 53 | 1908 |
| Veeva Systems Inc. - Class A (a) | 70 | 20839 |
| Vertex Pharmaceuticals Incorporated (a) | 120 | 47115 |
| Viatris Inc. | 560 | 5540 |
| Viking Therapeutics, Inc. (a) (b) | 51 | 1329 |
| Waters Corporation (a) | 28 | 8280 |
| Waystar Holding Corp. (a) | 36 | 1368 |
| West Pharmaceutical Services, Inc. | 34 | 8811 |
| Zimmer Biomet Holdings, Inc. | 93 | 9146 |
| Zoetis Inc. - Class A | 208 | 30510 |
|  |  | 2637921 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| AptarGroup, Inc. | 31 | 4109 |
| Total Common Stocks (cost $1,635,756) | Total Common Stocks (cost $1,635,756) | 2642030 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 9906 | 9906 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 105 | 105 |
| Total Short Term Investments (cost $10,011) | Total Short Term Investments (cost $10,011) | 10011 |
| **Total Investments 99.9% (cost $1,645,767)** | **Total Investments 99.9% (cost $1,645,767)** | **2652041** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **320** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1306** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2653667** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 16887 | 323326 | 330307 | 293 |  |  | 9906 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1419 | 45007 | 46321 | 103 |  |  | 105 |  |
|  | 18306 | 368333 | 376628 | 396 |  |  | 10011 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Health Care Select Sector Index | 93 | December 2025 | 12889 | 320 | 285 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2642030 |  |  | 2642030 |
| &nbsp;&nbsp;Short Term Investments | 10011 |  |  | 10011 |
|  | 2652041 |  |  | 2652041 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 285 |  |  | 285 |
|  | 285 |  |  | 285 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Industrials 97.6%** | **Industrials 97.6%** | **Industrials 97.6%** |
| 3M Company | 37 | 5778 |
| A. O. Smith Corporation | 8 | 583 |
| AAON, Inc. | 5 | 441 |
| ABM Industries Incorporated | 4 | 192 |
| Acuity Brands, Inc. | 2 | 716 |
| Advanced Drainage Systems, Inc. | 5 | 665 |
| AECOM | 9 | 1160 |
| AeroVironment, Inc. (a) | 3 | 824 |
| AGCO Corporation | 4 | 449 |
| Air Lease Corporation - Class A | 7 | 420 |
| Alaska Air Group, Inc. (a) | 8 | 386 |
| Allegion Public Limited Company | 6 | 1066 |
| Amentum Holdings, Inc. (a) | 9 | 223 |
| American Airlines Group Inc. (a) | 45 | 508 |
| AMETEK, Inc. | 16 | 3032 |
| API Group Corporation (a) | 22 | 745 |
| Applied Industrial Technologies, Inc. | 3 | 701 |
| Archer Aviation Inc. - Class A (a) (b) | 35 | 337 |
| Arcosa, Inc. | 3 | 298 |
| Armstrong World Industries, Inc. | 3 | 592 |
| ATI Inc. (a) | 10 | 797 |
| Avis Budget Group, Inc. (a) | 1 | 196 |
| Axon Enterprise, Inc. (a) | 5 | 3722 |
| Boeing Company, The (a) | 53 | 11395 |
| Booz Allen Hamilton Holding Corporation - Class A | 8 | 853 |
| Brady Corporation - Class A | 3 | 235 |
| Brink's Company, The | 3 | 336 |
| Builders FirstSource, Inc. (a) | 8 | 964 |
| BWXT Government Group, Inc. | 6 | 1183 |
| C.H. Robinson Worldwide, Inc. | 8 | 1084 |
| Carlisle Companies Incorporated | 3 | 992 |
| Carrier Global Corporation | 55 | 3311 |
| Casella Waste Systems, Inc. - Class A (a) | 4 | 408 |
| Caterpillar Inc. | 33 | 15684 |
| CBIZ, Inc. (a) | 4 | 190 |
| Chart Industries, Inc. (a) | 3 | 628 |
| Cintas Corporation | 24 | 4970 |
| Clean Harbors, Inc. (a) | 4 | 831 |
| CNH Industrial N.V. | 61 | 664 |
| Comfort Systems USA, Inc. | 2 | 2032 |
| Construction Partners, Inc. - Class A (a) | 3 | 411 |
| Copart, Inc. (a) | 59 | 2636 |
| Core & Main, Inc. - Class A (a) | 12 | 630 |
| Crane Company | 3 | 638 |
| CSW Industrials, Inc. | 1 | 277 |
| CSX Corporation | 130 | 4630 |
| Cummins Inc. | 10 | 4062 |
| Curtiss-Wright Corporation | 3 | 1424 |
| Deere & Company | 17 | 7971 |
| Delta Air Lines, Inc. | 45 | 2578 |
| Donaldson Company, Inc. | 8 | 688 |
| Dover Corporation | 10 | 1602 |
| Dycom Industries, Inc. (a) | 2 | 565 |
| Eaton Corporation Public Limited Company | 27 | 10235 |
| EMCOR Group, Inc. | 3 | 2019 |
| Emerson Electric Co. | 39 | 5167 |
| EnerSys | 3 | 297 |
| Enpro Inc. | 1 | 311 |
| Equifax Inc. | 9 | 2206 |
| ESAB Corporation | 4 | 438 |
| Expeditors International of Washington, Inc. - Class A | 9 | 1145 |
| Exponent, Inc. | 4 | 248 |
| Fastenal Company | 80 | 3919 |
| Federal Signal Corporation | 4 | 508 |
| FedEx Corporation | 15 | 3640 |
| Ferguson Enterprises Inc. | 14 | 3152 |
| Flowserve Corporation | 9 | 483 |
| Fluor Corporation (a) | 11 | 461 |
| Fortune Brands Innovations, Inc. | 8 | 437 |
| Franklin Electric Co., Inc. | 3 | 261 |
| FTAI Aviation Ltd. | 7 | 1186 |
| FTI Consulting, Inc. (a) | 2 | 361 |
| Gates Industrial Corporation PLC (a) | 17 | 420 |
| GATX Corporation | 2 | 425 |
| GE Vernova Inc. | 19 | 11730 |
| Generac Holdings Inc. (a) | 4 | 693 |
| General Dynamics Corporation | 17 | 5788 |
| General Electric Company | 74 | 22251 |
| GEO Group, Inc., The (a) | 9 | 189 |
| Graco Inc. | 12 | 998 |
| Granite Construction Incorporated (b) | 3 | 314 |
| Griffon Corporation | 3 | 213 |
| GXO Logistics Inc. (a) | 8 | 426 |
| Hayward Holdings, Inc. (a) | 14 | 216 |
| HEICO Corporation | 3 | 953 |
| HEICO Corporation - Class A | 5 | 1371 |
| Herc Holdings Inc. | 2 | 254 |
| Hexcel Corporation | 6 | 354 |
| Honeywell International Inc. | 44 | 9341 |
| Howmet Aerospace Inc. | 27 | 5324 |
| Hubbell Incorporated | 4 | 1610 |
| Huntington Ingalls Industries, Inc. | 3 | 794 |
| IDEX Corporation | 5 | 821 |
| IES Holdings, Inc. (a) (b) | 1 | 235 |
| Illinois Tool Works Inc. | 21 | 5367 |
| Ingersoll Rand Inc. | 28 | 2331 |
| ITT Inc. | 5 | 980 |
| J.B. Hunt Transport Services, Inc. | 6 | 746 |
| Jacobs Solutions Inc. | 9 | 1286 |
| JBT Marel Corporation | 4 | 507 |
| Joby Aviation, Inc. - Class A (a) (b) | 33 | 530 |
| Johnson Controls International Public Limited Company | 46 | 5075 |
| Kadant Inc. | 1 | 234 |
| Karman Holdings Inc. (a) | 2 | 176 |
| KBR, Inc. | 9 | 431 |
| Kirby Corporation (a) | 4 | 324 |
| Knight-Swift Transportation Holdings Inc. - Class A | 11 | 436 |
| Korn Ferry | 3 | 242 |
| Kratos Defense & Security Solutions, Inc. (a) | 11 | 1046 |
| L3Harris Technologies, Inc. | 13 | 3972 |
| Landstar System, Inc. | 2 | 304 |
| Lennox International Inc. | 2 | 1213 |
| Leonardo DRS, Inc. | 5 | 234 |
| Lincoln Electric Holdings, Inc. | 4 | 924 |
| Loar Holdings Inc. (a) | 2 | 131 |
| Lockheed Martin Corporation | 14 | 6932 |
| Masco Corporation | 15 | 1041 |
| MasTec, Inc. (a) | 4 | 907 |
| Matson Intermodal - Paragon, Inc. | 2 | 204 |
| Maximus, Inc. | 4 | 360 |
| Middleby Corporation, The (a) | 4 | 496 |
| Mine Safety Appliances Company, LLC | 3 | 443 |
| MOOG Inc. - Class A | 2 | 411 |
| MSC Industrial Direct Co., Inc. - Class A | 3 | 254 |
| Mueller Industries, Inc. | 8 | 776 |
| Mueller Water Products, Inc. - Class A | 11 | 278 |
| Nordson Corporation | 4 | 821 |
| Norfolk Southern Corporation | 16 | 4751 |
| Northrop Grumman Corporation | 10 | 5873 |
| Nvent Electric Public Limited Company | 12 | 1138 |
| Old Dominion Freight Line, Inc. | 12 | 1753 |
| Oshkosh Corporation | 4 | 544 |
| Otis Worldwide Corporation | 28 | 2529 |
| Owens Corning | 6 | 839 |
| PACCAR Inc | 36 | 3538 |
| Parker-Hannifin Corporation | 9 | 6500 |
| Pentair Public Limited Company | 12 | 1278 |
| Primoris Services Corporation | 4 | 514 |
| Quanta Services, Inc. | 10 | 4218 |
| RBC Bearings Incorporated (a) | 2 | 839 |
| Regal Rexnord Corporation | 5 | 668 |
| Republic Services, Inc. | 14 | 3254 |
| Robert Half Inc. | 7 | 239 |
| Rocket Lab Corporation (a) (b) | 29 | 1396 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rockwell Automation, Inc. | 8 | 2757 |
| RTX Corporation | 94 | 15654 |
| Ryder System, Inc. | 3 | 530 |
| Saia, Inc. (a) | 2 | 557 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 396 |
| SkyWest, Inc. (a) | 3 | 271 |
| Snap-on Incorporated | 4 | 1234 |
| Southwest Airlines Co. | 32 | 1025 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 8 | 299 |
| SPX Technologies, Inc. (a) | 3 | 645 |
| StandardAero, Inc. (a) | 8 | 212 |
| Stanley Black & Decker, Inc. | 11 | 791 |
| Sterling Infrastructure, Inc. (a) | 2 | 723 |
| Tetra Tech, Inc. | 18 | 588 |
| Textron Inc. | 13 | 1063 |
| Timken Company, The | 4 | 340 |
| Toro Company, The | 7 | 533 |
| Trane Technologies Public Limited Company | 16 | 6575 |
| TransDigm Group Incorporated | 4 | 4925 |
| Trex Company, Inc. (a) | 7 | 382 |
| Trinet Group, Inc. | 2 | 124 |
| U-Haul Holding Company (a) |  | 26 |
| U-Haul Holding Company - Series N | 7 | 348 |
| UL Solutions Inc. - Class A | 4 | 292 |
| Union Pacific Corporation | 41 | 9787 |
| United Airlines Holdings, Inc. (a) | 23 | 2200 |
| United Parcel Service, Inc. - Class B | 51 | 4262 |
| United Rentals, Inc. | 4 | 4288 |
| Valmont Industries, Inc. | 1 | 544 |
| Veralto Corporation | 16 | 1763 |
| Verisk Analytics, Inc. | 10 | 2462 |
| Vertiv Holdings Co - Class A | 26 | 3943 |
| W.W. Grainger, Inc. | 3 | 3008 |
| Waste Management, Inc. | 26 | 5671 |
| Watsco, Inc. | 2 | 985 |
| Watts Water Technologies, Inc. - Class A | 2 | 531 |
| WESCO International, Inc. | 3 | 712 |
| Westinghouse Air Brake Technologies Corporation | 12 | 2392 |
| Willscot Holdings Corporation - Class A | 13 | 270 |
| Woodward, Inc. | 4 | 1035 |
| XPO, Inc. (a) | 8 | 1065 |
| Xylem Inc. | 17 | 2478 |
| Zurn Elkay Water Solutions Corporation | 11 | 499 |
| | | 366365 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| ADT, Inc. | 24 | 205 |
| Aramark | 18 | 700 |
| Pool Corporation | 3 | 802 |
| TopBuild Corp. (a) | 2 | 771 |
|  |  | 2478 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Global Payments Inc. | 17 | 1409 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Carpenter Technology Corporation | 3 | 820 |
| Louisiana-Pacific Corporation (W VA) | 4 | 398 |
|  |  | 1218 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Advanced Energy Industries, Inc. | 3 | 451 |
| Dolby Laboratories, Inc. - Class A | 4 | 302 |
| Mirion Technologies (US), Inc. - Class A (a) | 15 | 340 |
|  |  | 1093 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| MDU Resources Group, Inc. | 14 | 244 |
| Otter Tail Corporation | 3 | 236 |
|  |  | 480 |
| Total Common Stocks (cost $301,622) | Total Common Stocks (cost $301,622) | 373043 |
| **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 - Class I, 4.04% (c) (d) | 2080 | 2080 |
| Total Short Term Investments (cost $2,080) | Total Short Term Investments (cost $2,080) | 2080 |
| **Total Investments 99.9% (cost $303,702)** | **Total Investments 99.9% (cost $303,702)** | **375123** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **18** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **350** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **375491** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4623 | 104489 | 107032 | 72 |  |  | 2080 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 623 | 5782 | 6405 | 14 |  |  |  |  |
|  | 5246 | 110271 | 113437 | 86 |  |  | 2080 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Industrial Select Sector Index | 15 | December 2025 | 2308 | 18 | 43 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 373043 |  |  | 373043 |
| &nbsp;&nbsp;Short Term Investments | 2080 |  |  | 2080 |
|  | 375123 |  |  | 375123 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 43 |  |  | 43 |
|  | 43 |  |  | 43 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 95.7%** | **Information Technology 95.7%** | **Information Technology 95.7%** |
| Accenture Public Limited Company - Class A | 227 | 55949 |
| ACI Worldwide, Inc. (a) | 39 | 2041 |
| Adobe Inc. (a) | 154 | 54339 |
| Advanced Micro Devices, Inc. (a) | 588 | 95209 |
| Akamai Technologies, Inc. (a) | 51 | 3831 |
| Allegro Microsystems Inc. (a) | 45 | 1326 |
| Amkor Technology, Inc. | 43 | 1221 |
| Amphenol Corporation - Class A | 444 | 54957 |
| Analog Devices, Inc. | 180 | 44257 |
| AppFolio, Inc. - Class A (a) | 8 | 2327 |
| Apple Inc. | 5399 | 1374858 |
| Applied Materials, Inc. | 291 | 59616 |
| AppLovin Corporation - Class A (a) | 77 | 55607 |
| Arista Networks, Inc. (a) | 374 | 54546 |
| Arrow Electronics, Inc. (a) | 17 | 2067 |
| Astera Labs, Inc. (a) | 48 | 9298 |
| Atlassian Corporation - Class A (a) | 59 | 9424 |
| Aurora Innovations Inc. - Class A (a) | 396 | 2136 |
| Autodesk, Inc. (a) | 77 | 24562 |
| Avnet, Inc. | 31 | 1624 |
| Badger Meter, Inc. | 11 | 1907 |
| Belden Inc. | 14 | 1738 |
| Bentley Systems, Incorporated - Class B | 49 | 2531 |
| Bill Holdings, Inc. (a) | 30 | 1601 |
| Blackbaud, Inc. (a) | 15 | 953 |
| Blackline, Inc. (a) | 18 | 975 |
| Box, Inc. - Class A (a) | 52 | 1689 |
| Broadcom Inc. | 1679 | 553787 |
| Cadence Design Systems, Inc. (a) | 99 | 34722 |
| CCC Intelligent Solutions Holdings Inc. (a) (b) | 190 | 1729 |
| CDW Corp. | 48 | 7611 |
| Ciena Corporation (a) | 51 | 7488 |
| Cirrus Logic, Inc. (a) | 20 | 2460 |
| Cisco Systems, Inc. | 1442 | 98659 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 98 | 1771 |
| Cloudflare, Inc. - Class A (a) | 111 | 23780 |
| Cognex Corporation | 58 | 2649 |
| Cognizant Technology Solutions Corporation - Class A | 179 | 12000 |
| Coherent Corp. (a) | 56 | 5993 |
| CommVault Systems, Inc. (a) | 16 | 3037 |
| Confluent, Inc. - Class A (a) | 102 | 2027 |
| Coreweave, Inc. - Class A (a) | 20 | 2727 |
| Corning Incorporated | 274 | 22442 |
| Credo Technology Group Holding Ltd (a) | 53 | 7697 |
| CrowdStrike Holdings, Inc. - Class A (a) | 87 | 42869 |
| Datadog, Inc. - Class A (a) | 108 | 15447 |
| Dell Technologies Inc. - Class C | 112 | 15846 |
| DocuSign, Inc. (a) | 74 | 5322 |
| Dropbox, Inc. - Class A (a) | 68 | 2059 |
| Dynatrace, Inc. (a) | 108 | 5243 |
| Elastic N.V. (a) | 32 | 2695 |
| Enphase Energy, Inc. (a) | 48 | 1680 |
| Entegris, Inc. | 54 | 5035 |
| EPAM Systems, Inc. (a) | 20 | 3032 |
| F5, Inc. (a) | 21 | 6808 |
| Fabrinet (a) | 13 | 4826 |
| Fair Isaac Corporation (a) | 8 | 12689 |
| First Solar, Inc. (a) | 37 | 8154 |
| Flex Ltd. (a) | 133 | 7704 |
| Fortinet, Inc. (a) | 236 | 19877 |
| Gartner, Inc. (a) | 27 | 7221 |
| Gen Digital Inc. | 207 | 5866 |
| GitLab Inc. - Class A (a) | 48 | 2142 |
| GoDaddy Inc. - Class A (a) | 52 | 7049 |
| Guidewire Software, Inc. (a) | 30 | 6960 |
| Hewlett Packard Enterprise Company | 476 | 11700 |
| HP, Inc. | 342 | 9302 |
| HubSpot, Inc. (a) | 18 | 8455 |
| Informatica Inc. - Class A (a) | 60 | 1496 |
| Insight Enterprises, Inc. (a) | 10 | 1173 |
| Intapp US, Inc. (a) | 20 | 830 |
| Intel Corporation (a) | 1595 | 53497 |
| InterDigital, Inc. (b) | 9 | 3040 |
| International Business Machines Corporation | 338 | 95489 |
| Intuit Inc. | 99 | 67621 |
| ionQ, Inc. (a) (b) | 101 | 6217 |
| Itron, Inc. (a) | 16 | 2049 |
| Jabil Inc. | 36 | 7860 |
| JFROG Ltd (a) | 36 | 1681 |
| Keysight Technologies, Inc. (a) | 63 | 10936 |
| KLA Corporation | 48 | 51786 |
| Kyndryl Holdings, Inc. (a) | 84 | 2519 |
| Lam Research Corporation | 460 | 61641 |
| Lattice Semiconductor Corporation (a) | 50 | 3673 |
| Life360, Inc. (a) (b) | 27 | 2861 |
| Littelfuse, Inc. | 9 | 2391 |
| Lumentum Holdings Inc. (a) | 25 | 4074 |
| MACOM Technology Solutions Holdings, Inc. (a) | 23 | 2881 |
| Manhattan Associates, Inc. (a) | 22 | 4519 |
| Marvell Technology, Inc. | 312 | 26263 |
| Microchip Technology Incorporated | 196 | 12611 |
| Micron Technology, Inc. | 406 | 67972 |
| Microsoft Corporation | 2705 | 1400947 |
| MKS Inc. | 19 | 2382 |
| MongoDB, Inc. - Class A (a) | 29 | 8853 |
| Monolithic Power Systems, Inc. | 17 | 15299 |
| Motorola Solutions, Inc. | 61 | 27763 |
| NetApp, Inc. | 70 | 8282 |
| Novanta Inc. (a) | 13 | 1346 |
| Nutanix, Inc. - Class A (a) | 93 | 6911 |
| NVIDIA Corporation | 8553 | 1595770 |
| NXP Semiconductors N.V. | 88 | 20024 |
| Okta, Inc. - Class A (a) | 60 | 5513 |
| ON Semiconductor Corporation (a) | 153 | 7542 |
| Onto Innovation Inc. (a) | 18 | 2305 |
| Oracle Corporation | 593 | 166735 |
| OSI Systems, Inc. (a) | 6 | 1470 |
| Palantir Technologies Inc. - Class A (a) | 794 | 144859 |
| Palo Alto Networks, Inc. (a) | 242 | 49223 |
| Pegasystems Inc. | 34 | 1930 |
| Plexus Corp. (a) | 10 | 1389 |
| Procore Technologies, Inc. (a) | 43 | 3134 |
| PTC Inc. (a) | 43 | 8802 |
| Pure Storage, Inc. - Class A (a) | 112 | 9350 |
| Q2 Holdings, Inc. (a) | 22 | 1575 |
| Qorvo, Inc. (a) | 31 | 2806 |
| Qualcomm Incorporated | 393 | 65418 |
| Qualys, Inc. (a) | 13 | 1731 |
| Rambus Inc. (a) | 39 | 4090 |
| Roper Technologies, Inc. | 39 | 19475 |
| Rubrik, Inc. - Class A (a) | 43 | 3513 |
| SailPoint, Inc. (a) (b) | 24 | 526 |
| Salesforce, Inc. | 337 | 79883 |
| Samsara Inc. - Class A (a) | 96 | 3594 |
| SanDisk LLC (a) | 42 | 4739 |
| Sanmina Corporation (a) | 18 | 2101 |
| Seagate Technology Holdings Public Limited Company | 74 | 17490 |
| SentinelOne, Inc. - Class A (a) | 113 | 1995 |
| ServiceNow, Inc. (a) | 76 | 69596 |
| ServiceTitan, Inc. - Class A (a) | 4 | 413 |
| Silicon Laboratories Inc. (a) | 12 | 1568 |
| Sitime Corporation (a) | 8 | 2357 |
| Skyworks Solutions, Inc. | 57 | 4377 |
| Snowflake Inc. - Class A (a) | 118 | 26686 |
| Soundhound AI, Inc. - Class A (a) (b) | 131 | 2104 |
| SPS Commerce, Inc. (a) | 14 | 1450 |
| Strategy Inc - Class A (a) | 96 | 30896 |
| Super Micro Computer, Inc. (a) (b) | 192 | 9185 |
| Synopsys, Inc. (a) | 67 | 33105 |
| TD SYNNEX Corporation | 27 | 4442 |
| TE Connectivity Public Limited Company | 108 | 23615 |
| Teledyne Technologies Incorporated (a) | 17 | 9976 |
| Tenable Holdings, Inc. (a) | 44 | 1283 |
| Teradyne, Inc. | 58 | 8038 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Texas Instruments Incorporated | 330 | 60625 |
| Trimble Inc. (a) | 87 | 7075 |
| Twilio Inc. - Class A (a) | 53 | 5299 |
| Tyler Technologies, Inc. (a) | 16 | 8173 |
| Uipath, Inc. - Class A (a) | 155 | 2076 |
| Unity Software Inc. (a) | 117 | 4670 |
| Universal Display Corporation | 17 | 2470 |
| Varonis Systems, Inc. (a) | 41 | 2330 |
| VeriSign, Inc. | 29 | 8098 |
| Vontier Corporation | 54 | 2282 |
| Western Digital Corporation | 125 | 15004 |
| Workday, Inc. - Class A (a) | 78 | 18884 |
| Workiva Inc. - Class A (a) | 19 | 1641 |
| Zebra Technologies Corporation - Class A (a) | 19 | 5505 |
| Zoom Communications, Inc. - Class A (a) | 87 | 7178 |
| Zscaler, Inc. (a) | 35 | 10573 |
| | | 7513968 |
| **Industrials 2.6%** | **Industrials 2.6%** | **Industrials 2.6%** |
| Automatic Data Processing, Inc. | 148 | 43298 |
| Broadridge Financial Solutions, Inc. | 43 | 10138 |
| Caci International Inc. - Class A (a) | 8 | 3988 |
| Clarivate PLC (a) (b) | 133 | 511 |
| Dayforce, Inc. (a) | 56 | 3889 |
| ESCO Technologies Inc. | 9 | 1870 |
| ExlService Holdings, Inc. (a) | 60 | 2621 |
| Fortive Corporation | 121 | 5921 |
| Genpact Limited | 54 | 2280 |
| Leidos Holdings, Inc. | 44 | 8308 |
| Lyft, Inc. - Class A (a) | 142 | 3131 |
| Nextracker LLC - Class A (a) | 52 | 3876 |
| Parsons Corporation (a) (b) | 20 | 1621 |
| Paychex, Inc. | 118 | 14917 |
| Paycom Software, Inc. | 18 | 3816 |
| Paylocity Holding Corporation (a) | 16 | 2577 |
| Qxo, Inc. (a) (b) | 214 | 4075 |
| Science Applications International Corporation | 17 | 1701 |
| Sensata Technologies Holding PLC | 52 | 1601 |
| SS&C Technologies Holdings, Inc. | 79 | 6976 |
| Uber Technologies, Inc. (a) | 732 | 71705 |
| Verra Mobility Corporation - Class A (a) | 59 | 1458 |
|  |  | 200278 |
| **Financials 1.1%** | **Financials 1.1%** | **Financials 1.1%** |
| Affirm Holdings, Inc. - Class A (a) | 97 | 7061 |
| Block, Inc. - Class A (a) | 203 | 14678 |
| Corpay Inc (a) | 25 | 7075 |
| Euronet Worldwide, Inc. (a) (b) | 14 | 1193 |
| Fidelity National Information Services, Inc. | 191 | 12560 |
| Fiserv, Inc. (a) | 196 | 25276 |
| Jack Henry & Associates, Inc. | 27 | 3946 |
| Remitly Global, Inc. (a) | 57 | 923 |
| Shift4 Payments, LLC - Class A (a) (b) | 24 | 1849 |
| Toast, Inc. - Class A (a) | 180 | 6570 |
| Wex, Inc. (a) | 12 | 1813 |
|  |  | 82944 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Duolingo, Inc. - Class A (a) | 14 | 4551 |
| Garmin Ltd. | 59 | 14484 |
|  |  | 19035 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 81 | 3994 |
| EchoStar Corporation - Class A (a) | 49 | 3725 |
| Grindr Inc. (a) | 14 | 209 |
| Trade Desk, Inc., The - Class A (a) | 162 | 7934 |
| ZoomInfo Technologies Inc. - Class A (a) | 111 | 1216 |
|  |  | 17078 |
| Total Common Stocks (cost $4,111,067) | Total Common Stocks (cost $4,111,067) | 7833303 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 21935 | 21935 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 14150 | 14150 |
| Total Short Term Investments (cost $36,085) | Total Short Term Investments (cost $36,085) | 36085 |
| **Total Investments 100.2% (cost $4,147,152)** | **Total Investments 100.2% (cost $4,147,152)** | **7869388** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **180** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(17796)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7851772** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 27691 | 609945 | 615701 | 777 |  |  | 21935 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 13 | 193150 | 179013 | 329 |  |  | 14150 | 0.2 |
|  | 27704 | 803095 | 794714 | 1106 |  |  | 36085 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Technology Select Sector Index | 94 | December 2025 | 26081 | 180 | 870 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 7833303 |  |  | 7833303 |
| &nbsp;&nbsp;Short Term Investments | 36085 |  |  | 36085 |
|  | 7869388 |  |  | 7869388 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 870 |  |  | 870 |
|  | 870 |  |  | 870 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 97.7%** | **Materials 97.7%** | **Materials 97.7%** |
| Air Products and Chemicals, Inc. | 29 | 8004 |
| Albemarle Corporation | 15 | 1256 |
| Alcoa Corporation | 34 | 1135 |
| Amrize AG (a) | 65 | 3160 |
| Avient Corporation | 11 | 379 |
| Axalta Coating Systems Ltd. (a) | 27 | 778 |
| Balchem Corporation | 4 | 645 |
| Cabot Corporation | 7 | 508 |
| Celanese Corporation - Class A | 14 | 571 |
| CF Industries Holdings, Inc. | 22 | 1959 |
| Cleveland-Cliffs Inc. (a) | 63 | 765 |
| Coeur Mining, Inc. (a) | 83 | 1553 |
| Commercial Metals Company | 14 | 800 |
| Corteva, Inc. | 90 | 6118 |
| CRH Public Limited Company | 89 | 10650 |
| Dow Inc. | 93 | 2123 |
| DuPont de Nemours, Inc. | 55 | 4299 |
| Eagle Materials Inc. | 4 | 1021 |
| Eastman Chemical Company | 15 | 962 |
| Ecolab Inc. | 34 | 9190 |
| Element Solutions Inc. | 29 | 725 |
| FMC Corporation | 15 | 508 |
| Freeport-McMoRan Inc. | 185 | 7252 |
| H.B. Fuller Company | 7 | 407 |
| Hecla Mining Company (b) | 75 | 907 |
| International Flavors & Fragrances Inc. | 34 | 2076 |
| KRC Materials, Inc. (a) | 7 | 515 |
| Linde Public Limited Company | 62 | 29509 |
| LyondellBasell Industries N.V. - Class A | 34 | 1676 |
| Martin Marietta Materials, Inc. | 8 | 5041 |
| Mosaic Company, The | 40 | 1401 |
| NewMarket Corporation | 1 | 788 |
| Newmont Corporation | 145 | 12220 |
| Nucor Corporation | 31 | 4153 |
| PPG Industries, Inc. | 30 | 3150 |
| Reliance, Inc. | 7 | 1945 |
| Royal Gold, Inc. | 9 | 1742 |
| RPM International Inc. | 17 | 2005 |
| Scotts Miracle-Gro Company, The | 6 | 326 |
| Sensient Technologies Corporation | 6 | 522 |
| Sherwin-Williams Company, The | 30 | 10527 |
| Southern Copper Corporation | 12 | 1447 |
| Steel Dynamics, Inc. | 18 | 2578 |
| Vulcan Materials Company | 18 | 5394 |
| Westlake Corporation | 4 | 345 |
|  |  | 153035 |
| **Industrials 1.5%** | **Industrials 1.5%** | **Industrials 1.5%** |
| Boise Cascade Company | 5 | 386 |
| Simpson Manufacturing Co., Inc. | 6 | 926 |
| Tecnoglass Inc. | 3 | 210 |
| UFP Industries, Inc. | 8 | 752 |
|  |  | 2274 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| WD-40 Company | 2 | 352 |
| Total Common Stocks (cost $138,876) | Total Common Stocks (cost $138,876) | 155661 |
| **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 - Class I, 4.04% (c) (d) | 868 | 868 |
| Total Short Term Investments (cost $868) | Total Short Term Investments (cost $868) | 868 |
| **Total Investments 99.9% (cost $139,744)** | **Total Investments 99.9% (cost $139,744)** | **156529** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **5** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **89** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **156623** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 1257 | 39951 | 40340 | 20 |  |  | 868 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 408 | 4292 | 4700 | 2 |  |  |  |  |
|  | 1665 | 44243 | 45040 | 22 |  |  | 868 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Materials Select Sector Index | 10 | December 2025 | 976 | 5 | (18) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 155661 |  |  | 155661 |
| &nbsp;&nbsp;Short Term Investments | 868 |  |  | 868 |
|  | 156529 |  |  | 156529 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (18) |  |  | (18) |
|  | (18) |  |  | (18) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 54.2%** | **Information Technology 54.2%** | **Information Technology 54.2%** |
| Adobe Inc. (a) | 212 | 74921 |
| Advanced Micro Devices, Inc. (a) | 808 | 130728 |
| Analog Devices, Inc. | 247 | 60762 |
| Apple Inc. | 3011 | 766627 |
| Applied Materials, Inc. | 400 | 81879 |
| AppLovin Corporation - Class A (a) | 153 | 110179 |
| Arm Holdings PLC - ADR (a) | 66 | 9339 |
| ASML Holding N.V. - ADR | 42 | 40880 |
| Atlassian Corporation - Class A (a) | 82 | 13156 |
| Autodesk, Inc. (a) | 107 | 33878 |
| Broadcom Inc. | 1578 | 520681 |
| Cadence Design Systems, Inc. (a) | 136 | 47795 |
| CDW Corp. | 65 | 10347 |
| Cisco Systems, Inc. | 1973 | 135021 |
| Cognizant Technology Solutions Corporation - Class A | 247 | 16535 |
| CrowdStrike Holdings, Inc. - Class A (a) | 124 | 60865 |
| Datadog, Inc. - Class A (a) | 160 | 22764 |
| Fortinet, Inc. (a) | 380 | 31980 |
| Globalfoundries Inc. (a) | 276 | 9875 |
| Intel Corporation (a) | 2174 | 72929 |
| Intuit Inc. | 139 | 94931 |
| KLA Corporation | 66 | 71081 |
| Lam Research Corporation | 637 | 85352 |
| Marvell Technology, Inc. | 431 | 36221 |
| Microchip Technology Incorporated | 268 | 17198 |
| Micron Technology, Inc. | 557 | 93185 |
| Microsoft Corporation | 1508 | 781102 |
| NVIDIA Corporation | 4930 | 919828 |
| NXP Semiconductors N.V. | 126 | 28603 |
| ON Semiconductor Corporation (a) | 207 | 10194 |
| Palantir Technologies Inc. - Class A (a) | 1135 | 207087 |
| Palo Alto Networks, Inc. (a) | 332 | 67661 |
| Qualcomm Incorporated | 539 | 89588 |
| Roper Technologies, Inc. | 53 | 26632 |
| Shopify Inc. - Class A (a) | 607 | 90213 |
| Strategy Inc - Class A (a) | 132 | 42428 |
| Synopsys, Inc. (a) | 92 | 45447 |
| Texas Instruments Incorporated | 453 | 83180 |
| Workday, Inc. - Class A (a) | 108 | 26032 |
| Zscaler, Inc. (a) | 78 | 23350 |
|  |  | 5090454 |
| **Communication Services 15.2%** | **Communication Services 15.2%** | **Communication Services 15.2%** |
| Alphabet Inc. - Class A | 1179 | 286584 |
| Alphabet Inc. - Class C | 1102 | 268300 |
| Comcast Corporation - Class A | 1856 | 58314 |
| Electronic Arts Inc. | 125 | 25255 |
| Former Charter Communications Parent, Inc. - Class A (a) | 70 | 19371 |
| Meta Platforms, Inc. - Class A | 440 | 322964 |
| Netflix, Inc. (a) | 212 | 254266 |
| Take-Two Interactive Software, Inc. (a) | 91 | 23513 |
| T-Mobile US, Inc. | 562 | 134464 |
| Trade Desk, Inc., The - Class A (a) | 220 | 10781 |
| Warner Bros. Discovery, Inc. - Series A (a) | 1228 | 23983 |
|  |  | 1427795 |
| **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** |
| Airbnb, Inc. - Class A (a) | 215 | 26091 |
| Amazon.com, Inc. (a) | 2164 | 475104 |
| Booking Holdings Inc. | 16 | 87555 |
| DoorDash, Inc. - Class A (a) | 199 | 54038 |
| Lululemon Athletica Inc. (a) | 58 | 10269 |
| Marriott International, Inc. - Class A | 137 | 35615 |
| MercadoLibre, Inc. (a) | 25 | 59040 |
| O'Reilly Automotive, Inc. (a) | 426 | 45923 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 333 | 43972 |
| Ross Stores, Inc. | 163 | 24860 |
| Starbucks Corporation | 566 | 47910 |
| Tesla Inc. (a) | 739 | 328854 |
|  |  | 1239231 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Coca-Cola Europacific Partners PLC | 228 | 20635 |
| Costco Wholesale Corporation | 221 | 204661 |
| Keurig Dr Pepper Inc. | 679 | 17313 |
| Kraft Heinz Company, The | 586 | 15251 |
| Mondelez International, Inc. - Class A | 645 | 40272 |
| Monster Beverage 1990 Corporation (a) | 488 | 32847 |
| PepsiCo, Inc. | 683 | 95957 |
|  |  | 426936 |
| **Industrials 4.2%** | **Industrials 4.2%** | **Industrials 4.2%** |
| Automatic Data Processing, Inc. | 202 | 59371 |
| Axon Enterprise, Inc. (a) | 39 | 27748 |
| Cintas Corporation | 201 | 41303 |
| Copart, Inc. (a) | 483 | 21731 |
| CSX Corporation | 933 | 33142 |
| Fastenal Company | 573 | 28111 |
| Honeywell International Inc. | 320 | 67418 |
| Old Dominion Freight Line, Inc. | 106 | 14918 |
| PACCAR Inc | 262 | 25793 |
| Paychex, Inc. | 180 | 22855 |
| Thomson Reuters Corporation | 224 | 34791 |
| Verisk Analytics, Inc. | 69 | 17384 |
|  |  | 394565 |
| **Health Care 4.2%** | **Health Care 4.2%** | **Health Care 4.2%** |
| Amgen Inc. | 268 | 75618 |
| AstraZeneca PLC - ADR | 298 | 22838 |
| Biogen Inc. (a) | 73 | 10166 |
| DexCom, Inc. (a) | 196 | 13202 |
| GE HealthCare Technologies Inc. | 227 | 17086 |
| Gilead Sciences, Inc. | 620 | 68809 |
| IDEXX Laboratories, Inc. (a) | 40 | 25605 |
| Intuitive Surgical, Inc. (a) | 179 | 79882 |
| Regeneron Pharmaceuticals, Inc. | 53 | 29699 |
| Vertex Pharmaceuticals Incorporated (a) | 128 | 50119 |
|  |  | 393024 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| American Electric Power Company, Inc. | 266 | 29949 |
| Constellation Energy Group, Inc. | 156 | 51397 |
| Exelon Corporation | 503 | 22644 |
| XCEL Energy Inc. | 289 | 23269 |
|  |  | 127259 |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| Linde Public Limited Company | 235 | 111425 |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| Baker Hughes Company - Class A | 494 | 24054 |
| Diamondback Energy, Inc. | 146 | 20963 |
|  |  | 45017 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| PayPal Holdings, Inc. (a) | 485 | 32501 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| CoStar Group, Inc. (a) | 211 | 17791 |
| Total Common Stocks (cost $4,830,691) | Total Common Stocks (cost $4,830,691) | 9305998 |
| **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 - Class I, 4.04% (b) (c) | 78367 | 78367 |
| Total Short Term Investments (cost $78,367) | Total Short Term Investments (cost $78,367) | 78367 |
| **Total Investments 99.9% (cost $4,909,058)** | **Total Investments 99.9% (cost $4,909,058)** | **9384365** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **224** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **5470** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9390059** |

---

(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 September 30, 2025.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 54721 | 679711 | 656065 | 2092 |  |  | 78367 | 0.8 |
| JNL Government Money Market Fund, 4.14% - Class SL | 7147 | 66116 | 73263 | 71 |  |  |  |  |
|  | 61868 | 745827 | 729328 | 2163 |  |  | 78367 | 0.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 177 | December 2025 | 86643 | 224 | 1509 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 9305998 |  |  | 9305998 |
| &nbsp;&nbsp;Short Term Investments | 78367 |  |  | 78367 |
|  | 9384365 |  |  | 9384365 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1509 |  |  | 1509 |
|  | 1509 |  |  | 1509 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Real Estate 96.2%** | **Real Estate 96.2%** | **Real Estate 96.2%** |
| Agree Realty Corporation | 15 | 1050 |
| Alexandria Real Estate Equities, Inc. | 20 | 1686 |
| American Healthcare REIT, Inc. | 21 | 864 |
| American Homes 4 Rent - Class A | 42 | 1395 |
| American Tower Corporation | 64 | 12232 |
| Americold Realty Trust, Inc. | 34 | 414 |
| AvalonBay Communities, Inc. | 19 | 3604 |
| Brixmor Property Group Inc. | 42 | 1155 |
| Broadstone Net Lease, Inc. | 24 | 422 |
| BXP, Inc. (a) | 20 | 1465 |
| Camden Property Trust | 15 | 1577 |
| Caretrust REIT, Inc. | 27 | 948 |
| CBRE Group, Inc. - Class A (b) | 41 | 6389 |
| Compass, Inc. - Class A (b) | 60 | 480 |
| COPT Defense Properties | 15 | 447 |
| CoStar Group, Inc. (b) | 54 | 4583 |
| Cousins Properties Incorporated | 21 | 617 |
| Crown Castle Inc. | 56 | 5435 |
| Cubesmart, L.P. | 31 | 1267 |
| Digital Realty Trust, Inc. | 43 | 7507 |
| EastGroup Properties, Inc. | 7 | 1211 |
| EPR Properties | 10 | 594 |
| Equinix, Inc. | 13 | 10453 |
| Equity Lifestyle Properties, Inc. | 26 | 1583 |
| Equity Residential | 47 | 3030 |
| Essential Properties Realty Trust, Inc. | 27 | 803 |
| Essex Property Trust, Inc. | 8 | 2242 |
| Extra Space Storage Inc. | 28 | 3932 |
| Federal Realty Investment Trust | 12 | 1187 |
| First Industrial Realty Trust, Inc. | 17 | 849 |
| Gaming and Leisure Properties, Inc. | 36 | 1678 |
| Healthcare Realty Trust Incorporated - Class A | 47 | 840 |
| Healthpeak OP, LLC | 95 | 1824 |
| Highwoods Properties, Inc. | 14 | 447 |
| Host Hotels & Resorts, Inc. | 95 | 1620 |
| Howard Hughes Holdings Inc. (b) | 4 | 350 |
| Independence Realty Trust, Inc. | 30 | 497 |
| Invitation Homes Inc. | 76 | 2228 |
| Iron Mountain Incorporated | 40 | 4103 |
| Jones Lang LaSalle Incorporated (b) | 6 | 1925 |
| Kilroy Realty Corporation | 15 | 619 |
| Kimco Realty OP, LLC | 93 | 2022 |
| Kite Realty Naperville, LLC | 30 | 667 |
| Lamar Advertising Company - Class A | 12 | 1455 |
| Lineage, Inc. | 8 | 316 |
| Macerich Company, The | 35 | 629 |
| Mid-America Apartment Communities, Inc. | 16 | 2217 |
| Millrose Properties, Inc. - Class A | 16 | 552 |
| National Health Investors, Inc. | 6 | 485 |
| NNN REIT, Inc. | 26 | 1093 |
| Omega Healthcare Investors, Inc. | 39 | 1653 |
| Phillips Edison & Company, Inc. | 16 | 559 |
| PotlatchDeltic Corporation | 10 | 402 |
| ProLogis Inc. | 126 | 14437 |
| Public Storage Operating Company | 22 | 6237 |
| Rayonier Inc. | 19 | 509 |
| Realty Income Corporation | 119 | 7250 |
| Regency Centers Corporation | 22 | 1635 |
| Rexford Industrial Realty, Inc. | 32 | 1321 |
| Ryman Hospitality Properties, Inc. | 8 | 753 |
| Sabra Health Care REIT, Inc. | 29 | 549 |
| SBA Communications Corporation - Class A | 15 | 2841 |
| Simon Property Group, Inc. | 44 | 8312 |
| SL Green Realty Corp. (a) | 10 | 579 |
| STAG Industrial, Inc. | 26 | 900 |
| Sun Communities, Inc. | 16 | 2094 |
| Tanger Inc. | 15 | 514 |
| Terreno Realty Corporation | 14 | 782 |
| UDR, Inc. | 41 | 1521 |
| Ventas, Inc. | 59 | 4127 |
| VICI Properties Inc. | 144 | 4690 |
| Vornado Realty Trust | 22 | 900 |
| W.P. Carey Inc. | 30 | 1999 |
| Welltower Inc. | 91 | 16256 |
| Weyerhaeuser Company | 94 | 2338 |
|  |  | 188146 |
| **Financials 2.7%** | **Financials 2.7%** | **Financials 2.7%** |
| AGNC Investment Corp. (a) | 141 | 1381 |
| Annaly Capital Management, Inc. | 88 | 1769 |
| Blackstone Mortgage Trust, Inc. - Class A | 22 | 413 |
| RITHM Capital Corp. | 72 | 825 |
| Starwood Property Trust, Inc. | 47 | 912 |
|  |  | 5300 |
| Total Common Stocks (cost $201,671) | Total Common Stocks (cost $201,671) | 193446 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 1298 | 1298 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 1128 | 1128 |
| Total Short Term Investments (cost $2,426) | Total Short Term Investments (cost $2,426) | 2426 |
| **Total Investments 100.2% (cost $204,097)** | **Total Investments 100.2% (cost $204,097)** | **195872** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **8** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (355) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **195525** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 744 | 27545 | 27161 | 25 |  |  | 1128 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1331 | 10758 | 10791 | 9 |  |  | 1298 | 0.6 |
|  | 2075 | 38303 | 37952 | 34 |  |  | 2426 | 1.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Real Estate Select Sector Index | 39 | December 2025 | 2017 | 8 | 11 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 193446 |  |  | 193446 |
| &nbsp;&nbsp;Short Term Investments | 2426 |  |  | 2426 |
|  | 195872 |  |  | 195872 |
| **Assets - 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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Information Technology 34.6%** | **Information Technology 34.6%** | **Information Technology 34.6%** |
| Accenture Public Limited Company - Class A | 184 | 45451 |
| Adobe Inc. (a) | 125 | 44222 |
| Advanced Micro Devices, Inc. (a) | 479 | 77572 |
| Akamai Technologies, Inc. (a) | 46 | 3456 |
| Amphenol Corporation - Class A | 362 | 44743 |
| Analog Devices, Inc. | 147 | 36069 |
| Apple Inc. | 4391 | 1118153 |
| Applied Materials, Inc. (b) | 237 | 48586 |
| AppLovin Corporation - Class A (a) (b) | 80 | 57509 |
| Arista Networks, Inc. (a) | 303 | 44135 |
| Autodesk, Inc. (a) | 63 | 19972 |
| Broadcom Inc. | 1392 | 459247 |
| Cadence Design Systems, Inc. (a) | 82 | 28733 |
| CDW Corp. | 39 | 6192 |
| Cisco Systems, Inc. | 1173 | 80232 |
| Cognizant Technology Solutions Corporation - Class A | 144 | 9626 |
| Corning Incorporated | 229 | 18767 |
| CrowdStrike Holdings, Inc. - Class A (a) (b) | 74 | 36453 |
| Datadog, Inc. - Class A (a) | 97 | 13778 |
| Dell Technologies Inc. - Class C | 90 | 12739 |
| EPAM Systems, Inc. (a) | 16 | 2479 |
| F5, Inc. (a) (b) | 17 | 5606 |
| Fair Isaac Corporation (a) | 7 | 10404 |
| First Solar, Inc. (a) | 32 | 7058 |
| Fortinet, Inc. (a) | 195 | 16427 |
| Gartner, Inc. (a) | 23 | 6137 |
| Gen Digital Inc. | 165 | 4685 |
| GoDaddy Inc. - Class A (a) | 43 | 5869 |
| Hewlett Packard Enterprise Company | 397 | 9752 |
| HP, Inc. | 280 | 7631 |
| Intel Corporation (a) | 1290 | 43270 |
| International Business Machines Corporation | 276 | 77787 |
| Intuit Inc. | 82 | 56206 |
| Jabil Inc. | 31 | 6661 |
| Keysight Technologies, Inc. (a) | 50 | 8771 |
| KLA Corporation | 39 | 42128 |
| Lam Research Corporation | 374 | 50084 |
| Microchip Technology Incorporated (b) | 162 | 10392 |
| Micron Technology, Inc. | 331 | 55314 |
| Microsoft Corporation | 2200 | 1139545 |
| Monolithic Power Systems, Inc. | 14 | 12959 |
| Motorola Solutions, Inc. | 49 | 22554 |
| NetApp, Inc. | 60 | 7069 |
| NVIDIA Corporation | 7221 | 1347375 |
| NXP Semiconductors N.V. | 76 | 17405 |
| ON Semiconductor Corporation (a) (b) | 128 | 6331 |
| Oracle Corporation | 490 | 137937 |
| Palantir Technologies Inc. - Class A (a) | 673 | 122774 |
| Palo Alto Networks, Inc. (a) (b) | 197 | 40219 |
| PTC Inc. (a) | 35 | 7101 |
| Qualcomm Incorporated | 319 | 53060 |
| Roper Technologies, Inc. | 32 | 15797 |
| Salesforce, Inc. | 283 | 67049 |
| Seagate Technology Holdings Public Limited Company (b) | 64 | 15143 |
| ServiceNow, Inc. (a) | 61 | 56584 |
| Skyworks Solutions, Inc. | 45 | 3480 |
| Super Micro Computer, Inc. (a) | 154 | 7364 |
| Synopsys, Inc. (a) | 55 | 27076 |
| TE Connectivity Public Limited Company | 88 | 19323 |
| Teledyne Technologies Incorporated (a) | 14 | 8181 |
| Teradyne, Inc. | 45 | 6204 |
| Texas Instruments Incorporated | 267 | 49108 |
| Trimble Inc. (a) | 69 | 5677 |
| Tyler Technologies, Inc. (a) | 13 | 6733 |
| VeriSign, Inc. (b) | 24 | 6746 |
| Western Digital Corporation | 102 | 12257 |
| Workday, Inc. - Class A (a) (b) | 63 | 15188 |
| Zebra Technologies Corporation - Class A (a) | 16 | 4719 |
|  |  | 5873254 |
| **Financials 13.4%** | **Financials 13.4%** | **Financials 13.4%** |
| AFLAC Incorporated | 144 | 16086 |
| Allstate Corporation, The | 79 | 16883 |
| American Express Company | 161 | 53394 |
| American International Group, Inc. | 165 | 12978 |
| Ameriprise Financial, Inc. | 27 | 13422 |
| AON Public Limited Company - Class A | 63 | 22376 |
| Apollo Global Management, Inc. (b) | 137 | 18319 |
| Arch Capital Group Ltd. | 111 | 10093 |
| Arthur J. Gallagher & Co. | 75 | 23231 |
| Assurant, Inc. | 15 | 3273 |
| Bank of America Corporation | 2013 | 103837 |
| Bank of New York Mellon Corporation, The (c) | 209 | 22791 |
| Berkshire Hathaway Inc. - Class B (a) | 543 | 272914 |
| BlackRock, Inc. | 43 | 49708 |
| Blackstone Inc. - Class A | 218 | 37254 |
| Block, Inc. - Class A (a) | 162 | 11719 |
| Brown & Brown, Inc. | 86 | 8054 |
| Capital One Financial Corporation | 189 | 40123 |
| CBOE Global Markets, Inc. | 30 | 7416 |
| Charles Schwab Corporation, The | 508 | 48484 |
| Chubb Limited | 109 | 30683 |
| Cincinnati Financial Corporation | 47 | 7455 |
| Citigroup Inc. | 546 | 55399 |
| Citizens Financial Group, Inc. | 128 | 6798 |
| CME Group Inc. - Class A | 107 | 28837 |
| Coinbase Global, Inc. - Class A (a) | 67 | 22575 |
| Corpay Inc (a) | 22 | 6231 |
| Erie Indemnity Company - Class A (b) | 8 | 2484 |
| Everest Group, Ltd. | 13 | 4399 |
| FactSet Research Systems Inc. | 11 | 3197 |
| Fidelity National Information Services, Inc. | 148 | 9777 |
| Fifth Third Bancorp (b) | 200 | 8909 |
| Fiserv, Inc. (a) | 161 | 20735 |
| Franklin Resources, Inc. (b) | 91 | 2100 |
| Global Payments Inc. | 75 | 6235 |
| Globe Life Inc. | 24 | 3443 |
| Goldman Sachs Group, Inc., The | 90 | 71424 |
| Hartford Insurance Group, Inc., The (b) | 86 | 11473 |
| Huntington Bancshares Incorporated | 443 | 7657 |
| Interactive Brokers Group, Inc. - Class A | 131 | 8995 |
| Intercontinental Exchange, Inc. | 168 | 28349 |
| Invesco Ltd. | 127 | 2923 |
| Jack Henry & Associates, Inc. (b) | 20 | 2984 |
| JPMorgan Chase & Co. | 814 | 256754 |
| KeyCorp | 269 | 5033 |
| KKR & Co. Inc. - Class A | 203 | 26329 |
| Loews Corporation (b) | 48 | 4816 |
| M&T Bank Corporation | 49 | 9722 |
| Marsh & Mclennan Companies, Inc. | 144 | 28927 |
| MasterCard Incorporated - Class A | 244 | 138911 |
| MetLife, Inc. | 162 | 13370 |
| Moody's Corporation | 45 | 21616 |
| Morgan Stanley | 360 | 57168 |
| MSCI Inc. - Class A | 22 | 12687 |
| Nasdaq, Inc. (b) | 131 | 11622 |
| Northern Trust Corporation | 57 | 7722 |
| PayPal Holdings, Inc. (a) | 281 | 18834 |
| Principal Financial Group, Inc. | 61 | 5046 |
| Progressive Corporation, The | 175 | 43267 |
| Prudential Financial, Inc. (b) | 101 | 10444 |
| Raymond James Financial, Inc. (b) | 54 | 9305 |
| Regions Financial Corporation | 256 | 6760 |
| Robinhood Markets, Inc. - Class A (a) | 228 | 32691 |
| S&P Global Inc. | 92 | 45019 |
| State Street Corporation | 81 | 9425 |
| Synchrony Financial | 112 | 7960 |
| T. Rowe Price Group, Inc. | 66 | 6813 |
| The PNC Financial Services Group, Inc. | 117 | 23553 |
| Travelers Companies, Inc., The | 68 | 18988 |
| Truist Financial Corporation | 377 | 17249 |
| U.S. Bancorp (b) | 452 | 21851 |
| Visa Inc. - Class A (b) | 503 | 171694 |
| W. R. Berkley Corporation | 87 | 6655 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo & Company | 948 | 79463 |
| Willis Towers Watson Public Limited Company (b) | 29 | 9896 |
| | | 2285007 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| Airbnb, Inc. - Class A (a) | 129 | 15631 |
| Amazon.com, Inc. (a) | 2871 | 630437 |
| Aptiv PLC (a) | 65 | 5570 |
| AutoZone, Inc. (a) | 5 | 21318 |
| Best Buy Co., Inc. | 63 | 4746 |
| Booking Holdings Inc. | 10 | 51795 |
| CarMax, Inc. (a) (b) | 40 | 1783 |
| Carnival Corporation (a) | 327 | 9441 |
| Chipotle Mexican Grill, Inc. (a) | 393 | 15385 |
| D.R. Horton, Inc. (b) | 81 | 13802 |
| Darden Restaurants, Inc. | 33 | 6289 |
| Deckers Outdoor Corporation (a) | 47 | 4764 |
| Domino's Pizza, Inc. (b) | 10 | 4263 |
| DoorDash, Inc. - Class A (a) | 109 | 29735 |
| eBay Inc. | 136 | 12345 |
| Expedia Group, Inc. | 36 | 7603 |
| Ford Motor Company | 1164 | 13926 |
| Garmin Ltd. | 47 | 11635 |
| General Motors Company | 279 | 17040 |
| Genuine Parts Company (b) | 42 | 5874 |
| Hasbro, Inc. | 39 | 2938 |
| Hilton Worldwide Holdings Inc. | 69 | 17908 |
| Home Depot, Inc., The | 294 | 119307 |
| Las Vegas Sands Corp. | 91 | 4886 |
| Lennar Corporation - Class A | 66 | 8266 |
| LKQ Corporation | 73 | 2236 |
| Lowe`s Companies, Inc. | 166 | 41698 |
| Lululemon Athletica Inc. (a) | 33 | 5961 |
| Marriott International, Inc. - Class A (b) | 67 | 17414 |
| McDonald's Corporation | 213 | 64672 |
| MGM Resorts International (a) (b) | 61 | 2118 |
| Mohawk Industries, Inc. (a) | 16 | 2120 |
| Nike, Inc. - Class B | 355 | 24789 |
| Norwegian Cruise Line Holdings Ltd. (a) | 123 | 3031 |
| NVR, Inc. (a) | 1 | 6837 |
| O'Reilly Automotive, Inc. (a) | 248 | 26790 |
| Pool Corporation (b) | 10 | 3010 |
| PulteGroup, Inc. | 60 | 7882 |
| Ralph Lauren Corporation - Class A | 11 | 3379 |
| Ross Stores, Inc. | 98 | 14910 |
| Royal Caribbean Cruises Ltd. (b) | 75 | 24169 |
| Starbucks Corporation (b) | 333 | 28207 |
| Tapestry, Inc. | 58 | 6583 |
| Tesla Inc. (a) | 830 | 369330 |
| TJX Companies, Inc., The (b) | 329 | 47485 |
| Tractor Supply Company (b) | 162 | 9218 |
| Ulta Beauty, Inc. (a) | 13 | 7229 |
| Williams-Sonoma, Inc. | 37 | 7197 |
| Wynn Resorts, Limited | 26 | 3315 |
| Yum! Brands, Inc. | 82 | 12519 |
|  |  | 1778786 |
| **Communication Services 10.1%** | **Communication Services 10.1%** | **Communication Services 10.1%** |
| Alphabet Inc. - Class A | 1718 | 417749 |
| Alphabet Inc. - Class C | 1385 | 337409 |
| AT&T Inc. | 2116 | 59758 |
| Comcast Corporation - Class A | 1088 | 34196 |
| Electronic Arts Inc. | 68 | 13820 |
| Former Charter Communications Parent, Inc. - Class A (a) | 29 | 7850 |
| Fox Corporation - Class A | 66 | 4177 |
| Fox Corporation - Class B (b) | 36 | 2038 |
| Live Nation Entertainment, Inc. (a) (b) | 47 | 7691 |
| Match Group, Inc. | 65 | 2288 |
| Meta Platforms, Inc. - Class A | 642 | 471449 |
| Netflix, Inc. (a) | 126 | 150756 |
| News Corporation - Class A | 103 | 3168 |
| News Corporation - Class B (b) | 38 | 1302 |
| Omnicom Group Inc. (b) | 60 | 4890 |
| Paramount Skydance Corporation - Class B (b) | 93 | 1767 |
| Take-Two Interactive Software, Inc. (a) | 51 | 13174 |
| The Interpublic Group of Companies, Inc. | 102 | 2854 |
| TKO Group Holdings Inc. - Class A (b) | 20 | 3992 |
| T-Mobile US, Inc. | 143 | 34318 |
| Trade Desk, Inc., The - Class A (a) | 132 | 6490 |
| Verizon Communications Inc. (b) | 1243 | 54646 |
| Walt Disney Company, The | 534 | 61164 |
| Warner Bros. Discovery, Inc. - Series A (a) (b) | 730 | 14259 |
|  |  | 1711205 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Abbott Laboratories | 517 | 69221 |
| AbbVie Inc. | 523 | 121030 |
| Agilent Technologies, Inc. | 85 | 10854 |
| Align Technology, Inc. (a) (b) | 20 | 2483 |
| Amgen Inc. | 160 | 45235 |
| Baxter International Inc. (b) | 159 | 3612 |
| Becton, Dickinson and Company | 84 | 15806 |
| Biogen Inc. (a) | 41 | 5701 |
| Bio-Techne Corporation (b) | 46 | 2553 |
| Boston Scientific Corporation (a) | 438 | 42784 |
| Bristol-Myers Squibb Company | 603 | 27177 |
| Cardinal Health, Inc. | 69 | 10872 |
| Cencora, Inc. | 57 | 17748 |
| Centene Corporation (a) | 137 | 4905 |
| Charles River Laboratories International, Inc. (a) | 17 | 2655 |
| Cigna Group, The | 80 | 22995 |
| Cooper Companies, Inc., The (a) (b) | 58 | 3981 |
| CVS Health Corporation | 374 | 28163 |
| Danaher Corporation | 187 | 37064 |
| Davita Inc. (a) (b) | 8 | 1072 |
| DexCom, Inc. (a) | 119 | 7985 |
| Edwards Lifesciences Corporation (a) | 178 | 13861 |
| Elevance Health, Inc. | 66 | 21342 |
| Eli Lilly and Company | 235 | 179497 |
| GE HealthCare Technologies Inc. | 132 | 9881 |
| Gilead Sciences, Inc. | 367 | 40726 |
| HCA Healthcare, Inc. | 49 | 20721 |
| Henry Schein, Inc. (a) | 28 | 1867 |
| Hologic, Inc. (a) (b) | 68 | 4606 |
| Humana Inc. | 36 | 9316 |
| IDEXX Laboratories, Inc. (a) | 23 | 14955 |
| Incyte Corporation (a) | 50 | 4276 |
| Insulet Corporation (a) | 21 | 6514 |
| Intuitive Surgical, Inc. (a) | 106 | 47360 |
| IQVIA Holdings Inc (a) | 49 | 9244 |
| Johnson & Johnson | 712 | 132069 |
| Labcorp Holdings Inc. | 24 | 6815 |
| McKesson Corporation | 37 | 28495 |
| Medtronic, Inc. | 378 | 35990 |
| Merck & Co., Inc. | 738 | 61961 |
| Mettler-Toledo International Inc. (a) (b) | 6 | 7722 |
| Moderna, Inc. (a) (b) | 102 | 2645 |
| Molina Healthcare, Inc. (a) (b) | 16 | 3120 |
| Pfizer Inc. | 1688 | 43003 |
| Quest Diagnostics Incorporated (b) | 36 | 6807 |
| Regeneron Pharmaceuticals, Inc. | 30 | 16907 |
| ResMed Inc. (b) | 44 | 12164 |
| Revvity, Inc. (b) | 33 | 2876 |
| Solventum Corporation (a) | 39 | 2856 |
| Steris Public Limited Company | 30 | 7417 |
| Stryker Corporation | 103 | 38092 |
| Thermo Fisher Scientific Inc. | 111 | 53989 |
| UnitedHealth Group Incorporated | 268 | 92529 |
| Universal Health Services, Inc. - Class B | 17 | 3406 |
| Vertex Pharmaceuticals Incorporated (a) | 76 | 29931 |
| Viatris Inc. | 356 | 3525 |
| Waters Corporation (a) (b) | 18 | 5430 |
| West Pharmaceutical Services, Inc. | 21 | 5406 |
| Zimmer Biomet Holdings, Inc. (b) | 59 | 5781 |
| Zoetis Inc. - Class A | 132 | 19351 |
|  |  | 1496349 |
| **Industrials 8.2%** | **Industrials 8.2%** | **Industrials 8.2%** |
| 3M Company | 157 | 24294 |
| A. O. Smith Corporation | 32 | 2356 |
| Allegion Public Limited Company | 26 | 4573 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 68 | 12720 |
| Automatic Data Processing, Inc. | 118 | 34777 |
| Axon Enterprise, Inc. (a) | 23 | 16684 |
| Boeing Company, The (a) | 222 | 48021 |
| Broadridge Financial Solutions, Inc. | 35 | 8398 |
| Builders FirstSource, Inc. (a) (b) | 34 | 4165 |
| C.H. Robinson Worldwide, Inc. | 35 | 4609 |
| Carrier Global Corporation (b) | 239 | 14256 |
| Caterpillar Inc. | 139 | 66132 |
| Cintas Corporation | 102 | 20884 |
| Copart, Inc. (a) | 267 | 11994 |
| CSX Corporation | 547 | 19423 |
| Cummins Inc. | 41 | 17391 |
| Dayforce, Inc. (a) (b) | 46 | 3140 |
| Deere & Company (b) | 75 | 34282 |
| Delta Air Lines, Inc. | 199 | 11280 |
| Dover Corporation | 42 | 6947 |
| Eaton Corporation Public Limited Company | 116 | 43352 |
| EMCOR Group, Inc. | 13 | 8293 |
| Emerson Electric Co. (b) | 165 | 21652 |
| Equifax Inc. (b) | 36 | 9358 |
| Expeditors International of Washington, Inc. - Class A (b) | 40 | 4902 |
| Fastenal Company (b) | 347 | 17007 |
| FedEx Corporation (b) | 64 | 15097 |
| Fortive Corporation (b) | 102 | 4991 |
| GE Vernova Inc. | 80 | 49370 |
| Generac Holdings Inc. (a) (b) | 18 | 2998 |
| General Dynamics Corporation (b) | 75 | 25596 |
| General Electric Company | 315 | 94638 |
| Honeywell International Inc. | 188 | 39519 |
| Howmet Aerospace Inc. | 118 | 23208 |
| Hubbell Incorporated | 16 | 6682 |
| Huntington Ingalls Industries, Inc. | 11 | 3111 |
| IDEX Corporation | 22 | 3572 |
| Illinois Tool Works Inc. (b) | 78 | 20342 |
| Ingersoll Rand Inc. (b) | 107 | 8825 |
| J.B. Hunt Transport Services, Inc. | 21 | 2788 |
| Jacobs Solutions Inc. | 36 | 5385 |
| Johnson Controls International Public Limited Company | 194 | 21357 |
| L3Harris Technologies, Inc. | 56 | 17210 |
| Leidos Holdings, Inc. | 38 | 7141 |
| Lennox International Inc. (b) | 9 | 4759 |
| Lockheed Martin Corporation | 61 | 30315 |
| Masco Corporation | 61 | 4278 |
| Nordson Corporation (b) | 16 | 3629 |
| Norfolk Southern Corporation | 67 | 20008 |
| Northrop Grumman Corporation | 39 | 23804 |
| Old Dominion Freight Line, Inc. | 52 | 7356 |
| Otis Worldwide Corporation | 114 | 10431 |
| PACCAR Inc | 158 | 15544 |
| Parker-Hannifin Corporation (b) | 38 | 28616 |
| Paychex, Inc. | 97 | 12267 |
| Paycom Software, Inc. (b) | 14 | 2826 |
| Pentair Public Limited Company | 48 | 5344 |
| Quanta Services, Inc. (b) | 45 | 18588 |
| Republic Services, Inc. | 60 | 13749 |
| Rockwell Automation, Inc. | 34 | 11998 |
| Rollins, Inc. | 86 | 5075 |
| RTX Corporation | 397 | 66385 |
| Snap-on Incorporated | 16 | 5498 |
| Southwest Airlines Co. (b) | 161 | 5145 |
| Stanley Black & Decker, Inc. (b) | 45 | 3339 |
| Textron Inc. (b) | 53 | 4439 |
| Trane Technologies Public Limited Company | 66 | 27956 |
| TransDigm Group Incorporated | 16 | 21776 |
| Uber Technologies, Inc. (a) | 616 | 60360 |
| Union Pacific Corporation | 176 | 41639 |
| United Airlines Holdings, Inc. (a) | 94 | 9034 |
| United Parcel Service, Inc. - Class B | 221 | 18464 |
| United Rentals, Inc. (b) | 19 | 18224 |
| Veralto Corporation | 73 | 7796 |
| Verisk Analytics, Inc. | 42 | 10642 |
| W.W. Grainger, Inc. | 13 | 12190 |
| Waste Management, Inc. | 111 | 24621 |
| Westinghouse Air Brake Technologies Corporation | 50 | 10094 |
| Xylem Inc. | 72 | 10552 |
| | | 1399461 |
| **Consumer Staples 4.9%** | **Consumer Staples 4.9%** | **Consumer Staples 4.9%** |
| Altria Group, Inc. | 496 | 32781 |
| Archer-Daniels-Midland Company (b) | 140 | 8388 |
| Brown-Forman Corporation - Class B (b) | 54 | 1459 |
| Bunge Global SA (b) | 41 | 3303 |
| Campbell's Company, The (b) | 49 | 1545 |
| Church & Dwight Co., Inc. | 73 | 6359 |
| Clorox Company, The | 38 | 4664 |
| Coca-Cola Company, The | 1145 | 75959 |
| Colgate-Palmolive Company | 243 | 19408 |
| Conagra Brands, Inc. | 141 | 2579 |
| Constellation Brands, Inc. - Class A (b) | 42 | 5655 |
| Costco Wholesale Corporation | 131 | 121515 |
| Dollar General Corporation | 65 | 6695 |
| Dollar Tree, Inc. (a) (b) | 59 | 5568 |
| Estee Lauder Companies Inc., The - Class A | 71 | 6223 |
| General Mills, Inc. (b) | 160 | 8046 |
| Hershey Company, The | 42 | 7896 |
| Hormel Foods Corporation (b) | 94 | 2323 |
| J. M. Smucker Company, The (b) | 35 | 3857 |
| Kellanova | 79 | 6458 |
| Kenvue Inc. | 545 | 8853 |
| Keurig Dr Pepper Inc. | 403 | 10280 |
| Kimberly-Clark Corporation | 97 | 12092 |
| Kraft Heinz Company, The | 246 | 6410 |
| Kroger Co., The (b) | 175 | 11816 |
| Lamb Weston Holdings, Inc. (b) | 45 | 2593 |
| McCormick & Company, Incorporated | 73 | 4889 |
| Molson Coors Beverage Company - Class B | 51 | 2287 |
| Mondelez International, Inc. - Class A (b) | 376 | 23500 |
| Monster Beverage 1990 Corporation (a) | 210 | 14164 |
| PepsiCo, Inc. | 404 | 56729 |
| Philip Morris International Inc. | 460 | 74644 |
| Procter & Gamble Company, The | 695 | 106715 |
| Sysco Corporation | 148 | 12159 |
| Target Corporation | 130 | 11631 |
| Tyson Foods, Inc. - Class A | 88 | 4798 |
| Walmart Inc. | 1298 | 133807 |
|  |  | 828048 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Apa Corp. | 101 | 2442 |
| Baker Hughes Company - Class A | 293 | 14293 |
| Chevron Corporation (b) | 571 | 88638 |
| ConocoPhillips | 373 | 35274 |
| Coterra Energy Inc. | 223 | 5285 |
| Devon Energy Corporation | 176 | 6163 |
| Diamondback Energy, Inc. (b) | 56 | 7978 |
| EOG Resources, Inc. | 163 | 18231 |
| EQT Corporation | 179 | 9734 |
| Expand Energy Corporation | 72 | 7625 |
| Exxon Mobil Corporation | 1265 | 142582 |
| Halliburton Company | 261 | 6414 |
| Kinder Morgan, Inc. | 575 | 16273 |
| Marathon Petroleum Corporation | 89 | 17236 |
| Occidental Petroleum Corporation (b) | 214 | 10113 |
| ONEOK, Inc. | 180 | 13135 |
| Phillips 66 (b) | 120 | 16383 |
| Schlumberger Limited | 440 | 15123 |
| Targa Resources Corp. | 64 | 10724 |
| Texas Pacific Land Corporation (b) | 6 | 5283 |
| Valero Energy Corporation (b) | 94 | 15925 |
| Williams Companies, Inc., The | 359 | 22747 |
|  |  | 487601 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corporation, The (b) | 216 | 2839 |
| Alliant Energy Corporation (b) | 75 | 5038 |
| Ameren Corporation (b) | 79 | 8239 |
| American Electric Power Company, Inc. | 160 | 18031 |
| American Water Works Company, Inc. (b) | 58 | 8034 |
| Atmos Energy Corporation | 50 | 8573 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. (b) | 190 | 7392 |
| CMS Energy Corporation | 88 | 6452 |
| Consolidated Edison, Inc. | 108 | 10866 |
| Constellation Energy Group, Inc. | 94 | 30792 |
| Dominion Energy, Inc. (b) | 250 | 15287 |
| DTE Energy Company (b) | 64 | 9044 |
| Duke Energy Corporation | 230 | 28490 |
| Edison International | 110 | 6107 |
| Entergy Corporation (b) | 135 | 12567 |
| Evergy, Inc. | 67 | 5108 |
| Eversource Energy | 111 | 7883 |
| Exelon Corporation (b) | 308 | 13852 |
| FirstEnergy Corp. (b) | 160 | 7310 |
| NextEra Energy, Inc. | 608 | 45873 |
| NiSource Inc. | 130 | 5649 |
| NRG Energy, Inc. | 59 | 9522 |
| PG&E Corporation | 632 | 9537 |
| Pinnacle West Capital Corporation (b) | 32 | 2853 |
| PPL Corporation (b) | 217 | 8065 |
| Public Service Enterprise Group Incorporated (b) | 145 | 12065 |
| Sempra (b) | 188 | 16892 |
| The Southern Company (b) | 327 | 30966 |
| Vistra Corp. | 94 | 18492 |
| WEC Energy Group Inc. | 91 | 10472 |
| XCEL Energy Inc. (b) | 182 | 14651 |
| | | 396941 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Alexandria Real Estate Equities, Inc. (b) | 43 | 3583 |
| American Tower Corporation | 140 | 26993 |
| AvalonBay Communities, Inc. (b) | 41 | 7912 |
| BXP, Inc. | 47 | 3508 |
| Camden Property Trust (b) | 30 | 3193 |
| CBRE Group, Inc. - Class A (a) | 87 | 13707 |
| CoStar Group, Inc. (a) | 126 | 10664 |
| Crown Castle Inc. | 131 | 12648 |
| Digital Realty Trust, Inc. | 95 | 16492 |
| Equinix, Inc. | 29 | 22571 |
| Equity Residential | 103 | 6683 |
| Essex Property Trust, Inc. (b) | 18 | 4797 |
| Extra Space Storage Inc. | 62 | 8798 |
| Federal Realty Investment Trust | 26 | 2681 |
| Healthpeak OP, LLC | 207 | 3963 |
| Host Hotels & Resorts, Inc. (b) | 210 | 3568 |
| Invitation Homes Inc. | 174 | 5095 |
| Iron Mountain Incorporated | 86 | 8819 |
| Kimco Realty OP, LLC | 200 | 4362 |
| Mid-America Apartment Communities, Inc. (b) | 37 | 5139 |
| ProLogis Inc. | 275 | 31480 |
| Public Storage Operating Company | 47 | 13523 |
| Realty Income Corporation | 267 | 16224 |
| Regency Centers Corporation | 47 | 3403 |
| SBA Communications Corporation - Class A | 31 | 6091 |
| Simon Property Group, Inc. | 96 | 17984 |
| UDR, Inc. (b) | 92 | 3415 |
| Ventas, Inc. | 132 | 9212 |
| VICI Properties Inc. | 317 | 10322 |
| Welltower Inc. | 197 | 35167 |
| Weyerhaeuser Company (b) | 221 | 5483 |
|  |  | 327480 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Air Products and Chemicals, Inc. (b) | 65 | 17738 |
| Albemarle Corporation (b) | 35 | 2803 |
| Amcor Pty Ltd (b) | 674 | 5514 |
| Avery Dennison Corporation | 23 | 3783 |
| Ball Corporation | 87 | 4378 |
| CF Industries Holdings, Inc. | 48 | 4291 |
| Corteva, Inc. | 203 | 13720 |
| Dow Inc. (b) | 209 | 4788 |
| DuPont de Nemours, Inc. | 118 | 9189 |
| Eastman Chemical Company (b) | 30 | 1863 |
| Ecolab Inc. | 76 | 20897 |
| Freeport-McMoRan Inc. | 419 | 16442 |
| International Flavors & Fragrances Inc. | 80 | 4915 |
| International Paper Company (b) | 160 | 7419 |
| Linde Public Limited Company | 139 | 65935 |
| LyondellBasell Industries N.V. - Class A | 77 | 3760 |
| Martin Marietta Materials, Inc. | 18 | 11072 |
| Mosaic Company, The | 92 | 3185 |
| Newmont Corporation | 326 | 27455 |
| Nucor Corporation | 66 | 8994 |
| Packaging Corporation of America (b) | 27 | 5783 |
| PPG Industries, Inc. | 66 | 6961 |
| Sherwin-Williams Company, The | 68 | 23558 |
| Smurfit Westrock Public Limited Company (b) | 149 | 6364 |
| Steel Dynamics, Inc. | 44 | 6139 |
| Vulcan Materials Company | 39 | 12077 |
|  |  | 299023 |
| Total Common Stocks (cost $6,315,231) | Total Common Stocks (cost $6,315,231) | 16883155 |
| **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** |
| **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 81167 | 81167 |
| Repurchase Agreement with BNS, 4.44% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $444,760) acquired on 9/30/2025, due 1/5/2026 at $404,785 | 400000 | 400000 |
| Repurchase Agreement with CIT, 4.50% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $315,434) acquired on 9/30/2025, due 12/31/2025 at $303,450 | 300000 | 300000 |
|  |  | 781167 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 96054 | 96054 |
| Total Short Term Investments (cost $877,221) | Total Short Term Investments (cost $877,221) | 877221 |
| **Total Investments 104.6% (cost $7,192,452)** | **Total Investments 104.6% (cost $7,192,452)** | **17760376** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **413** |
| **Other Assets and Liabilities, Net (4.6)%** | **Other Assets and Liabilities, Net (4.6)%** | **(778179)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **16982610** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 17281 |  | 1498 | 323 | 1007 | 6001 | 22791 | 0.1 |
| JNL Government Money Market Fund, 4.04% - Class I | 122896 | 704450 | 731292 | 3319 |  |  | 96054 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 23987 | 3838829 | 3781649 | 3012 |  |  | 81167 | 0.5 |
|  | 164164 | 4543279 | 4514439 | 6654 | 1007 | 6001 | 200012 | 1.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 332 | December 2025 | 110383 | 413 | 1481 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 16883155 |  |  | 16883155 |
| &nbsp;&nbsp;Short Term Investments | 877221 |  |  | 877221 |
|  | 17760376 |  |  | 17760376 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1481 |  |  | 1481 |
|  | 1481 |  |  | 1481 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 32.9%** | **Information Technology 32.9%** | **Information Technology 32.9%** |
| Accenture Public Limited Company - Class A | 50 | 12417 |
| ACI Worldwide, Inc. (a) | 9 | 457 |
| Adobe Inc. (a) | 34 | 11978 |
| Advanced Energy Industries, Inc. | 3 | 488 |
| Advanced Micro Devices, Inc. (a) | 131 | 21137 |
| Akamai Technologies, Inc. (a) | 10 | 773 |
| Allegro Microsystems Inc. (a) | 10 | 288 |
| Amkor Technology, Inc. | 6 | 164 |
| Amphenol Corporation - Class A | 98 | 12136 |
| Analog Devices, Inc. | 40 | 9836 |
| AppFolio, Inc. - Class A (a) | 2 | 530 |
| Apple Inc. | 1193 | 303873 |
| Applied Materials, Inc. | 64 | 13131 |
| AppLovin Corporation - Class A (a) | 17 | 12368 |
| Arista Networks, Inc. (a) | 83 | 12105 |
| Arrow Electronics, Inc. (a) | 3 | 410 |
| Astera Labs, Inc. (a) | 10 | 2004 |
| Atlassian Corporation - Class A (a) | 13 | 2137 |
| Aurora Innovations Inc. - Class A (a) | 82 | 440 |
| Autodesk, Inc. (a) | 17 | 5452 |
| Avnet, Inc. | 8 | 417 |
| Badger Meter, Inc. | 2 | 412 |
| Belden Inc. | 4 | 420 |
| Bentley Systems, Incorporated - Class B | 11 | 556 |
| Bill Holdings, Inc. (a) | 6 | 337 |
| Blackbaud, Inc. (a) | 4 | 244 |
| Blackline, Inc. (a) | 5 | 264 |
| Box, Inc. - Class A (a) | 11 | 370 |
| Broadcom Inc. | 371 | 122399 |
| Cadence Design Systems, Inc. (a) | 22 | 7708 |
| CCC Intelligent Solutions Holdings Inc. (a) | 36 | 324 |
| CDW Corp. | 11 | 1745 |
| Ciena Corporation (a) | 12 | 1714 |
| Circle Internet Group, Inc. - Class A (a) | 3 | 425 |
| Cirrus Logic, Inc. (a) | 4 | 496 |
| Cisco Systems, Inc. | 318 | 21781 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 19 | 346 |
| Cloudflare, Inc. - Class A (a) | 24 | 5189 |
| Cognex Corporation | 13 | 594 |
| Cognizant Technology Solutions Corporation - Class A | 39 | 2622 |
| Coherent Corp. (a) | 12 | 1273 |
| CommVault Systems, Inc. (a) | 4 | 728 |
| Confluent, Inc. - Class A (a) | 22 | 440 |
| Coreweave, Inc. - Class A (a) | 5 | 637 |
| Corning Incorporated | 61 | 4967 |
| Credo Technology Group Holding Ltd (a) | 12 | 1698 |
| CrowdStrike Holdings, Inc. - Class A (a) | 19 | 9498 |
| Datadog, Inc. - Class A (a) | 24 | 3438 |
| Dell Technologies Inc. - Class C | 25 | 3538 |
| DocuSign, Inc. (a) | 15 | 1115 |
| Dolby Laboratories, Inc. - Class A | 5 | 335 |
| Dropbox, Inc. - Class A (a) | 17 | 519 |
| Dynatrace, Inc. (a) | 25 | 1217 |
| Elastic N.V. (a) | 7 | 613 |
| Enphase Energy, Inc. (a) | 10 | 348 |
| Entegris, Inc. | 12 | 1075 |
| EPAM Systems, Inc. (a) | 5 | 719 |
| F5, Inc. (a) | 5 | 1476 |
| Fabrinet (a) | 3 | 990 |
| Fair Isaac Corporation (a) | 2 | 2724 |
| First Solar, Inc. (a) | 8 | 1767 |
| Flex Ltd. (a) | 29 | 1698 |
| Fortinet, Inc. (a) | 52 | 4390 |
| Gartner, Inc. (a) | 6 | 1568 |
| Gen Digital Inc. | 44 | 1257 |
| GitLab Inc. - Class A (a) | 11 | 477 |
| GoDaddy Inc. - Class A (a) | 12 | 1617 |
| Guidewire Software, Inc. (a) | 6 | 1478 |
| Hewlett Packard Enterprise Company | 105 | 2573 |
| HP, Inc. | 74 | 2012 |
| HubSpot, Inc. (a) | 4 | 1839 |
| Informatica Inc. - Class A (a) | 16 | 394 |
| Insight Enterprises, Inc. (a) | 2 | 241 |
| Intapp US, Inc. (a) | 5 | 185 |
| Intel Corporation (a) | 349 | 11693 |
| InterDigital, Inc. | 2 | 637 |
| International Business Machines Corporation | 75 | 21105 |
| Intuit Inc. | 22 | 14911 |
| ionQ, Inc. (a) (b) | 23 | 1398 |
| Itron, Inc. (a) | 4 | 515 |
| Jabil Inc. | 8 | 1777 |
| JFROG Ltd (a) | 8 | 384 |
| Keysight Technologies, Inc. (a) | 14 | 2404 |
| KLA Corporation | 11 | 11446 |
| Kyndryl Holdings, Inc. (a) | 20 | 586 |
| Lam Research Corporation | 102 | 13646 |
| Lattice Semiconductor Corporation (a) | 12 | 865 |
| Life360, Inc. (a) | 7 | 694 |
| Littelfuse, Inc. | 2 | 551 |
| Lumentum Holdings Inc. (a) | 5 | 889 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5 | 650 |
| Manhattan Associates, Inc. (a) | 5 | 949 |
| Mara Holdings, Inc. (a) (b) | 27 | 495 |
| Marvell Technology, Inc. | 70 | 5874 |
| Microchip Technology Incorporated | 43 | 2791 |
| Micron Technology, Inc. | 90 | 14984 |
| Microsoft Corporation | 598 | 309639 |
| Mirion Technologies (US), Inc. - Class A (a) | 18 | 417 |
| MKS Inc. | 5 | 566 |
| MongoDB, Inc. - Class A (a) | 6 | 1979 |
| Monolithic Power Systems, Inc. | 4 | 3388 |
| Motorola Solutions, Inc. | 14 | 6196 |
| NetApp, Inc. | 16 | 1849 |
| Novanta Inc. (a) | 3 | 324 |
| Nutanix, Inc. - Class A (a) | 21 | 1569 |
| NVIDIA Corporation | 1890 | 352699 |
| NXP Semiconductors N.V. | 19 | 4402 |
| Okta, Inc. - Class A (a) | 13 | 1234 |
| ON Semiconductor Corporation (a) | 33 | 1647 |
| Onto Innovation Inc. (a) | 4 | 472 |
| Oracle Corporation | 131 | 36840 |
| OSI Systems, Inc. (a) | 1 | 289 |
| Palantir Technologies Inc. - Class A (a) | 175 | 31997 |
| Palo Alto Networks, Inc. (a) | 53 | 10822 |
| Pegasystems Inc. | 7 | 410 |
| Plexus Corp. (a) | 2 | 338 |
| Procore Technologies, Inc. (a) | 10 | 705 |
| PTC Inc. (a) | 10 | 1940 |
| Pure Storage, Inc. - Class A (a) | 24 | 2047 |
| Q2 Holdings, Inc. (a) | 4 | 324 |
| Qorvo, Inc. (a) | 7 | 604 |
| Qualcomm Incorporated | 87 | 14429 |
| Qualys, Inc. (a) | 3 | 385 |
| Rambus Inc. (a) | 9 | 915 |
| Roper Technologies, Inc. | 9 | 4235 |
| Rubrik, Inc. - Class A (a) | 9 | 716 |
| SailPoint, Inc. (a) | 6 | 135 |
| Salesforce, Inc. | 75 | 17692 |
| Samsara Inc. - Class A (a) | 21 | 771 |
| SanDisk LLC (a) | 9 | 1031 |
| Sanmina Corporation (a) | 4 | 499 |
| Seagate Technology Holdings Public Limited Company | 16 | 3855 |
| SentinelOne, Inc. - Class A (a) | 25 | 436 |
| ServiceNow, Inc. (a) | 17 | 15327 |
| ServiceTitan, Inc. - Class A (a) | 1 | 135 |
| Silicon Laboratories Inc. (a) | 3 | 373 |
| Sitime Corporation (a) | 2 | 484 |
| Skyworks Solutions, Inc. | 13 | 975 |
| Snowflake Inc. - Class A (a) | 26 | 5966 |
| Soundhound AI, Inc. - Class A (a) (b) | 30 | 476 |
| SPS Commerce, Inc. (a) | 3 | 336 |
| Strategy Inc - Class A (a) | 21 | 6870 |
| Super Micro Computer, Inc. (a) (b) | 43 | 2054 |
| Synopsys, Inc. (a) | 15 | 7237 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TD SYNNEX Corporation | 6 | 1004 |
| TE Connectivity Public Limited Company | 24 | 5249 |
| Teledyne Technologies Incorporated (a) | 4 | 2196 |
| Tenable Holdings, Inc. (a) | 11 | 319 |
| Teradyne, Inc. | 13 | 1836 |
| Texas Instruments Incorporated | 73 | 13369 |
| Trimble Inc. (a) | 20 | 1620 |
| Twilio Inc. - Class A (a) | 12 | 1154 |
| Tyler Technologies, Inc. (a) | 3 | 1825 |
| Uipath, Inc. - Class A (a) | 31 | 408 |
| Unity Software Inc. (a) | 25 | 1002 |
| Universal Display Corporation | 4 | 543 |
| Varonis Systems, Inc. (a) | 8 | 443 |
| VeriSign, Inc. | 7 | 1814 |
| Vontier Corporation | 10 | 434 |
| Western Digital Corporation | 27 | 3291 |
| Workday, Inc. - Class A (a) | 17 | 4200 |
| Workiva Inc. - Class A (a) | 4 | 353 |
| Zebra Technologies Corporation - Class A (a) | 4 | 1246 |
| Zoom Communications, Inc. - Class A (a) | 20 | 1638 |
| Zscaler, Inc. (a) | 8 | 2359 |
| | | 1662907 |
| **Financials 13.6%** | **Financials 13.6%** | **Financials 13.6%** |
| Affiliated Managers Group, Inc. | 2 | 511 |
| Affirm Holdings, Inc. - Class A (a) | 21 | 1552 |
| AFLAC Incorporated | 39 | 4332 |
| AGNC Investment Corp. (b) | 82 | 803 |
| Allstate Corporation, The | 21 | 4574 |
| Ally Financial Inc. | 23 | 890 |
| American Express Company | 44 | 14571 |
| American Financial Group, Inc. | 6 | 851 |
| American International Group, Inc. | 43 | 3409 |
| Ameriprise Financial, Inc. | 7 | 3643 |
| Ameris Bancorp | 6 | 436 |
| Annaly Capital Management, Inc. | 49 | 992 |
| AON Public Limited Company - Class A | 17 | 6090 |
| Apollo Global Management, Inc. | 35 | 4713 |
| Arch Capital Group Ltd. | 30 | 2711 |
| Ares Management Corporation - Class A | 16 | 2619 |
| Arthur J. Gallagher & Co. | 21 | 6380 |
| Associated Banc-Corp | 10 | 265 |
| Assurant, Inc. | 4 | 937 |
| Assured Guaranty Ltd. | 4 | 348 |
| Atlantic Union Bank | 8 | 293 |
| AXIS Capital Holdings Limited | 6 | 617 |
| Axos Financial, Inc. (a) | 4 | 318 |
| BancFirst Corporation | 1 | 159 |
| Bank of America Corporation | 547 | 28227 |
| Bank of New York Mellon Corporation, The (c) | 54 | 5911 |
| Bank OZK | 8 | 387 |
| Berkshire Hathaway Inc. - Class B (a) | 148 | 74360 |
| BGC Group, Inc. - Class A | 34 | 324 |
| BlackRock, Inc. | 11 | 13030 |
| Blackstone Inc. - Class A | 60 | 10191 |
| Blackstone Mortgage Trust, Inc. - Class A | 13 | 231 |
| Block, Inc. - Class A (a) | 45 | 3270 |
| Blue Owl Capital Inc. - Class A | 48 | 815 |
| BOK Financial Corporation | 2 | 227 |
| Brown & Brown, Inc. | 23 | 2110 |
| Cadence Bank | 15 | 566 |
| Capital One Financial Corporation | 51 | 10884 |
| Carlyle Group Inc., The | 18 | 1106 |
| Cathay General Bancorp | 5 | 238 |
| Charles Schwab Corporation, The | 137 | 13110 |
| Chubb Limited | 30 | 8485 |
| Cincinnati Financial Corporation | 12 | 1951 |
| Citigroup Inc. | 148 | 15025 |
| Citizens Financial Group, Inc. | 34 | 1798 |
| CME Group Inc. - Class A | 29 | 7873 |
| CNO Financial Group, Inc. | 8 | 321 |
| Cohen & Steers, Inc. | 1 | 60 |
| Coinbase Global, Inc. - Class A (a) | 17 | 5695 |
| Columbia Banking System, Inc. | 19 | 491 |
| Comerica Incorporated | 11 | 737 |
| Commerce Bancshares, Inc. | 11 | 658 |
| Corebridge Financial, Inc. | 20 | 643 |
| Corpay Inc (a) | 6 | 1606 |
| Credit Acceptance Corporation (a) | 1 | 263 |
| Cullen/Frost Bankers, Inc. | 5 | 638 |
| East West Bancorp, Inc. | 11 | 1180 |
| Equitable Holdings, Inc. | 25 | 1292 |
| Erie Indemnity Company - Class A | 2 | 679 |
| Essent Group Ltd. | 7 | 428 |
| Euronet Worldwide, Inc. (a) | 3 | 285 |
| Evercore Inc. - Class A | 3 | 1013 |
| Everest Group, Ltd. | 3 | 1166 |
| F.N.B. Corporation | 24 | 382 |
| FactSet Research Systems Inc. | 3 | 933 |
| Federated Hermes, Inc. - Class B | 7 | 356 |
| Fidelity National Financial, Inc. - Class A | 20 | 1198 |
| Fidelity National Information Services, Inc. | 42 | 2788 |
| Fifth Third Bancorp | 53 | 2364 |
| First American Financial Corporation | 7 | 456 |
| First BanCorp | 11 | 243 |
| First Citizens BancShares, Inc. - Class A | 1 | 1412 |
| First Financial Bankshares, Inc. | 11 | 375 |
| First Hawaiian, Inc. | 10 | 259 |
| First Horizon Corporation | 50 | 1128 |
| FirstCash, Inc. | 4 | 573 |
| Fiserv, Inc. (a) | 43 | 5584 |
| Flagstar Financial, Inc. | 23 | 269 |
| Franklin Resources, Inc. | 26 | 604 |
| Freedom Holding Corp. (a) (b) | 1 | 175 |
| Fulton Financial Corporation | 10 | 177 |
| Glacier Bancorp, Inc. | 10 | 473 |
| Global Payments Inc. | 20 | 1620 |
| Globe Life Inc. | 6 | 881 |
| Goldman Sachs Group, Inc., The | 25 | 19680 |
| HA Sustainable Infrastructure Capital, Inc. | 10 | 299 |
| Hamilton Lane Incorporated - Class A | 3 | 376 |
| Hancock Whitney Corporation | 6 | 360 |
| Hanover Insurance Group Inc, The | 3 | 544 |
| Hartford Insurance Group, Inc., The | 22 | 2946 |
| Home BancShares, Inc. | 15 | 429 |
| Houlihan Lokey, Inc. - Class A | 4 | 892 |
| Huntington Bancshares Incorporated | 119 | 2061 |
| Independence Holdings, LLC | 10 | 558 |
| Interactive Brokers Group, Inc. - Class A | 35 | 2439 |
| Intercontinental Exchange, Inc. | 46 | 7740 |
| International Bancshares Corporation | 5 | 320 |
| Invesco Ltd. | 25 | 583 |
| Jack Henry & Associates, Inc. | 6 | 907 |
| Jackson Financial Inc. - Class A (c) | 6 | 599 |
| Janus Henderson Group PLC | 11 | 489 |
| Jefferies Financial Group Inc. | 13 | 872 |
| JPMorgan Chase & Co. | 221 | 69670 |
| KeyCorp | 74 | 1376 |
| Kinsale Capital Group, Inc. | 2 | 737 |
| KKR & Co. Inc. - Class A | 53 | 6878 |
| Lazard, Inc. | 7 | 382 |
| Lincoln National Corporation | 14 | 550 |
| Loews Corporation | 15 | 1466 |
| LPL Financial Holdings Inc. | 7 | 2187 |
| M&T Bank Corporation | 13 | 2485 |
| Markel Group Inc. (a) | 1 | 1883 |
| MarketAxess Holdings Inc. | 3 | 543 |
| Marsh & Mclennan Companies, Inc. | 39 | 7915 |
| MasterCard Incorporated - Class A | 66 | 37663 |
| Mercury General Corporation | 3 | 219 |
| MetLife, Inc. | 46 | 3779 |
| MGIC Investment Corporation | 14 | 392 |
| Moelis & Company - Class A | 7 | 482 |
| Moody's Corporation | 12 | 5908 |
| Morgan Stanley | 99 | 15771 |
| Morningstar, Inc. | 2 | 523 |
| Mr. Cooper Group Inc. | 4 | 920 |
| MSCI Inc. - Class A | 6 | 3414 |
| Nasdaq, Inc. | 31 | 2749 |
| Northern Trust Corporation | 16 | 2089 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Old National Bancorp | 22 | 492 |
| Old Republic International Corporation | 17 | 722 |
| Palomar Holdings, Inc. (a) | 2 | 225 |
| PayPal Holdings, Inc. (a) | 76 | 5094 |
| PennyMac Financial Services, Inc. | 3 | 329 |
| Pinnacle Financial Partners, Inc. | 6 | 590 |
| Piper Sandler Companies | 1 | 430 |
| PJT Partners Inc. - Class A | 1 | 239 |
| Popular, Inc. | 6 | 727 |
| Primerica, Inc. | 3 | 785 |
| Principal Financial Group, Inc. | 18 | 1458 |
| Progressive Corporation, The | 47 | 11619 |
| Prosperity Bancshares, Inc. | 8 | 531 |
| Prudential Financial, Inc. | 29 | 2994 |
| Radian Group Inc. | 13 | 461 |
| Raymond James Financial, Inc. | 14 | 2339 |
| Regions Financial Corporation | 71 | 1860 |
| Reinsurance Group of America, Incorporated | 6 | 1087 |
| Remitly Global, Inc. (a) | 15 | 249 |
| RenaissanceRe Holdings Ltd | 4 | 892 |
| RITHM Capital Corp. | 43 | 484 |
| RLI Corp. | 7 | 439 |
| Robinhood Markets, Inc. - Class A (a) | 59 | 8493 |
| Ryan Specialty Group Holdings, Inc. - Class A | 7 | 400 |
| S&P Global Inc. | 25 | 12075 |
| SEI Investments Company | 8 | 644 |
| Selective Insurance Group, Inc. | 5 | 388 |
| ServisFirst Bancshares, Inc. | 5 | 400 |
| Shift4 Payments, LLC - Class A (a) (b) | 5 | 414 |
| SLM Corporation | 18 | 506 |
| SoFi Technologies, Inc. (a) | 95 | 2504 |
| Southstate Bank Corporation | 7 | 651 |
| Starwood Property Trust, Inc. | 27 | 527 |
| State Street Corporation | 23 | 2718 |
| StepStone Group Inc. - Class A | 6 | 362 |
| Stifel Financial Corp. | 8 | 872 |
| StoneX Group Inc. (a) (b) | 3 | 294 |
| Synchrony Financial | 29 | 2057 |
| Synovus Financial Corp. | 12 | 593 |
| T. Rowe Price Group, Inc. | 18 | 1893 |
| Texas Capital Bancshares, Inc. (a) | 4 | 328 |
| TFS Financial Corporation | 8 | 104 |
| The PNC Financial Services Group, Inc. | 31 | 6285 |
| The Western Union Company (b) | 28 | 221 |
| Toast, Inc. - Class A (a) | 41 | 1497 |
| TPG Inc. - Class A | 8 | 462 |
| Tradeweb Markets Inc. - Class A | 10 | 1095 |
| Travelers Companies, Inc., The | 18 | 5105 |
| Truist Financial Corporation | 102 | 4668 |
| U.S. Bancorp | 126 | 6065 |
| UMB Financial Corporation | 5 | 641 |
| United Bankshares, Inc. | 11 | 420 |
| United Community Banks, Inc. | 11 | 345 |
| Unum Group | 13 | 1024 |
| Upstart Holdings, Inc. (a) (b) | 7 | 355 |
| Valley National Bancorp | 29 | 311 |
| Victory Capital Holdings, Inc. - Class A | 4 | 242 |
| Visa Inc. - Class A | 137 | 46628 |
| Voya Financial, Inc. | 8 | 605 |
| W. R. Berkley Corporation | 24 | 1822 |
| Webster Financial Corporation | 13 | 748 |
| Wells Fargo & Company | 260 | 21771 |
| Western Alliance Bancorporation | 9 | 766 |
| Wex, Inc. (a) | 2 | 373 |
| White Mountains Insurance Group Ltd |  | 364 |
| Willis Towers Watson Public Limited Company | 8 | 2632 |
| Wintrust Financial Corporation | 5 | 612 |
| Zions Bancorporation, National Association | 9 | 506 |
| Zurich American Corporation | 6 | 288 |
| | | 689733 |
| **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 344 |
| Acushnet Holdings Corp. | 2 | 175 |
| ADT, Inc. | 20 | 177 |
| Adtalem Global Education Inc. (a) | 3 | 390 |
| Airbnb, Inc. - Class A (a) | 34 | 4076 |
| Amazon.com, Inc. (a) | 783 | 172017 |
| Aptiv PLC (a) | 17 | 1438 |
| Aramark | 21 | 819 |
| Asbury Automotive Group, Inc. (a) | 1 | 311 |
| Autoliv, Inc. | 6 | 721 |
| AutoNation, Inc. (a) | 2 | 448 |
| AutoZone, Inc. (a) | 1 | 5788 |
| Bath & Body Works, Inc. | 19 | 484 |
| Best Buy Co., Inc. | 17 | 1260 |
| Booking Holdings Inc. | 3 | 14033 |
| Boot Barn Holdings, Inc. (a) | 2 | 390 |
| BorgWarner Inc. | 16 | 693 |
| Boyd Gaming Corporation | 5 | 411 |
| Bright Horizons Family Solutions, Inc. (a) | 5 | 518 |
| Brinker International, Inc. (a) | 4 | 449 |
| Brunswick Corporation | 5 | 326 |
| Burlington Stores, Inc. (a) | 5 | 1261 |
| Caesars Entertainment, Inc. (a) | 14 | 385 |
| CarMax, Inc. (a) | 12 | 537 |
| Carnival Corporation (a) | 86 | 2475 |
| Carvana Co. - Class A (a) | 11 | 4180 |
| CAVA Group, Inc. (a) | 8 | 487 |
| Cavco Industries, Inc. (a) | 1 | 340 |
| Chewy, Inc. - Class A (a) | 16 | 630 |
| Chipotle Mexican Grill, Inc. (a) | 109 | 4257 |
| Choice Hotels International, Inc. (b) | 3 | 301 |
| Churchill Downs Incorporated | 5 | 495 |
| Columbia Sportswear Company | 3 | 162 |
| Coupang, Inc. - Class A (a) | 100 | 3219 |
| Crocs, Inc. (a) | 5 | 417 |
| D.R. Horton, Inc. | 21 | 3584 |
| Darden Restaurants, Inc. | 9 | 1787 |
| Deckers Outdoor Corporation (a) | 13 | 1281 |
| Dick's Sporting Goods, Inc. | 6 | 1221 |
| Dillard's, Inc. - Class A |  | 176 |
| DK Crown Holdings Inc. - Class A (a) | 40 | 1480 |
| Domino's Pizza, Inc. | 3 | 1092 |
| DoorDash, Inc. - Class A (a) | 30 | 8046 |
| Dorman Products, Inc. (a) | 2 | 326 |
| Duolingo, Inc. - Class A (a) | 3 | 1078 |
| Dutch Bros Inc. - Class A (a) | 10 | 525 |
| eBay Inc. | 37 | 3388 |
| ETSY, Inc. (a) | 8 | 540 |
| Expedia Group, Inc. | 10 | 2057 |
| Five Below, Inc. (a) | 5 | 739 |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 9 | 627 |
| Flutter Entertainment Public Limited Company (a) | 14 | 3438 |
| Ford Motor Company | 317 | 3796 |
| Frontdoor, Inc. (a) | 6 | 374 |
| GameStop Corp. - Class A (a) | 30 | 821 |
| Gap, Inc., The | 22 | 468 |
| Garmin Ltd. | 13 | 3232 |
| General Motors Company | 76 | 4626 |
| Gentex Corporation | 16 | 449 |
| Genuine Parts Company | 11 | 1585 |
| Global Business Travel Group, Inc. - Class A (a) | 6 | 49 |
| Grand Canyon Education, Inc. (a) | 2 | 418 |
| Group 1 Automotive, Inc. | 1 | 455 |
| H & R Block, Inc. | 10 | 495 |
| Hasbro, Inc. | 11 | 857 |
| Hilton Grand Vacations Inc. (a) | 4 | 169 |
| Hilton Worldwide Holdings Inc. | 18 | 4602 |
| Home Depot, Inc., The | 80 | 32433 |
| Hyatt Hotels Corporation - Class A | 3 | 493 |
| Installed Building Products, Inc. | 2 | 480 |
| KB Home | 5 | 302 |
| Kontoor Brands, Inc. | 4 | 342 |
| Las Vegas Sands Corp. | 26 | 1399 |
| Lear Corporation | 4 | 441 |
| Lennar Corporation - Class A | 17 | 2147 |
| Lennar Corporation - Class B | 1 | 140 |
| Life Time Group Holdings, Inc. (a) | 9 | 259 |
| Light & Wonder, Inc. (a) | 7 | 587 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lithia Motors, Inc. - Class A | 2 | 707 |
| LKQ Corporation | 22 | 685 |
| Lowe`s Companies, Inc. | 45 | 11260 |
| Lucid Group, Inc. (a) (b) | 9 | 216 |
| Lululemon Athletica Inc. (a) | 8 | 1509 |
| Macy's, Inc. | 16 | 294 |
| Marriott International, Inc. - Class A | 18 | 4775 |
| Mattel, Inc. (a) | 24 | 399 |
| McDonald's Corporation | 58 | 17567 |
| MercadoLibre, Inc. (a) | 4 | 8864 |
| Meritage Homes Corporation | 6 | 455 |
| MGM Resorts International (a) | 15 | 515 |
| Modine Manufacturing Company (a) | 4 | 523 |
| Mohawk Industries, Inc. (a) | 4 | 558 |
| Murphy USA Inc. | 1 | 540 |
| Nike, Inc. - Class B | 91 | 6341 |
| Norwegian Cruise Line Holdings Ltd. (a) | 32 | 788 |
| NVR, Inc. (a) |  | 1679 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 5 | 591 |
| O'Reilly Automotive, Inc. (a) | 67 | 7194 |
| Penske Automotive Group, Inc. | 1 | 239 |
| Planet Fitness, Inc. - Class A (a) | 7 | 731 |
| Pool Corporation | 3 | 904 |
| PulteGroup, Inc. | 16 | 2087 |
| PVH Corp. | 3 | 279 |
| Ralph Lauren Corporation - Class A | 3 | 914 |
| RH (a) (b) | 1 | 269 |
| Rivian Automotive, Inc. - Class A (a) (b) | 62 | 905 |
| Ross Stores, Inc. | 26 | 3987 |
| Royal Caribbean Cruises Ltd. | 20 | 6554 |
| Service Corporation International | 12 | 1025 |
| Shake Shack, Inc. - Class A (a) | 3 | 281 |
| Six Flags Entertainment Corporation (a) (b) | 7 | 163 |
| Skyline Champion Corporation (a) | 3 | 250 |
| Somnigroup International Inc. | 16 | 1311 |
| Starbucks Corporation | 91 | 7704 |
| Stride, Inc. (a) (b) | 3 | 515 |
| Tapestry, Inc. | 17 | 1906 |
| Taylor Morrison Home II Corporation - Class A (a) | 9 | 594 |
| Tesla Inc. (a) | 226 | 100344 |
| Texas Roadhouse, Inc. - Class A | 6 | 951 |
| Thor Industries, Inc. | 4 | 428 |
| TJX Companies, Inc., The | 90 | 12953 |
| Toll Brothers, Inc. | 8 | 1050 |
| TopBuild Corp. (a) | 2 | 877 |
| Tractor Supply Company | 41 | 2310 |
| Travel + Leisure Co. | 4 | 244 |
| Ulta Beauty, Inc. (a) | 4 | 1948 |
| Urban Outfitters, Inc. (a) | 4 | 257 |
| V.F. Corporation | 29 | 415 |
| Vail Resorts, Inc. (b) | 3 | 438 |
| Valvoline, Inc. (a) | 8 | 302 |
| Wayfair Inc. - Class A (a) | 9 | 770 |
| Whirlpool Corporation (b) | 5 | 364 |
| Williams-Sonoma, Inc. | 10 | 1916 |
| Wingstop Inc. | 2 | 613 |
| Wyndham Hotels & Resorts, Inc. (b) | 5 | 427 |
| Wynn Resorts, Limited | 7 | 859 |
| Yum! Brands, Inc. | 23 | 3435 |
| | | 544197 |
| **Communication Services 9.7%** | **Communication Services 9.7%** | **Communication Services 9.7%** |
| Alphabet Inc. - Class A | 468 | 113705 |
| Alphabet Inc. - Class C | 407 | 99106 |
| AST Spacemobile, Inc. - Class A (a) (b) | 17 | 814 |
| AT&T Inc. | 574 | 16196 |
| Cinemark Holdings, Inc. | 10 | 270 |
| Comcast Corporation - Class A | 300 | 9426 |
| Digital World Acquisition Corp. (a) | 8 | 128 |
| EchoStar Corporation - Class A (a) | 11 | 811 |
| Electronic Arts Inc. | 18 | 3719 |
| Former Charter Communications Parent, Inc. - Class A (a) | 8 | 2073 |
| Fox Corporation - Class A | 18 | 1126 |
| Fox Corporation - Class B | 11 | 616 |
| Frontier Communications Parent, Inc. (a) | 17 | 618 |
| Liberty Broadband Corporation - Series A (a) | 1 | 58 |
| Liberty Broadband Corporation - Series C (a) | 8 | 499 |
| Liberty Global Ltd. - Class A (a) | 14 | 164 |
| Liberty Global Ltd. - Class C (a) | 3 | 37 |
| Liberty Media Corporation - Series A (a) | 2 | 195 |
| Liberty Media Corporation - Series A (a) | 1 | 114 |
| Liberty Media Corporation - Series C (a) | 4 | 399 |
| Liberty Media Corporation - Series C (a) | 17 | 1735 |
| Live Nation Entertainment, Inc. (a) | 12 | 1940 |
| Lumen Technologies, Inc. (a) | 73 | 449 |
| Match Group, Inc. | 21 | 733 |
| Meta Platforms, Inc. - Class A | 175 | 128205 |
| Netflix, Inc. (a) | 34 | 40963 |
| News Corporation - Class A | 32 | 986 |
| News Corporation - Class B | 8 | 281 |
| Nexstar Media Group, Inc. - Class A (b) | 2 | 380 |
| Omnicom Group Inc. | 15 | 1259 |
| Pinterest, Inc. - Class A (a) | 50 | 1593 |
| Reddit, Inc. - Class A (a) | 10 | 2189 |
| Roblox Corporation - Class A (a) | 50 | 6924 |
| Roku, Inc. - Class A (a) | 11 | 1093 |
| Sirius XM Holdings Inc. | 15 | 341 |
| Snap Inc. - Class A (a) | 92 | 710 |
| Sphere Entertainment Co. - Class A (a) | 1 | 249 |
| Take-Two Interactive Software, Inc. (a) | 14 | 3549 |
| Telephone and Data Systems, Inc. | 7 | 274 |
| The Interpublic Group of Companies, Inc. | 30 | 847 |
| The New York Times Company - Class A | 13 | 742 |
| TKO Group Holdings Inc. - Class A | 6 | 1162 |
| T-Mobile US, Inc. | 34 | 8080 |
| Trade Desk, Inc., The - Class A (a) | 37 | 1818 |
| Verizon Communications Inc. | 339 | 14905 |
| Walt Disney Company, The | 145 | 16546 |
| Warner Bros. Discovery, Inc. - Series A (a) | 185 | 3621 |
| Warner Music Group Corp. - Class A | 12 | 394 |
| ZoomInfo Technologies Inc. - Class A (a) | 19 | 206 |
|  |  | 492248 |
| **Industrials 9.3%** | **Industrials 9.3%** | **Industrials 9.3%** |
| 3M Company | 43 | 6713 |
| A. O. Smith Corporation | 10 | 729 |
| AAON, Inc. | 6 | 534 |
| ABM Industries Incorporated | 6 | 285 |
| Acuity Brands, Inc. | 3 | 858 |
| Advanced Drainage Systems, Inc. | 6 | 821 |
| AECOM | 10 | 1327 |
| AeroVironment, Inc. (a) | 3 | 949 |
| AGCO Corporation | 5 | 510 |
| Air Lease Corporation - Class A | 8 | 521 |
| Alaska Air Group, Inc. (a) | 9 | 461 |
| Allegion Public Limited Company | 7 | 1186 |
| Allison Systems, Inc. | 7 | 583 |
| Amentum Holdings, Inc. (a) (b) | 10 | 241 |
| American Airlines Group Inc. (a) | 48 | 544 |
| AMETEK, Inc. | 19 | 3506 |
| API Group Corporation (a) | 23 | 805 |
| Applied Industrial Technologies, Inc. | 3 | 820 |
| Archer Aviation Inc. - Class A (a) (b) | 38 | 366 |
| Arcosa, Inc. | 4 | 351 |
| Armstrong World Industries, Inc. | 4 | 741 |
| ATI Inc. (a) | 11 | 890 |
| Automatic Data Processing, Inc. | 32 | 9493 |
| Avis Budget Group, Inc. (a) (b) | 1 | 200 |
| Axon Enterprise, Inc. (a) | 6 | 4297 |
| Boeing Company, The (a) | 61 | 13185 |
| Boise Cascade Company | 4 | 290 |
| Booz Allen Hamilton Holding Corporation - Class A | 10 | 957 |
| Brady Corporation - Class A | 4 | 279 |
| Brink's Company, The | 4 | 417 |
| Broadridge Financial Solutions, Inc. | 9 | 2226 |
| Builders FirstSource, Inc. (a) | 9 | 1139 |
| BWXT Government Group, Inc. | 7 | 1347 |
| C.H. Robinson Worldwide, Inc. | 9 | 1241 |
| Caci International Inc. - Class A (a) | 2 | 932 |
| Carlisle Companies Incorporated | 3 | 1121 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Carrier Global Corporation | 63 | 3753 |
| Casella Waste Systems, Inc. - Class A (a) | 5 | 463 |
| Caterpillar Inc. | 38 | 18093 |
| CBIZ, Inc. (a) | 4 | 209 |
| Chart Industries, Inc. (a) | 3 | 646 |
| Cintas Corporation | 28 | 5708 |
| Clarivate PLC (a) | 35 | 133 |
| Clean Harbors, Inc. (a) | 4 | 991 |
| CNH Industrial N.V. | 78 | 842 |
| Comfort Systems USA, Inc. | 3 | 2291 |
| Construction Partners, Inc. - Class A (a) | 4 | 462 |
| Copart, Inc. (a) | 68 | 3036 |
| Core & Main, Inc. - Class A (a) | 13 | 693 |
| Crane Company | 4 | 697 |
| CSW Industrials, Inc. | 2 | 375 |
| CSX Corporation | 149 | 5291 |
| Cummins Inc. | 11 | 4691 |
| Curtiss-Wright Corporation | 3 | 1621 |
| Dayforce, Inc. (a) | 12 | 847 |
| Deere & Company | 20 | 9201 |
| Delta Air Lines, Inc. | 51 | 2881 |
| Donaldson Company, Inc. | 10 | 818 |
| Dover Corporation | 11 | 1844 |
| Dycom Industries, Inc. (a) | 2 | 680 |
| Eaton Corporation Public Limited Company | 31 | 11775 |
| EMCOR Group, Inc. | 4 | 2378 |
| Emerson Electric Co. | 45 | 5952 |
| EnerSys | 2 | 271 |
| Enpro Inc. | 2 | 401 |
| Equifax Inc. | 10 | 2539 |
| ESAB Corporation | 5 | 562 |
| ESCO Technologies Inc. | 2 | 417 |
| ExlService Holdings, Inc. (a) | 13 | 581 |
| Expeditors International of Washington, Inc. - Class A | 10 | 1261 |
| Exponent, Inc. | 5 | 343 |
| Fastenal Company | 92 | 4497 |
| Federal Signal Corporation | 5 | 587 |
| FedEx Corporation | 18 | 4134 |
| Ferguson Enterprises Inc. | 16 | 3668 |
| Flowserve Corporation | 10 | 545 |
| Fluor Corporation (a) | 14 | 589 |
| Fortive Corporation | 26 | 1292 |
| Fortune Brands Innovations, Inc. | 8 | 410 |
| Franklin Electric Co., Inc. | 3 | 285 |
| FTAI Aviation Ltd. | 8 | 1288 |
| FTI Consulting, Inc. (a) | 2 | 400 |
| Gates Industrial Corporation PLC (a) | 17 | 431 |
| GATX Corporation | 3 | 493 |
| GE Vernova Inc. | 22 | 13530 |
| Generac Holdings Inc. (a) | 5 | 787 |
| General Dynamics Corporation | 20 | 6700 |
| General Electric Company | 85 | 25599 |
| Genpact Limited | 11 | 459 |
| GEO Group, Inc., The (a) | 11 | 217 |
| Graco Inc. | 13 | 1138 |
| Granite Construction Incorporated (b) | 3 | 380 |
| Griffon Corporation | 4 | 305 |
| GXO Logistics Inc. (a) | 10 | 544 |
| Hayward Holdings, Inc. (a) | 8 | 119 |
| HEICO Corporation | 4 | 1151 |
| HEICO Corporation - Class A | 6 | 1600 |
| Herc Holdings Inc. | 2 | 289 |
| Hexcel Corporation | 6 | 398 |
| Honeywell International Inc. | 51 | 10745 |
| Howmet Aerospace Inc. | 31 | 6169 |
| Hubbell Incorporated | 4 | 1900 |
| Huntington Ingalls Industries, Inc. | 3 | 894 |
| IDEX Corporation | 6 | 910 |
| IES Holdings, Inc. (a) (b) | 1 | 300 |
| Illinois Tool Works Inc. | 24 | 6162 |
| Ingersoll Rand Inc. | 32 | 2672 |
| ITT Inc. | 6 | 1061 |
| J.B. Hunt Transport Services, Inc. | 7 | 936 |
| Jacobs Solutions Inc. | 10 | 1465 |
| JBT Marel Corporation | 4 | 550 |
| Joby Aviation, Inc. - Class A (a) (b) | 37 | 596 |
| Johnson Controls International Public Limited Company | 54 | 5902 |
| Kadant Inc. | 1 | 326 |
| Karman Holdings Inc. (a) | 3 | 217 |
| KBR, Inc. | 9 | 430 |
| Kirby Corporation (a) | 5 | 407 |
| Knight-Swift Transportation Holdings Inc. - Class A | 12 | 484 |
| Korn Ferry | 4 | 281 |
| Kratos Defense & Security Solutions, Inc. (a) | 14 | 1255 |
| L3Harris Technologies, Inc. | 15 | 4565 |
| Landstar System, Inc. | 3 | 369 |
| Leidos Holdings, Inc. | 10 | 1888 |
| Lennox International Inc. | 3 | 1403 |
| Leonardo DRS, Inc. | 5 | 224 |
| Lincoln Electric Holdings, Inc. | 4 | 1016 |
| Loar Holdings Inc. (a) (b) | 2 | 141 |
| Lockheed Martin Corporation | 16 | 7950 |
| Lyft, Inc. - Class A (a) | 33 | 725 |
| Masco Corporation | 17 | 1185 |
| MasTec, Inc. (a) | 5 | 1034 |
| Matson Intermodal - Paragon, Inc. | 3 | 258 |
| Maximus, Inc. | 4 | 389 |
| Middleby Corporation, The (a) | 4 | 518 |
| Mine Safety Appliances Company, LLC | 3 | 454 |
| MOOG Inc. - Class A | 2 | 472 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 328 |
| Mueller Industries, Inc. | 9 | 898 |
| Mueller Water Products, Inc. - Class A | 11 | 288 |
| Nextracker LLC - Class A (a) | 11 | 798 |
| Nordson Corporation | 4 | 953 |
| Norfolk Southern Corporation | 18 | 5527 |
| Northrop Grumman Corporation | 11 | 6726 |
| Nvent Electric Public Limited Company | 13 | 1297 |
| Old Dominion Freight Line, Inc. | 15 | 2053 |
| Oshkosh Corporation | 5 | 698 |
| Otis Worldwide Corporation | 32 | 2943 |
| Owens Corning | 7 | 940 |
| PACCAR Inc | 41 | 4046 |
| Parker-Hannifin Corporation | 10 | 7427 |
| Parsons Corporation (a) | 4 | 321 |
| Paychex, Inc. | 26 | 3323 |
| Paycom Software, Inc. | 4 | 906 |
| Paylocity Holding Corporation (a) | 4 | 605 |
| Pentair Public Limited Company | 13 | 1463 |
| Primoris Services Corporation | 4 | 597 |
| Quanta Services, Inc. | 12 | 4864 |
| Qxo, Inc. (a) | 49 | 936 |
| RBC Bearings Incorporated (a) | 2 | 946 |
| Regal Rexnord Corporation | 5 | 774 |
| Republic Services, Inc. | 16 | 3776 |
| Robert Half Inc. | 9 | 312 |
| Rocket Lab Corporation (a) (b) | 34 | 1622 |
| Rockwell Automation, Inc. | 9 | 3157 |
| Rollins, Inc. | 23 | 1351 |
| RTX Corporation | 107 | 17981 |
| Rush Enterprises, Inc. - Class A | 4 | 234 |
| Ryder System, Inc. | 3 | 572 |
| Saia, Inc. (a) | 2 | 626 |
| Science Applications International Corporation | 4 | 385 |
| Sensata Technologies Holding PLC | 11 | 340 |
| Simpson Manufacturing Co., Inc. | 3 | 527 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 446 |
| SkyWest, Inc. (a) | 3 | 333 |
| Snap-on Incorporated | 4 | 1399 |
| Southwest Airlines Co. | 36 | 1159 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 10 | 384 |
| SPX Technologies, Inc. (a) | 4 | 753 |
| SS&C Technologies Holdings, Inc. | 17 | 1536 |
| StandardAero, Inc. (a) | 11 | 298 |
| Stanley Black & Decker, Inc. | 11 | 839 |
| Sterling Infrastructure, Inc. (a) | 2 | 761 |
| Tecnoglass Inc. | 2 | 121 |
| Tetra Tech, Inc. | 21 | 717 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Textron Inc. | 14 | 1215 |
| Timken Company, The | 6 | 420 |
| Toro Company, The | 9 | 670 |
| Trane Technologies Public Limited Company | 18 | 7570 |
| TransDigm Group Incorporated | 4 | 5675 |
| TransUnion | 15 | 1268 |
| Trex Company, Inc. (a) | 9 | 463 |
| Trinet Group, Inc. | 2 | 108 |
| Uber Technologies, Inc. (a) | 161 | 15805 |
| UFP Industries, Inc. | 5 | 480 |
| U-Haul Holding Company (a) | 1 | 67 |
| U-Haul Holding Company - Series N | 7 | 351 |
| UL Solutions Inc. - Class A | 4 | 314 |
| Union Pacific Corporation | 48 | 11260 |
| United Airlines Holdings, Inc. (a) | 26 | 2515 |
| United Parcel Service, Inc. - Class B | 58 | 4885 |
| United Rentals, Inc. | 5 | 4885 |
| Valmont Industries, Inc. | 2 | 608 |
| Veralto Corporation | 19 | 2011 |
| Verisk Analytics, Inc. | 11 | 2823 |
| Verra Mobility Corporation - Class A (a) | 14 | 344 |
| Vertiv Holdings Co - Class A | 31 | 4612 |
| W.W. Grainger, Inc. | 4 | 3383 |
| Waste Management, Inc. | 30 | 6579 |
| Watsco, Inc. | 3 | 1078 |
| Watts Water Technologies, Inc. - Class A | 2 | 555 |
| WESCO International, Inc. | 4 | 799 |
| Westinghouse Air Brake Technologies Corporation | 14 | 2765 |
| Willscot Holdings Corporation - Class A | 17 | 350 |
| Woodward, Inc. | 5 | 1222 |
| XPO, Inc. (a) | 9 | 1194 |
| Xylem Inc. | 19 | 2860 |
| Zurn Elkay Water Solutions Corporation | 12 | 576 |
| | | 470695 |
| **Health Care 9.0%** | **Health Care 9.0%** | **Health Care 9.0%** |
| Abbott Laboratories | 140 | 18738 |
| AbbVie Inc. | 142 | 32818 |
| ADMA Biologics, Inc. (a) | 21 | 310 |
| Agilent Technologies, Inc. | 23 | 2968 |
| Akero Therapeutics Inc. (a) | 5 | 256 |
| Align Technology, Inc. (a) | 6 | 710 |
| Alignment Healthcare, Inc. (a) | 10 | 172 |
| Alkermes Public Limited Company (a) | 11 | 338 |
| Alnylam Pharmaceuticals, Inc. (a) | 10 | 4609 |
| Amgen Inc. | 43 | 12217 |
| Arcellx Inc. (a) | 3 | 281 |
| Avantor, Inc. (a) | 54 | 672 |
| Avidity Biosciences, Inc. (a) | 8 | 354 |
| Axsome Therapeutics, Inc. (a) | 3 | 398 |
| Baxter International Inc. | 42 | 949 |
| Becton, Dickinson and Company | 23 | 4295 |
| Biogen Inc. (a) | 11 | 1580 |
| BioMarin Pharmaceutical Inc. (a) | 16 | 855 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 375 |
| Bio-Techne Corporation | 12 | 655 |
| Boston Scientific Corporation (a) | 119 | 11578 |
| Bridgebio Pharma, Inc. (a) | 12 | 612 |
| Bristol-Myers Squibb Company | 165 | 7444 |
| Bruker Corporation | 8 | 246 |
| Canticle Pharmaceuticals, Inc. (a) | 2 | 743 |
| Cardinal Health, Inc. | 19 | 2924 |
| Cencora, Inc. | 15 | 4649 |
| Centene Corporation (a) | 38 | 1371 |
| Charles River Laboratories International, Inc. (a) | 3 | 546 |
| Chemed Corporation | 1 | 457 |
| Cigna Group, The | 21 | 5976 |
| Cooper Companies, Inc., The (a) | 16 | 1073 |
| Corcept Therapeutics Incorporated (a) | 8 | 662 |
| CorVel Corporation (a) | 2 | 145 |
| Crinetics Pharmaceuticals, Inc. (a) | 7 | 291 |
| CRISPR Therapeutics AG (a) (b) | 8 | 527 |
| CVS Health Corporation | 101 | 7623 |
| Cytokinetics, Incorporated (a) | 10 | 556 |
| Danaher Corporation | 53 | 10410 |
| Davita Inc. (a) | 4 | 497 |
| DexCom, Inc. (a) | 32 | 2171 |
| Doximity, Inc. - Class A (a) | 10 | 713 |
| Edwards Lifesciences Corporation (a) | 47 | 3685 |
| Elanco Animal Health Incorporated (a) (b) | 37 | 743 |
| Elevance Health, Inc. | 18 | 5836 |
| Eli Lilly and Company | 64 | 49018 |
| Encompass Health Corporation | 7 | 916 |
| Ensign Group, Inc., The | 4 | 775 |
| Exact Sciences Corporation (a) | 16 | 863 |
| Exelixis, Inc. (a) | 21 | 868 |
| GE HealthCare Technologies Inc. | 36 | 2739 |
| Gilead Sciences, Inc. | 101 | 11192 |
| Glaukos Corporation (a) | 5 | 405 |
| Globus Medical, Inc. - Class A (a) | 10 | 599 |
| Guardant Health, Inc. (a) | 10 | 611 |
| Haemonetics Corporation (a) | 3 | 154 |
| Halozyme Therapeutics, Inc. (a) | 9 | 663 |
| HCA Healthcare, Inc. | 14 | 5812 |
| HealthEquity, Inc. (a) | 7 | 658 |
| Henry Schein, Inc. (a) | 8 | 559 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 17 | 969 |
| Hologic, Inc. (a) | 18 | 1230 |
| Humana Inc. | 10 | 2494 |
| ICU Medical, Inc. (a) | 2 | 197 |
| IDEXX Laboratories, Inc. (a) | 6 | 4129 |
| Illumina, Inc. (a) | 12 | 1144 |
| Incyte Corporation (a) | 13 | 1084 |
| Insmed Incorporated (a) | 17 | 2454 |
| Inspire Medical Systems, Inc. (a) | 2 | 175 |
| Insulet Corporation (a) | 6 | 1715 |
| Integer Holdings Corporation (a) | 3 | 305 |
| Intuitive Surgical, Inc. (a) | 29 | 12834 |
| Ionis Pharmaceuticals, Inc. (a) | 11 | 744 |
| IQVIA Holdings Inc (a) | 14 | 2630 |
| Jazz Pharmaceuticals Public Limited Company (a) | 4 | 568 |
| Johnson & Johnson | 193 | 35848 |
| Krystal Biotech, Inc. (a) | 2 | 311 |
| Labcorp Holdings Inc. | 7 | 1919 |
| Lantheus Holdings, Inc. (a) | 6 | 300 |
| Masimo Corporation (a) | 4 | 564 |
| McKesson Corporation | 10 | 7789 |
| Medpace Holdings, Inc. (a) | 2 | 891 |
| Medtronic, Inc. | 103 | 9853 |
| Merck & Co., Inc. | 196 | 16420 |
| Merit Medical Systems, Inc. (a) | 5 | 444 |
| Mettler-Toledo International Inc. (a) | 2 | 2013 |
| Moderna, Inc. (a) | 28 | 713 |
| Molina Healthcare, Inc. (a) | 4 | 849 |
| Natera, Inc. (a) | 10 | 1686 |
| Neurocrine Biosciences, Inc. (a) | 7 | 1040 |
| Nuvalent, Inc. - Class A (a) | 4 | 318 |
| Option Care Health, Inc. (a) | 15 | 427 |
| Organon & Co. | 22 | 239 |
| Penumbra, Inc. (a) | 3 | 754 |
| Perrigo Company Public Limited Company | 12 | 278 |
| Pfizer Inc. | 456 | 11612 |
| Prestige Consumer Healthcare Inc. (a) | 4 | 219 |
| Procept Biorobotics Corporation (a) | 4 | 149 |
| PTC Therapeutics, Inc. (a) | 6 | 359 |
| Quest Diagnostics Incorporated | 9 | 1688 |
| RadNet, Inc. (a) | 5 | 400 |
| Regeneron Pharmaceuticals, Inc. | 8 | 4718 |
| Repligen Corporation (a) | 4 | 591 |
| ResMed Inc. | 12 | 3245 |
| Revolution Medicines, Inc. (a) | 12 | 540 |
| Revvity, Inc. | 9 | 801 |
| Rhythm Pharmaceuticals, Inc. (a) | 4 | 410 |
| Roivant Sciences Ltd. (a) | 30 | 456 |
| Royalty Pharma PLC - Class A | 29 | 1023 |
| Sarepta Therapeutics, Inc. (a) | 8 | 154 |
| Soleno Therapeutics, Inc. (a) | 3 | 171 |
| Solventum Corporation (a) | 11 | 791 |
| Sotera Health LLC (a) | 10 | 151 |
| Steris Public Limited Company | 8 | 1882 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stryker Corporation | 29 | 10686 |
| Summit Therapeutics Inc. (a) (b) | 10 | 212 |
| Teleflex Incorporated | 4 | 523 |
| Tempus AI, Inc. - Class A (a) (b) | 8 | 608 |
| Tenet Healthcare Corporation (a) | 7 | 1361 |
| TG Therapeutics, Inc. (a) (b) | 13 | 464 |
| Thermo Fisher Scientific Inc. | 30 | 14769 |
| Ultragenyx Pharmaceutical Inc. (a) | 6 | 169 |
| United Therapeutics Corporation (a) | 3 | 1391 |
| UnitedHealth Group Incorporated | 73 | 25161 |
| Universal Health Services, Inc. - Class B | 4 | 878 |
| Vaxcyte, Inc. (a) | 9 | 307 |
| Veeva Systems Inc. - Class A (a) | 12 | 3567 |
| Vertex Pharmaceuticals Incorporated (a) | 21 | 8128 |
| Viatris Inc. | 103 | 1019 |
| Viking Therapeutics, Inc. (a) (b) | 6 | 157 |
| Waters Corporation (a) | 5 | 1458 |
| Waystar Holding Corp. (a) | 8 | 309 |
| West Pharmaceutical Services, Inc. | 6 | 1562 |
| Zimmer Biomet Holdings, Inc. | 16 | 1559 |
| Zoetis Inc. - Class A | 36 | 5214 |
| | | 455050 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Albertsons Companies, Inc. - Class A | 29 | 500 |
| Altria Group, Inc. | 135 | 8923 |
| Archer-Daniels-Midland Company | 37 | 2216 |
| Bellring Intermediate Holdings, Inc. (a) | 10 | 375 |
| BJ's Wholesale Club Holdings, Inc. (a) | 9 | 855 |
| Brown-Forman Corporation - Class A | 3 | 93 |
| Brown-Forman Corporation - Class B | 24 | 663 |
| Bunge Global SA | 11 | 855 |
| Cal-Maine Foods, Inc. | 4 | 336 |
| Campbell's Company, The (b) | 16 | 491 |
| Casey's General Stores, Inc. | 3 | 1635 |
| Celsius Holdings, Inc. (a) | 14 | 806 |
| Church & Dwight Co., Inc. | 20 | 1716 |
| Clorox Company, The | 10 | 1218 |
| Coca-Cola Company, The | 315 | 20903 |
| Coca-Cola Consolidated, Inc. | 4 | 478 |
| Colgate-Palmolive Company | 64 | 5127 |
| Conagra Brands, Inc. | 39 | 721 |
| Constellation Brands, Inc. - Class A | 12 | 1639 |
| Costco Wholesale Corporation | 36 | 32998 |
| Coty Inc. - Class A (a) | 40 | 162 |
| Darling Ingredients Inc. (a) | 12 | 376 |
| Dollar General Corporation | 18 | 1880 |
| Dollar Tree, Inc. (a) | 16 | 1538 |
| e.l.f. Beauty, Inc. (a) | 4 | 517 |
| Estee Lauder Companies Inc., The - Class A | 19 | 1679 |
| Flowers Foods, Inc. | 14 | 176 |
| Freshpet, Inc. (a) | 4 | 219 |
| General Mills, Inc. | 43 | 2188 |
| Hershey Company, The | 12 | 2227 |
| Hormel Foods Corporation | 22 | 556 |
| Ingredion Incorporated | 5 | 582 |
| Interparfums, Inc. | 2 | 206 |
| J. M. Smucker Company, The | 9 | 938 |
| Kellanova | 22 | 1776 |
| Kenvue Inc. | 140 | 2279 |
| Keurig Dr Pepper Inc. | 99 | 2536 |
| Kimberly-Clark Corporation | 27 | 3359 |
| Kraft Heinz Company, The | 68 | 1770 |
| Kroger Co., The | 50 | 3366 |
| Lamb Weston Holdings, Inc. | 11 | 612 |
| Maplebear Inc. (a) | 13 | 493 |
| McCormick & Company, Incorporated | 21 | 1403 |
| Molson Coors Beverage Company - Class B (b) | 15 | 663 |
| Mondelez International, Inc. - Class A | 105 | 6543 |
| Monster Beverage 1990 Corporation (a) | 55 | 3716 |
| National Beverage Corp. (a) |  | 16 |
| PepsiCo, Inc. | 110 | 15427 |
| Performance Food Group Company (a) | 13 | 1352 |
| Philip Morris International Inc. | 125 | 20291 |
| Pilgrim's Pride Corporation | 2 | 68 |
| Post Holdings, Inc. (a) | 4 | 441 |
| Primo Brands Corporation - Class A | 18 | 408 |
| Procter & Gamble Company, The | 188 | 28912 |
| Reynolds Consumer Products Inc. | 4 | 94 |
| Simply Good Foods Company, The (a) | 8 | 196 |
| Sprouts Farmers Market, Inc. (a) | 8 | 852 |
| Sysco Corporation | 38 | 3112 |
| Target Corporation | 36 | 3267 |
| The Marzetti Company | 1 | 241 |
| Tyson Foods, Inc. - Class A | 22 | 1190 |
| US Foods Holding Corp. (a) | 18 | 1381 |
| Walmart Inc. | 346 | 35645 |
| WD-40 Company | 1 | 209 |
|  |  | 237410 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Antero Midstream Corporation | 22 | 437 |
| Antero Resources Corporation (a) | 21 | 713 |
| Apa Corp. | 31 | 755 |
| Archrock, Inc. | 14 | 367 |
| Baker Hughes Company - Class A | 81 | 3923 |
| California Resources Corporation | 6 | 322 |
| Cheniere Energy, Inc. | 18 | 4227 |
| Chevron Corporation | 152 | 23679 |
| Chord Energy Corporation | 5 | 499 |
| CNX Resources Corporation (a) (b) | 13 | 429 |
| Comstock Resources, Inc. (a) (b) | 7 | 144 |
| ConocoPhillips | 100 | 9490 |
| Core Natural Resources, Inc. | 4 | 303 |
| Coterra Energy Inc. | 62 | 1457 |
| Devon Energy Corporation | 50 | 1755 |
| Diamondback Energy, Inc. | 15 | 2169 |
| DT Midstream, Inc. | 8 | 884 |
| EOG Resources, Inc. | 44 | 4944 |
| EQT Corporation | 47 | 2571 |
| Expand Energy Corporation | 18 | 1924 |
| Exxon Mobil Corporation | 342 | 38611 |
| Halliburton Company | 67 | 1638 |
| HF Sinclair Corporation | 12 | 603 |
| Kinder Morgan, Inc. | 158 | 4473 |
| Magnolia Oil & Gas Corporation - Class A | 16 | 381 |
| Marathon Petroleum Corporation | 24 | 4572 |
| Matador Resources Company | 8 | 370 |
| Murphy Oil Corporation (b) | 8 | 224 |
| Noble Corporation 2022 Limited | 9 | 264 |
| NOV Inc. | 31 | 410 |
| Occidental Petroleum Corporation | 52 | 2466 |
| ONEOK, Inc. | 50 | 3651 |
| Ovintiv Canada ULC | 19 | 776 |
| Permian Resources Corporation - Class A | 49 | 633 |
| Phillips 66 | 33 | 4432 |
| Range Resources Corporation | 20 | 734 |
| Schlumberger Limited | 119 | 4095 |
| Targa Resources Corp. | 17 | 2924 |
| TechnipFMC PLC | 34 | 1332 |
| Texas Pacific Land Corporation | 2 | 1500 |
| Valero Energy Corporation | 25 | 4287 |
| Venture Global, Inc. - Class A (b) | 9 | 128 |
| Viper Energy, Inc. - Class A | 10 | 376 |
| Weatherford International Public Limited Company | 6 | 434 |
| Williams Companies, Inc., The | 98 | 6234 |
|  |  | 146540 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corporation, The | 57 | 744 |
| ALLETE, Inc. | 5 | 358 |
| Alliant Energy Corporation | 20 | 1354 |
| Ameren Corporation | 22 | 2303 |
| American Electric Power Company, Inc. | 42 | 4704 |
| American States Water Company | 3 | 206 |
| American Water Works Company, Inc. | 16 | 2167 |
| Atmos Energy Corporation | 12 | 2130 |
| Avista Corporation | 7 | 280 |
| Black Hills Corporation | 6 | 357 |
| CenterPoint Energy, Inc. | 52 | 2002 |
| Clearway Energy, Inc. - Class A | 2 | 54 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clearway Energy, Inc. - Class C | 6 | 180 |
| CMS Energy Corporation | 25 | 1813 |
| Consolidated Edison, Inc. | 28 | 2825 |
| Constellation Energy Group, Inc. | 25 | 8237 |
| Dominion Energy, Inc. | 68 | 4179 |
| DTE Energy Company | 17 | 2336 |
| Duke Energy Corporation | 62 | 7643 |
| Edison International | 31 | 1700 |
| Entergy Corporation | 36 | 3360 |
| Essential Utilities, Inc. | 20 | 809 |
| Evergy, Inc. | 19 | 1460 |
| Eversource Energy | 29 | 2058 |
| Exelon Corporation | 81 | 3660 |
| FirstEnergy Corp. | 42 | 1912 |
| IDACORP, Inc. | 4 | 593 |
| MDU Resources Group, Inc. | 18 | 314 |
| MGE Energy, Inc. | 3 | 214 |
| National Fuel Gas Company | 8 | 722 |
| New Jersey Resources Corporation | 9 | 426 |
| NextEra Energy, Inc. | 165 | 12487 |
| NiSource Inc. | 38 | 1664 |
| NorthWestern Corporation | 5 | 321 |
| NRG Energy, Inc. | 15 | 2466 |
| OGE Energy Corp. | 16 | 760 |
| One Gas, Inc. | 4 | 348 |
| Ormat Technologies, Inc. | 4 | 413 |
| Otter Tail Corporation | 3 | 229 |
| PG&E Corporation | 174 | 2630 |
| Pinnacle West Capital Corporation | 10 | 912 |
| Portland General Electric Company | 9 | 403 |
| PPL Corporation | 57 | 2133 |
| Public Service Enterprise Group Incorporated | 41 | 3382 |
| Sempra | 52 | 4704 |
| Southwest Gas Holdings, Inc. | 4 | 314 |
| Spire Inc. | 5 | 367 |
| Talen Energy Corporation (a) | 3 | 1439 |
| The Southern Company | 87 | 8289 |
| TXNM Energy, Inc. | 8 | 439 |
| UGI Corporation | 17 | 561 |
| Vistra Corp. | 27 | 5371 |
| WEC Energy Group Inc. | 25 | 2858 |
| XCEL Energy Inc. | 47 | 3756 |
| | | 117346 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Agree Realty Corporation | 8 | 598 |
| Alexandria Real Estate Equities, Inc. | 11 | 938 |
| American Healthcare REIT, Inc. (b) | 10 | 438 |
| American Homes 4 Rent - Class A | 26 | 868 |
| American Tower Corporation | 37 | 7189 |
| Americold Realty Trust, Inc. | 21 | 255 |
| AvalonBay Communities, Inc. | 11 | 2159 |
| Brixmor Property Group Inc. | 23 | 639 |
| Broadstone Net Lease, Inc. | 12 | 220 |
| BXP, Inc. (b) | 11 | 811 |
| Camden Property Trust | 9 | 993 |
| Caretrust REIT, Inc. | 16 | 540 |
| CBRE Group, Inc. - Class A (a) | 24 | 3765 |
| Compass, Inc. - Class A (a) | 36 | 288 |
| COPT Defense Properties | 9 | 275 |
| CoStar Group, Inc. (a) | 32 | 2700 |
| Cousins Properties Incorporated | 14 | 415 |
| Crown Castle Inc. | 34 | 3251 |
| Cubesmart, L.P. | 18 | 733 |
| Digital Realty Trust, Inc. | 25 | 4371 |
| EastGroup Properties, Inc. | 4 | 659 |
| EPR Properties | 5 | 292 |
| Equinix, Inc. | 8 | 6146 |
| Equity Lifestyle Properties, Inc. | 15 | 938 |
| Equity Residential | 26 | 1705 |
| Essential Properties Realty Trust, Inc. | 16 | 485 |
| Essex Property Trust, Inc. | 5 | 1335 |
| Extra Space Storage Inc. | 17 | 2371 |
| Federal Realty Investment Trust | 7 | 758 |
| First Industrial Realty Trust, Inc. | 9 | 472 |
| Gaming and Leisure Properties, Inc. | 22 | 1017 |
| Healthcare Realty Trust Incorporated - Class A | 28 | 512 |
| Healthpeak OP, LLC | 59 | 1127 |
| Highwoods Properties, Inc. | 8 | 258 |
| Host Hotels & Resorts, Inc. | 55 | 943 |
| Howard Hughes Holdings Inc. (a) | 1 | 117 |
| Independence Realty Trust, Inc. | 20 | 335 |
| Invitation Homes Inc. | 44 | 1303 |
| Iron Mountain Incorporated | 23 | 2394 |
| Jones Lang LaSalle Incorporated (a) | 4 | 1152 |
| Kilroy Realty Corporation | 10 | 433 |
| Kimco Realty OP, LLC | 55 | 1208 |
| Kite Realty Naperville, LLC | 18 | 395 |
| Lamar Advertising Company - Class A | 7 | 911 |
| Lineage, Inc. | 5 | 203 |
| Macerich Company, The | 21 | 384 |
| Mid-America Apartment Communities, Inc. | 9 | 1290 |
| Millrose Properties, Inc. - Class A | 9 | 316 |
| National Health Investors, Inc. | 4 | 278 |
| NNN REIT, Inc. | 16 | 697 |
| Omega Healthcare Investors, Inc. | 21 | 901 |
| Phillips Edison & Company, Inc. | 9 | 307 |
| PotlatchDeltic Corporation | 7 | 269 |
| ProLogis Inc. | 75 | 8570 |
| Public Storage Operating Company | 13 | 3697 |
| Rayonier Inc. | 10 | 255 |
| Realty Income Corporation | 70 | 4234 |
| Regency Centers Corporation | 14 | 994 |
| Rexford Industrial Realty, Inc. | 19 | 775 |
| Ryman Hospitality Properties, Inc. | 5 | 462 |
| Sabra Health Care REIT, Inc. | 15 | 275 |
| SBA Communications Corporation - Class A | 9 | 1725 |
| Simon Property Group, Inc. | 26 | 4930 |
| SL Green Realty Corp. (b) | 6 | 341 |
| STAG Industrial, Inc. | 15 | 545 |
| Sun Communities, Inc. | 10 | 1224 |
| Tanger Inc. | 11 | 367 |
| Terreno Realty Corporation | 7 | 423 |
| UDR, Inc. | 26 | 959 |
| Ventas, Inc. | 34 | 2369 |
| VICI Properties Inc. | 84 | 2735 |
| Vornado Realty Trust | 14 | 562 |
| W.P. Carey Inc. | 17 | 1162 |
| Welltower Inc. | 54 | 9580 |
| Weyerhaeuser Company | 55 | 1357 |
| Zillow Group, Inc. - Class A (a) | 4 | 298 |
| Zillow Group, Inc. - Class C (a) | 13 | 1023 |
|  |  | 112219 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Air Products and Chemicals, Inc. | 18 | 4848 |
| Albemarle Corporation | 10 | 793 |
| Alcoa Corporation | 22 | 730 |
| Amcor Pty Ltd | 181 | 1479 |
| Amrize AG (a) | 39 | 1906 |
| AptarGroup, Inc. | 5 | 723 |
| Avery Dennison Corporation | 6 | 1008 |
| Avient Corporation | 7 | 231 |
| Axalta Coating Systems Ltd. (a) | 16 | 452 |
| Balchem Corporation | 2 | 368 |
| Ball Corporation | 21 | 1064 |
| Cabot Corporation | 3 | 239 |
| Carpenter Technology Corporation | 4 | 970 |
| Celanese Corporation - Class A | 8 | 318 |
| CF Industries Holdings, Inc. | 14 | 1230 |
| Cleveland-Cliffs Inc. (a) | 36 | 440 |
| Coeur Mining, Inc. (a) | 53 | 1002 |
| Commercial Metals Company | 8 | 482 |
| Corteva, Inc. | 56 | 3761 |
| CRH Public Limited Company | 54 | 6521 |
| Crown Holdings, Inc. | 10 | 927 |
| Dow Inc. | 56 | 1278 |
| DuPont de Nemours, Inc. | 33 | 2589 |
| Eagle Materials Inc. | 2 | 567 |
| Eastman Chemical Company | 9 | 596 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ecolab Inc. | 20 | 5564 |
| Element Solutions Inc. | 17 | 434 |
| FMC Corporation | 11 | 366 |
| Freeport-McMoRan Inc. | 113 | 4444 |
| Graphic Packaging Holding Company | 18 | 353 |
| H.B. Fuller Company | 4 | 254 |
| Hecla Mining Company (b) | 52 | 630 |
| International Flavors & Fragrances Inc. | 21 | 1309 |
| International Paper Company | 40 | 1858 |
| KRC Materials, Inc. (a) | 5 | 363 |
| Linde Public Limited Company | 38 | 17964 |
| Louisiana-Pacific Corporation (W VA) | 6 | 518 |
| LyondellBasell Industries N.V. - Class A | 20 | 991 |
| Martin Marietta Materials, Inc. | 5 | 3086 |
| Mosaic Company, The | 26 | 910 |
| NewMarket Corporation | 1 | 489 |
| Newmont Corporation | 87 | 7372 |
| Nucor Corporation | 19 | 2554 |
| Packaging Corporation of America | 7 | 1536 |
| PPG Industries, Inc. | 18 | 1928 |
| Reliance, Inc. | 4 | 1221 |
| Royal Gold, Inc. | 5 | 1068 |
| RPM International Inc. | 10 | 1214 |
| Scotts Miracle-Gro Company, The | 3 | 170 |
| Sealed Air Corporation | 13 | 475 |
| Sensient Technologies Corporation | 3 | 313 |
| Sherwin-Williams Company, The | 18 | 6338 |
| Silgan Holdings Inc. | 7 | 296 |
| Smurfit Westrock Public Limited Company | 41 | 1743 |
| Sonoco Products Company | 8 | 349 |
| Southern Copper Corporation | 7 | 869 |
| Steel Dynamics, Inc. | 12 | 1613 |
| Vulcan Materials Company | 11 | 3286 |
| Westlake Corporation | 2 | 188 |
| | | 106588 |
| Total Common Stocks (cost $3,223,575) | Total Common Stocks (cost $3,223,575) | 5034933 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 23858 | 23858 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 6218 | 6218 |
| Total Short Term Investments (cost $30,076) | Total Short Term Investments (cost $30,076) | 30076 |
| **Total Investments 100.1% (cost $3,253,651)** | **Total Investments 100.1% (cost $3,253,651)** | **5065009** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **94** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(7241)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **5057862** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5194 |  | 1188 | 90 | 515 | 1390 | 5911 | 0.1 |
| Jackson Financial Inc. - Class A | 516 |  |  | 14 |  | 83 | 599 |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 7221 | 50433 | 51436 | 136 |  |  | 6218 | 0.1 |
| JNL Government Money Market Fund, 4.04% - Class I | 11959 | 552924 | 541025 | 632 |  |  | 23858 | 0.5 |
|  | 24890 | 603357 | 593649 | 872 | 515 | 1473 | 36586 | 0.7 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 25 | December 2025 | 3038 | 4 | 32 |
| S&P 500 Index | 76 | December 2025 | 25306 | 90 | 301 |
|  |  |  |  | 94 | 333 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 5034933 |  |  | 5034933 |
| &nbsp;&nbsp;Short Term Investments | 30076 |  |  | 30076 |
|  | 5065009 |  |  | 5065009 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 333 |  |  | 333 |
|  | 333 |  |  | 333 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Utilities 100.0%** | **Utilities 100.0%** | **Utilities 100.0%** |
| AES Corporation, The | 371 | 4883 |
| ALLETE, Inc. | 30 | 1986 |
| Alliant Energy Corporation | 133 | 8966 |
| Ameren Corporation | 141 | 14702 |
| American Electric Power Company, Inc. | 269 | 30272 |
| American States Water Company | 20 | 1485 |
| American Water Works Company, Inc. | 102 | 14158 |
| Atmos Energy Corporation | 83 | 14130 |
| Avista Corporation | 42 | 1573 |
| Black Hills Corporation | 38 | 2322 |
| CenterPoint Energy, Inc. | 341 | 13217 |
| Clearway Energy, Inc. - Class A | 17 | 464 |
| Clearway Energy, Inc. - Class C | 43 | 1208 |
| CMS Energy Corporation | 156 | 11408 |
| Consolidated Edison, Inc. | 188 | 18921 |
| Constellation Energy Group, Inc. | 163 | 53660 |
| Dominion Energy, Inc. | 445 | 27233 |
| DTE Energy Company | 108 | 15234 |
| Duke Energy Corporation | 406 | 50248 |
| Edison International | 200 | 11080 |
| Entergy Corporation | 232 | 21666 |
| Essential Utilities, Inc. | 131 | 5210 |
| Evergy, Inc. | 120 | 9125 |
| Eversource Energy | 183 | 13045 |
| Exelon Corporation | 527 | 23738 |
| FirstEnergy Corp. | 269 | 12348 |
| IDACORP, Inc. | 27 | 3554 |
| MGE Energy, Inc. | 19 | 1602 |
| New Jersey Resources Corporation | 51 | 2449 |
| NextEra Energy, Inc. | 1075 | 81130 |
| NiSource Inc. | 244 | 10554 |
| NorthWestern Corporation | 30 | 1762 |
| NRG Energy, Inc. | 101 | 16309 |
| OGE Energy Corp. | 105 | 4839 |
| One Gas, Inc. | 30 | 2414 |
| Ormat Technologies, Inc. | 30 | 2884 |
| PG&E Corporation | 1144 | 17252 |
| Pinnacle West Capital Corporation | 62 | 5574 |
| Portland General Electric Company | 57 | 2518 |
| PPL Corporation | 368 | 13694 |
| Public Service Enterprise Group Incorporated | 260 | 21705 |
| Sempra | 341 | 30644 |
| Southwest Gas Holdings, Inc. | 31 | 2413 |
| Spire Inc. | 30 | 2449 |
| Talen Energy Corporation (a) | 22 | 9272 |
| The Southern Company | 575 | 54462 |
| TXNM Energy, Inc. | 49 | 2791 |
| UGI Corporation | 112 | 3738 |
| Vistra Corp. | 176 | 34559 |
| WEC Energy Group Inc. | 161 | 18433 |
| XCEL Energy Inc. | 300 | 24194 |
| Total Common Stocks (cost $650,192) | Total Common Stocks (cost $650,192) | 753477 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (c) | 3174 | 3174 |
| Total Short Term Investments (cost $3,174) | Total Short Term Investments (cost $3,174) | 3174 |
| **Total Investments 100.4% (cost $653,366)** | **Total Investments 100.4% (cost $653,366)** | **756651** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **6** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(3225)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **753432** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 1557 | 174161 | 172544 | 105 |  |  | 3174 | 0.4 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 492 | 492 | 1 |  |  |  |  |
|  | 1557 | 174653 | 173036 | 106 |  |  | 3174 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Utilities Select Sector Index | 35 | December 2025 | 3024 | 6 | 80 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 753477 |  |  | 753477 |
| &nbsp;&nbsp;Short Term Investments | 3174 |  |  | 3174 |
|  | 756651 |  |  | 756651 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 80 |  |  | 80 |
|  | 80 |  |  | 80 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **United States of America 71.8%** | **United States of America 71.8%** | **United States of America 71.8%** |
| 3M Company | 6 | 941 |
| Abbott Laboratories | 19 | 2589 |
| AbbVie Inc. | 20 | 4583 |
| Accenture Public Limited Company - Class A | 7 | 1724 |
| Adobe Inc. (a) | 5 | 1679 |
| Advanced Micro Devices, Inc. (a) | 18 | 2928 |
| AFLAC Incorporated | 6 | 619 |
| Agilent Technologies, Inc. | 3 | 416 |
| Air Products and Chemicals, Inc. | 2 | 666 |
| Airbnb, Inc. - Class A (a) | 5 | 576 |
| Akamai Technologies, Inc. (a) | 2 | 115 |
| Alexandria Real Estate Equities, Inc. | 2 | 150 |
| Align Technology, Inc. (a) | 1 | 100 |
| Allegion Public Limited Company | 1 | 155 |
| Alliant Energy Corporation | 3 | 174 |
| Allstate Corporation, The | 3 | 638 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 658 |
| Alphabet Inc. - Class A | 65 | 15827 |
| Alphabet Inc. - Class C | 57 | 13809 |
| Altria Group, Inc. | 19 | 1253 |
| Amazon.com, Inc. (a) | 109 | 23948 |
| Ameren Corporation | 3 | 327 |
| American Electric Power Company, Inc. | 6 | 651 |
| American Express Company | 6 | 2033 |
| American International Group, Inc. | 6 | 498 |
| American Tower Corporation | 5 | 1011 |
| American Water Works Company, Inc. | 2 | 294 |
| Ameriprise Financial, Inc. | 1 | 518 |
| AMETEK, Inc. | 3 | 473 |
| Amgen Inc. | 6 | 1704 |
| Amphenol Corporation - Class A | 14 | 1700 |
| Analog Devices, Inc. | 6 | 1368 |
| Annaly Capital Management, Inc. | 7 | 134 |
| AON Public Limited Company - Class A | 2 | 874 |
| Apollo Global Management, Inc. | 5 | 653 |
| Apple Inc. | 166 | 42314 |
| Applied Materials, Inc. | 9 | 1853 |
| AppLovin Corporation - Class A (a) | 2 | 1714 |
| Arch Capital Group Ltd. | 4 | 371 |
| Archer-Daniels-Midland Company | 5 | 301 |
| Ares Management Corporation - Class A | 2 | 365 |
| Arista Networks, Inc. (a) | 11 | 1671 |
| Arthur J. Gallagher & Co. | 3 | 873 |
| Ashtead Group Public Limited Company | 5 | 334 |
| AT&T Inc. | 80 | 2272 |
| Atmos Energy Corporation | 2 | 306 |
| Autodesk, Inc. (a) | 2 | 748 |
| Automatic Data Processing, Inc. | 5 | 1334 |
| AutoZone, Inc. (a) |  | 811 |
| AvalonBay Communities, Inc. | 2 | 293 |
| Avery Dennison Corporation | 1 | 152 |
| Axon Enterprise, Inc. (a) | 1 | 581 |
| Baker Hughes Company - Class A | 11 | 541 |
| Ball Corporation | 3 | 141 |
| Bank of America Corporation | 76 | 3920 |
| Bank of New York Mellon Corporation, The (b) | 8 | 848 |
| Baxter International Inc. | 6 | 133 |
| Becton, Dickinson and Company | 3 | 610 |
| Bentley Systems, Incorporated - Class B | 1 | 71 |
| Berkshire Hathaway Inc. - Class B (a) | 21 | 10352 |
| Best Buy Co., Inc. | 2 | 173 |
| Biogen Inc. (a) | 2 | 233 |
| BioMarin Pharmaceutical Inc. (a) | 2 | 113 |
| BlackRock, Inc. | 2 | 1801 |
| Blackstone Inc. - Class A | 8 | 1406 |
| Block, Inc. - Class A (a) | 6 | 450 |
| Boeing Company, The (a) | 8 | 1828 |
| Booking Holdings Inc. |  | 1955 |
| Booz Allen Hamilton Holding Corporation - Class A | 1 | 147 |
| Boston Scientific Corporation (a) | 17 | 1612 |
| Bristol-Myers Squibb Company | 23 | 1034 |
| Broadcom Inc. | 52 | 17042 |
| Broadridge Financial Solutions, Inc. | 1 | 299 |
| Brookfield Asset Management Ltd. - Class A | 4 | 246 |
| Brown & Brown, Inc. | 3 | 305 |
| Brown-Forman Corporation - Class A | 1 | 19 |
| Brown-Forman Corporation - Class B (c) | 3 | 91 |
| Builders FirstSource, Inc. (a) | 1 | 161 |
| Burlington Stores, Inc. (a) | 1 | 186 |
| Cadence Design Systems, Inc. (a) | 3 | 1081 |
| Camden Property Trust | 1 | 132 |
| Campbell's Company, The | 2 | 72 |
| Capital One Financial Corporation | 7 | 1514 |
| Cardinal Health, Inc. | 3 | 418 |
| Carlyle Group Inc., The | 2 | 152 |
| Carnival Corporation (a) | 12 | 347 |
| Carrier Global Corporation | 9 | 544 |
| Carvana Co. - Class A (a) | 2 | 581 |
| Caterpillar Inc. | 5 | 2515 |
| CBRE Group, Inc. - Class A (a) | 3 | 530 |
| CDW Corp. | 1 | 236 |
| Cencora, Inc. | 2 | 631 |
| Centene Corporation (a) | 5 | 189 |
| CenterPoint Energy, Inc. | 8 | 291 |
| CF Industries Holdings, Inc. | 2 | 160 |
| Charles Schwab Corporation, The | 19 | 1822 |
| Cheniere Energy, Inc. | 3 | 596 |
| Chevron Corporation | 21 | 3300 |
| Chipotle Mexican Grill, Inc. (a) | 15 | 574 |
| Chubb Limited | 4 | 1187 |
| Church & Dwight Co., Inc. | 3 | 232 |
| Cigna Group, The | 3 | 847 |
| Cincinnati Financial Corporation | 2 | 281 |
| Cintas Corporation | 4 | 806 |
| Cisco Systems, Inc. | 44 | 3044 |
| Citigroup Inc. | 21 | 2095 |
| Citizens Financial Group, Inc. | 5 | 270 |
| Clorox Company, The | 1 | 176 |
| Cloudflare, Inc. - Class A (a) | 3 | 744 |
| CME Group Inc. - Class A | 4 | 1092 |
| CMS Energy Corporation | 3 | 235 |
| CNH Industrial N.V. | 9 | 102 |
| Coca-Cola Company, The | 44 | 2901 |
| Cognizant Technology Solutions Corporation - Class A | 6 | 374 |
| Coinbase Global, Inc. - Class A (a) | 2 | 789 |
| Colgate-Palmolive Company | 9 | 720 |
| Comcast Corporation - Class A | 42 | 1317 |
| Conagra Brands, Inc. | 5 | 99 |
| ConocoPhillips | 14 | 1322 |
| Consolidated Edison, Inc. | 4 | 408 |
| Constellation Brands, Inc. - Class A | 2 | 226 |
| Constellation Energy Group, Inc. | 3 | 1148 |
| Cooper Companies, Inc., The (a) | 2 | 156 |
| Copart, Inc. (a) | 9 | 416 |
| Corebridge Financial, Inc. | 3 | 88 |
| Corning Incorporated | 8 | 695 |
| Corpay Inc (a) | 1 | 226 |
| Corteva, Inc. | 8 | 516 |
| CoStar Group, Inc. (a) | 4 | 365 |
| Costco Wholesale Corporation | 5 | 4581 |
| Coterra Energy Inc. | 8 | 188 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1323 |
| Crown Castle Inc. | 5 | 452 |
| Crown Holdings, Inc. | 1 | 131 |
| CSX Corporation | 21 | 749 |
| Cummins Inc. | 2 | 648 |
| CVS Health Corporation | 14 | 1060 |
| D.R. Horton, Inc. | 3 | 531 |
| Danaher Corporation | 7 | 1448 |
| Darden Restaurants, Inc. | 1 | 242 |
| Datadog, Inc. - Class A (a) | 3 | 468 |
| Deckers Outdoor Corporation (a) | 2 | 163 |
| Deere & Company | 3 | 1272 |
| Dell Technologies Inc. - Class C | 3 | 485 |
| Delta Air Lines, Inc. | 7 | 404 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Devon Energy Corporation | 7 | 231 |
| DexCom, Inc. (a) | 4 | 291 |
| Diamondback Energy, Inc. | 2 | 300 |
| Digital Realty Trust, Inc. | 3 | 600 |
| DocuSign, Inc. (a) | 2 | 161 |
| Dollar General Corporation | 3 | 262 |
| Dollar Tree, Inc. (a) | 2 | 211 |
| Dominion Energy, Inc. | 9 | 578 |
| Domino's Pizza, Inc. |  | 147 |
| DoorDash, Inc. - Class A (a) | 4 | 1103 |
| Dover Corporation | 2 | 266 |
| Dow Inc. | 8 | 175 |
| DTE Energy Company | 2 | 320 |
| Duke Energy Corporation | 9 | 1054 |
| DuPont de Nemours, Inc. | 5 | 362 |
| Dynatrace, Inc. (a) | 3 | 168 |
| East West Bancorp, Inc. | 2 | 164 |
| Eaton Corporation Public Limited Company | 4 | 1648 |
| eBay Inc. | 5 | 471 |
| Ecolab Inc. | 3 | 790 |
| Edison International | 4 | 243 |
| Edwards Lifesciences Corporation (a) | 7 | 514 |
| Electronic Arts Inc. | 3 | 536 |
| Elevance Health, Inc. | 2 | 803 |
| Eli Lilly and Company | 9 | 6820 |
| Emerson Electric Co. | 6 | 823 |
| Entegris, Inc. | 1 | 136 |
| Entergy Corporation | 5 | 468 |
| EOG Resources, Inc. | 6 | 681 |
| EQT Corporation | 7 | 362 |
| Equifax Inc. | 1 | 348 |
| Equinix, Inc. | 1 | 861 |
| Equitable Holdings, Inc. | 3 | 177 |
| Equity Lifestyle Properties, Inc. | 2 | 137 |
| Equity Residential | 4 | 240 |
| Essex Property Trust, Inc. | 1 | 177 |
| Estee Lauder Companies Inc., The - Class A | 3 | 236 |
| Everest Group, Ltd. |  | 152 |
| Evergy, Inc. | 3 | 201 |
| Eversource Energy | 4 | 276 |
| Exelon Corporation | 11 | 509 |
| Expand Energy Corporation | 3 | 270 |
| Expedia Group, Inc. | 1 | 305 |
| Expeditors International of Washington, Inc. - Class A | 2 | 194 |
| Extra Space Storage Inc. | 2 | 320 |
| Exxon Mobil Corporation | 48 | 5382 |
| F5, Inc. (a) | 1 | 213 |
| FactSet Research Systems Inc. |  | 124 |
| Fair Isaac Corporation (a) |  | 391 |
| Fastenal Company | 13 | 624 |
| FedEx Corporation | 2 | 578 |
| Ferguson Enterprises Inc. | 2 | 507 |
| Fidelity National Financial, Inc. - Class A | 3 | 172 |
| Fidelity National Information Services, Inc. | 6 | 390 |
| Fifth Third Bancorp | 7 | 320 |
| First Citizens BancShares, Inc. - Class A |  | 215 |
| First Solar, Inc. (a) | 1 | 262 |
| FirstEnergy Corp. | 6 | 276 |
| Fiserv, Inc. (a) | 6 | 787 |
| Flex Ltd. (a) | 4 | 224 |
| Flutter Entertainment Public Limited Company (a) | 2 | 478 |
| Ford Motor Company | 44 | 524 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 305 |
| Fortinet, Inc. (a) | 7 | 608 |
| Fortive Corporation | 4 | 174 |
| Fox Corporation - Class A | 2 | 139 |
| Fox Corporation - Class B | 2 | 96 |
| Freeport-McMoRan Inc. | 16 | 615 |
| Garmin Ltd. | 2 | 444 |
| Gartner, Inc. (a) | 1 | 219 |
| GE HealthCare Technologies Inc. | 5 | 388 |
| GE Vernova Inc. | 3 | 1884 |
| Gen Digital Inc. | 7 | 191 |
| General Dynamics Corporation | 3 | 910 |
| General Electric Company | 12 | 3575 |
| General Mills, Inc. | 6 | 305 |
| General Motors Company | 11 | 660 |
| Genuine Parts Company | 2 | 224 |
| Gilead Sciences, Inc. | 14 | 1548 |
| Global Payments Inc. | 3 | 218 |
| GoDaddy Inc. - Class A (a) | 2 | 220 |
| Goldman Sachs Group, Inc., The | 3 | 2740 |
| Halliburton Company | 10 | 253 |
| Hartford Insurance Group, Inc., The | 3 | 422 |
| HCA Healthcare, Inc. | 2 | 820 |
| Healthpeak OP, LLC | 9 | 164 |
| HEICO Corporation |  | 142 |
| HEICO Corporation - Class A | 1 | 208 |
| Hershey Company, The | 2 | 297 |
| Hewlett Packard Enterprise Company | 14 | 352 |
| Hilton Worldwide Holdings Inc. | 2 | 634 |
| Hologic, Inc. (a) | 3 | 179 |
| Home Depot, Inc., The | 11 | 4483 |
| Honeywell International Inc. | 7 | 1500 |
| Hormel Foods Corporation | 3 | 86 |
| Howmet Aerospace Inc. | 4 | 862 |
| HP, Inc. | 10 | 286 |
| Hubbell Incorporated | 1 | 265 |
| HubSpot, Inc. (a) | 1 | 252 |
| Humana Inc. | 1 | 344 |
| Huntington Bancshares Incorporated | 17 | 286 |
| IDEX Corporation | 1 | 139 |
| IDEXX Laboratories, Inc. (a) | 1 | 586 |
| Illinois Tool Works Inc. | 3 | 849 |
| Illumina, Inc. (a) | 2 | 167 |
| Incyte Corporation (a) | 2 | 154 |
| Ingersoll Rand Inc. | 4 | 367 |
| Insulet Corporation (a) | 1 | 232 |
| Intel Corporation (a) | 49 | 1629 |
| Intercontinental Exchange, Inc. | 6 | 1063 |
| International Business Machines Corporation | 10 | 2925 |
| International Flavors & Fragrances Inc. | 3 | 183 |
| International Paper Company | 6 | 260 |
| Intuit Inc. | 3 | 2083 |
| Intuitive Surgical, Inc. (a) | 4 | 1777 |
| Invitation Homes Inc. | 7 | 197 |
| IQVIA Holdings Inc (a) | 2 | 368 |
| Iron Mountain Incorporated | 3 | 330 |
| J. M. Smucker Company, The | 1 | 137 |
| J.B. Hunt Transport Services, Inc. | 1 | 132 |
| Jack Henry & Associates, Inc. | 1 | 121 |
| Jacobs Solutions Inc. | 1 | 214 |
| James Hardie Industries Public Limited Company - CHESS | 6 | 121 |
| Johnson & Johnson | 27 | 4977 |
| Johnson Controls International Public Limited Company | 7 | 798 |
| JPMorgan Chase & Co. | 31 | 9693 |
| Kellanova | 3 | 254 |
| Kenvue Inc. | 20 | 326 |
| Keurig Dr Pepper Inc. | 14 | 344 |
| KeyCorp | 10 | 184 |
| Keysight Technologies, Inc. (a) | 2 | 331 |
| Kimberly-Clark Corporation | 4 | 460 |
| Kimco Realty OP, LLC | 8 | 169 |
| Kinder Morgan, Inc. | 22 | 631 |
| KKR & Co. Inc. - Class A | 7 | 967 |
| KLA Corporation | 1 | 1588 |
| Kraft Heinz Company, The | 10 | 267 |
| Kroger Co., The | 7 | 470 |
| L3Harris Technologies, Inc. | 2 | 640 |
| Labcorp Holdings Inc. | 1 | 264 |
| Lam Research Corporation | 14 | 1916 |
| Las Vegas Sands Corp. | 4 | 188 |
| Leidos Holdings, Inc. | 1 | 252 |
| Lennar Corporation - Class A | 2 | 291 |
| Lennar Corporation - Class B |  | 24 |
| Lennox International Inc. |  | 179 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Liberty Media Corporation - Series A (a) |  | 11 |
| Liberty Media Corporation - Series C (a) | 2 | 254 |
| Linde Public Limited Company | 5 | 2522 |
| Lineage, Inc. (c) | 1 | 35 |
| Live Nation Entertainment, Inc. (a) (c) | 2 | 259 |
| Lockheed Martin Corporation | 2 | 1126 |
| Loews Corporation | 2 | 188 |
| Lowe`s Companies, Inc. | 6 | 1577 |
| LPL Financial Holdings Inc. | 1 | 288 |
| LyondellBasell Industries N.V. - Class A | 3 | 148 |
| M&T Bank Corporation | 2 | 336 |
| Marathon Petroleum Corporation | 3 | 638 |
| Markel Group Inc. (a) |  | 260 |
| Marriott International, Inc. - Class A | 3 | 659 |
| Marsh & Mclennan Companies, Inc. | 5 | 1097 |
| Martin Marietta Materials, Inc. | 1 | 423 |
| Marvell Technology, Inc. | 10 | 822 |
| Masco Corporation | 2 | 157 |
| MasterCard Incorporated - Class A | 9 | 5246 |
| McCormick & Company, Incorporated | 3 | 198 |
| McDonald's Corporation | 8 | 2425 |
| McKesson Corporation | 1 | 1095 |
| Medtronic, Inc. | 14 | 1351 |
| Merck & Co., Inc. | 27 | 2286 |
| Meta Platforms, Inc. - Class A | 24 | 17857 |
| MetLife, Inc. | 6 | 535 |
| Mettler-Toledo International Inc. (a) |  | 281 |
| Microchip Technology Incorporated | 6 | 402 |
| Micron Technology, Inc. | 13 | 2093 |
| Microsoft Corporation | 83 | 43122 |
| Mid-America Apartment Communities, Inc. | 1 | 186 |
| Moderna, Inc. (a) | 4 | 108 |
| Molina Healthcare, Inc. (a) | 1 | 112 |
| Molson Coors Beverage Company - Class B | 2 | 88 |
| Mondelez International, Inc. - Class A | 14 | 901 |
| MongoDB, Inc. - Class A (a) | 1 | 264 |
| Monolithic Power Systems, Inc. | 1 | 474 |
| Monster Beverage 1990 Corporation (a) | 8 | 517 |
| Moody's Corporation | 2 | 827 |
| Morgan Stanley | 14 | 2204 |
| Motorola Solutions, Inc. | 2 | 844 |
| MSCI Inc. - Class A | 1 | 479 |
| Nasdaq, Inc. | 4 | 376 |
| NetApp, Inc. | 2 | 261 |
| Netflix, Inc. (a) | 5 | 5719 |
| Newmont Corporation | 13 | 1055 |
| News Corporation - Class A | 4 | 131 |
| News Corporation - Class B | 2 | 54 |
| NextEra Energy, Inc. | 23 | 1736 |
| Nike, Inc. - Class B | 13 | 879 |
| NiSource Inc. | 5 | 235 |
| Norfolk Southern Corporation | 3 | 764 |
| Northern Trust Corporation | 2 | 281 |
| Northrop Grumman Corporation | 2 | 944 |
| NRG Energy, Inc. | 2 | 356 |
| Nucor Corporation | 3 | 347 |
| NVIDIA Corporation | 263 | 49108 |
| NVR, Inc. (a) |  | 257 |
| Occidental Petroleum Corporation | 7 | 345 |
| Okta, Inc. - Class A (a) | 2 | 172 |
| Old Dominion Freight Line, Inc. | 2 | 277 |
| Omnicom Group Inc. | 2 | 194 |
| ON Semiconductor Corporation (a) | 5 | 233 |
| ONEOK, Inc. | 7 | 511 |
| Oracle Corporation | 18 | 5131 |
| O'Reilly Automotive, Inc. (a) | 9 | 1013 |
| Otis Worldwide Corporation | 4 | 404 |
| Owens Corning | 1 | 138 |
| PACCAR Inc | 6 | 571 |
| Packaging Corporation of America | 1 | 209 |
| Palantir Technologies Inc. - Class A (a) | 24 | 4457 |
| Palo Alto Networks, Inc. (a) | 7 | 1520 |
| Parker-Hannifin Corporation | 1 | 1033 |
| Paychex, Inc. | 4 | 462 |
| Paycom Software, Inc. | 1 | 110 |
| PayPal Holdings, Inc. (a) | 11 | 712 |
| PepsiCo, Inc. | 15 | 2155 |
| Pfizer Inc. | 63 | 1613 |
| PG&E Corporation | 25 | 381 |
| Philip Morris International Inc. | 17 | 2808 |
| Phillips 66 | 5 | 630 |
| Pinterest, Inc. - Class A (a) | 7 | 212 |
| Pool Corporation |  | 131 |
| PPG Industries, Inc. | 3 | 272 |
| PPL Corporation | 8 | 291 |
| Principal Financial Group, Inc. | 2 | 201 |
| Procter & Gamble Company, The | 26 | 4013 |
| Progressive Corporation, The | 6 | 1599 |
| ProLogis Inc. | 10 | 1169 |
| Prudential Financial, Inc. | 4 | 397 |
| PTC Inc. (a) | 1 | 264 |
| Public Service Enterprise Group Incorporated | 6 | 467 |
| Public Storage Operating Company | 2 | 508 |
| PulteGroup, Inc. | 2 | 289 |
| Qualcomm Incorporated | 12 | 1998 |
| Quanta Services, Inc. | 2 | 679 |
| Quest Diagnostics Incorporated | 1 | 242 |
| Raymond James Financial, Inc. | 2 | 343 |
| Realty Income Corporation | 10 | 609 |
| Regency Centers Corporation | 2 | 123 |
| Regeneron Pharmaceuticals, Inc. | 1 | 640 |
| Regions Financial Corporation | 10 | 258 |
| Reinsurance Group of America, Incorporated | 1 | 128 |
| Republic Services, Inc. | 2 | 524 |
| ResMed Inc. | 2 | 455 |
| Revvity, Inc. | 1 | 123 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 1177 |
| Roblox Corporation - Class A (a) | 7 | 962 |
| Rockwell Automation, Inc. | 1 | 446 |
| Rollins, Inc. | 3 | 195 |
| Roper Technologies, Inc. | 1 | 587 |
| Ross Stores, Inc. | 4 | 552 |
| Royal Caribbean Cruises Ltd. | 3 | 915 |
| Royalty Pharma PLC - Class A | 4 | 136 |
| RTX Corporation | 15 | 2480 |
| S&P Global Inc. | 3 | 1666 |
| Salesforce, Inc. | 10 | 2452 |
| SBA Communications Corporation - Class A | 1 | 226 |
| Schlumberger Limited | 16 | 565 |
| Seagate Technology Holdings Public Limited Company | 2 | 524 |
| Sempra | 7 | 661 |
| ServiceNow, Inc. (a) | 2 | 2133 |
| Sherwin-Williams Company, The | 3 | 896 |
| Simon Property Group, Inc. | 4 | 684 |
| Snap Inc. - Class A (a) | 12 | 92 |
| Snap-on Incorporated | 1 | 190 |
| Snowflake Inc. - Class A (a) | 4 | 825 |
| Southwest Airlines Co. | 5 | 163 |
| SS&C Technologies Holdings, Inc. | 2 | 219 |
| Starbucks Corporation | 13 | 1085 |
| State Street Corporation | 3 | 354 |
| Steel Dynamics, Inc. | 2 | 211 |
| Steris Public Limited Company | 1 | 251 |
| Strategy Inc - Class A (a) | 3 | 934 |
| Stryker Corporation | 4 | 1503 |
| Sun Communities, Inc. | 1 | 164 |
| Super Micro Computer, Inc. (a) | 6 | 282 |
| Synchrony Financial | 4 | 296 |
| Synopsys, Inc. (a) | 2 | 1023 |
| Sysco Corporation | 5 | 441 |
| T. Rowe Price Group, Inc. | 2 | 254 |
| Take-Two Interactive Software, Inc. (a) | 2 | 500 |
| Targa Resources Corp. | 2 | 402 |
| Target Corporation | 5 | 454 |
| TE Connectivity Public Limited Company | 3 | 729 |
| Teledyne Technologies Incorporated (a) | 1 | 295 |
| Teradyne, Inc. | 2 | 258 |
| Tesla Inc. (a) | 31 | 13971 |
| Texas Instruments Incorporated | 10 | 1868 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Texas Pacific Land Corporation |  | 195 |
| Textron Inc. | 2 | 165 |
| The PNC Financial Services Group, Inc. | 4 | 879 |
| The Southern Company | 12 | 1162 |
| Thermo Fisher Scientific Inc. | 4 | 2031 |
| TJX Companies, Inc., The | 13 | 1821 |
| T-Mobile US, Inc. | 5 | 1125 |
| Tractor Supply Company | 6 | 333 |
| Trade Desk, Inc., The - Class A (a) | 5 | 248 |
| Trane Technologies Public Limited Company | 2 | 1041 |
| TransDigm Group Incorporated | 1 | 778 |
| TransUnion | 2 | 172 |
| Travelers Companies, Inc., The | 3 | 714 |
| Trimble Inc. (a) | 3 | 230 |
| Truist Financial Corporation | 14 | 657 |
| Twilio Inc. - Class A (a) | 2 | 154 |
| Tyler Technologies, Inc. (a) |  | 254 |
| Tyson Foods, Inc. - Class A | 3 | 151 |
| U.S. Bancorp | 18 | 846 |
| Uber Technologies, Inc. (a) | 23 | 2212 |
| UDR, Inc. | 3 | 124 |
| Ulta Beauty, Inc. (a) | 1 | 272 |
| Union Pacific Corporation | 7 | 1587 |
| United Airlines Holdings, Inc. (a) | 4 | 346 |
| United Parcel Service, Inc. - Class B | 8 | 669 |
| United Rentals, Inc. | 1 | 688 |
| UnitedHealth Group Incorporated | 10 | 3494 |
| Universal Music Group N.V. | 11 | 319 |
| Valero Energy Corporation | 4 | 604 |
| Veeva Systems Inc. - Class A (a) | 2 | 496 |
| Ventas, Inc. | 5 | 328 |
| Veralto Corporation | 3 | 293 |
| VeriSign, Inc. | 1 | 241 |
| Verisk Analytics, Inc. | 2 | 404 |
| Verizon Communications Inc. | 47 | 2072 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1130 |
| Vertiv Holdings Co - Class A | 4 | 623 |
| VICI Properties Inc. | 12 | 379 |
| Visa Inc. - Class A | 19 | 6497 |
| Vistra Corp. | 4 | 747 |
| Vulcan Materials Company | 1 | 458 |
| W. R. Berkley Corporation | 3 | 250 |
| W.P. Carey Inc. | 3 | 178 |
| W.W. Grainger, Inc. | 1 | 476 |
| Walmart Inc. | 48 | 4977 |
| Walt Disney Company, The | 20 | 2321 |
| Warner Bros. Discovery, Inc. - Series A (a) | 25 | 483 |
| Waste Connections, Inc. | 3 | 511 |
| Waste Management, Inc. | 4 | 907 |
| Waters Corporation (a) | 1 | 188 |
| Watsco, Inc. |  | 145 |
| WEC Energy Group Inc. | 3 | 391 |
| Wells Fargo & Company | 36 | 3013 |
| Welltower Inc. | 8 | 1337 |
| West Pharmaceutical Services, Inc. | 1 | 204 |
| Western Digital Corporation | 4 | 465 |
| Westinghouse Air Brake Technologies Corporation | 2 | 382 |
| Westlake Corporation |  | 34 |
| Weyerhaeuser Company | 8 | 190 |
| Williams Companies, Inc., The | 13 | 851 |
| Willis Towers Watson Public Limited Company | 1 | 358 |
| Workday, Inc. - Class A (a) | 2 | 576 |
| XCEL Energy Inc. | 6 | 524 |
| Xylem Inc. | 3 | 390 |
| Yum! Brands, Inc. | 3 | 477 |
| Zebra Technologies Corporation - Class A (a) | 1 | 181 |
| Zillow Group, Inc. - Class A (a) |  | 36 |
| Zillow Group, Inc. - Class C (a) | 2 | 147 |
| Zimmer Biomet Holdings, Inc. | 2 | 224 |
| Zoetis Inc. - Class A | 5 | 727 |
| Zoom Communications, Inc. - Class A (a) | 3 | 231 |
| Zscaler, Inc. (a) | 1 | 316 |
| | | 644268 |
| **Japan 5.8%** | **Japan 5.8%** | **Japan 5.8%** |
| Advantest Corporation | 8 | 806 |
| AEON Co., Ltd. | 31 | 375 |
| AGC Inc. | 2 | 75 |
| Aisin Corporation | 7 | 127 |
| Ajinomoto Co., Inc. | 11 | 313 |
| ANA Holdings Inc. | 2 | 37 |
| Asahi Group Holdings, Ltd. | 18 | 218 |
| Asahi Kasei Corporation | 13 | 104 |
| ASICS Corporation | 8 | 220 |
| Astellas Pharma Inc. | 19 | 204 |
| Bandai Namco Holdings Inc. | 7 | 246 |
| Bridgestone Corporation | 7 | 314 |
| Canon Inc. | 11 | 322 |
| Capcom Co., Ltd. | 4 | 104 |
| Central Japan Railway Company | 12 | 333 |
| Chubu Electric Power Co., Ltd. (c) | 8 | 111 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 315 |
| Concordia Financial Group, Ltd. (c) | 13 | 96 |
| Dai Nippon Printing Co., Ltd. | 4 | 71 |
| Daifuku Co., Ltd. | 4 | 123 |
| Dai-ichi Life Holdings, Inc. | 43 | 341 |
| Daiichi Sankyo Company, Limited | 21 | 476 |
| Daikin Industries, Ltd. | 3 | 370 |
| Daito Trust Construction Co., Ltd. | 4 | 88 |
| Daiwa House Industry Co., Ltd. (c) | 7 | 245 |
| Daiwa Securities Group Inc. | 17 | 134 |
| DENSO Corporation | 22 | 309 |
| DISCO Corporation | 1 | 313 |
| East Japan Railway Company | 12 | 299 |
| Eisai Co., Ltd. | 3 | 101 |
| ENEOS Holdings, Inc. | 33 | 206 |
| FANUC Corporation | 10 | 297 |
| Fast Retailing Co., Ltd. | 2 | 606 |
| Fuji Electric Co., Ltd. | 1 | 94 |
| FUJIFILM Holdings Corporation | 14 | 351 |
| Fujikura Ltd. | 3 | 294 |
| Fujitsu Limited | 20 | 466 |
| Hankyu Hanshin Holdings, Inc. (c) | 2 | 68 |
| Hikari Tsushin,Inc. |  | 28 |
| Hitachi Construction Machinery Co., Ltd. | 1 | 42 |
| Hitachi, Ltd. | 52 | 1365 |
| Honda Motor Co., Ltd. (c) | 48 | 491 |
| Hoshizaki Corporation | 2 | 56 |
| HOYA Corporation | 4 | 527 |
| Hulic Co., Ltd. | 7 | 71 |
| Idemitsu Kosan Co., Ltd. (c) | 11 | 78 |
| IHI Corporation | 12 | 222 |
| Inpex Corporation | 11 | 192 |
| Isuzu Motors Limited | 6 | 73 |
| ITOCHU Corporation | 16 | 894 |
| Japan Airlines Co., Ltd. | 2 | 38 |
| Japan Exchange Group, Inc. | 11 | 119 |
| Japan Post Bank Co., Ltd. | 19 | 230 |
| Japan Post Holdings Co., Ltd. | 20 | 197 |
| Japan Post Insurance Co., Ltd. | 2 | 48 |
| Japan Real Estate Investment Corporation |  | 72 |
| Japan Tobacco Inc. | 12 | 401 |
| JFE Holdings, Inc. (c) | 7 | 91 |
| Kajima Corporation | 5 | 137 |
| Kao Corporation | 5 | 214 |
| Kawasaki Heavy Industries, Ltd. (c) | 2 | 106 |
| Kawasaki Kisen Kaisha, Ltd. (c) | 3 | 46 |
| KDDI Corporation | 33 | 520 |
| Keyence Corporation | 2 | 782 |
| Kikkoman Corporation (c) | 10 | 89 |
| Kirin Holdings Company, Limited | 8 | 120 |
| Kobe Bussan Co., Ltd. | 2 | 41 |
| Komatsu Ltd. | 10 | 346 |
| Konami Group Corporation | 1 | 130 |
| Kubota Corporation | 12 | 155 |
| KYOCERA Corporation | 16 | 209 |
| Kyowa Kirin Co., Ltd. | 3 | 53 |
| Lasertec Co., Ltd. | 1 | 124 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LINEYahoo! Corporation | 34 | 109 |
| M3, Inc. | 5 | 86 |
| Makita Corporation | 3 | 87 |
| Marubeni Corporation | 19 | 462 |
| MatsukiyoCocokara & Co. | 4 | 79 |
| McDonald's Holdings Company (Japan), Ltd. | 1 | 38 |
| Meiji Holdings Co., Ltd. (c) | 2 | 48 |
| Minebeamitsumi Inc. | 4 | 68 |
| Mitsubishi Chemical Group Corporation (c) | 18 | 106 |
| Mitsubishi Corporation | 43 | 1034 |
| Mitsubishi Electric Corporation | 23 | 592 |
| Mitsubishi Estate Co., Ltd. (c) | 14 | 327 |
| Mitsubishi HC Capital Inc. (c) | 10 | 84 |
| Mitsubishi Heavy Industries, Ltd. (c) | 37 | 979 |
| Mitsubishi UFJ Financial Group, Inc. | 127 | 2052 |
| Mitsui & Co., Ltd. | 29 | 718 |
| Mitsui Fudosan Co., Ltd. | 31 | 336 |
| Mitsui O.S.K. Lines, Ltd. (c) | 4 | 128 |
| Mizuho Bank, Ltd. | 3 | 61 |
| Mizuho Financial Group, Inc. | 28 | 943 |
| MonotaRO Co., Ltd. | 3 | 41 |
| MS&AD Insurance Group Holdings, Inc. (c) | 16 | 354 |
| Murata Manufacturing Co., Ltd. | 21 | 392 |
| Nec Corporation | 14 | 455 |
| NEXON Co., Ltd. | 4 | 92 |
| Nidec Corporation | 12 | 210 |
| Nintendo Co., Ltd. | 13 | 1115 |
| Nippon Building Fund Inc. |  | 98 |
| Nippon Paint Holdings Co., Ltd. | 9 | 63 |
| Nippon Sanso Holdings Corporation | 2 | 82 |
| Nippon Steel Corporation (c) | 62 | 253 |
| Nippon Telegraph and Telephone Corporation | 289 | 303 |
| Nippon Yusen Kabushiki Kaisha | 5 | 154 |
| Nissan Motor Co., Ltd. (a) | 24 | 60 |
| Nissin Food Holdings Co., Ltd. (c) | 3 | 53 |
| Niterra Co., Ltd. | 2 | 73 |
| Nitori Holdings Co., Ltd. (c) | 5 | 87 |
| Nitto Denko Corporation | 8 | 180 |
| Nomura Holdings, Inc. | 34 | 248 |
| Nomura Research Institute, Ltd. (c) | 5 | 177 |
| Obayashi Corporation | 7 | 117 |
| OBIC Co., Ltd. | 4 | 125 |
| Olympus Corporation | 13 | 168 |
| OMRON Corporation (c) | 3 | 69 |
| Ono Pharmaceutical Co., Ltd. (c) | 6 | 73 |
| Oracle Corporation Japan |  | 41 |
| Oriental Land Co., Ltd. | 12 | 297 |
| ORIX Corporation | 13 | 337 |
| Osaka Gas Co., Ltd. | 5 | 134 |
| Otsuka Corporation | 3 | 63 |
| Otsuka Holdings Co., Ltd. | 5 | 272 |
| Pan Pacific International Holdings Corporation | 28 | 181 |
| Panasonic Holdings Corporation | 25 | 266 |
| Rakuten Group, Inc. (a) | 15 | 98 |
| Recruit Holdings Co., Ltd. | 16 | 858 |
| Renesas Electronics Corporation | 19 | 221 |
| Resona Holdings, Inc. | 24 | 249 |
| Ricoh Company, Ltd. | 5 | 41 |
| SBI Holdings, Inc. | 3 | 148 |
| SCREEN Holdings Co., Ltd. (c) | 1 | 100 |
| SCSK Corporation | 2 | 51 |
| Secom Co., Ltd. (c) | 5 | 180 |
| Sekisui Chemical Co., Ltd. | 4 | 82 |
| Sekisui House, Ltd. | 8 | 173 |
| Seven & I Holdings Co., Ltd. | 25 | 330 |
| SG Holdings Co., Ltd. (c) | 5 | 48 |
| Shimadzu Corporation | 4 | 91 |
| Shimano Inc. | 1 | 101 |
| Shimizu Corporation | 7 | 91 |
| Shin-Etsu Chemical Co., Ltd. | 21 | 683 |
| Shionogi & Co., Ltd. | 10 | 167 |
| Shiseido Company, Limited | 5 | 87 |
| SMC Corporation | 1 | 184 |
| SoftBank Corp. | 316 | 465 |
| SoftBank Group Corp. | 11 | 1326 |
| Sompo Holdings, Inc. | 11 | 341 |
| Sony Financial Group Inc. | 67 | 74 |
| Sony Group Corporation | 67 | 1930 |
| Square Enix Holdings Co., Ltd. | 2 | 52 |
| Subaru Corporation. (c) | 7 | 133 |
| Sumitomo Corporation | 13 | 388 |
| Sumitomo Electric Industries, Ltd. | 8 | 236 |
| Sumitomo Metal Mining Co., Ltd. (c) | 3 | 90 |
| Sumitomo Mitsui Financial Group, Inc. | 43 | 1206 |
| Sumitomo Mitsui Trust Group, Inc. | 8 | 244 |
| Sumitomo Realty & Development Co., Ltd. | 5 | 217 |
| Suntory Beverage & Food Limited | 2 | 53 |
| Suzuki Motor Corporation | 20 | 293 |
| Sysmex Corporation | 6 | 69 |
| T&D Holdings, Inc. | 6 | 144 |
| Taisei Corporation | 2 | 131 |
| Takeda Pharmaceutical Company Limited (c) | 18 | 516 |
| TDK Corporation | 20 | 292 |
| Terumo Corporation | 17 | 283 |
| The Chiba Bank, Ltd. | 7 | 72 |
| The Kansai Electric Power Company, Incorporated | 12 | 175 |
| TIS Inc. | 3 | 89 |
| Toho Co., Ltd. | 1 | 71 |
| Tokio Marine Holdings, Inc. | 22 | 924 |
| Tokyo Century Corporation | 2 | 29 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 19 | 91 |
| Tokyo Electron Limited | 5 | 899 |
| Tokyo Gas Co., Ltd. | 4 | 142 |
| Tokyu Corporation (c) | 7 | 85 |
| TOPPAN Holdings Inc. | 3 | 82 |
| Toray Industries, Inc. | 18 | 115 |
| Toyo Suisan Kaisha, Ltd. | 1 | 93 |
| Toyota Industries Corporation | 2 | 214 |
| Toyota Motor Corporation | 128 | 2446 |
| Toyota Tsusho Corporation | 8 | 208 |
| Trend Micro Incorporated | 2 | 82 |
| Unicharm Corporation | 14 | 92 |
| West Japan Railway Company (c) | 5 | 101 |
| Yakult Honsha Co., Ltd. (c) | 3 | 41 |
| Yamaha Motor Co., Ltd. | 11 | 86 |
| Yaskawa Electric Corporation | 3 | 60 |
| Yokogawa Electric Corporation | 3 | 86 |
| Zensho Holdings Co., Ltd. | 1 | 72 |
| ZOZO, Inc. | 6 | 52 |
| | | 51722 |
| **United Kingdom 3.6%** | **United Kingdom 3.6%** | **United Kingdom 3.6%** |
| 3i Group PLC | 11 | 597 |
| Admiral Group PLC | 2 | 112 |
| Anglo American PLC | 12 | 443 |
| Associated British Foods PLC | 3 | 82 |
| AstraZeneca PLC | 17 | 2647 |
| Auto Trader Group PLC | 10 | 104 |
| Aviva PLC | 31 | 290 |
| BAE Systems PLC | 33 | 920 |
| Barclays PLC | 158 | 811 |
| Barratt Redrow PLC | 17 | 89 |
| BP P.L.C. | 175 | 1001 |
| British American Tobacco P.L.C. | 22 | 1168 |
| BT Group PLC | 71 | 183 |
| Bunzl Public Limited Company | 3 | 102 |
| Centrica PLC | 61 | 138 |
| Coca-Cola Europacific Partners PLC | 2 | 219 |
| Compass Group PLC | 19 | 662 |
| Convatec Group PLC (d) | 21 | 64 |
| Croda International Public Limited Company | 1 | 35 |
| CVC Capital Partners PLC | 8 | 146 |
| Diageo PLC | 25 | 604 |
| Entain PLC | 7 | 88 |
| Experian PLC | 10 | 520 |
| Fiat Chrysler Automobiles N.V. | 22 | 208 |
| GSK PLC | 45 | 965 |
| Haleon PLC | 102 | 455 |
| Halma Public Limited Company | 4 | 199 |
| Hikma Pharmaceuticals Public Limited Company | 1 | 32 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hiscox Ltd. | 3 | 56 |
| Howden Joinery Group PLC | 5 | 58 |
| HSBC Holdings PLC | 195 | 2754 |
| ICG PLC | 3 | 86 |
| Imperial Brands PLC | 9 | 389 |
| Informa PLC | 12 | 154 |
| InterContinental Hotels Group PLC | 2 | 197 |
| International Consolidated Airlines Group S.A. | 42 | 217 |
| Intertek Group PLC | 2 | 114 |
| J Sainsbury PLC | 15 | 68 |
| JD Sports Fashion PLC | 34 | 43 |
| Kingfisher PLC | 19 | 80 |
| Land Securities Group PLC | 9 | 69 |
| Legal & General Group PLC | 63 | 202 |
| Lloyds Banking Group PLC | 672 | 760 |
| London Stock Exchange Group PLC | 5 | 627 |
| M&G PLC | 24 | 82 |
| Melrose Industries PLC | 11 | 91 |
| Mondi PLC | 6 | 80 |
| National Grid PLC | 57 | 814 |
| NatWest Group PLC | 87 | 609 |
| Next PLC | 1 | 212 |
| NMC Health PLC (e) | 1 |  |
| Pearson PLC | 7 | 106 |
| Pentair Public Limited Company | 2 | 214 |
| Persimmon Public Limited Company | 3 | 44 |
| Phoenix Group Holdings PLC | 8 | 67 |
| Prudential Public Limited Company | 28 | 390 |
| Reckitt Benckiser Group PLC | 7 | 574 |
| Relx PLC | 21 | 981 |
| Rentokil Initial PLC | 30 | 150 |
| Rightmove PLC | 8 | 75 |
| Rio Tinto PLC | 12 | 775 |
| Rolls-Royce Holdings PLC | 93 | 1493 |
| Schroders PLC | 10 | 51 |
| SEGRO Public Limited Company | 14 | 120 |
| Severn Trent PLC | 3 | 100 |
| Shell PLC - Class A | 65 | 2342 |
| Smith & Nephew PLC | 10 | 177 |
| Smiths Group PLC | 4 | 129 |
| Spirax Group PLC | 1 | 65 |
| SSE PLC | 13 | 294 |
| Standard Chartered PLC | 21 | 409 |
| Taylor Wimpey PLC | 35 | 49 |
| Tesco PLC | 74 | 445 |
| The Berkeley Group Holdings PLC | 1 | 64 |
| The Sage Group PLC. | 11 | 170 |
| Unilever PLC | 28 | 1626 |
| United Utilities PLC | 7 | 112 |
| Vodafone Group Public Limited Company | 226 | 263 |
| Weir Group PLC(The) | 3 | 122 |
| Whitbread PLC | 2 | 88 |
| Wise PLC - Class A (a) | 7 | 96 |
| WPP 2012 Limited | 13 | 64 |
| | | 32301 |
| **Canada 3.1%** | **Canada 3.1%** | **Canada 3.1%** |
| Agnico Eagle Mines Limited | 6 | 963 |
| Alimentation Couche-Tard Inc. | 8 | 425 |
| AltaGas Ltd. (c) | 3 | 86 |
| ARC Resources Ltd. | 7 | 134 |
| Bank of Montreal | 8 | 1070 |
| Bank of Nova Scotia, The | 14 | 901 |
| Banque Nationale Du Canada (c) | 4 | 462 |
| Barrick Mining Corporation | 19 | 628 |
| BCE Inc. (c) | 2 | 55 |
| Brookfield Corporation - Class A | 14 | 956 |
| CAE Inc. (a) | 4 | 118 |
| Cameco Corporation (c) | 5 | 400 |
| Canadian Imperial Bank of Commerce (c) | 11 | 855 |
| Canadian National Railway Company | 6 | 568 |
| Canadian Natural Resources Limited (c) | 23 | 739 |
| Canadian Pacific Kansas City Limited | 11 | 786 |
| Canadian Tire Corporation, Limited - Class A | 1 | 62 |
| CCL Industries Inc. - Class B | 1 | 79 |
| Cenovus Energy Inc. | 15 | 256 |
| CGI Inc. - Class A | 2 | 189 |
| Constellation Software Inc. |  | 633 |
| Dollarama Inc. | 3 | 418 |
| Emera Incorporated (d) | 3 | 155 |
| Enbridge Inc. | 25 | 1236 |
| Fairfax Financial Holdings Limited |  | 380 |
| FirstService Corporation | 1 | 96 |
| Fortis Inc. | 6 | 284 |
| Franco-Nevada Corporation | 2 | 452 |
| George Weston Limited | 2 | 114 |
| GFL Environmental Inc. | 3 | 130 |
| Great-West Lifeco Inc. | 3 | 139 |
| Groupe WSP Global Inc. (c) | 1 | 287 |
| Hydro One Limited | 4 | 127 |
| iA Societe Financiere Inc. | 1 | 106 |
| IGM Financial Inc. | 1 | 35 |
| Imperial Oil Limited | 2 | 147 |
| Intact Financial Corporation | 2 | 399 |
| Keyera Corp. (d) | 3 | 87 |
| Kinross Gold Corporation | 13 | 326 |
| Les Vetements de Sport Gildan Inc. - Class A | 2 | 111 |
| Loblaw Companies Limited | 6 | 240 |
| Lululemon Athletica Inc. (a) | 1 | 202 |
| Lundin Mining Corporation | 7 | 101 |
| Magna International Inc. | 3 | 120 |
| Manulife Financial Corporation | 19 | 605 |
| Metro Inc. - Class A | 3 | 177 |
| Nutrien Ltd. (c) | 6 | 328 |
| Open Text Corporation (c) | 3 | 98 |
| Pembina Pipeline Corporation | 6 | 250 |
| Power Corporation of Canada (c) | 6 | 251 |
| Quebecor Inc. - Class B | 1 | 43 |
| RB Global, Inc. | 2 | 220 |
| Restaurant Brands International Limited Partnership | 3 | 224 |
| Rogers Communications Inc. - Class B (c) | 5 | 157 |
| Royal Bank of Canada | 16 | 2337 |
| Saputo Inc. | 3 | 74 |
| Shopify Inc. - Class A (a) | 14 | 2019 |
| Stantec Inc. | 1 | 126 |
| Sun Life Financial Inc. | 7 | 391 |
| Suncor Energy Inc. | 13 | 563 |
| TC Energy Corporation (c) | 12 | 638 |
| Teck Resources Limited - Class B | 5 | 219 |
| TELUS Corporation | 6 | 90 |
| TFI International Inc. (c) | 1 | 87 |
| Thomson Reuters Corporation | 2 | 248 |
| TMX Group Limited | 3 | 117 |
| Toronto-Dominion Bank, The | 19 | 1542 |
| Tourmaline Oil Corp (c) | 4 | 169 |
| Wheaton Precious Metals Corp. | 5 | 572 |
|  |  | 27602 |
| **France 2.5%** | **France 2.5%** | **France 2.5%** |
| Aeroports de Paris |  | 56 |
| Airbus SE | 7 | 1537 |
| Amundi (d) | 1 | 65 |
| AXA | 19 | 910 |
| Biomerieux S.A. | 1 | 78 |
| BNP Paribas | 12 | 1056 |
| Bollore SE | 7 | 42 |
| Bouygues | 2 | 97 |
| Bureau Veritas | 4 | 123 |
| Capgemini | 2 | 294 |
| Compagnie de Saint-Gobain | 5 | 557 |
| Compagnie Generale des Etablissements Michelin | 7 | 265 |
| Credit Agricole S.A. | 12 | 229 |
| Danone | 7 | 611 |
| Dassault Aviation |  | 68 |
| Dassault Systemes | 7 | 245 |
| Engie | 19 | 409 |
| EssilorLuxottica | 4 | 1138 |
| Hermes International |  | 922 |
| Kering | 1 | 253 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1341 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Legrand | 3 | 481 |
| L'Oreal | 3 | 1180 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1748 |
| Orange | 22 | 350 |
| Pernod Ricard | 2 | 223 |
| Publicis Groupe S.A. | 2 | 237 |
| Safran | 4 | 1380 |
| Sanofi | 12 | 1175 |
| Sartorius Stedim Biotech |  | 60 |
| Schneider Electric SE | 6 | 1703 |
| Societe Generale | 8 | 503 |
| Thales | 1 | 332 |
| TotalEnergies SE | 22 | 1359 |
| Veolia Environnement | 7 | 238 |
| VINCI | 6 | 767 |
| | | 22032 |
| **Germany 2.2%** | **Germany 2.2%** | **Germany 2.2%** |
| Adidas AG - Class N | 2 | 413 |
| Allianz SE | 4 | 1809 |
| BASF SE - Class N | 10 | 507 |
| Bayer Aktiengesellschaft - Class N | 10 | 330 |
| Bayerische Motoren Werke Aktiengesellschaft | 3 | 311 |
| Beiersdorf Aktiengesellschaft | 1 | 104 |
| BioNTech SE - ADR (a) | 1 | 106 |
| COMMERZBANK Aktiengesellschaft | 10 | 366 |
| Continental Aktiengesellschaft | 1 | 71 |
| Daimler Truck Holding AG | 5 | 220 |
| Deutsche Bank Aktiengesellschaft - Class N | 20 | 713 |
| Deutsche Borse Aktiengesellschaft - Class N | 2 | 555 |
| Deutsche Post AG - Class N | 11 | 471 |
| Deutsche Telekom AG - Class N | 37 | 1276 |
| E.ON SE - Class N | 25 | 468 |
| Elia Group |  | 50 |
| Fresenius SE & Co. KGaA | 5 | 272 |
| Hannover Ruck SE - Class N | 1 | 191 |
| Heidelberg Materials AG | 1 | 335 |
| Henkel AG & Co. KGaA | 1 | 90 |
| Infineon Technologies AG - Class N | 14 | 552 |
| Mercedes-Benz Group AG - Class N | 8 | 501 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 192 |
| MTU Aero Engines AG - Class N | 1 | 253 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 931 |
| Rheinmetall Aktiengesellschaft | 1 | 1173 |
| RWE Aktiengesellschaft | 7 | 328 |
| SAP SE | 11 | 3073 |
| Siemens Aktiengesellschaft - Class N | 8 | 2233 |
| Siemens Energy AG (a) | 8 | 895 |
| Siemens Healthineers AG (d) | 3 | 153 |
| Symrise AG | 2 | 130 |
| Talanx Aktiengesellschaft | 1 | 91 |
| Vonovia SE | 9 | 274 |
|  |  | 19437 |
| **Switzerland 1.9%** | **Switzerland 1.9%** | **Switzerland 1.9%** |
| ABB Ltd - Class N | 18 | 1276 |
| Alcon AG | 6 | 413 |
| Amrize AG (a) | 5 | 264 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 150 |
| Coca-Cola HBC AG | 2 | 100 |
| Compagnie Financiere Richemont S.A. | 6 | 1140 |
| EMS-Chemie Holding AG |  | 65 |
| Galderma Group AG | 1 | 251 |
| Geberit AG - Class N |  | 280 |
| Givaudan S.A. - Class N |  | 379 |
| Glencore PLC | 108 | 498 |
| Holcim AG | 6 | 468 |
| Julius Bar Gruppe AG - Class N | 2 | 158 |
| Kuhne & Nagel International AG | 1 | 109 |
| Lonza Group AG | 1 | 527 |
| Nestle S.A. - Class N | 29 | 2639 |
| Novartis AG - Class N | 21 | 2663 |
| Partners Group Holding AG |  | 321 |
| Roche Holding AG |  | 117 |
| Sandoz Group AG | 4 | 266 |
| Schindler Holding AG - Class N |  | 75 |
| SGS S.A. | 2 | 185 |
| Sika AG | 2 | 412 |
| Sonova Holding AG | 1 | 140 |
| Straumann Holding AG - Class N | 1 | 117 |
| Swiss Life Holding AG - Class N |  | 355 |
| Swiss Re AG | 3 | 616 |
| Swisscom AG - Class N |  | 209 |
| UBS Group AG | 32 | 1308 |
| Zurich Insurance Group AG - Class N | 2 | 1119 |
|  |  | 16620 |
| **Australia 1.7%** | **Australia 1.7%** | **Australia 1.7%** |
| Amcor Pty Ltd | 24 | 198 |
| ANZ Group Holdings Limited | 34 | 743 |
| Aristocrat Leisure Limited | 7 | 341 |
| ASX Limited | 2 | 92 |
| Atlas Arteria Limited | 10 | 33 |
| Atlassian Corporation - Class A (a) | 2 | 302 |
| Australian Pipeline Trust | 14 | 84 |
| BHP Group Limited | 54 | 1505 |
| BlueScope Steel Limited | 4 | 67 |
| Brambles Limited | 15 | 251 |
| Cochlear Limited | 1 | 134 |
| Coles Group Limited | 15 | 239 |
| Commonwealth Bank of Australia | 19 | 2077 |
| Computershare Limited | 6 | 136 |
| CSL Limited | 5 | 706 |
| DEXUS Funds Management Limited | 15 | 72 |
| Fortescue Ltd | 18 | 221 |
| Goodman Funding Pty Ltd | 21 | 463 |
| GPT Management Holdings Limited | 25 | 90 |
| Insurance Australia Group Limited | 25 | 138 |
| Macquarie Group Limited | 4 | 582 |
| Medibank Private Limited | 34 | 109 |
| Mirvac Limited | 47 | 71 |
| National Australia Bank Limited | 34 | 1007 |
| Northern Star Resources Ltd | 16 | 246 |
| Orica Limited | 5 | 77 |
| Origin Energy Limited | 20 | 164 |
| Pro Medicus Limited | 1 | 112 |
| Qantas Airways Limited | 7 | 49 |
| QBE Insurance Group Limited | 16 | 224 |
| Ramsay Health Care Limited | 3 | 53 |
| REA Group Ltd |  | 69 |
| Reece Limited | 4 | 31 |
| Rio Tinto Limited | 4 | 356 |
| Santos Limited | 35 | 155 |
| Scentre Group Limited | 60 | 162 |
| SEEK Limited | 4 | 84 |
| SGH Limited (c) | 3 | 88 |
| Sigma Healthcare Ltd (c) | 67 | 133 |
| Sonic Healthcare Limited | 4 | 54 |
| South32 Limited | 58 | 105 |
| Stockland Corporation Ltd | 24 | 98 |
| Suncorp Group Limited | 11 | 153 |
| Telstra Corporation Limited | 41 | 132 |
| The Lottery Corporation Limited | 23 | 89 |
| TPG Corporation Limited | 7 | 22 |
| Transurban Holdings Limited | 34 | 308 |
| Vicinity Centres RE Ltd | 50 | 83 |
| Wesfarmers Limited | 13 | 781 |
| Westpac Banking Corporation | 38 | 987 |
| Whsp Holdings Ltd | 3 | 80 |
| WiseTech Global Limited | 2 | 126 |
| Woodside Energy Group Ltd | 21 | 319 |
| Woolworths Group Limited | 14 | 240 |
|  |  | 15241 |
| **Netherlands 1.1%** | **Netherlands 1.1%** | **Netherlands 1.1%** |
| Adyen N.V. (a) (d) |  | 526 |
| Akzo Nobel N.V. | 2 | 119 |
| ASM International N.V. |  | 296 |
| ASML Holding N.V. | 4 | 4293 |
| DSM-Firmenich AG | 3 | 232 |
| Exor Nederland N.V. | 1 | 104 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HAL Trust |  | 60 |
| Heineken Holding N.V. | 2 | 107 |
| Heineken N.V. | 3 | 257 |
| ING Groep N.V. | 34 | 876 |
| JDE Peet's N.V. | 2 | 66 |
| Koninklijke Ahold Delhaize N.V. | 10 | 409 |
| Koninklijke KPN N.V. | 46 | 223 |
| Koninklijke Philips N.V. | 9 | 238 |
| NN Group N.V. | 3 | 214 |
| NXP Semiconductors N.V. | 3 | 611 |
| Prosus N.V. - Class N | 15 | 1042 |
| STMicroelectronics N.V. | 7 | 209 |
| Wolters Kluwer N.V. - Class C | 3 | 347 |
| | | 10229 |
| **Spain 0.8%** | **Spain 0.8%** | **Spain 0.8%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 2 | 197 |
| AENA, S.M.E., S.A. | 8 | 214 |
| Amadeus IT Holding, S.A. (d) | 5 | 388 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 64 | 1235 |
| Banco Santander, S.A. | 168 | 1755 |
| CaixaBank, S.A. | 41 | 427 |
| Cellnex Telecom, S.A. (d) | 7 | 233 |
| Endesa, S.A. | 4 | 112 |
| Ferrovial SE | 5 | 292 |
| Iberdrola, Sociedad Anonima | 69 | 1307 |
| Industria de Diseno Textil, S.A. | 12 | 690 |
| Naturgy Energy Group S.A. | 1 | 39 |
| Redeia Corporacion S.A. | 4 | 78 |
| Repsol S.A. | 11 | 203 |
| Telefonica, S.A. (c) | 50 | 259 |
|  |  | 7429 |
| **Sweden 0.8%** | **Sweden 0.8%** | **Sweden 0.8%** |
| AB Sagax - Class B | 2 | 45 |
| Aktiebolaget Industrivarden - Class A | 1 | 51 |
| Aktiebolaget Industrivarden - Class C | 2 | 65 |
| Aktiebolaget SKF - Class B | 3 | 83 |
| Aktiebolaget Volvo - Class A | 2 | 53 |
| Aktiebolaget Volvo - Class B | 17 | 497 |
| Alfa Laval AB | 3 | 156 |
| ASSA ABLOY AB - Class B | 12 | 410 |
| Atlas Copco Aktiebolag - Class A | 29 | 485 |
| Atlas Copco Aktiebolag - Class B | 17 | 249 |
| Axfood AB | 1 | 42 |
| Boliden AB (a) | 3 | 121 |
| Castellum Aktiebolag (c) | 3 | 37 |
| Epiroc Aktiebolag - Class A | 7 | 151 |
| Epiroc Aktiebolag - Class B | 5 | 97 |
| EQT AB (d) | 8 | 288 |
| Essity Aktiebolag (publ) - Class B | 6 | 163 |
| Evolution AB (publ) (d) | 2 | 174 |
| Fastighets AB Balder - Class B (a) | 9 | 61 |
| G&L Beijer Ref AB - Class B (c) | 4 | 61 |
| H & M Hennes & Mauritz AB - Class B (c) | 4 | 80 |
| Hexagon Aktiebolag - Class B | 23 | 271 |
| Holmen Aktiebolag - Class B | 1 | 21 |
| Indutrade Aktiebolag | 3 | 74 |
| Investmentaktiebolaget Latour - Class B | 2 | 42 |
| Investor Aktiebolag - Class A | 7 | 210 |
| Investor Aktiebolag - Class B | 20 | 627 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 1 | 52 |
| Lifco AB (Publ) - Class B | 3 | 87 |
| NIBE Industrier AB - Class B | 17 | 66 |
| Nordnet AB | 2 | 53 |
| SAAB Aktiebolag - Class B (c) | 4 | 256 |
| Sandvik Aktiebolag | 11 | 309 |
| Securitas AB - Class B | 7 | 99 |
| Skandinaviska Enskilda Banken AB - Class A | 15 | 303 |
| Skanska AB - Class B | 4 | 95 |
| SSAB AB - Class A |  | 2 |
| SSAB AB - Class B | 8 | 49 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 5 | 61 |
| Svenska Handelsbanken AB - Class A | 17 | 215 |
| Swedbank AB - Class A | 11 | 341 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 2 | 65 |
| Tele2 AB - Class B | 6 | 109 |
| Telefonaktiebolaget LM Ericsson - Class B | 27 | 226 |
| Telia Company AB | 23 | 88 |
| Trelleborg AB - Class B | 3 | 96 |
|  |  | 7186 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| A2a S.P.A. | 20 | 53 |
| Assicurazioni Generali Societa' Per Azioni | 10 | 405 |
| Banca Mediolanum SpA | 2 | 36 |
| Banco BPM Societa' Per Azioni | 14 | 215 |
| Buzzi S.p.A. | 1 | 43 |
| Davide Campari-Milano N.V. (c) | 7 | 43 |
| DiaSorin S.p.A. |  | 27 |
| ENEL - SPA | 88 | 833 |
| Eni S.P.A. | 21 | 369 |
| Ferrari N.V. | 1 | 660 |
| Finecobank Banca Fineco S.P.A. | 7 | 145 |
| Hera S.p.A. | 10 | 46 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (d) | 4 | 50 |
| Intesa Sanpaolo S.p.A. | 176 | 1167 |
| Leonardo S.p.A. | 5 | 307 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 6 | 125 |
| Moncler S.p.A. | 2 | 146 |
| Nexi S.p.A. (c) | 7 | 38 |
| Pirelli & C. S.p.A. (d) | 1 | 5 |
| Poste Italiane - Societa' Per Azioni (d) | 4 | 105 |
| Prysmian S.p.A. | 3 | 326 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 1 | 62 |
| Snam S.p.A. | 26 | 159 |
| Telecom Italia S.p.A. | 126 | 66 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 15 | 148 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 17 | 1329 |
|  |  | 6908 |
| **Denmark 0.4%** | **Denmark 0.4%** | **Denmark 0.4%** |
| A.P. Moller - Maersk A/S - Class A |  | 53 |
| A.P. Moller - Maersk A/S - Class B (c) |  | 83 |
| Carlsberg A/S - Class B | 1 | 130 |
| Coloplast A/S - Class B | 2 | 151 |
| Danske Bank A/S | 7 | 309 |
| DSV A/S | 2 | 420 |
| Genmab A/S (a) | 1 | 204 |
| Novo Nordisk A/S - Class B | 36 | 1962 |
| Novozymes A/S - Class B (c) | 4 | 229 |
| Orsted A/S (a) (c) (d) | 1 | 25 |
| Pandora A/S | 1 | 119 |
| Tryg A/S | 3 | 87 |
| Vestas Wind Systems A/S | 12 | 232 |
|  |  | 4004 |
| **Hong Kong 0.4%** | **Hong Kong 0.4%** | **Hong Kong 0.4%** |
| AIA Group Limited | 120 | 1145 |
| Budweiser Brewing Company APAC Limited (c) (d) | 24 | 25 |
| CK Asset Holdings Limited | 20 | 97 |
| CK Hutchison Holdings Limited | 31 | 201 |
| CK Infrastructure Holdings Limited | 8 | 49 |
| CLP Holdings Limited | 19 | 153 |
| Hang Seng Bank, Limited | 8 | 119 |
| Henderson Land Development Company Limited | 17 | 61 |
| HKT Trust | 32 | 47 |
| Hong Kong And China Gas Company Limited - The- | 103 | 89 |
| Hong Kong Exchanges and Clearing Limited | 13 | 765 |
| Jardine Matheson Holdings Limited | 2 | 119 |
| Link Real Estate Investment Trust | 25 | 127 |
| MTR Corporation Limited (c) | 21 | 71 |
| Power Assets Holdings Limited | 14 | 89 |
| Sino Land Company Limited | 22 | 27 |
| Sun Hung Kai Properties Limited | 19 | 227 |
| Swire Pacific Limited - Class A | 4 | 35 |
| Swire Properties Limited | 15 | 43 |
| Techtronic Industries Company Limited | 16 | 198 |
| WH Group Limited (d) | 99 | 107 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wharf (Holdings) Limited, The | 8 | 23 |
| Wharf Real Estate Investment Company Limited | 21 | 62 |
| | | 3879 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 43 | 94 |
| Capitaland Group Pte. Ltd. | 51 | 91 |
| Capitaland Investment Limited | 15 | 32 |
| DBS Group Holdings Ltd | 23 | 911 |
| Genting Singapore Limited | 78 | 44 |
| Jardine Cycle & Carriage Limited (c) |  | 2 |
| Keppel Ltd. | 17 | 118 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) (d) | 25 | 28 |
| Oversea-Chinese Banking Corporation Limited | 37 | 472 |
| Singapore Airlines Limited (c) | 17 | 83 |
| Singapore Exchange Limited | 8 | 99 |
| Singapore Technologies Engineering Ltd | 20 | 132 |
| Singapore Telecommunications Limited | 92 | 295 |
| United Overseas Bank Limited | 15 | 397 |
| Wilmar International Limited | 27 | 59 |
|  |  | 2857 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Elisa Oyj | 2 | 97 |
| Fortum Oyj | 5 | 104 |
| Kesko Oyj - Class A | 1 | 26 |
| Kesko Oyj - Class B | 2 | 46 |
| Kone Corporation - Class B | 4 | 280 |
| Metso Oyj (c) | 9 | 118 |
| Neste Oyj | 4 | 79 |
| Nokia Oyj | 60 | 288 |
| Nordea Bank Abp | 34 | 560 |
| Orion Oyj - Class B | 1 | 99 |
| Sampo Oyj - Class A | 29 | 328 |
| Stora Enso Oyj - Class R (c) | 6 | 61 |
| UPM-Kymmene Oyj | 6 | 158 |
| Wartsila Oyj Abp | 6 | 173 |
|  |  | 2417 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 74 |
| Ageas SA/NV | 2 | 133 |
| Anheuser-Busch InBev | 11 | 635 |
| Argenx SE (a) | 1 | 488 |
| Colruyt Group |  | 11 |
| D'Ieteren Group |  | 49 |
| Groep Brussel Lambert | 1 | 90 |
| KBC Groep | 3 | 346 |
| Lotus Bakeries |  | 38 |
| Sofina (c) |  | 54 |
| Syensqo | 1 | 64 |
| UCB | 1 | 365 |
| Warehouses De Pauw | 2 | 45 |
|  |  | 2392 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| CRH Public Limited Company | 8 | 919 |
| DCC Public Limited Company (c) | 1 | 82 |
| Kerry Group Public Limited Company - Class A | 2 | 138 |
| Kingspan Group Public Limited Company | 2 | 160 |
| Smurfit Westrock Public Limited Company | 6 | 252 |
|  |  | 1551 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Azrieli Group Ltd. |  | 47 |
| Bank Hapoalim B.M. | 15 | 301 |
| Bank Leumi Le-Israel B.M. | 17 | 333 |
| Elbit Systems Ltd. |  | 137 |
| ICL Group Ltd | 10 | 62 |
| Israel Discount Bank Limited | 14 | 135 |
| Mizrahi Tefahot Bank Ltd | 1 | 78 |
| Nice Ltd (a) | 1 | 107 |
| Teva Pharmaceutical Industries Ltd (a) | 13 | 266 |
|  |  | 1466 |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| Aker BP ASA | 3 | 69 |
| DNB Bank ASA | 9 | 248 |
| Equinor ASA | 8 | 199 |
| Gjensidige Forsikring ASA | 2 | 52 |
| Kongsberg Gruppen ASA | 5 | 164 |
| Mowi ASA | 5 | 105 |
| Norsk Hydro ASA | 17 | 117 |
| Orkla ASA | 8 | 79 |
| SalMar ASA | 1 | 37 |
| Storebrand ASA | 4 | 66 |
| Telenor ASA | 6 | 107 |
| Var Energi ASA | 8 | 26 |
| Vend Marketplaces ASA - Class A | 1 | 51 |
| Vend Marketplaces ASA - Class B |  | 12 |
| Yara International ASA | 2 | 74 |
|  |  | 1406 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| MercadoLibre, Inc. (a) | 1 | 1220 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 8 | 78 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 2 | 107 |
| Dino Polska Spolka Akcyjna (a) (d) | 6 | 70 |
| ING Bank Slaski Spolka Akcyjna |  | 35 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 2 | 67 |
| LPP Spolka Akcyjna |  | 63 |
| Orlen S.A. | 6 | 139 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 9 | 179 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 7 | 103 |
| Santander Bank Polska Spolka Akcyjna |  | 53 |
|  |  | 894 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Andritz AG |  | 32 |
| BAWAG Group AG (d) | 1 | 118 |
| Erste Group Bank AG | 3 | 324 |
| OMV Aktiengesellschaft | 2 | 98 |
| Raiffeisen Bank International AG | 2 | 58 |
| Telekom Austria Aktiengesellschaft (c) | 2 | 19 |
| Verbund AG | 1 | 57 |
|  |  | 706 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Coupang, Inc. - Class A (a) | 14 | 455 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP Renovaveis, S.A. | 3 | 43 |
| EDP, S.A. | 32 | 151 |
| Galp Energia, SGPS, S.A. - Class B | 5 | 98 |
| Jeronimo Martins, SGPS, S.A. | 3 | 84 |
|  |  | 376 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 17 | 77 |
| Fisher & Paykel Healthcare Corporation Limited | 7 | 144 |
| Meridian Energy Limited | 18 | 57 |
|  |  | 278 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 5 | 179 |
| Tenaris S.A. | 5 | 82 |
|  |  | 261 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 27 | 149 |
| Sands China Ltd. | 30 | 85 |
|  |  | 234 |
| **Jersey 0.0%** | **Jersey 0.0%** | **Jersey 0.0%** |
| Aptiv PLC (a) | 2 | 206 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| WuXi Biologics (Cayman) Inc. (a) (d) | 38 | 200 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 2 | 65 |
| Southern Copper Corporation | 1 | 116 |
|  |  | 181 |
| **Zambia 0.0%** | **Zambia 0.0%** | **Zambia 0.0%** |
| First Quantum Minerals Ltd (a) | 7 | 164 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 4 | 137 |
| **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** |
| Ivanhoe Mines Ltd - Class A (a) (c) | 8 | 87 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (d) (e) | 3 |  |
| Total Common Stocks (cost $576,135) | Total Common Stocks (cost $576,135) | 886346 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Switzerland 0.3%** | **Switzerland 0.3%** | **Switzerland 0.3%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 168 |
| Roche Holding AG | 8 | 2549 |
| Schindler Holding AG |  | 172 |
|  |  | 2889 |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 62 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 1 | 65 |
| Henkel AG & Co. KGaA (f) | 2 | 131 |
| Sartorius Aktiengesellschaft |  | 74 |
| Volkswagen Aktiengesellschaft (f) | 2 | 259 |
|  |  | 591 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 51 | 30 |
| Total Preferred Stocks (cost $2,938) | Total Preferred Stocks (cost $2,938) | 3510 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Denmark 0.0%** | **Denmark 0.0%** | **Denmark 0.0%** |
| Orsted A/S (a) (c) | 22 | 22 |
| Total Rights (cost $30) | Total Rights (cost $30) | 22 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (a) (e) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.04% (b) (g) | 4701 | 4701 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.14% (b) (g) | 3942 | 3942 |
| Total Short Term Investments (cost $8,643) | Total Short Term Investments (cost $8,643) | 8643 |
| **Total Investments 100.1% (cost $587,746)** | **Total Investments 100.1% (cost $587,746)** | **898521** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **19** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1109)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **897431** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 369 | 314 | 92 | 8 | 37 | 220 | 848 | 0.1 |
| JNL Government Money Market Fund, 4.04% - Class I | 2415 | 71916 | 69630 | 136 |  |  | 4701 | 0.5 |
| JNL Government Money Market Fund, 4.14% - Class SL | 872 | 12419 | 9349 | 18 |  |  | 3942 | 0.5 |
|  | 3656 | 84649 | 79071 | 162 | 37 | 220 | 9491 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Adyen N.V. | 05/29/20 | 597 | 526 | 0.1 |
| Allegro.eu | 06/18/21 | 87 | 78 |  |
| Amadeus IT Holding, S.A. | 09/22/17 | 353 | 388 | 0.1 |
| Amundi | 11/30/17 | 68 | 65 |  |
| BAWAG Group AG | 04/23/21 | 68 | 118 |  |
| Budweiser Brewing Company APAC Limited | 10/15/19 | 60 | 25 |  |
| Cellnex Telecom, S.A. | 05/28/19 | 281 | 233 |  |
| Convatec Group PLC | 04/23/21 | 64 | 64 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 60 | 70 |  |
| Emera Incorporated | 09/22/17 | 138 | 155 |  |
| EQT AB | 05/29/20 | 229 | 288 | 0.1 |
| Evolution AB (publ) | 05/29/20 | 174 | 174 |  |
| Evraz PLC | 05/28/19 | 25 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 05/29/20 | 47 | 50 |  |
| Keyera Corp. | 09/22/17 | 80 | 87 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 11/26/19 | 34 | 28 |  |
| Orsted A/S | 09/25/17 | 34 | 25 |  |
| Pirelli & C. S.p.A. | 04/23/21 | 4 | 5 |  |
| Poste Italiane - Societa' Per Azioni | 09/22/17 | 67 | 105 |  |
| Siemens Healthineers AG | 06/18/21 | 151 | 153 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| WH Group Limited | 09/22/17 | 85 | 107 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 144 | 200 |  |
|  |  | 2850 | 2944 | 0.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 10 | December 2025 | EUR | 542 | 1 | 15 |
| FTSE 100 Index | 2 | December 2025 | GBP | 186 | 1 | 3 |
| S&P 500 Index | 14 | December 2025 |  | 4661 | 17 | 56 |
| S&P/ASX 200 Index | 1 | December 2025 | AUD | 221 |  |  |
| S&P/TSX 60 Index | 1 | December 2025 | CAD | 346 | 1 | 6 |
| Topix Index | 3 | December 2025 | JPY | 93451 |  | 5 |
|  |  |  |  |  | 20 | 85 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | HSB | 12/17/25 | AUD | 7 | 5 |  |
| CAD/USD | MSC | 12/17/25 | CAD | 202 | 146 | (1) |
| EUR/USD | HSB | 12/17/25 | EUR | 506 | 597 |  |
| JPY/USD | CIT | 12/17/25 | JPY | 25004 | 170 |  |
| USD/GBP | CIT | 12/17/25 | GBP | (27) | (37) |  |
|  |  |  |  |  | 881 | (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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 676429 | 209917 |  | 886346 |
| &nbsp;&nbsp;Preferred Stocks |  | 3510 |  | 3510 |
| &nbsp;&nbsp;Rights |  | 22 |  | 22 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 8643 |  |  | 8643 |
|  | 685072 | 213449 |  | 898521 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 85 |  |  | 85 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | 85 |  |  | 85 |
| **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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 18.6%** | **Financials 18.6%** | **Financials 18.6%** |
| American International Group, Inc. | 194 | 15223 |
| Assurant, Inc. | 77 | 16573 |
| Carlyle Group Inc., The | 203 | 12747 |
| Columbia Banking System, Inc. | 340 | 8745 |
| Corebridge Financial, Inc. | 459 | 14718 |
| East West Bancorp, Inc. | 153 | 16311 |
| Equitable Holdings, Inc. | 178 | 9058 |
| Everest Group, Ltd. | 35 | 12388 |
| Fidelity National Information Services, Inc. | 234 | 15410 |
| Fifth Third Bancorp | 252 | 11233 |
| Global Payments Inc. | 170 | 14148 |
| Hanover Insurance Group Inc, The | 85 | 15361 |
| Hartford Insurance Group, Inc., The | 187 | 24969 |
| Lincoln National Corporation | 349 | 14089 |
| M&T Bank Corporation | 83 | 16387 |
| Northern Trust Corporation | 153 | 20531 |
| Prosperity Bancshares, Inc. | 128 | 8473 |
| Raymond James Financial, Inc. | 141 | 24260 |
| Regions Financial Corporation | 679 | 17917 |
| SLM Corporation | 378 | 10451 |
| Synchrony Financial | 147 | 10472 |
| TPG Inc. - Class A | 176 | 10099 |
| Voya Financial, Inc. | 197 | 14758 |
| Willis Towers Watson Public Limited Company | 67 | 23191 |
|  |  | 357512 |
| **Industrials 18.1%** | **Industrials 18.1%** | **Industrials 18.1%** |
| AGCO Corporation | 138 | 14801 |
| Alaska Air Group, Inc. (a) | 198 | 9864 |
| Allegion Public Limited Company | 123 | 21871 |
| Builders FirstSource, Inc. (a) | 72 | 8732 |
| Delta Air Lines, Inc. | 285 | 16159 |
| FedEx Corporation | 19 | 4486 |
| Ferguson Enterprises Inc. | 47 | 10660 |
| Flowserve Corporation | 177 | 9392 |
| GFL Environmental Inc. | 321 | 15197 |
| Howmet Aerospace Inc. | 44 | 8538 |
| Hubbell Incorporated | 26 | 11315 |
| ITT Inc. | 78 | 13938 |
| J.B. Hunt Transport Services, Inc. | 59 | 7879 |
| Jacobs Solutions Inc. | 119 | 17775 |
| KBR, Inc. | 263 | 12449 |
| Knight-Swift Transportation Holdings Inc. - Class A | 34 | 1323 |
| L3Harris Technologies, Inc. | 58 | 17722 |
| Leidos Holdings, Inc. | 99 | 18643 |
| Nordson Corporation | 47 | 10721 |
| Nvent Electric Public Limited Company | 150 | 14823 |
| Otis Worldwide Corporation | 143 | 13109 |
| PACCAR Inc | 108 | 10641 |
| Pentair Public Limited Company | 160 | 17772 |
| Regal Rexnord Corporation | 96 | 13710 |
| StandardAero, Inc. (a) | 138 | 3775 |
| Stanley Black & Decker, Inc. | 147 | 10959 |
| TransUnion | 171 | 14355 |
| Westinghouse Air Brake Technologies Corporation | 94 | 18864 |
|  |  | 349473 |
| **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** |
| Aptiv PLC (a) | 246 | 21241 |
| Aramark | 422 | 16212 |
| Brightstar Lottery PLC (b) | 518 | 8943 |
| Brunswick Corporation | 214 | 13554 |
| Darden Restaurants, Inc. | 51 | 9689 |
| Group 1 Automotive, Inc. | 10 | 4556 |
| Hyatt Hotels Corporation - Class A | 99 | 14014 |
| LKQ Corporation | 404 | 12326 |
| Mattel, Inc. (a) | 460 | 7737 |
| Mohawk Industries, Inc. (a) | 92 | 11829 |
| Newell Brands Inc. | 1078 | 5647 |
| PulteGroup, Inc. | 162 | 21383 |
| Ross Stores, Inc. | 106 | 16211 |
| Viking Holdings Ltd (a) | 220 | 13652 |
|  |  | 176994 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Agilent Technologies, Inc. | 172 | 22113 |
| Avantor, Inc. (a) | 624 | 7789 |
| Becton, Dickinson and Company | 75 | 14050 |
| Biogen Inc. (a) | 51 | 7108 |
| Cencora, Inc. | 56 | 17375 |
| Cooper Companies, Inc., The (a) | 115 | 7868 |
| GE HealthCare Technologies Inc. | 113 | 8493 |
| Humana Inc. | 61 | 15897 |
| Icon Public Limited Company (a) | 53 | 9207 |
| Labcorp Holdings Inc. | 50 | 14296 |
| Organon & Co. | 432 | 4619 |
| Revvity, Inc. | 95 | 8293 |
| Steris Public Limited Company | 54 | 13453 |
| Teleflex Incorporated | 51 | 6257 |
| Universal Health Services, Inc. - Class B | 65 | 13296 |
|  |  | 170114 |
| **Utilities 7.8%** | **Utilities 7.8%** | **Utilities 7.8%** |
| Alliant Energy Corporation | 280 | 18869 |
| Atmos Energy Corporation | 81 | 13810 |
| CenterPoint Energy, Inc. | 399 | 15498 |
| CMS Energy Corporation | 262 | 19175 |
| Evergy, Inc. | 135 | 10277 |
| PG&E Corporation | 1385 | 20885 |
| Pinnacle West Capital Corporation | 165 | 14818 |
| Public Service Enterprise Group Incorporated | 247 | 20645 |
| Sempra | 176 | 15799 |
|  |  | 149776 |
| **Information Technology 7.6%** | **Information Technology 7.6%** | **Information Technology 7.6%** |
| CDW Corp. | 82 | 13067 |
| Check Point Software Technologies Ltd (a) | 63 | 12956 |
| Cognizant Technology Solutions Corporation - Class A | 119 | 8010 |
| Corning Incorporated | 306 | 25113 |
| Entegris, Inc. | 125 | 11534 |
| Flex Ltd. (a) | 419 | 24289 |
| NXP Semiconductors N.V. | 58 | 13293 |
| Pegasystems Inc. | 106 | 6065 |
| Skyworks Solutions, Inc. | 106 | 8136 |
| TE Connectivity Public Limited Company | 55 | 12162 |
| Zebra Technologies Corporation - Class A (a) | 41 | 12124 |
|  |  | 146749 |
| **Real Estate 7.6%** | **Real Estate 7.6%** | **Real Estate 7.6%** |
| Brixmor Property Group Inc. | 577 | 15957 |
| Equity Lifestyle Properties, Inc. | 236 | 14350 |
| Essex Property Trust, Inc. | 50 | 13352 |
| Extra Space Storage Inc. | 123 | 17358 |
| Jones Lang LaSalle Incorporated (a) | 51 | 15244 |
| Mid-America Apartment Communities, Inc. | 91 | 12746 |
| Rexford Industrial Realty, Inc. | 238 | 9770 |
| Ventas, Inc. | 200 | 13966 |
| VICI Properties Inc. | 535 | 17457 |
| W.P. Carey Inc. | 233 | 15734 |
|  |  | 145934 |
| **Energy 6.5%** | **Energy 6.5%** | **Energy 6.5%** |
| Chord Energy Corporation | 77 | 7649 |
| Diamondback Energy, Inc. | 105 | 14998 |
| Expand Energy Corporation | 170 | 18061 |
| Halliburton Company | 266 | 6533 |
| Permian Resources Corporation - Class A | 1144 | 14639 |
| Plains GP Holdings, L.P. - Class A (a) | 636 | 11597 |
| Targa Resources Corp. | 120 | 20030 |
| TechnipFMC PLC | 331 | 13072 |
| Valero Energy Corporation | 112 | 19100 |
|  |  | 125679 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Albertsons Companies, Inc. - Class A | 640 | 11203 |
| BJ's Wholesale Club Holdings, Inc. (a) | 103 | 9598 |
| Brown-Forman Corporation - Class B (b) | 204 | 5526 |
| Campbell's Company, The | 206 | 6517 |
| Coca-Cola Europacific Partners PLC | 134 | 12119 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hershey Company, The | 61 | 11480 |
| Ingredion Incorporated | 98 | 11919 |
| Kenvue Inc. | 939 | 15234 |
| Sysco Corporation | 177 | 14561 |
| US Foods Holding Corp. (a) | 261 | 20004 |
| | | 118161 |
| **Materials 6.0%** | **Materials 6.0%** | **Materials 6.0%** |
| Amcor Pty Ltd | 1255 | 10269 |
| Ashland Inc. | 191 | 9153 |
| Avery Dennison Corporation | 70 | 11357 |
| DuPont de Nemours, Inc. | 220 | 17170 |
| Eastman Chemical Company | 193 | 12146 |
| Graphic Packaging Holding Company | 811 | 15870 |
| International Flavors & Fragrances Inc. | 159 | 9778 |
| International Paper Company | 249 | 11567 |
| James Hardie Industries Public Limited Company (a) | 408 | 7833 |
| Nucor Corporation | 74 | 10076 |
|  |  | 115219 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| Electronic Arts Inc. | 40 | 8152 |
| Nexstar Media Group, Inc. - Class A | 39 | 7722 |
| Omnicom Group Inc. | 135 | 11042 |
|  |  | 26916 |
| Total Common Stocks (cost $1,543,030) | Total Common Stocks (cost $1,543,030) | 1882527 |
| **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Boeing Company, The, 6.00%, 10/15/27 (c) | 182 | 12645 |
| Total Preferred Stocks (cost $9,088) | Total Preferred Stocks (cost $9,088) | 12645 |
| **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 - Class I, 4.04% (d) (e) | 30759 | 30759 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 170 | 170 |
| Total Short Term Investments (cost $30,929) | Total Short Term Investments (cost $30,929) | 30929 |
| **Total Investments 100.0% (cost $1,583,047)** | **Total Investments 100.0% (cost $1,583,047)** | **1926101** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **909** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1927010** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Convertible security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 26606 | 234397 | 230244 | 705 |  |  | 30759 | 1.6 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 46056 | 45886 | 43 |  |  | 170 |  |
|  | 26606 | 280453 | 276130 | 748 |  |  | 30929 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1882527 |  |  | 1882527 |
| &nbsp;&nbsp;Preferred Stocks | 12645 |  |  | 12645 |
| &nbsp;&nbsp;Short Term Investments | 30929 |  |  | 30929 |
|  | 1926101 |  |  | 1926101 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 94.9%** | **COMMON STOCKS 94.9%** | **COMMON STOCKS 94.9%** |
| **Financials 86.3%** | **Financials 86.3%** | **Financials 86.3%** |
| 3i Group PLC | 16 | 866 |
| Alaris Royalty Corp. (a) |  | 2 |
| Antin Infrastructure Partners | 12 | 160 |
| Apollo Global Management, Inc. | 7 | 936 |
| Ares Management Corporation - Class A | 5 | 735 |
| Blackstone Inc. - Class A | 11 | 1855 |
| Blue Owl Capital Inc. - Class A | 26 | 433 |
| Bridgepoint Group PLC (a) | 74 | 306 |
| Brookfield Asset Management Ltd. - Class A | 17 | 942 |
| Carlyle Group Inc., The | 10 | 608 |
| China Merchants China Direct Investments Limited | 20 | 41 |
| Chrysalis Investments Limited (b) | 2 | 2 |
| Compass Diversified Holdings | 13 | 88 |
| Creades AB (publ) - Class A | 3 | 24 |
| CVC Capital Partners PLC | 40 | 698 |
| Deutsche Beteiligungs AG | 2 | 62 |
| DigitalBridge Group, Inc. - Class A | 17 | 198 |
| Dream Incubator Inc. (c) | 1 | 16 |
| EQT AB (a) | 16 | 547 |
| Eurazeo | 3 | 220 |
| Exor Nederland N.V. | 1 | 77 |
| Fairfax India Holdings Corporation (b) (d) | 1 | 23 |
| GCM Grosvenor Inc. - Class A |  | 2 |
| Georgia Capital PLC (b) | 6 | 206 |
| Gimv | 4 | 206 |
| Hamilton Lane Incorporated - Class A | 2 | 224 |
| ICG PLC | 17 | 500 |
| Integral Corporation (c) | 2 | 58 |
| Investment AB Oresund | 2 | 26 |
| IP Group PLC | 68 | 49 |
| JAFCO Group Co., Ltd. (c) | 11 | 186 |
| Japan Investment Adviser Co., Ltd. | 5 | 70 |
| Kinnevik AB - Class B (b) | 6 | 52 |
| KKR & Co. Inc. - Class A | 14 | 1763 |
| Linc AB (b) | 2 | 17 |
| Mivtach Shamir Holdings Ltd |  | 3 |
| Molten Ventures PLC (b) |  | 2 |
| Mutares SE & Co. KGaA | 3 | 94 |
| ONEX Corporation | 4 | 379 |
| Partners Group Holding AG |  | 592 |
| Patria Investments Ltd - Class A (c) | 8 | 113 |
| Polar Capital Holdings PLC | 9 | 61 |
| Ratos AB - Class B | 38 | 150 |
| SBI Holdings, Inc. | 10 | 436 |
| Sofina (c) |  | 76 |
| StepStone Group Inc. - Class A | 4 | 293 |
| T. Rowe Price Group, Inc. | 7 | 699 |
| Tamburi Investment Partners S.P.A. In Via Breve T.I.P. S.P.A. Ov Vero Tip S.P.A. | 5 | 50 |
| Tikehau Capital (c) | 6 | 128 |
| TPG Inc. - Class A | 6 | 321 |
| Vinci Partners Investimentos Ltda - Class A | 5 | 49 |
| VNV Global AB (publ) (b) | 11 | 31 |
| Wendel | 3 | 291 |
|  |  | 15966 |
| **Industrials 6.5%** | **Industrials 6.5%** | **Industrials 6.5%** |
| Ackermans | 1 | 336 |
| Brookfield Business Partners L.P. | 7 | 241 |
| Investmentaktiebolaget Latour - Class B | 11 | 263 |
| Italmobiliare Societa' Per Azioni O In Forma Abbreviata Italmobiliare Spa (c) | 3 | 91 |
| Storskogen Group AB (publ) - Class B | 271 | 277 |
|  |  | 1208 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| MedCap AB (publ) (b) | 2 | 136 |
| Puretech Health PLC (b) (c) | 47 | 84 |
|  |  | 220 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Stagwell, Inc. - Class A (b) (c) | 21 | 120 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Smaregi Inc. (c) | 2 | 32 |
| Total Common Stocks (cost $16,194) | Total Common Stocks (cost $16,194) | 17546 |
| **INVESTMENT COMPANIES 5.1%** | **INVESTMENT COMPANIES 5.1%** | **INVESTMENT COMPANIES 5.1%** |
| 3i Infrastructure PLC | 30 | 146 |
| Abrdn Emerging Markets Equity Income Fund, Inc. | 8 | 50 |
| Augmentum Fintech PLC | 2 | 2 |
| Caledonia Investments PLC | 11 | 58 |
| HBM Healthcare Investments AG |  | 3 |
| HgCapital Trust PLC | 30 | 201 |
| ICG Enterprise Trust PLC | 6 | 108 |
| NB Private Equity Partners Limited | 5 | 94 |
| Oakley Capital Investments Limited | 13 | 101 |
| Pantheon International PLC | 20 | 93 |
| Princess Private Equity Holding Limited | 6 | 72 |
| RIT Capital Partners PLC |  | 2 |
| Syncona Limited | 12 | 16 |
| Total Investment Companies (cost $850) | Total Investment Companies (cost $850) | 946 |
| **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 Government Money Market Fund - Class SL, 4.14% (e) (f) | 20 | 20 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (e) (f) | 1 | 1 |
| Total Short Term Investments (cost $21) | Total Short Term Investments (cost $21) | 21 |
| **Total Investments 100.1% (cost $17,065)** | **Total Investments 100.1% (cost $17,065)** | **18513** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (18) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **18495** |

---

(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) All or a portion of the security was on loan as of September 30, 2025.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $23 and 0.1% of the Fund.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I |  | 3239 | 3238 | 1 |  |  | 1 |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 64 | 3232 | 3276 | 4 |  |  | 20 | 0.1 |
|  | 64 | 6471 | 6514 | 5 |  |  | 21 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 07/02/25 | 2 | 2 |  |
| Bridgepoint Group PLC | 05/13/24 | 274 | 306 | 1.6 |
| EQT AB | 12/20/24 | 462 | 547 | 3.0 |
|  |  | 738 | 855 | 4.6 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 9663 | 6303 |  | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 241 | 967 |  | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 220 |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 120 |  |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 32 |  | 32 |
| &nbsp;&nbsp;Investment Companies | 946 |  |  | 946 |
| &nbsp;&nbsp;Short Term Investments | 21 |  |  | 21 |
|  | 10991 | 7522 |  | 18513 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Industrials 20.5%** | **Industrials 20.5%** | **Industrials 20.5%** |
| Acuity Brands, Inc. | 4 | 1216 |
| Allegion Public Limited Company | 4 | 652 |
| Allison Systems, Inc. | 6 | 513 |
| Broadridge Financial Solutions, Inc. | 2 | 511 |
| Chart Industries, Inc. (a) | 6 | 1233 |
| CNH Industrial N.V. | 87 | 947 |
| Copart, Inc. (a) | 11 | 502 |
| Fortive Corporation | 7 | 344 |
| Generac Holdings Inc. (a) | 4 | 663 |
| Huntington Ingalls Industries, Inc. | 4 | 1234 |
| IDEX Corporation | 3 | 462 |
| L3Harris Technologies, Inc. | 2 | 639 |
| Masco Corporation | 15 | 1077 |
| Nordson Corporation | 5 | 1077 |
| Otis Worldwide Corporation | 6 | 569 |
| PACCAR Inc | 11 | 1086 |
| Sensata Technologies Holding PLC | 17 | 517 |
| SS&C Technologies Holdings, Inc. | 12 | 1107 |
| TransUnion | 12 | 965 |
| WESCO International, Inc. | 5 | 1150 |
|  |  | 16464 |
| **Consumer Discretionary 19.5%** | **Consumer Discretionary 19.5%** | **Consumer Discretionary 19.5%** |
| Airbnb, Inc. - Class A (a) | 4 | 530 |
| Asbury Automotive Group, Inc. (a) | 4 | 1060 |
| AutoNation, Inc. (a) | 3 | 597 |
| Bath & Body Works, Inc. | 19 | 492 |
| BorgWarner Inc. | 16 | 689 |
| CarMax, Inc. (a) | 8 | 340 |
| Carnival Corporation (a) | 39 | 1115 |
| DK Crown Holdings Inc. - Class A (a) | 26 | 975 |
| ETSY, Inc. (a) | 17 | 1118 |
| Expedia Group, Inc. | 5 | 1153 |
| Flutter Entertainment Public Limited Company (a) | 4 | 990 |
| Gentex Corporation | 19 | 536 |
| Hasbro, Inc. | 15 | 1102 |
| Las Vegas Sands Corp. | 12 | 663 |
| Lithia Motors, Inc. - Class A | 3 | 1012 |
| Lululemon Athletica Inc. (a) | 2 | 354 |
| Mattel, Inc. (a) | 57 | 958 |
| Norwegian Cruise Line Holdings Ltd. (a) | 50 | 1225 |
| Wynn Resorts, Limited | 6 | 771 |
|  |  | 15680 |
| **Information Technology 14.2%** | **Information Technology 14.2%** | **Information Technology 14.2%** |
| Akamai Technologies, Inc. (a) | 7 | 497 |
| Atlassian Corporation - Class A (a) | 6 | 886 |
| Cognizant Technology Solutions Corporation - Class A | 14 | 946 |
| Dynatrace, Inc. (a) | 20 | 990 |
| Elastic N.V. (a) | 6 | 498 |
| EPAM Systems, Inc. (a) | 3 | 499 |
| HubSpot, Inc. (a) | 1 | 510 |
| Littelfuse, Inc. | 2 | 534 |
| Marvell Technology, Inc. | 7 | 603 |
| Monolithic Power Systems, Inc. | 1 | 675 |
| NXP Semiconductors N.V. (a) | 2 | 549 |
| Tyler Technologies, Inc. (a) | 1 | 503 |
| Vontier Corporation | 27 | 1121 |
| Workday, Inc. - Class A (a) | 4 | 1054 |
| Zebra Technologies Corporation - Class A (a) | 2 | 515 |
| Zoom Communications, Inc. - Class A (a) | 13 | 1049 |
|  |  | 11429 |
| **Health Care 12.3%** | **Health Care 12.3%** | **Health Care 12.3%** |
| Agilent Technologies, Inc. | 9 | 1115 |
| Baxter International Inc. | 17 | 385 |
| Edwards Lifesciences Corporation (a) | 14 | 1058 |
| GE HealthCare Technologies Inc. | 14 | 1046 |
| Humana Inc. | 2 | 456 |
| Ionis Pharmaceuticals, Inc. (a) | 23 | 1505 |
| Labcorp Holdings Inc. | 2 | 583 |
| ResMed Inc. | 4 | 1091 |
| Revvity, Inc. | 6 | 488 |
| Royalty Pharma PLC - Class A | 31 | 1085 |
| Veeva Systems Inc. - Class A (a) | 2 | 573 |
| Zimmer Biomet Holdings, Inc. | 5 | 511 |
|  |  | 9896 |
| **Financials 7.8%** | **Financials 7.8%** | **Financials 7.8%** |
| Block, Inc. - Class A (a) | 8 | 561 |
| Carlyle Group Inc., The (b) | 11 | 691 |
| FactSet Research Systems Inc. | 1 | 416 |
| Fidelity National Information Services, Inc. | 8 | 520 |
| Jack Henry & Associates, Inc. | 6 | 925 |
| LPL Financial Holdings Inc. | 2 | 532 |
| MarketAxess Holdings Inc. | 2 | 403 |
| T. Rowe Price Group, Inc. | 10 | 1074 |
| Truist Financial Corporation | 13 | 590 |
| U.S. Bancorp | 12 | 558 |
|  |  | 6270 |
| **Materials 7.4%** | **Materials 7.4%** | **Materials 7.4%** |
| Albemarle Corporation | 7 | 537 |
| Amcor Pty Ltd | 57 | 465 |
| AptarGroup, Inc. | 4 | 525 |
| CF Industries Holdings, Inc. | 6 | 577 |
| Corteva, Inc. | 7 | 502 |
| Crown Holdings, Inc. | 11 | 1054 |
| DuPont de Nemours, Inc. | 15 | 1132 |
| Sealed Air Corporation | 32 | 1131 |
|  |  | 5923 |
| **Consumer Staples 5.7%** | **Consumer Staples 5.7%** | **Consumer Staples 5.7%** |
| Clorox Company, The | 4 | 505 |
| Estee Lauder Companies Inc., The - Class A | 6 | 539 |
| General Mills, Inc. | 10 | 478 |
| Hershey Company, The | 6 | 1114 |
| Kenvue Inc. | 54 | 876 |
| Kimberly-Clark Corporation | 4 | 485 |
| Lamb Weston Holdings, Inc. | 9 | 548 |
|  |  | 4545 |
| **Utilities 4.3%** | **Utilities 4.3%** | **Utilities 4.3%** |
| Essential Utilities, Inc. | 28 | 1123 |
| Evergy, Inc. | 8 | 590 |
| FirstEnergy Corp. | 13 | 597 |
| Portland General Electric Company | 26 | 1135 |
|  |  | 3445 |
| **Communication Services 3.2%** | **Communication Services 3.2%** | **Communication Services 3.2%** |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 356 |
| Pinterest, Inc. - Class A (a) | 14 | 461 |
| The Interpublic Group of Companies, Inc. | 20 | 559 |
| Warner Music Group Corp. - Class A | 35 | 1200 |
|  |  | 2576 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Crown Castle Inc. | 11 | 1074 |
| SBA Communications Corporation - Class A | 5 | 1008 |
|  |  | 2082 |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| ONEOK, Inc. | 14 | 1028 |
| Schlumberger Limited | 15 | 522 |
|  |  | 1550 |
| Total Common Stocks (cost $75,592) | Total Common Stocks (cost $75,592) | 79860 |
| **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** |
| iShares Core S&P Mid-Cap ETF | 4 | 265 |
| Total Investment Companies (cost $267) | Total Investment Companies (cost $267) | 265 |
| **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 - Class I, 4.04% (c) (d) | 167 | 167 |
| Total Short Term Investments (cost $167) | Total Short Term Investments (cost $167) | 167 |
| **Total Investments 99.9% (cost $76,026)** | **Total Investments 99.9% (cost $76,026)** | **80292** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **67** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **80359** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 510 | 13591 | 13934 | 12 |  |  | 167 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 5039 | 5039 | 2 |  |  |  |  |
|  | 510 | 18630 | 18973 | 14 |  |  | 167 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 1 | December 2025 | 331 |  | (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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 79860 |  |  | 79860 |
| &nbsp;&nbsp;Investment Companies | 265 |  |  | 265 |
| &nbsp;&nbsp;Short Term Investments | 167 |  |  | 167 |
|  | 80292 |  |  | 80292 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2) |  |  | (2) |
|  | (2) |  |  | (2) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 31.4%** | **Information Technology 31.4%** | **Information Technology 31.4%** |
| Accenture Public Limited Company - Class A | 11 | 2673 |
| Adobe Inc. (a) | 7 | 2607 |
| Advanced Micro Devices, Inc. (a) | 28 | 4575 |
| Akamai Technologies, Inc. (a) | 3 | 190 |
| Applied Materials, Inc. | 14 | 2874 |
| Cadence Design Systems, Inc. (a) | 5 | 1673 |
| CDW Corp. | 2 | 372 |
| Cisco Systems, Inc. | 69 | 4731 |
| Flex Ltd. (a) | 6 | 373 |
| Hewlett Packard Enterprise Company | 23 | 572 |
| HP, Inc. | 16 | 442 |
| International Business Machines Corporation | 16 | 4602 |
| Jabil Inc. | 2 | 384 |
| Keysight Technologies, Inc. (a) | 3 | 521 |
| Lam Research Corporation | 22 | 2958 |
| Microsoft Corporation | 81 | 41847 |
| Motorola Solutions, Inc. | 3 | 1338 |
| NVIDIA Corporation | 253 | 47227 |
| Oracle Corporation | 29 | 8011 |
| Palo Alto Networks, Inc. (a) | 12 | 2373 |
| Qualcomm Incorporated | 19 | 3143 |
| Salesforce, Inc. | 10 | 2301 |
| Seagate Technology Holdings Public Limited Company | 4 | 840 |
| Synopsys, Inc. (a) | 3 | 1581 |
| TE Connectivity Public Limited Company | 5 | 1139 |
| Trimble Inc. (a) | 4 | 345 |
| Western Digital Corporation | 6 | 719 |
| Zebra Technologies Corporation - Class A (a) | 1 | 264 |
|  |  | 140675 |
| **Financials 16.6%** | **Financials 16.6%** | **Financials 16.6%** |
| AFLAC Incorporated | 9 | 951 |
| Allstate Corporation, The | 5 | 993 |
| American Express Company | 10 | 3160 |
| Ameriprise Financial, Inc. | 2 | 811 |
| AON Public Limited Company - Class A | 4 | 1342 |
| Arch Capital Group Ltd. | 6 | 587 |
| Ares Management Corporation - Class A | 4 | 564 |
| Arthur J. Gallagher & Co. | 4 | 1380 |
| Bank of America Corporation | 75 | 3869 |
| Bank of New York Mellon Corporation, The (b) | 12 | 1294 |
| BlackRock, Inc. | 2 | 2837 |
| Brown & Brown, Inc. | 5 | 467 |
| Capital One Financial Corporation | 11 | 2377 |
| Carlyle Group Inc., The | 4 | 239 |
| Citigroup Inc. | 32 | 3269 |
| CME Group Inc. - Class A | 6 | 1688 |
| Equitable Holdings, Inc. | 5 | 271 |
| Everest Group, Ltd. | 1 | 265 |
| FactSet Research Systems Inc. | 1 | 194 |
| Fifth Third Bancorp | 12 | 512 |
| Global Payments Inc. | 4 | 359 |
| Hartford Insurance Group, Inc., The | 5 | 669 |
| Huntington Bancshares Incorporated | 25 | 432 |
| Intercontinental Exchange, Inc. | 10 | 1687 |
| KeyCorp | 16 | 305 |
| KKR & Co. Inc. - Class A | 12 | 1514 |
| LPL Financial Holdings Inc. | 1 | 460 |
| Marsh & Mclennan Companies, Inc. | 9 | 1740 |
| MasterCard Incorporated - Class A | 14 | 8189 |
| MetLife, Inc. | 10 | 812 |
| Moody's Corporation | 3 | 1295 |
| Morgan Stanley | 22 | 3421 |
| MSCI Inc. - Class A | 1 | 739 |
| Nasdaq, Inc. | 7 | 594 |
| PayPal Holdings, Inc. (a) | 17 | 1121 |
| Principal Financial Group, Inc. | 4 | 318 |
| Progressive Corporation, The | 10 | 2513 |
| Prudential Financial, Inc. | 6 | 641 |
| Regions Financial Corporation | 15 | 401 |
| Reinsurance Group of America, Incorporated | 1 | 218 |
| RenaissanceRe Holdings Ltd | 1 | 207 |
| S&P Global Inc. | 5 | 2614 |
| SoFi Technologies, Inc. (a) | 20 | 531 |
| State Street Corporation | 5 | 593 |
| Synchrony Financial | 7 | 465 |
| T. Rowe Price Group, Inc. | 4 | 391 |
| The PNC Financial Services Group, Inc. | 7 | 1383 |
| Tradeweb Markets Inc. - Class A | 2 | 226 |
| Travelers Companies, Inc., The | 4 | 1098 |
| Truist Financial Corporation | 23 | 1031 |
| Unum Group | 3 | 217 |
| Visa Inc. - Class A | 30 | 10141 |
| W. R. Berkley Corporation | 5 | 390 |
| Willis Towers Watson Public Limited Company | 2 | 570 |
|  |  | 74355 |
| **Health Care 11.8%** | **Health Care 11.8%** | **Health Care 11.8%** |
| Abbott Laboratories | 30 | 4078 |
| Agilent Technologies, Inc. | 5 | 635 |
| Align Technology, Inc. (a) | 1 | 152 |
| Amgen Inc. | 9 | 2656 |
| Baxter International Inc. | 9 | 208 |
| Becton, Dickinson and Company | 5 | 940 |
| Biogen Inc. (a) | 2 | 346 |
| BioMarin Pharmaceutical Inc. (a) | 3 | 177 |
| Boston Scientific Corporation (a) | 26 | 2527 |
| Bristol-Myers Squibb Company | 36 | 1607 |
| Cardinal Health, Inc. | 4 | 650 |
| Cencora, Inc. | 3 | 1000 |
| Centene Corporation (a) | 8 | 294 |
| Cigna Group, The | 5 | 1301 |
| Cooper Companies, Inc., The (a) | 3 | 236 |
| CVS Health Corporation | 22 | 1655 |
| Danaher Corporation | 11 | 2267 |
| DexCom, Inc. (a) | 7 | 452 |
| Edwards Lifesciences Corporation (a) | 10 | 793 |
| Elevance Health, Inc. | 4 | 1276 |
| GE HealthCare Technologies Inc. | 8 | 592 |
| Gilead Sciences, Inc. | 22 | 2422 |
| Hologic, Inc. (a) | 4 | 263 |
| Humana Inc. | 2 | 541 |
| IDEXX Laboratories, Inc. (a) | 1 | 898 |
| Illumina, Inc. (a) | 3 | 261 |
| Insulet Corporation (a) | 1 | 382 |
| Intuitive Surgical, Inc. (a) | 6 | 2793 |
| IQVIA Holdings Inc (a) | 3 | 560 |
| McKesson Corporation | 2 | 1696 |
| Medtronic, Inc. | 22 | 2139 |
| Merck & Co., Inc. | 42 | 3562 |
| Mettler-Toledo International Inc. (a) |  | 444 |
| Pfizer Inc. | 99 | 2514 |
| Quest Diagnostics Incorporated | 2 | 375 |
| Regeneron Pharmaceuticals, Inc. | 2 | 1019 |
| ResMed Inc. (c) | 3 | 700 |
| Revvity, Inc. | 2 | 187 |
| Solventum Corporation (a) | 2 | 179 |
| Stryker Corporation | 1 | 224 |
| Thermo Fisher Scientific Inc. | 7 | 3206 |
| United Therapeutics Corporation (a) | 1 | 295 |
| Veeva Systems Inc. - Class A (a) | 3 | 777 |
| Vertex Pharmaceuticals Incorporated (a) | 5 | 1765 |
| Waters Corporation (a) | 1 | 314 |
| West Pharmaceutical Services, Inc. | 1 | 325 |
| Zoetis Inc. - Class A | 8 | 1143 |
|  |  | 52826 |
| **Consumer Discretionary 9.5%** | **Consumer Discretionary 9.5%** | **Consumer Discretionary 9.5%** |
| Airbnb, Inc. - Class A (a) | 7 | 886 |
| AutoZone, Inc. (a) |  | 1240 |
| Best Buy Co., Inc. | 3 | 253 |
| Booking Holdings Inc. | 1 | 3056 |
| Burlington Stores, Inc. (a) | 1 | 274 |
| Carnival Corporation (a) | 19 | 542 |
| Carvana Co. - Class A (a) | 2 | 907 |
| Chipotle Mexican Grill, Inc. (a) | 23 | 917 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| D.R. Horton, Inc. | 5 | 788 |
| Deckers Outdoor Corporation (a) | 3 | 264 |
| DoorDash, Inc. - Class A (a) | 6 | 1739 |
| eBay Inc. | 8 | 738 |
| Expedia Group, Inc. | 2 | 448 |
| Flutter Entertainment Public Limited Company (a) | 3 | 735 |
| Genuine Parts Company | 2 | 337 |
| Hilton Worldwide Holdings Inc. | 4 | 1002 |
| Home Depot, Inc., The | 17 | 7038 |
| Las Vegas Sands Corp. | 6 | 297 |
| Lennar Corporation - Class A | 4 | 471 |
| Lennar Corporation - Class B |  | 22 |
| Lowe`s Companies, Inc. | 10 | 2464 |
| Lululemon Athletica Inc. (a) | 2 | 331 |
| Marriott International, Inc. - Class A | 4 | 1035 |
| MercadoLibre, Inc. (a) | 1 | 1923 |
| Nike, Inc. - Class B | 20 | 1377 |
| NVR, Inc. (a) |  | 370 |
| O'Reilly Automotive, Inc. (a) | 15 | 1588 |
| PulteGroup, Inc. | 4 | 464 |
| Ross Stores, Inc. | 6 | 860 |
| Royal Caribbean Cruises Ltd. | 4 | 1431 |
| Service Corporation International | 3 | 209 |
| Somnigroup International Inc. | 3 | 279 |
| Starbucks Corporation | 20 | 1682 |
| Tapestry, Inc. | 4 | 415 |
| Tesla Inc. (a) | 2 | 1095 |
| TJX Companies, Inc., The | 20 | 2821 |
| Tractor Supply Company | 9 | 513 |
| Ulta Beauty, Inc. (a) | 1 | 426 |
| Williams-Sonoma, Inc. | 2 | 417 |
| Yum! Brands, Inc. | 5 | 742 |
| | | 42396 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| Allegion Public Limited Company | 1 | 260 |
| AMETEK, Inc. | 4 | 755 |
| Booz Allen Hamilton Holding Corporation - Class A | 2 | 211 |
| Carlisle Companies Incorporated | 1 | 255 |
| Carrier Global Corporation | 14 | 826 |
| Cintas Corporation | 6 | 1244 |
| Clean Harbors, Inc. (a) | 1 | 210 |
| CNH Industrial N.V. | 15 | 168 |
| Copart, Inc. (a) | 15 | 657 |
| CSX Corporation | 33 | 1159 |
| Cummins Inc. | 2 | 1016 |
| Deere & Company | 4 | 1984 |
| Delta Air Lines, Inc. | 11 | 642 |
| Eaton Corporation Public Limited Company | 7 | 2550 |
| Emerson Electric Co. | 10 | 1294 |
| Equifax Inc. | 2 | 548 |
| Expeditors International of Washington, Inc. - Class A | 2 | 286 |
| Fastenal Company | 20 | 979 |
| FedEx Corporation | 4 | 911 |
| Ferguson Enterprises Inc. | 4 | 786 |
| GE Vernova Inc. | 5 | 2939 |
| Hubbell Incorporated | 1 | 408 |
| Illinois Tool Works Inc. | 5 | 1331 |
| Ingersoll Rand Inc. | 7 | 580 |
| J.B. Hunt Transport Services, Inc. | 1 | 187 |
| Johnson Controls International Public Limited Company | 12 | 1271 |
| Lennox International Inc. | 1 | 307 |
| Masco Corporation | 4 | 257 |
| Norfolk Southern Corporation | 4 | 1190 |
| Old Dominion Freight Line, Inc. | 3 | 437 |
| Otis Worldwide Corporation | 7 | 640 |
| Owens Corning | 2 | 211 |
| Pentair Public Limited Company | 3 | 315 |
| Republic Services, Inc. | 4 | 813 |
| Rockwell Automation, Inc. | 2 | 687 |
| Rollins, Inc. | 5 | 302 |
| Trane Technologies Public Limited Company | 4 | 1647 |
| TransUnion | 3 | 288 |
| Union Pacific Corporation | 10 | 2452 |
| United Parcel Service, Inc. - Class B | 13 | 1067 |
| United Rentals, Inc. | 1 | 1073 |
| Verisk Analytics, Inc. | 3 | 626 |
| Waste Management, Inc. | 6 | 1420 |
| Watsco, Inc. (c) | 1 | 248 |
| Xylem Inc. | 4 | 631 |
|  |  | 38068 |
| **Communication Services 6.8%** | **Communication Services 6.8%** | **Communication Services 6.8%** |
| AT&T Inc. | 125 | 3536 |
| Comcast Corporation - Class A | 65 | 2049 |
| Electronic Arts Inc. | 4 | 804 |
| Former Charter Communications Parent, Inc. - Class A (a) | 2 | 453 |
| Fox Corporation - Class A | 4 | 234 |
| Fox Corporation - Class B | 2 | 128 |
| Liberty Broadband Corporation - Series A (a) |  | 19 |
| Liberty Broadband Corporation - Series C (a) | 2 | 118 |
| Liberty Media Corporation - Series A (a) |  | 34 |
| Liberty Media Corporation - Series C (a) | 4 | 383 |
| Live Nation Entertainment, Inc. (a) | 3 | 409 |
| Netflix, Inc. (a) | 7 | 8908 |
| News Corporation - Class A | 6 | 199 |
| News Corporation - Class B | 2 | 58 |
| Omnicom Group Inc. | 3 | 278 |
| Pinterest, Inc. - Class A (a) | 10 | 333 |
| Reddit, Inc. - Class A (a) | 2 | 482 |
| Roblox Corporation - Class A (a) | 11 | 1499 |
| Snap Inc. - Class A (a) | 18 | 139 |
| Take-Two Interactive Software, Inc. (a) | 3 | 765 |
| TKO Group Holdings Inc. - Class A | 1 | 245 |
| T-Mobile US, Inc. | 7 | 1760 |
| Verizon Communications Inc. | 74 | 3231 |
| Walt Disney Company, The | 32 | 3605 |
| Warner Bros. Discovery, Inc. - Series A (a) | 40 | 772 |
|  |  | 30441 |
| **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** |
| Alexandria Real Estate Equities, Inc. | 3 | 216 |
| American Homes 4 Rent - Class A | 5 | 181 |
| American Tower Corporation | 8 | 1570 |
| AvalonBay Communities, Inc. | 2 | 455 |
| Camden Property Trust | 2 | 201 |
| CBRE Group, Inc. - Class A (a) | 5 | 818 |
| CoStar Group, Inc. (a) | 1 | 124 |
| Crown Castle Inc. | 7 | 693 |
| Digital Realty Trust, Inc. | 6 | 963 |
| Equinix, Inc. | 2 | 1328 |
| Equity Lifestyle Properties, Inc. | 3 | 203 |
| Equity Residential | 6 | 384 |
| Essex Property Trust, Inc. | 1 | 291 |
| Extra Space Storage Inc. | 4 | 500 |
| Gaming and Leisure Properties, Inc. | 5 | 219 |
| Invitation Homes Inc. | 10 | 287 |
| Iron Mountain Incorporated | 5 | 521 |
| Kimco Realty OP, LLC | 12 | 263 |
| Mid-America Apartment Communities, Inc. | 2 | 289 |
| ProLogis Inc. | 16 | 1853 |
| Public Storage Operating Company | 3 | 811 |
| Realty Income Corporation | 15 | 930 |
| Regency Centers Corporation | 3 | 209 |
| SBA Communications Corporation - Class A | 2 | 363 |
| Simon Property Group, Inc. | 6 | 1066 |
| Sun Communities, Inc. | 2 | 262 |
| UDR, Inc. | 5 | 198 |
| Ventas, Inc. | 7 | 522 |
| VICI Properties Inc. | 19 | 610 |
| W.P. Carey Inc. | 4 | 251 |
| Welltower Inc. | 12 | 2086 |
| Weyerhaeuser Company | 12 | 300 |
| Zillow Group, Inc. - Class A (a) | 1 | 70 |
| Zillow Group, Inc. - Class C (a) | 3 | 231 |
|  |  | 19268 |
| **Consumer Staples 4.1%** | **Consumer Staples 4.1%** | **Consumer Staples 4.1%** |
| Brown-Forman Corporation - Class A | 1 | 15 |
| Brown-Forman Corporation - Class B (c) | 5 | 136 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Church & Dwight Co., Inc. | 4 | 378 |
| Clorox Company, The | 2 | 263 |
| Colgate-Palmolive Company | 14 | 1134 |
| Dollar General Corporation | 4 | 393 |
| Dollar Tree, Inc. (a) | 3 | 322 |
| Estee Lauder Companies Inc., The - Class A | 4 | 362 |
| Hershey Company, The | 3 | 478 |
| Kenvue Inc. | 30 | 487 |
| Mondelez International, Inc. - Class A | 23 | 1417 |
| PepsiCo, Inc. | 24 | 3367 |
| Performance Food Group Company (a) | 3 | 278 |
| Sysco Corporation | 8 | 687 |
| Target Corporation | 8 | 722 |
| US Foods Holding Corp. (a) | 4 | 302 |
| Walmart Inc. | 75 | 7749 |
| | | 18490 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 4 | 1061 |
| Amcor Pty Ltd | 40 | 326 |
| Avery Dennison Corporation | 1 | 219 |
| Ball Corporation | 5 | 240 |
| CRH Public Limited Company | 12 | 1412 |
| Dow Inc. | 12 | 285 |
| Ecolab Inc. | 4 | 1218 |
| International Flavors & Fragrances Inc. | 4 | 266 |
| International Paper Company | 9 | 428 |
| Linde Public Limited Company | 8 | 3899 |
| LyondellBasell Industries N.V. - Class A | 5 | 222 |
| Newmont Corporation | 19 | 1620 |
| Packaging Corporation of America | 2 | 339 |
| PPG Industries, Inc. | 4 | 416 |
| Reliance, Inc. | 1 | 253 |
|  |  | 12204 |
| **Energy 2.2%** | **Energy 2.2%** | **Energy 2.2%** |
| Baker Hughes Company - Class A | 17 | 842 |
| Cheniere Energy, Inc. | 4 | 909 |
| Halliburton Company | 15 | 365 |
| Kinder Morgan, Inc. | 34 | 973 |
| Marathon Petroleum Corporation | 5 | 996 |
| ONEOK, Inc. | 11 | 790 |
| Phillips 66 | 7 | 967 |
| Schlumberger Limited | 26 | 891 |
| Targa Resources Corp. | 4 | 630 |
| Texas Pacific Land Corporation |  | 315 |
| Valero Energy Corporation | 5 | 922 |
| Williams Companies, Inc., The | 21 | 1347 |
|  |  | 9947 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Alliant Energy Corporation | 4 | 301 |
| American Electric Power Company, Inc. | 3 | 381 |
| American Water Works Company, Inc. | 3 | 474 |
| CMS Energy Corporation | 5 | 388 |
| Consolidated Edison, Inc. | 6 | 642 |
| Eversource Energy | 6 | 429 |
| Exelon Corporation | 18 | 792 |
| NextEra Energy, Inc. | 36 | 2706 |
| NiSource Inc. | 8 | 353 |
| Public Service Enterprise Group Incorporated | 9 | 723 |
| Sempra | 11 | 1026 |
|  |  | 8215 |
| Total Common Stocks (cost $363,438) | Total Common Stocks (cost $363,438) | 446885 |
| **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 - Class I, 4.04% (b) (d) | 1104 | 1104 |
| Total Short Term Investments (cost $1,104) | Total Short Term Investments (cost $1,104) | 1104 |
| **Total Investments 100.0% (cost $364,542)** | **Total Investments 100.0% (cost $364,542)** | **447989** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **6** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (34) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **447961** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of September 30, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 1101 | 56 | 265 | 19 | 131 | 271 | 1294 | 0.3 |
| JNL Government Money Market Fund, 4.04% - Class I | 1166 | 54739 | 54801 | 24 |  |  | 1104 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 270 | 6353 | 6623 | 3 |  |  |  |  |
|  | 2537 | 61148 | 61689 | 46 | 131 | 271 | 2398 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 5 | December 2025 | 1666 | 6 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 446885 |  |  | 446885 |
| &nbsp;&nbsp;Short Term Investments | 1104 |  |  | 1104 |
|  | 447989 |  |  | 447989 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar U.S. Sustainability Index Fund (continued)** | **JNL/Morningstar U.S. Sustainability Index Fund (continued)** | **JNL/Morningstar U.S. Sustainability Index Fund (continued)** | **JNL/Morningstar U.S. Sustainability Index Fund (continued)** | **JNL/Morningstar U.S. Sustainability Index Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 19 |  |  | 19 |
|  | 19 |  |  | 19 |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Industrials 23.8%** | **Industrials 23.8%** | **Industrials 23.8%** |
| Allegion Public Limited Company | 67 | 11938 |
| Boeing Company, The (a) | 87 | 18777 |
| Broadridge Financial Solutions, Inc. | 40 | 9490 |
| Caterpillar Inc. | 27 | 12621 |
| Copart, Inc. (a) | 207 | 9316 |
| Deere & Company | 21 | 9591 |
| Huntington Ingalls Industries, Inc. | 79 | 22774 |
| IDEX Corporation | 113 | 18460 |
| Masco Corporation | 149 | 10492 |
| Nordson Corporation | 43 | 9746 |
| Northrop Grumman Corporation | 19 | 11715 |
| Otis Worldwide Corporation | 116 | 10570 |
| TransUnion | 213 | 17812 |
| United Parcel Service, Inc. - Class B | 216 | 18035 |
|  |  | 191337 |
| **Health Care 23.7%** | **Health Care 23.7%** | **Health Care 23.7%** |
| Agilent Technologies, Inc. | 160 | 20574 |
| Amgen Inc. | 69 | 19497 |
| Bristol-Myers Squibb Company | 411 | 18540 |
| Danaher Corporation | 99 | 19577 |
| GE HealthCare Technologies Inc. | 257 | 19314 |
| Merck & Co., Inc. | 240 | 20169 |
| Pfizer Inc. | 400 | 10195 |
| Thermo Fisher Scientific Inc. | 44 | 21397 |
| West Pharmaceutical Services, Inc. | 82 | 21456 |
| Zimmer Biomet Holdings, Inc. | 199 | 19642 |
|  |  | 190361 |
| **Information Technology 21.0%** | **Information Technology 21.0%** | **Information Technology 21.0%** |
| Adobe Inc. (a) | 50 | 17738 |
| Applied Materials, Inc. | 118 | 24224 |
| Entegris, Inc. | 123 | 11370 |
| Fortinet, Inc. (a) | 126 | 10568 |
| Microsoft Corporation | 20 | 10501 |
| Monolithic Power Systems, Inc. | 14 | 12359 |
| NXP Semiconductors N.V. | 90 | 20372 |
| Salesforce, Inc. | 75 | 17679 |
| Teradyne, Inc. | 110 | 15172 |
| Tyler Technologies, Inc. (a) | 18 | 9332 |
| Workday, Inc. - Class A (a) | 81 | 19470 |
|  |  | 168785 |
| **Consumer Staples 15.5%** | **Consumer Staples 15.5%** | **Consumer Staples 15.5%** |
| Brown-Forman Corporation - Class B (b) | 366 | 9914 |
| Clorox Company, The | 155 | 19132 |
| Constellation Brands, Inc. - Class A | 125 | 16877 |
| Estee Lauder Companies Inc., The - Class A | 251 | 22153 |
| Hershey Company, The | 56 | 10490 |
| Kenvue Inc. | 997 | 16181 |
| Mondelez International, Inc. - Class A | 305 | 19023 |
| PepsiCo, Inc. | 75 | 10566 |
|  |  | 124336 |
| **Financials 7.0%** | **Financials 7.0%** | **Financials 7.0%** |
| Charles Schwab Corporation, The | 108 | 10318 |
| Jack Henry & Associates, Inc. | 62 | 9254 |
| MarketAxess Holdings Inc. | 97 | 16804 |
| U.S. Bancorp | 419 | 20260 |
|  |  | 56636 |
| **Consumer Discretionary 4.9%** | **Consumer Discretionary 4.9%** | **Consumer Discretionary 4.9%** |
| Airbnb, Inc. - Class A (a) | 81 | 9841 |
| Amazon.com, Inc. (a) | 43 | 9402 |
| Nike, Inc. - Class B | 289 | 20124 |
|  |  | 39367 |
| **Communication Services 2.8%** | **Communication Services 2.8%** | **Communication Services 2.8%** |
| Alphabet Inc. - Class A | 54 | 13120 |
| Walt Disney Company, The | 81 | 9294 |
|  |  | 22414 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| International Flavors & Fragrances Inc. | 121 | 7450 |
| Total Common Stocks (cost $779,242) | Total Common Stocks (cost $779,242) | 800686 |
| **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 - Class I, 4.04% (c) (d) | 2754 | 2754 |
| Total Short Term Investments (cost $2,754) | Total Short Term Investments (cost $2,754) | 2754 |
| **Total Investments 99.9% (cost $781,996)** | **Total Investments 99.9% (cost $781,996)** | **803440** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **13** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **629** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **804082** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 5062 | 131236 | 133544 | 104 |  |  | 2754 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 16512 | 16512 | 5 |  |  |  |  |
|  | 5062 | 147748 | 150056 | 109 |  |  | 2754 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 13 | December 2025 | 4371 | 13 | 9 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 800686 |  |  | 800686 |
| &nbsp;&nbsp;Short Term Investments | 2754 |  |  | 2754 |
|  | 803440 |  |  | 803440 |
| **Assets - 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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 60.5%** | **CORPORATE BONDS AND NOTES 60.5%** | **CORPORATE BONDS AND NOTES 60.5%** |
| **Financials 34.6%** | **Financials 34.6%** | **Financials 34.6%** |
| AIG Global Funding |  |  |
| 5.67%, 09/25/26 (a) (b) | 385 | 388 |
| American Express Company |  |  |
| 5.33%, (SOFR + 1.00%), 02/16/28 (a) | 655 | 661 |
| Athene Global Funding |  |  |
| 5.18%, 01/07/27 (a) (b) | 305 | 306 |
| 5.18%, 09/18/28 (a) (b) | 250 | 250 |
| Bank of America Corporation |  |  |
| 1.20%, 10/24/26 | 160 | 160 |
| 5.55%, (SOFR + 1.35%), 09/15/27 (a) | 425 | 428 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.97%, 06/09/28 (a) | 490 | 491 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 535 | 551 |
| Caterpillar Financial Services Corporation |  |  |
| 4.85%, (SOFR + 0.52%), 05/14/27 (a) | 860 | 862 |
| Citigroup Inc. |  |  |
| 5.04%, (SOFR + 0.71%), 11/19/27 (a) | 870 | 872 |
| Fifth Third Bank, National Association |  |  |
| 5.15%, (SOFR + 0.81%), 01/28/28 (a) | 380 | 381 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 365 | 367 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.09%, (SOFR + 0.82%), 09/10/27 (a) | 185 | 185 |
| 6.10%, (SOFR + 1.85%), 03/15/28 (a) | 755 | 767 |
| John Deere Capital Corporation |  |  |
| 4.75%, (SOFR + 0.44%), 03/06/26 (a) | 635 | 636 |
| 4.90%, (SOFR + 0.60%), 06/11/27 (a) | 150 | 151 |
| JPMorgan Chase & Co. |  |  |
| 4.91%, 09/22/27 (a) | 580 | 583 |
| 5.54%, (SOFR + 1.20%), 01/23/28 (a) | 315 | 318 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.04%, 11/08/27 (a) | 315 | 316 |
| MasterCard Incorporated |  |  |
| 4.69%, 03/15/28 (a) | 155 | 155 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.03%, (SOFR + 0.69%), 10/15/27 (a) | 865 | 866 |
| New York Life Global Funding |  |  |
| 4.76%, 08/28/26 (a) (b) | 400 | 401 |
| 4.75%, 02/05/27 (a) (b) | 340 | 340 |
| Nordea Bank Abp |  |  |
| 4.91%, (SOFR + 0.74%), 03/19/27 (a) (b) | 267 | 268 |
| PayPal Holdings, Inc. |  |  |
| 4.97%, 03/06/28 (a) | 335 | 336 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.89%, 02/16/27 (a) | 225 | 225 |
| PNC Bank, National Association |  |  |
| 5.07%, (SOFR + 0.73%), 07/21/28 (a) | 250 | 250 |
| Principal Life Global Funding II |  |  |
| 5.14%, (SOFR + 0.81%), 08/18/28 (a) (b) | 300 | 300 |
| State Street Corporation |  |  |
| 5.18%, (SOFR + 0.84%), 08/03/26 (a) | 115 | 115 |
| 4.98%, (SOFR + 0.64%), 10/22/27 (a) | 460 | 460 |
| Truist Bank |  |  |
| 5.11%, (SOFR + 0.77%), 07/24/28 (a) | 805 | 805 |
| U.S. Bank National Association |  |  |
| 5.03%, (SOFR + 0.69%), 10/22/27 (a) (c) | 690 | 691 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) (d) | 205 | 203 |
| Wells Fargo & Company |  |  |
| 5.12%, (SOFR + 0.78%), 01/24/28 (a) | 840 | 842 |
|  |  | 14930 |
| **Health Care 5.0%** | **Health Care 5.0%** | **Health Care 5.0%** |
| Bristol-Myers Squibb Company |  |  |
| 4.82%, 02/20/26 (a) | 419 | 420 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 170 | 170 |
| Eli Lilly and Company |  |  |
| 4.86%, 10/15/28 (a) | 230 | 230 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.76%, 03/12/27 (a) | 475 | 476 |
| Merck & Co., Inc. |  |  |
| 4.75%, 09/15/27 (a) | 235 | 236 |
| UnitedHealth Group Incorporated |  |  |
| 4.84%, 07/15/26 (a) | 633 | 634 |
|  |  | 2166 |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 860 | 850 |
| NTT Finance Corporation |  |  |
| 5.43%, (SOFR + 1.08%), 07/16/28 (a) (b) | 200 | 202 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 325 | 330 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 65 | 65 |
| 2.63%, 04/15/26 | 30 | 30 |
| Verizon Communications Inc. |  |  |
| 1.45%, 03/20/26 | 350 | 346 |
|  |  | 1823 |
| **Information Technology 4.1%** | **Information Technology 4.1%** | **Information Technology 4.1%** |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 420 | 420 |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 495 | 496 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 620 | 613 |
| 2.65%, 07/15/26 | 85 | 84 |
| 5.10%, 08/03/28 (a) | 170 | 171 |
|  |  | 1784 |
| **Energy 3.9%** | **Energy 3.9%** | **Energy 3.9%** |
| Chevron U.S.A. Inc. |  |  |
| 4.68%, 02/26/27 (a) | 470 | 471 |
| 4.90%, 08/13/28 (a) | 285 | 286 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 465 | 473 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 440 | 440 |
|  |  | 1670 |
| **Industrials 3.2%** | **Industrials 3.2%** | **Industrials 3.2%** |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (e) | 525 | 521 |
| General Electric Company |  |  |
| 4.96%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (f) | 443 | 443 |
| Siemens Funding B.V. |  |  |
| 4.96%, 05/26/28 (a) (b) | 395 | 396 |
|  |  | 1360 |
| **Utilities 2.9%** | **Utilities 2.9%** | **Utilities 2.9%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.85%, 11/18/27 (a) | 315 | 315 |
| Georgia Power Company |  |  |
| 4.53%, 09/15/26 (a) | 360 | 360 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.10%, 01/29/26 (a) | 384 | 385 |
| 5.14%, 02/04/28 (a) | 180 | 181 |
|  |  | 1241 |
| **Consumer Staples 2.6%** | **Consumer Staples 2.6%** | **Consumer Staples 2.6%** |
| Keurig Dr Pepper Inc. |  |  |
| 4.91%, 11/15/26 (a) | 260 | 260 |
| Philip Morris International Inc. |  |  |
| 5.17%, 04/28/28 (a) | 460 | 463 |
| Walmart Inc. |  |  |
| 4.77%, 04/28/27 (a) | 380 | 381 |
|  |  | 1104 |
| Total Corporate Bonds And Notes (cost $26,032) | Total Corporate Bonds And Notes (cost $26,032) | 26078 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.9%** |
| Ally Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2, 4.46%, 07/15/27 | 23 | 23 |
| Amur Equipment Finance Receivables XIII LLC |  |  |
| Series 2024-A2-1A, 5.38%, 07/20/27 | 88 | 89 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A2-1A, 5.84%, 03/15/27 | 35 | 35 |
| BMW Vehicle Lease Trust 2024-2 |  |  |
| Series 2024-A2A-2, 4.29%, 06/25/26 | 107 | 107 |
| BofA Auto Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.57%, 12/15/26 | 13 | 13 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-A2A-1, 5.30%, 11/17/25 | 12 | 12 |
| CarMax Auto Owner Trust 2024-4 |  |  |
| Series 2024-A2A-4, 4.67%, 12/15/27 | 65 | 65 |
| CarMax Auto Owner Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.42%, 08/15/28 | 126 | 127 |
| CCG Receivables Trust 2023-1 |  |  |
| Series 2023-A2-1, 5.82%, 09/16/30 | 35 | 35 |
| Citizens Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A2A-2, 5.54%, 11/16/26 | 19 | 18 |
| CNH Equipment Trust 2024-A |  |  |
| Series 2024-A2B-B, 4.77%, (SOFR 30-Day Average + 0.40%), 03/16/26 (a) | 35 | 35 |
| CNH Equipment Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.30%, 08/15/28 | 214 | 214 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-A2-1, 5.58%, 11/24/25 | 34 | 34 |
| DLLAA 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.70%, 10/20/27 | 54 | 54 |
| DLLAD 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.46%, 09/20/27 | 100 | 100 |
| Ford Credit Auto Lease Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.57%, 08/15/27 | 209 | 209 |
| Ford Credit Auto Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.40%, 02/15/26 | 82 | 82 |
| Ford Credit Auto Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.47%, 11/15/26 | 337 | 338 |
| Ford Credit Auto Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.88%, 04/15/27 | 279 | 279 |
| GM Financial Automobile Leasing Trust 2024-3 |  |  |
| Series 2024-A2A-3, 4.29%, 04/20/26 | 114 | 114 |
| GM Financial Consumer Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A2A-3, 5.35%, 02/16/26 | 155 | 155 |
| GM Financial Consumer Automobile Receivables Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.32%, 03/16/27 | 170 | 171 |
| Harley-Davidson Motorcycle Trust 2024-A |  |  |
| Series 2024-A2-A, 5.65%, 11/17/25 | 17 | 17 |
| Honda Auto Receivables 2025-3 Owner Trust |  |  |
| Series 2025-A2A-3, 4.19%, 03/22/27 | 359 | 360 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A2-1A, 4.49%, 02/20/27 | 100 | 100 |
| Hyundai Auto Lease Securitization Trust 2025-C |  |  |
| Series 2025-A2A-C, 4.37%, 04/15/27 | 137 | 138 |
| Hyundai Auto Receivables Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.29%, 04/15/27 | 79 | 79 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.15%, 06/15/27 | 31 | 31 |
| Hyundai Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.33%, 09/15/26 | 168 | 168 |
| John Deere Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.42%, 05/17/27 | 87 | 88 |
| John Deere Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 4.28%, 07/17/28 | 168 | 169 |
| Kubota Credit Owner Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.48%, 07/15/27 | 146 | 147 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1A, 4.63%, 05/15/28 | 87 | 87 |
| PenFed Auto Receivables Owner Trust 2025-A |  |  |
| Series 2025-A2-A, 4.77%, 09/15/28 | 100 | 100 |
| Porsche Financial Auto Securitization Trust 2024-1 |  |  |
| Series 2024-A2A-1A, 4.45%, 07/22/26 | 87 | 87 |
| Porsche Innovative Lease Owner Trust 2024-2 |  |  |
| Series 2024-A2A-2A, 4.47%, 01/20/26 | 97 | 97 |
| SBNA Auto Lease Trust 2025-A |  |  |
| Series 2025-A2-A, 4.68%, 04/20/27 | 93 | 93 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 54 | 54 |
| SFS Auto Receivables Securitization Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.52%, 03/20/27 | 98 | 98 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A2-BA, 4.31%, 04/20/27 | 48 | 48 |
| Toyota Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A2A-A, 4.48%, 11/15/27 | 257 | 258 |
| Toyota Auto Receivables 2025-C Owner Trust |  |  |
| Series 2025-A2A-C, 4.29%, 03/15/27 | 340 | 341 |
| Toyota Lease Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.58%, 12/21/26 | 230 | 231 |
| Toyota Lease Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.91%, 09/20/27 | 126 | 126 |
| Verizon Master Trust |  |  |
| Series 2024-A1B-4, 4.94%, (SOFR 30-Day Average + 0.55%), 06/20/26 (a) | 50 | 50 |
| Series 2024-A1B-3, REMIC, 4.97%, (SOFR 30-Day Average + 0.58%), 04/20/27 (a) | 307 | 308 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.40%, 01/20/26 | 39 | 39 |
| Volkswagen Auto Lease Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.97%, 04/20/27 | 215 | 215 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A2A-1, 4.51%, 10/20/26 | 298 | 299 |
| Volvo Financial Equipment LLC, Series 2025-2 |  |  |
| Series 2025-A2-2A, 3.96%, 06/15/28 | 100 | 100 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.49%, 11/16/26 | 132 | 132 |
| World Omni Automobile Lease Securitization Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.35%, 02/16/27 | 60 | 60 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,416) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,416) | 6429 |
| **SHORT TERM INVESTMENTS 16.7%** | **SHORT TERM INVESTMENTS 16.7%** | **SHORT TERM INVESTMENTS 16.7%** |
| **Investment Companies 14.4%** | **Investment Companies 14.4%** | **Investment Companies 14.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (g) (h) | 6206 | 6206 |
| **U.S. Treasury Bill 2.3%** | **U.S. Treasury Bill 2.3%** | **U.S. Treasury Bill 2.3%** |
| Treasury, United States Department of |  |  |
| 4.25%, 10/07/25 | 1000 | 999 |
| Total Short Term Investments (cost $7,205) | Total Short Term Investments (cost $7,205) | 7205 |
| **Total Investments 92.1% (cost $39,653)** | **Total Investments 92.1% (cost $39,653)** | **39712** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (16) |
| **Other Assets and Liabilities, Net 7.9%** | **Other Assets and Liabilities, Net 7.9%** | **3431** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **43127** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 September 30, 2025, the value and the percentage of net assets of these securities was $3,054 and 7.1% of the Fund.

(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) 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 September 30, 2025.

(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 September 30, 2025.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 5510 | 33570 | 32874 | 178 |  |  | 6206 | 14.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| U.S. Bank National Association, 5.03%, 10/22/27 | 10/17/24 | 690 | 691 | 1.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/Neuberger Berman Commodity Strategy 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Aluminum | 28 | January 2026 |  | 1838 | 40 | 41 |
| Brent Crude | 45 | November 2025 |  | 2992 | (47) | (39) |
| Canola | 14 | November 2025 | CAD | 190 |  | (15) |
| Carbon Emission | 8 | December 2025 | EUR | 549 | (10) | 65 |
| Cattle Feeder | 10 | January 2026 |  | 1762 | 4 | 4 |
| Cocoa | 5 | December 2025 | GBP | 275 | (8) | (52) |
| Cocoa | 8 | December 2025 |  | 678 | (20) | (138) |
| Coffee C | 9 | December 2025 |  | 1018 | 9 | 247 |
| Copper | 6 | January 2026 |  | 1493 | 48 | 48 |
| Copper | 10 | March 2026 |  | 1143 | (8) | 87 |
| Corn | 93 | May 2026 |  | 2054 |  |  |
| Cotton No. 2 | 12 | May 2026 |  | 413 |  |  |
| Crude Oil, WTI | 37 | January 2026 |  | 2285 | (3) | (3) |
| Gasoline, RBOB | 15 | January 2026 |  | 1168 | (1) | (1) |
| Gold, 100 Oz. | 22 | December 2025 |  | 7497 | 40 | 1024 |
| Iron Ore | 20 | November 2025 |  | 205 | 1 | 3 |
| Lead | 11 | January 2026 |  | 553 | (4) | (4) |
| Lean Hogs | 56 | December 2025 |  | 1957 | (36) | 30 |
| Live Cattle | 21 | January 2026 |  | 2017 | 8 | (45) |
| Low Sulfur Gasoil | 26 | January 2026 |  | 1730 | (2) | (2) |
| Milling Wheat No. 2 | 12 | December 2025 | EUR | 118 | (2) | (7) |
| Natural Gas | 77 | March 2026 |  | 3262 | (8) | (473) |
| Natural Gas | 5 | December 2026 | EUR | 123 | (3) | (4) |
| New York Harbor ULSD | 13 | January 2026 |  | 1248 | (1) | (2) |
| Nickel | 8 | January 2026 |  | 746 | (13) | (13) |
| Platinum | 10 | January 2026 |  | 687 | (13) | 116 |
| Rapeseed | 6 | November 2025 | EUR | 143 |  | (4) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Red Wheat | 7 | December 2025 | 208 | (2) | (11) |
| Robusta Coffee | 5 | November 2025 | 200 | 1 | 10 |
| Silver | 8 | December 2025 | 1523 | (15) | 343 |
| Soybean | 38 | May 2026 | 1994 |  |  |
| Soybean Meal | 4 | March 2026 | 119 | (1) | (5) |
| Soybean Oil | 44 | March 2026 | 1386 | (7) | (60) |
| Sugar No. 11 | 52 | May 2026 | 989 | 9 | (22) |
| Tin | 1 | November 2025 | 175 | 2 | 2 |
| White Sugar | 9 | April 2026 | 216 | 2 | (7) |
| Zinc | 7 | January 2026 | 495 | 23 | 23 |
|  |  |  |  | (17) | 1136 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Palladium | (2) | December 2025 | (228) | 1 | (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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 26078 |  | 26078 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 6429 |  | 6429 |
| &nbsp;&nbsp;Short Term Investments | 6206 | 999 |  | 7205 |
|  | 6206 | 33506 |  | 39712 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2043 |  |  | 2043 |
|  | 2043 |  |  | 2043 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (936) |  |  | (936) |
|  | (936) |  |  | (936) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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** |
| **CORPORATE BONDS AND NOTES 55.1%** | **CORPORATE BONDS AND NOTES 55.1%** | **CORPORATE BONDS AND NOTES 55.1%** |
| **Financials 31.2%** | **Financials 31.2%** | **Financials 31.2%** |
| AIG Global Funding |  |  |
| 5.67%, 09/25/26 (a) (b) | 690 | 695 |
| American Express Company |  |  |
| 5.33%, (SOFR + 1.00%), 02/16/28 (a) | 1683 | 1700 |
| Athene Global Funding |  |  |
| 5.18%, 01/07/27 (a) (b) | 550 | 551 |
| 5.18%, 09/18/28 (a) (b) | 550 | 551 |
| Bank of America Corporation |  |  |
| 1.20%, 10/24/26 | 290 | 289 |
| 5.55%, (SOFR + 1.35%), 09/15/27 (a) | 1280 | 1290 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.97%, 06/09/28 (a) | 990 | 992 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 1075 | 1107 |
| Caterpillar Financial Services Corporation |  |  |
| 4.85%, (SOFR + 0.52%), 05/14/27 (a) | 950 | 952 |
| Citigroup Inc. |  |  |
| 5.04%, (SOFR + 0.71%), 11/19/27 (a) | 1865 | 1869 |
| Fifth Third Bank, National Association |  |  |
| 5.15%, (SOFR + 0.81%), 01/28/28 (a) | 630 | 631 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 795 | 799 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.09%, (SOFR + 0.82%), 09/10/27 (a) | 380 | 381 |
| 6.10%, (SOFR + 1.85%), 03/15/28 (a) | 1370 | 1393 |
| John Deere Capital Corporation |  |  |
| 4.75%, (SOFR + 0.44%), 03/06/26 (a) | 690 | 691 |
| 4.90%, (SOFR + 0.60%), 06/11/27 (a) | 230 | 231 |
| JPMorgan Chase & Co. |  |  |
| 4.91%, 09/22/27 (a) | 930 | 935 |
| 5.54%, (SOFR + 1.20%), 01/23/28 (a) | 850 | 857 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.04%, 11/08/27 (a) | 470 | 471 |
| MasterCard Incorporated |  |  |
| 4.69%, 03/15/28 (a) | 230 | 230 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.03%, (SOFR + 0.69%), 10/15/27 (a) | 1855 | 1857 |
| New York Life Global Funding |  |  |
| 4.76%, 08/28/26 (a) (b) | 680 | 682 |
| 4.75%, 02/05/27 (a) (b) | 485 | 485 |
| Nordea Bank Abp |  |  |
| 4.91%, (SOFR + 0.74%), 03/19/27 (a) (b) | 270 | 271 |
| PayPal Holdings, Inc. |  |  |
| 4.97%, 03/06/28 (a) | 680 | 682 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.89%, 02/16/27 (a) | 530 | 531 |
| PNC Bank, National Association |  |  |
| 5.07%, (SOFR + 0.73%), 07/21/28 (a) | 1260 | 1260 |
| Principal Life Global Funding II |  |  |
| 5.14%, (SOFR + 0.81%), 08/18/28 (a) (b) | 605 | 606 |
| State Street Corporation |  |  |
| 5.18%, (SOFR + 0.84%), 08/03/26 (a) | 195 | 196 |
| 4.98%, (SOFR + 0.64%), 10/22/27 (a) | 770 | 771 |
| Toyota Motor Credit Corporation |  |  |
| 4.80%, 04/10/26 (a) | 285 | 285 |
| 5.11%, 08/07/26 (a) | 600 | 602 |
| Truist Bank |  |  |
| 5.11%, (SOFR + 0.77%), 07/24/28 (a) | 1610 | 1610 |
| U.S. Bank National Association |  |  |
| 5.03%, (SOFR + 0.69%), 10/22/27 (a) (c) | 1125 | 1126 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) (d) | 340 | 337 |
| Wells Fargo & Company |  |  |
| 5.12%, (SOFR + 0.78%), 01/24/28 (a) | 1670 | 1674 |
|  |  | 29590 |
| **Communication Services 4.4%** | **Communication Services 4.4%** | **Communication Services 4.4%** |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 1725 | 1704 |
| NTT Finance Corporation |  |  |
| 5.43%, (SOFR + 1.08%), 07/16/28 (a) (b) | 200 | 202 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 540 | 548 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 100 | 99 |
| 2.63%, 04/15/26 | 885 | 878 |
| Verizon Communications Inc. |  |  |
| 1.45%, 03/20/26 | 775 | 766 |
|  |  | 4197 |
| **Health Care 4.1%** | **Health Care 4.1%** | **Health Care 4.1%** |
| Bristol-Myers Squibb Company |  |  |
| 4.82%, 02/20/26 (a) | 695 | 696 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 300 | 301 |
| Eli Lilly and Company |  |  |
| 4.86%, 10/15/28 (a) | 495 | 496 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.76%, 03/12/27 (a) | 1000 | 1002 |
| Merck & Co., Inc. |  |  |
| 4.75%, 09/15/27 (a) | 455 | 456 |
| UnitedHealth Group Incorporated |  |  |
| 4.84%, 07/15/26 (a) | 888 | 889 |
|  |  | 3840 |
| **Information Technology 3.7%** | **Information Technology 3.7%** | **Information Technology 3.7%** |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 625 | 624 |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 895 | 896 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 1130 | 1117 |
| 2.65%, 07/15/26 | 445 | 440 |
| 5.10%, 08/03/28 (a) | 385 | 387 |
|  |  | 3464 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| Chevron U.S.A. Inc. |  |  |
| 4.68%, 02/26/27 (a) | 780 | 781 |
| 4.90%, 08/13/28 (a) | 575 | 577 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 920 | 936 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 730 | 729 |
|  |  | 3023 |
| **Consumer Staples 2.8%** | **Consumer Staples 2.8%** | **Consumer Staples 2.8%** |
| Keurig Dr Pepper Inc. |  |  |
| 4.91%, 11/15/26 (a) | 500 | 500 |
| PepsiCo, Inc. |  |  |
| 4.73%, (SOFR + 0.40%), 02/13/26 (a) | 250 | 250 |
| Philip Morris International Inc. |  |  |
| 5.17%, 04/28/28 (a) | 1050 | 1057 |
| Walmart Inc. |  |  |
| 4.77%, 04/28/27 (a) | 850 | 853 |
|  |  | 2660 |
| **Industrials 2.6%** | **Industrials 2.6%** | **Industrials 2.6%** |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (e) | 1160 | 1151 |
| General Electric Company |  |  |
| 4.96%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (f) | 693 | 694 |
| Siemens Funding B.V. |  |  |
| 4.96%, 05/26/28 (a) (b) | 660 | 661 |
|  |  | 2506 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.85%, 11/18/27 (a) | 720 | 721 |
| Georgia Power Company |  |  |
| 4.53%, 09/15/26 (a) | 744 | 743 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.10%, 01/29/26 (a) | 405 | 406 |
| 5.14%, 02/04/28 (a) | 415 | 418 |
|  |  | 2288 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Home Depot, Inc., The |  |  |
| 4.48%, (SOFR + 0.33%), 12/24/25 (a) | 695 | 695 |
| Total Corporate Bonds And Notes (cost $52,184) | Total Corporate Bonds And Notes (cost $52,184) | 52263 |
| **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** |
| iShares Bitcoin Trust ETF | 43 | 2808 |
| Total Investment Companies (cost $2,335) | Total Investment Companies (cost $2,335) | 2808 |
| **SHORT TERM INVESTMENTS 35.5%** | **SHORT TERM INVESTMENTS 35.5%** | **SHORT TERM INVESTMENTS 35.5%** |
| **U.S. Treasury Bill 23.1%** | **U.S. Treasury Bill 23.1%** | **U.S. Treasury Bill 23.1%** |
| Treasury, United States Department of |  |  |
| 4.25%, 10/07/25 | 4000 | 3997 |
| 4.25%, 10/30/25 | 8000 | 7974 |
| 4.13%, 12/26/25 | 10000 | 9908 |
|  |  | 21879 |
| **Investment Companies 12.4%** | **Investment Companies 12.4%** | **Investment Companies 12.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (g) (h) | 11801 | 11801 |
| Total Short Term Investments (cost $33,679) | Total Short Term Investments (cost $33,679) | 33680 |
| **Total Investments 93.6% (cost $88,198)** | **Total Investments 93.6% (cost $88,198)** | **88751** |
| **Other Derivative Instruments 0.3%** | **Other Derivative Instruments 0.3%** | **329** |
| **Other Assets and Liabilities, Net 6.1%** | **Other Assets and Liabilities, Net 6.1%** | **5728** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **94808** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 September 30, 2025, the value and the percentage of net assets of these securities was $5,041 and 5.3% of the Fund.

(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) 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 September 30, 2025.

(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 September 30, 2025.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2901 | 131036 | 122136 | 348 |  |  | 11801 | 12.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| U.S. Bank National Association, 5.03%, 10/22/27 | 10/17/24 | 1125 | 1126 | 1.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Gold, 100 Oz. | 219 | December 2025 | 74946 | 394 | 9877 |
| Palladium | 18 | December 2025 | 2116 | (6) | 202 |
| Platinum | 30 | January 2026 | 2068 | (40) | 340 |
| Silver | 10 | December 2025 | 1901 | (19) | 431 |
|  |  |  |  | 329 | 10850 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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;Corporate Bonds And Notes |  | 52263 |  | 52263 |
| &nbsp;&nbsp;Investment Companies | 2808 |  |  | 2808 |
| &nbsp;&nbsp;Short Term Investments | 11801 | 21879 |  | 33680 |
|  | 14609 | 74142 |  | 88751 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 10850 |  |  | 10850 |
|  | 10850 |  |  | 10850 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 53.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 53.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 53.0%** |
| **Mortgage-Backed Securities 30.1%** | **Mortgage-Backed Securities 30.1%** | **Mortgage-Backed Securities 30.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/51 - 06/01/52 | 4348 | 3847 |
| 2.50%, 04/01/52 - 10/01/52 | 2600 | 2193 |
| 3.50%, 06/01/52 - 11/01/54 | 1611 | 1474 |
| 4.50%, 06/01/52 - 12/01/54 | 7532 | 7336 |
| 4.00%, 08/01/52 - 01/01/54 | 5734 | 5427 |
| 5.00%, 10/01/52 - 12/01/54 | 10378 | 10352 |
| 5.50%, 11/01/52 - 08/01/55 | 15888 | 16079 |
| 6.00%, 01/01/53 - 01/01/55 | 16892 | 17298 |
| 6.50%, 01/01/54 - 02/01/55 | 807 | 835 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 06/01/50 - 07/01/52 | 9992 | 8824 |
| 2.50%, 08/01/51 - 07/01/53 | 9467 | 8033 |
| 3.50%, 03/01/52 - 04/01/53 | 10221 | 9381 |
| 4.00%, 06/01/52 - 07/01/55 | 7424 | 7021 |
| 4.50%, 08/01/52 - 06/01/55 | 6860 | 6677 |
| 5.00%, 08/01/52 - 02/01/55 | 23605 | 23526 |
| 5.50%, 12/01/52 - 09/01/55 | 27353 | 27685 |
| 6.00%, 01/01/53 - 07/01/55 | 23603 | 24189 |
| TBA, 2.50%, 10/15/55 (a) | 11350 | 9561 |
| TBA, 3.50%, 10/15/55 (a) | 16975 | 15510 |
| TBA, 4.00%, 10/15/55 (a) | 23870 | 22493 |
| TBA, 4.50%, 10/15/55 (a) | 13820 | 13404 |
| TBA, 5.00%, 10/15/55 (a) | 3595 | 3565 |
| TBA, 5.50%, 10/15/55 (a) | 26410 | 26630 |
| TBA, 6.00%, 10/15/55 (a) | 10400 | 10623 |
| Government National Mortgage Association |  |  |
| TBA, 5.00%, 10/15/55 (a) | 22500 | 22381 |
| TBA, 5.50%, 10/15/55 (a) | 12975 | 13071 |
| TBA, 6.00%, 10/15/55 (a) | 3415 | 3473 |
|  |  | 320888 |
| **Collateralized Mortgage Obligations 9.0%** | **Collateralized Mortgage Obligations 9.0%** | **Collateralized Mortgage Obligations 9.0%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1B1-R01, REMIC, 7.46%, (SOFR 30-Day Average + 3.10%), 10/25/41 (b) | 960 | 978 |
| Series 2022-1M2-R01, REMIC, 6.26%, (SOFR 30-Day Average + 1.90%), 12/26/41 (b) | 1416 | 1436 |
| Connecticut Avenue Securities Trust 2021-R03 |  |  |
| Series 2021-1M2-R03, REMIC, 6.01%, (SOFR 30-Day Average + 1.65%), 12/25/41 (b) | 311 | 312 |
| Series 2021-1B1-R03, REMIC, 7.11%, (SOFR 30-Day Average + 2.75%), 12/25/41 (b) | 750 | 763 |
| Connecticut Avenue Securities Trust 2022-R02 |  |  |
| Series 2022-2B1-R02, REMIC, 8.86%, (SOFR 30-Day Average + 4.50%), 01/27/42 (b) | 2035 | 2115 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M2-R03, REMIC, 7.86%, (SOFR 30-Day Average + 3.50%), 03/25/42 (b) | 2252 | 2328 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.46%, (SOFR 30-Day Average + 3.10%), 03/25/42 (b) | 2733 | 2807 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M2-R08, REMIC, 7.96%, (SOFR 30-Day Average + 3.60%), 07/25/42 (b) | 552 | 575 |
| Series 2022-1B1-R08, REMIC, 9.96%, (SOFR 30-Day Average + 5.60%), 07/25/42 (b) | 2146 | 2299 |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M2-R01, REMIC, 8.11%, (SOFR 30-Day Average + 3.75%), 12/26/42 (b) | 1526 | 1607 |
| Connecticut Avenue Securities Trust 2023-R02 |  |  |
| Series 2023-1M2-R02, REMIC, 7.71%, (SOFR 30-Day Average + 3.35%), 01/25/43 (b) | 964 | 1006 |
| Series 2023-1B1-R02, REMIC, 9.91%, (SOFR 30-Day Average + 5.55%), 01/25/43 (b) | 270 | 293 |
| Connecticut Avenue Securities Trust 2023-R05 |  |  |
| Series 2023-1M2-R05, REMIC, 7.46%, (SOFR 30-Day Average + 3.10%), 06/25/29 (b) | 670 | 696 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1B1-R01, REMIC, 6.06%, (SOFR 30-Day Average + 1.70%), 01/25/45 (b) | 743 | 740 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1M2-R02, REMIC, 5.96%, (SOFR 30-Day Average + 1.60%), 02/27/45 (b) | 899 | 901 |
| Series 2025-1B1-R02, REMIC, 6.31%, (SOFR 30-Day Average + 1.95%), 02/27/45 (b) | 624 | 625 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1M2-R04, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 05/25/45 (b) | 2600 | 2600 |
| Connecticut Avenue Securities Trust 2025-R05 |  |  |
| Series 2025-2M2-R05, REMIC, 5.96%, (SOFR 30-Day Average + 1.60%), 07/25/45 (b) | 2304 | 2308 |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series 2020-X1-RR03, REMIC, 1.71%, 07/27/28 (b) | 18440 | 723 |
| Interest Only, Series 2020-DX-RR02, REMIC, 1.82%, 09/27/28 (b) | 8100 | 362 |
| Series 2022-M2-DNA1, REMIC, 6.86%, (SOFR 30-Day Average + 2.50%), 01/25/29 (b) | 897 | 912 |
| Interest Only, Series 2020-X-RR04, REMIC, 2.13%, 02/27/29 (b) | 19725 | 1064 |
| Interest Only, Series 2020-CX-RR02, REMIC, 1.27%, 03/27/29 (b) | 5615 | 205 |
| Series 2021-B1-DNA6, REMIC, 7.76%, (SOFR 30-Day Average + 3.40%), 10/25/41 (b) | 1482 | 1516 |
| Series 2022-M2-DNA2, REMIC, 8.11%, (SOFR 30-Day Average + 3.75%), 02/25/42 (b) | 3799 | 3928 |
| Series 2022-M2-HQA1, REMIC, 9.61%, (SOFR 30-Day Average + 5.25%), 03/25/42 (b) | 2460 | 2595 |
| Series 2022-B1-HQA1, REMIC, 11.36%, (SOFR 30-Day Average + 7.00%), 03/25/42 (b) | 1550 | 1669 |
| Series 2022-M2-DNA3, REMIC, 8.71%, (SOFR 30-Day Average + 4.35%), 04/25/42 (b) | 1869 | 1959 |
| Series 2022-M1B-DNA5, REMIC, 8.86%, (SOFR 30-Day Average + 4.50%), 06/25/42 (b) | 1265 | 1337 |
| Series 2022-M1B-HQA3, REMIC, 7.91%, (SOFR 30-Day Average + 3.55%), 08/25/42 (b) | 1457 | 1523 |
| Series 2022-M1B-DNA6, REMIC, 8.06%, (SOFR 30-Day Average + 3.70%), 09/25/42 (b) | 3266 | 3422 |
| Series 2022-M2-DNA6, REMIC, 10.11%, (SOFR 30-Day Average + 5.75%), 09/25/42 (b) | 420 | 456 |
| Series 2024-M2-DNA1, REMIC, 6.31%, (SOFR 30-Day Average + 1.95%), 02/25/44 (b) | 593 | 599 |
| Series 2024-M2-HQA1, REMIC, 6.36%, (SOFR 30-Day Average + 2.00%), 03/25/44 (b) | 1613 | 1627 |
| Series 2025-M2-DNA3, REMIC, 5.87%, (SOFR 30-Day Average + 1.50%), 09/25/45 (b) | 1070 | 1071 |
| Interest Only, Series LI-4994, REMIC, 4.00%, 12/25/48 | 1546 | 300 |
| Series FK-5471, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 08/25/54 (b) | 1731 | 1728 |
| Series FA-5475, REMIC, 5.46%, (SOFR 30-Day Average + 1.10%), 11/25/54 (b) | 540 | 539 |
| Series FB-5474, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 1980 | 1977 |
| Series FH-5473, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 2001 | 2001 |
| Series FB-5468, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 11/25/54 (b) | 2825 | 2811 |
| Series FJ-5513, REMIC, 6.00%, (SOFR 30-Day Average + 1.80%), 11/25/54 (b) | 1820 | 1833 |
| Series FC-5481, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 12/25/54 (b) | 3061 | 3074 |
| Series FB-5505, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 02/25/55 (b) | 893 | 897 |
| Series FB-5521, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1822 | 1832 |
| Series FD-5518, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1908 | 1919 |
| Series FB-5551, REMIC, 5.86%, (SOFR 30-Day Average + 1.50%), 06/25/55 (b) | 2848 | 2864 |
| Series 2019-M-1, REMIC, 4.75%, 07/25/58 (b) | 659 | 642 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C24-418, 4.00%, 08/01/43 | 1949 | 349 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2018-ST-18, REMIC, 1.63%, (5.99% - (SOFR 30-Day Average \* 1)), 12/25/44 (b) | 1550 | 171 |
| Interest Only, Series 2021-AI-76, REMIC, 3.50%, 11/25/51 | 2839 | 493 |
| Series 2024-FD-61, REMIC, 5.36%, (SOFR 30-Day Average + 1.00%), 03/25/53 (b) | 1202 | 1196 |
| Series 2024-FA-40, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 03/25/54 (b) | 1456 | 1457 |
| Series 2024-FA-67, REMIC, 5.53%, (SOFR 30-Day Average + 1.17%), 09/25/54 (b) | 1799 | 1801 |
| Series 2024-JF-76, REMIC, 5.61%, (SOFR 30-Day Average + 1.25%), 11/25/54 (b) | 1644 | 1648 |
| Series 2025-FC-6, REMIC, 5.96%, (SOFR 30-Day Average + 1.60%), 02/25/55 (b) | 2946 | 2958 |
| Series 2025-FB-6, REMIC, 6.00%, (SOFR 30-Day Average + 2.00%), 02/25/55 (b) | 3173 | 3207 |
| Series 2025-LF-6, REMIC, 6.00%, (SOFR 30-Day Average + 1.80%), 02/25/55 (b) | 1806 | 1821 |
| Series 2025-HF-35, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 05/25/55 (b) | 2790 | 2807 |
| Government National Mortgage Association |  |  |
| Series 2020-KA-112, REMIC, 1.00%, 08/20/50 | 717 | 552 |
| Interest Only, Series 2020-CI-162, REMIC, 2.00%, 10/20/50 | 4689 | 601 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 3508 | 506 |
| Series 2021-HE-103, REMIC, 2.00%, 06/20/51 | 1271 | 1049 |
| Series 2021-NC-119, REMIC, 1.50%, 07/20/51 | 1287 | 1049 |
| Series 2024-FA-61, REMIC, 5.54%, (SOFR 30-Day Average + 1.15%), 04/20/54 (b) | 649 | 650 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FY-4, REMIC, 5.99%, (SOFR 30-Day Average + 1.60%), 01/20/55 (b) | 1078 | 1083 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Series 2020-WK-86, REMIC, 1.00%, 06/20/50 | 1462 | 1124 |
| | | 96296 |
| **Sovereign 5.2%** | **Sovereign 5.2%** | **Sovereign 5.2%** |
| Angola, Government of |  |  |
| 8.00%, 11/26/29 (c) | 425 | 414 |
| 9.38%, 05/08/48 (c) (d) | 290 | 249 |
| 9.13%, 11/26/49 (c) | 175 | 147 |
| Arab Republic of Egypt |  |  |
| 3.88%, 02/16/26 (c) | 1350 | 1338 |
| 8.50%, 01/31/47 (c) | 895 | 788 |
| 8.88%, 05/29/50 (c) | 170 | 153 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 02/01/30 - 02/01/36 (c) (e) | 313 | 145 |
| 4.50%, 02/01/34 - 02/01/36 (c) (e) | 542 | 298 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 8562 | 2626 |
| 5.40%, 08/12/34, PEN | 216 | 61 |
| 6.90%, 08/12/37, PEN (f) | 4837 | 1453 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.00%, 11/14/35 | 225 | 242 |
| 8.38%, 11/07/54 | 115 | 122 |
| Federal Government of Nigeria |  |  |
| 8.25%, 09/28/51 (c) | 230 | 207 |
| Gobierno de la Republica de Costa Rica |  |  |
| 6.55%, 04/03/34 (c) | 518 | 557 |
| 7.16%, 03/12/45 (f) | 240 | 259 |
| Gobierno de la Republica de Guatemala |  |  |
| 6.88%, 08/15/55 (c) | 140 | 147 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (c) (e) | 210 | 190 |
| 6.90%, 07/31/35 (c) (e) | 280 | 213 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.40%, 03/30/50 (c) | 265 | 243 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 340 | 322 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.50%, 06/03/27, MXN | 19090 | 1042 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 163386 | 8472 |
| 5.38%, 03/22/33 | 410 | 410 |
| 6.34%, 05/04/53 | 340 | 331 |
| 6.40%, 05/07/54 | 115 | 112 |
| 7.38%, 05/13/55 | 200 | 220 |
| Government of Saudi Arabia |  |  |
| 5.63%, 01/13/35 (c) | 275 | 292 |
| 3.25%, 11/17/51 (c) | 440 | 293 |
| 3.75%, 01/21/55 (c) | 335 | 240 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 690 | 717 |
| Government of the Republic of Serbia |  |  |
| 6.00%, 06/12/34 (c) | 140 | 146 |
| Government of the Sultanate of Oman |  |  |
| 6.50%, 03/08/47 (c) | 140 | 151 |
| 7.00%, 01/25/51 (c) | 310 | 349 |
| HM Treasury |  |  |
| 4.38%, 07/31/54, GBP (f) | 3200 | 3604 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.00%, 06/30/32, COP | 4683600 | 957 |
| 7.25%, 10/18/34, COP | 5873800 | 1157 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 (c) | 180 | 183 |
| 6.63%, 05/16/36 (c) | 60 | 61 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (c) | 560 | 538 |
| 8.08%, 04/01/36 (c) | 160 | 166 |
| 8.25%, 01/30/37 (c) | 50 | 52 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 21344 | 3346 |
| 7.25%, 01/12/56 | 440 | 446 |
| Presidencia De La Nacion |  |  |
| 0.75%, 07/09/30 (e) | 880 | 605 |
| 4.13%, 07/09/35 (e) | 1400 | 738 |
| Presidencia de la Republica de El Salvador |  |  |
| 9.50%, 07/15/52 (c) (d) | 135 | 143 |
| Presidencia de la Republica Dominicana |  |  |
| 7.05%, 02/03/31 (c) | 315 | 340 |
| 6.95%, 03/15/37 (c) | 225 | 241 |
| 6.85%, 01/27/45 (c) | 220 | 228 |
| 7.15%, 02/24/55 (c) | 260 | 277 |
| Republic of Indonesia, The Government of, The |  |  |
| 5.50%, 04/15/26, IDR | 1062000 | 64 |
| 6.50%, 02/15/31, IDR | 15241000 | 948 |
| 7.00%, 02/15/33, IDR | 7626000 | 478 |
| 6.63%, 02/15/34, IDR | 11056000 | 673 |
| 6.75%, 07/15/35, IDR | 29970000 | 1841 |
| 4.63%, 04/15/43 (c) | 495 | 456 |
| Romania, Government of |  |  |
| 4.85%, 07/25/29, RON | 2860 | 605 |
| 8.25%, 09/29/32, RON | 5140 | 1241 |
| 7.10%, 07/31/34, RON | 5735 | 1304 |
| Sandor-Palota |  |  |
| 3.25%, 10/22/31, HUF | 491420 | 1247 |
| 2.25%, 06/22/34, HUF | 804990 | 1715 |
| 5.50%, 03/26/36 (c) | 230 | 231 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12672 | 736 |
| 8.25%, 03/31/32, ZAR | 47 | 3 |
| 8.88%, 02/28/35, ZAR | 6186 | 352 |
| 7.10%, 11/19/36 (c) | 170 | 177 |
| 8.50%, 01/31/37, ZAR | 3050 | 162 |
| 6.50%, 02/28/41, ZAR | 24789 | 1038 |
| 8.75%, 01/31/44, ZAR | 2744 | 138 |
| 5.65%, 09/27/47 | 505 | 407 |
| 5.75%, 09/30/49 | 2310 | 1851 |
| 7.95%, 11/19/54 (c) | 625 | 634 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 7.13%, 02/12/32 | 225 | 233 |
| 5.75%, 05/11/47 | 345 | 273 |
| Urzad Rady Ministrow |  |  |
| 4.75%, 07/25/29, PLN | 1286 | 355 |
| 1.75%, 04/25/32, PLN | 3733 | 840 |
| 6.00%, 10/25/33, PLN | 4134 | 1191 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.00%, 10/25/34, PLN | 2345 | 625 |
| | | 55849 |
| **U.S. Treasury Inflation Indexed Securities 4.3%** | **U.S. Treasury Inflation Indexed Securities 4.3%** | **U.S. Treasury Inflation Indexed Securities 4.3%** |
| Treasury, United States Department of |  |  |
| 2.13%, 01/15/35 (g) | 36150 | 37213 |
| 1.50%, 02/15/53 (g) | 2184 | 1747 |
| 2.38%, 02/15/55 (g) | 6542 | 6390 |
|  |  | 45350 |
| **U.S. Treasury Note 3.5%** | **U.S. Treasury Note 3.5%** | **U.S. Treasury Note 3.5%** |
| Treasury, United States Department of |  |  |
| 4.63%, 04/30/29 | 33465 | 34532 |
| 4.00%, 05/31/30 | 2305 | 2332 |
|  |  | 36864 |
| **U.S. Treasury Bond 0.9%** | **U.S. Treasury Bond 0.9%** | **U.S. Treasury Bond 0.9%** |
| Treasury, United States Department of |  |  |
| 3.88%, 02/15/43 | 1280 | 1161 |
| 4.38%, 08/15/43 | 5381 | 5193 |
| 4.50%, 02/15/44 | 3680 | 3598 |
|  |  | 9952 |
| Total Government And Agency Obligations (cost $560,600) | Total Government And Agency Obligations (cost $560,600) | 565199 |
| **CORPORATE BONDS AND NOTES 35.6%** | **CORPORATE BONDS AND NOTES 35.6%** | **CORPORATE BONDS AND NOTES 35.6%** |
| **Financials 9.0%** | **Financials 9.0%** | **Financials 9.0%** |
| ABN AMRO Bank N.V. |  |  |
| 5.52%, 12/03/35 (c) | 700 | 726 |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (c) | 15 | 16 |
| 8.50%, 06/15/29 (c) | 130 | 137 |
| 7.50%, 11/06/30 (c) | 460 | 479 |
| 6.75%, 07/01/32 (c) | 280 | 289 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.95%, 03/10/55 | 900 | 943 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (c) | 380 | 386 |
| 7.00%, 01/15/31 (c) | 505 | 522 |
| 6.50%, 10/01/31 (c) | 50 | 51 |
| 7.38%, 10/01/32 (c) | 15 | 15 |
| Allianz SE |  |  |
| 3.20%, (100, 10/30/27) (f) (h) | 2200 | 2067 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (h) | 241 | 222 |
| 5.54%, 01/17/31 | 335 | 342 |
| 6.65%, 01/17/40 | 115 | 115 |
| American Express Company |  |  |
| 5.10%, 02/16/28 | 1440 | 1459 |
| Amynta Agency Borrower Inc. |  |  |
| 7.50%, 07/15/33 (c) | 315 | 324 |
| Ardonagh Finco Limited |  |  |
| 7.75%, 02/15/31 (c) | 295 | 309 |
| Ardonagh Group Finance Limited |  |  |
| 8.88%, 02/15/32 (c) | 115 | 121 |
| Athene Holding Ltd |  |  |
| 6.88%, 06/28/55 | 895 | 917 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (c) | 215 | 226 |
| 7.25%, 01/15/31 (c) | 155 | 161 |
| Baldwin Insurance Group Holdings LLC |  |  |
| 7.13%, 05/15/31 (c) | 295 | 306 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 7.75%, (100, 01/14/32) (h) (i) | 960 | 1015 |
| Banco de Sabadell, S.A. |  |  |
| 6.00%, 08/16/33, EUR (f) | 200 | 252 |
| Banco do Brasil S.A. |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (b) (f) (h) | 550 | 550 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 8.75%, (100, 05/20/35) (c) (h) | 115 | 123 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 5.62%, 12/10/29 (c) | 85 | 89 |
| Banco Santander, S.A. |  |  |
| 4.75%, (100, 11/12/26) (h) (i) | 600 | 591 |
| Bangkok Bank Public Company Limited |  |  |
| 5.65%, 07/05/34 (c) | 190 | 200 |
| Bank of America Corporation |  |  |
| 4.38%, (100, 01/27/27) (h) | 1345 | 1321 |
| 6.63%, (100, 05/01/30) (h) | 660 | 686 |
| 5.82%, 09/15/29 | 1440 | 1506 |
| 5.29%, 04/25/34 | 660 | 683 |
| Bank of New York Mellon Corporation, The |  |  |
| 3.75%, (100, 12/20/26) (h) | 2655 | 2613 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (h) (i) | 710 | 671 |
| 7.63%, (100, 03/15/35) (d) (h) (i) | 395 | 418 |
| 8.00%, (100, 03/15/29) (h) (i) | 880 | 932 |
| 9.63%, (100, 12/15/29) (h) (i) | 645 | 730 |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (f) | 265 | 332 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (c) | 380 | 401 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 (d) | 670 | 692 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (c) | 90 | 91 |
| 6.50%, 05/15/32 | 470 | 487 |
| 6.00%, 08/15/33 (c) | 95 | 97 |
| BNP Paribas |  |  |
| 4.50%, (100, 02/25/30) (c) (h) (i) | 155 | 142 |
| 4.63%, (100, 02/25/31) (c) (h) | 1620 | 1480 |
| 9.25%, (100, 11/17/27) (c) (h) (i) | 135 | 145 |
| BPCE |  |  |
| 5.94%, 05/30/35 (c) | 555 | 581 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (c) | 320 | 319 |
| Capital One Financial Corporation |  |  |
| 3.75%, 07/28/26 | 1440 | 1433 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (h) | 3182 | 3029 |
| 5.00%, (100, 06/01/27) (h) | 405 | 404 |
| Citigroup Inc. |  |  |
| 3.88%, (100, 02/18/26) (h) | 1081 | 1071 |
| 4.15%, (100, 11/15/26) (h) | 935 | 914 |
| 7.00%, (100, 08/15/34) (h) | 650 | 691 |
| 4.79%, 03/04/29 | 1440 | 1459 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (h) | 215 | 211 |
| 7.55%(3 Month Term SOFR + 3.26%), (b) (h) | 275 | 276 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.50%, 10/01/30 (c) | 270 | 271 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 6.00%, (100, 10/30/25) (h) | 200 | 200 |
| 4.95%, 08/04/31 | 885 | 893 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (c) | 920 | 934 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 895 | 934 |
| Fifth Third Bancorp |  |  |
| 7.59%(3 Month Term SOFR + 3.29%), (b) (h) | 547 | 546 |
| 4.34%, 04/25/33 | 710 | 692 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (c) | 195 | 200 |
| GA Global Funding Trust |  |  |
| 5.20%, 12/09/31 (c) | 1540 | 1568 |
| Global Atlantic Financial Company |  |  |
| 4.70%, 10/15/51 (c) | 635 | 626 |
| 7.95%, 10/15/54 (c) | 685 | 729 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (c) | 270 | 278 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.65%, (100, 08/10/26) (h) | 1535 | 1504 |
| 3.80%, (100, 05/10/26) (h) | 185 | 183 |
| 4.13%, (100, 11/10/26) (h) | 260 | 256 |
| 5.20%(3 Month Term SOFR + 1.03%), (b) (h) | 540 | 469 |
| 6.13%, (100, 11/10/34) (h) | 570 | 580 |
| 7.50%, (100, 05/10/29) (h) | 770 | 815 |
| 6.48%, 10/24/29 | 1440 | 1532 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (c) | 390 | 369 |
| GTCR W-2 Merger Sub LLC |  |  |
| 8.50%, 01/15/31, GBP (c) | 140 | 202 |
| Howden UK Refinance 2 PLC |  |  |
| 8.13%, 02/15/32 (c) | 140 | 145 |
| Howden UK Refinance PLC |  |  |
| 7.25%, 02/15/31 (c) | 200 | 206 |
| HSBC Holdings PLC |  |  |
| 4.00%, (100, 03/09/26) (h) (i) | 450 | 447 |
| 4.70%, (100, 03/09/31) (h) (i) | 410 | 386 |
| 8.00%, (100, 03/07/28) (h) | 295 | 313 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (c) | 495 | 516 |
| 7.38%, 01/31/32 (c) | 60 | 63 |
| Huntington Bancshares Incorporated |  |  |
| 4.45%, (100, 10/15/27) (h) | 383 | 378 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (h) (i) | 1045 | 1002 |
| 4.25%, (100, 05/16/31) (h) (i) | 1005 | 891 |
| 5.75%, (100, 11/16/26) (h) (i) | 846 | 848 |
| Intesa Sanpaolo S.p.A |  |  |
| 6.38%, (100, 03/30/28), EUR (f) (h) | 265 | 327 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (c) | 235 | 247 |
| Jerrold Finco PLC |  |  |
| 7.50%, 06/15/31, GBP (f) | 274 | 376 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30 (c) | 75 | 79 |
| 6.88%, 10/01/33 (c) | 245 | 244 |
| JPMorgan Chase & Co. |  |  |
| 3.65%, (100, 06/01/26) (h) | 65 | 64 |
| 7.14%, (3 Month Term SOFR + 2.84%), (100, 11/01/25) (b) (h) | 159 | 160 |
| 5.30%, 07/24/29 | 1440 | 1484 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51 (c) | 690 | 679 |
| Lloyds Banking Group PLC |  |  |
| 8.00%, (100, 09/27/29) (h) (i) | 640 | 690 |
| 6.07%, 06/13/36 | 1125 | 1182 |
| M&T Bank Corporation |  |  |
| 3.50%, (100, 09/01/26) (h) | 1095 | 1057 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 445 | 473 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 1440 | 1409 |
| 5.32%, 07/19/35 | 730 | 753 |
| Nationwide Building Society |  |  |
| 4.13%, 10/18/32 (c) | 835 | 825 |
| 5.54%, 07/14/36 (c) | 920 | 945 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (h) (i) | 2075 | 1899 |
| 6.00%, (100, 12/29/25) (h) (i) | 205 | 205 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (d) | 260 | 255 |
| 7.88%, 06/15/32 (d) | 335 | 353 |
| Nordea Bank Abp |  |  |
| 3.75%, (100, 03/01/29) (c) (d) (h) (i) | 1015 | 940 |
| OneMain Finance Corporation |  |  |
| 6.63%, 05/15/29 | 65 | 67 |
| 6.13%, 05/15/30 | 235 | 239 |
| 7.13%, 11/15/31 - 09/15/32 | 505 | 523 |
| 6.50%, 03/15/33 | 120 | 120 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (c) | 135 | 140 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (c) | 155 | 165 |
| 6.88%, 05/15/32 - 02/15/33 (c) | 490 | 507 |
| 6.75%, 02/15/34 (c) | 90 | 92 |
| Progroup AG |  |  |
| 5.38%, 04/15/31, EUR (d) (f) | 611 | 723 |
| Provident Funding Mortgage Loan Trust 2005-1 |  |  |
| 9.75%, 09/15/29 (c) | 325 | 344 |
| RITHM Capital Corp. |  |  |
| 8.00%, 07/15/30 (c) | 280 | 287 |
| Rocket Companies, Inc. |  |  |
| 6.38%, 08/01/33 (c) | 230 | 238 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (c) | 120 | 110 |
| Santander UK Group Holdings PLC |  |  |
| 6.83%, 11/21/26 | 1010 | 1013 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (c) | 470 | 486 |
| 5.50%, 05/15/33, EUR (f) | 270 | 330 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 305 | 318 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (c) | 120 | 120 |
| 7.25%, 04/01/29 (c) | 75 | 79 |
| 6.50%, 07/01/30 (c) | 530 | 549 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.01%, 10/19/26 | 340 | 336 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (h) | 1990 | 1929 |
| 5.00%, (100, 11/01/26) (h) | 30 | 30 |
| 6.25%, (100, 03/15/30) (h) | 465 | 477 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (h) | 90 | 90 |
| 4.87%, 01/26/29 | 1440 | 1462 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 8.99%, 10/05/34 (c) | 300 | 316 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (c) | 60 | 63 |
| U.S. Bancorp |  |  |
| 3.70%, (100, 01/15/27) (h) | 3445 | 3335 |
| 6.79%, 10/26/27 | 1440 | 1479 |
| UBS Group AG |  |  |
| 7.00%, (100, 02/10/30) (c) (h) (i) | 625 | 641 |
| 9.25%, (100, 11/13/33) (c) (h) (i) | 1415 | 1687 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. |  |  |
| 5.38%, 04/16/34, EUR (f) | 450 | 560 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (c) | 205 | 209 |
| 6.25%, 03/15/31 (c) | 85 | 85 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (c) | 325 | 317 |
| Volkswagen International Finance N.V. |  |  |
| 3.75%, (100, 12/28/27), EUR (f) (h) | 500 | 585 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (c) | 245 | 252 |
| Wells Fargo & Company |  |  |
| 3.90%, (100, 03/15/26) (h) | 625 | 620 |
| 4.97%, 04/23/29 | 1440 | 1467 |
| 5.39%, 04/24/34 | 780 | 811 |
| 5.56%, 07/25/34 | 1775 | 1864 |
| XP Inc. |  |  |
| 6.75%, 07/02/29 (c) | 280 | 287 |
| | | 95742 |
| **Consumer Discretionary 4.1%** | **Consumer Discretionary 4.1%** | **Consumer Discretionary 4.1%** |
| 888 Acquisitions Limited |  |  |
| 10.75%, 05/15/30, GBP (c) | 100 | 134 |
| Accor |  |  |
| 4.88%, (100, 06/06/30), EUR (f) (h) | 500 | 602 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (c) | 230 | 281 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.88%, 04/30/29 (c) | 210 | 218 |
| Aramark International Finance S.a r.l. |  |  |
| 4.38%, 04/15/33, EUR (f) | 352 | 413 |
| Azelis Finance |  |  |
| 4.75%, 09/25/29, EUR (c) (d) | 310 | 375 |
| B&M European Value Retail S.A. |  |  |
| 4.00%, 11/15/28, GBP (f) | 500 | 646 |
| 8.13%, 11/15/30, GBP (f) | 215 | 305 |
| 6.50%, 11/27/31, GBP (f) | 190 | 259 |
| Banijay Entertainment |  |  |
| 7.00%, 05/01/29, EUR (c) | 775 | 944 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30 (c) | 360 | 368 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.88%, 11/01/35 | 75 | 78 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (f) | 275 | 331 |
| 10.00%, 07/15/33 (c) (j) | 525 | 567 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (c) | 310 | 315 |
| BK LC Lux Finco 1 S.a r.l. |  |  |
| 5.25%, 04/30/29, EUR (f) | 555 | 657 |
| Boots Group Finco LP |  |  |
| 5.38%, 08/31/32, EUR (f) | 275 | 331 |
| Bubbles BidCo S.p.A. |  |  |
| 6.50%, 09/30/31, EUR (f) | 400 | 480 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (c) (d) | 175 | 167 |
| 6.00%, 10/15/32 (c) (d) | 415 | 409 |
| Carnival Corporation |  |  |
| 6.13%, 02/15/33 (c) | 260 | 267 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (f) | 180 | 254 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (c) | 380 | 380 |
| Ceconomy AG |  |  |
| 6.25%, 07/15/29, EUR (f) | 501 | 619 |
| Churchill Downs Incorporated |  |  |
| 6.75%, 05/01/31 (c) | 345 | 354 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (f) | 401 | 490 |
| 6.50%, 03/15/29, EUR (f) | 195 | 238 |
| Clarios Global LP |  |  |
| 6.75%, 09/15/32 (c) | 555 | 567 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (c) | 440 | 468 |
| CPUK Mortgage Finance Limited |  |  |
| 4.50%, 08/28/27, GBP (e) (f) | 260 | 342 |
| 6.50%, 08/28/50, GBP (f) | 130 | 174 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30, EUR (c) | 420 | 511 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (f) | 223 | 282 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (c) | 215 | 213 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27, GBP (f) | 300 | 403 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (c) (d) | 190 | 163 |
| Discovery Communications, LLC |  |  |
| 4.13%, 05/15/29 | 115 | 111 |
| Dufry One B.V. |  |  |
| 4.50%, 05/23/32, EUR (f) | 475 | 571 |
| Elior Group |  |  |
| 5.63%, 03/15/30, EUR (f) | 295 | 354 |
| Eroski Sociedad Cooperativa |  |  |
| 10.63%, 04/30/29, EUR (f) | 481 | 599 |
| Essendi S.A. |  |  |
| 5.50%, 11/15/31, EUR (f) | 400 | 483 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.00%, 04/29/29, EUR (f) | 170 | 206 |
| 6.13%, 06/04/31, GBP (f) | 200 | 270 |
| FNAC Darty |  |  |
| 6.00%, 04/01/29, EUR (f) | 200 | 245 |
| Food Service Project SL |  |  |
| 5.50%, 01/21/27, EUR (f) | 110 | 129 |
| Forvia |  |  |
| 5.63%, 06/15/30, EUR (f) | 265 | 321 |
| 6.75%, 09/15/33 (c) | 200 | 203 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (f) | 546 | 647 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (c) | 115 | 119 |
| Goldstory |  |  |
| 6.75%, 02/01/30, EUR (f) | 140 | 170 |
| 6.75%, 02/01/30, EUR (c) | 100 | 122 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (f) (j) | 415 | 509 |
| 7.75%, 11/15/30 (c) (j) | 300 | 315 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28, EUR (f) | 426 | 503 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (c) | 185 | 190 |
| 8.38%, 10/01/33 (c) | 180 | 185 |
| K2016470219 (South Africa) Ltd |  |  |
| 8.00%, 05/07/49, EUR (c) (j) (k) (l) | 4042 | 5 |
| KB Home |  |  |
| 7.25%, 07/15/30 | 265 | 274 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (c) | 285 | 301 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (c) | 445 | 435 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (c) | 455 | 423 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (c) | 620 | 621 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (c) | 265 | 270 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (f) | 180 | 219 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (c) | 135 | 124 |
| 7.88%, 05/01/29 (c) | 155 | 130 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 145 | 140 |
| Maison Finco PLC |  |  |
| 6.00%, 10/31/27, GBP (f) | 304 | 405 |
| MCE Finance Limited |  |  |
| 5.63%, 07/17/27 (c) | 595 | 595 |
| MercadoLibre, Inc. |  |  |
| 3.13%, 01/14/31 | 2280 | 2107 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (c) | 465 | 452 |
| Miller Homes Group (Finco) PLC |  |  |
| 7.00%, 05/15/29, GBP (f) | 200 | 270 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (c) | 270 | 281 |
| Motel One GmbH |  |  |
| 7.75%, 04/02/31, EUR (f) | 200 | 253 |
| NCL Corporation Ltd. |  |  |
| 7.75%, 02/15/29 (c) | 85 | 91 |
| 5.88%, 01/15/31 (c) | 60 | 60 |
| 6.75%, 02/01/32 (c) | 470 | 483 |
| 6.25%, 09/15/33 (c) | 35 | 35 |
| Next Group PLC |  |  |
| 3.63%, 05/18/28, GBP (f) | 300 | 394 |
| Nissan Motor Acceptance Company LLC |  |  |
| 7.05%, 09/15/28 (c) | 50 | 52 |
| 5.63%, 09/29/28 (c) | 50 | 50 |
| 5.55%, 09/13/29 (c) | 20 | 20 |
| 6.13%, 09/30/30 (c) | 40 | 40 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (f) | 395 | 472 |
| 7.50%, 07/17/30 (c) | 75 | 79 |
| 4.81%, 09/17/30 (c) | 215 | 202 |
| 7.75%, 07/17/32 (c) | 60 | 63 |
| 8.13%, 07/17/35 (c) | 95 | 102 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (c) | 325 | 330 |
| PENN Entertainment, Inc. |  |  |
| 5.63%, 01/15/27 (c) | 50 | 50 |
| 4.13%, 07/01/29 (c) | 370 | 347 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (c) | 325 | 326 |
| 10.00%, 09/15/33 (c) | 170 | 172 |
| Peu (Fin) PLC |  |  |
| 7.25%, 07/01/28, EUR (c) | 640 | 780 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (c) | 405 | 547 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (c) | 651 | 923 |
| Punch Finance PLC |  |  |
| 7.88%, 12/30/30, GBP (f) | 335 | 458 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (f) (h) | 200 | 230 |
| 9.75%, 04/15/29 (c) | 215 | 242 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (c) | 335 | 343 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29, EUR (f) | 100 | 120 |
| 4.50%, 03/28/30, EUR (f) | 1000 | 1190 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (c) | 260 | 260 |
| 6.63%, 05/01/32 (c) | 125 | 127 |
| TAP–Transportes Aereos Portugueses, SGPS, S.A. |  |  |
| 5.13%, 11/15/29, EUR (f) | 600 | 726 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 200 | 193 |
| 5.25%, 04/30/31 (d) | 160 | 151 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (c) | 215 | 217 |
| 10.50%, 05/15/29 (c) | 135 | 139 |
| Travel + Leisure Co. |  |  |
| 6.13%, 09/01/33 (c) | 160 | 160 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30, EUR (f) | 250 | 301 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28, GBP (f) | 139 | 189 |
| United Parks And Resorts Inc. |  |  |
| 5.25%, 08/15/29 (c) | 350 | 345 |
| V.F. Corporation |  |  |
| 4.25%, 03/07/29, EUR | 175 | 206 |
| Valeo |  |  |
| 5.88%, 04/12/29, EUR (d) (f) | 200 | 252 |
| 4.50%, 04/11/30, EUR (f) | 600 | 716 |
| 5.13%, 05/20/31, EUR (f) | 200 | 241 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (c) | 450 | 483 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (c) | 625 | 624 |
| Waga Bondco Limited |  |  |
| 8.50%, 06/15/30, GBP (f) | 250 | 314 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 (d) | 380 | 348 |
| 5.05%, 03/15/42 | 160 | 128 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 150 | 151 |
| 6.50%, 06/15/33 | 150 | 150 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (c) | 255 | 269 |
| ZF Friedrichshafen AG |  |  |
| 6.13%, 03/13/29, EUR (f) | 300 | 359 |
| 3.00%, 10/23/29, EUR (f) | 800 | 854 |
| 7.00%, 06/12/30, EUR (f) | 100 | 122 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 - 04/23/32 (c) | 140 | 140 |
| 6.75%, 04/23/30 (c) | 315 | 307 |
| 7.50%, 03/24/31 (c) | 235 | 233 |
| | | 44068 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Altice France |  |  |
| 4.13%, 01/15/29, EUR (f) | 992 | 1004 |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 (c) | 200 | 176 |
| Arqiva Broadcast Finance PLC |  |  |
| 8.63%, 07/01/30, GBP (f) | 237 | 332 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | 1440 | 1363 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 640 | 664 |
| 7.00%, 09/15/55 | 440 | 459 |
| British Telecommunications Public Limited Company |  |  |
| 8.38%, 12/20/83, GBP (f) | 1119 | 1614 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (c) (d) | 135 | 114 |
| Cablevision Lightpath LLC |  |  |
| 5.63%, 09/15/28 (c) | 115 | 113 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (c) | 350 | 348 |
| 6.38%, 09/01/29 (c) | 245 | 249 |
| 4.75%, 03/01/30 (c) | 330 | 317 |
| 4.50%, 08/15/30 (c) | 130 | 123 |
| 4.25%, 02/01/31 (c) | 360 | 332 |
| 4.50%, 05/01/32 | 2375 | 2162 |
| 4.50%, 06/01/33 (c) | 65 | 58 |
| 4.25%, 01/15/34 (c) | 75 | 65 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 | 670 | 490 |
| 5.75%, 04/01/48 | 445 | 403 |
| 4.80%, 03/01/50 | 465 | 368 |
| 6.70%, 12/01/55 | 1165 | 1178 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (c) | 80 | 80 |
| 7.50%, 06/01/29 - 03/15/33 (c) | 355 | 366 |
| 7.13%, 02/15/31 (c) | 275 | 285 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (c) | 445 | 461 |
| CSC Holdings, LLC |  |  |
| 5.38%, 02/01/28 (c) | 105 | 92 |
| 7.50%, 04/01/28 (c) | 210 | 152 |
| 11.25%, 05/15/28 (c) | 675 | 625 |
| 11.75%, 01/31/29 (c) | 175 | 148 |
| 6.50%, 02/01/29 (c) | 265 | 196 |
| 5.75%, 01/15/30 (c) | 40 | 15 |
| 4.50%, 11/15/31 (c) | 30 | 20 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (c) | 330 | 324 |
| 7.38%, 07/01/28 | 305 | 281 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 570 | 627 |
| 6.75%, 11/30/30 (j) | 295 | 304 |
| Engineering S.R.L. |  |  |
| 11.13%, 05/15/28, EUR (f) | 200 | 250 |
| Eutelsat S.A. |  |  |
| 2.25%, 07/13/27, EUR (f) | 500 | 579 |
| Iliad Holding |  |  |
| 5.63%, 10/15/28, EUR (f) | 1168 | 1389 |
| 7.00%, 10/15/28 - 04/15/32 (c) | 265 | 270 |
| 8.50%, 04/15/31 (c) | 95 | 102 |
| Koninklijke KPN N.V. |  |  |
| 6.00%, (100, 09/21/27), EUR (f) (h) | 170 | 211 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 06/15/29 (c) | 200 | 190 |
| 6.88%, 06/30/33 (c) | 610 | 622 |
| 7.00%, 03/31/34 (c) | 505 | 514 |
| Lorca Telecom Bondco S.A. |  |  |
| 4.00%, 09/18/27, EUR (f) | 1310 | 1538 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (c) | 90 | 82 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (c) | 275 | 286 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (c) | 415 | 427 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (c) | 2268 | 2260 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (c) | 70 | 70 |
| 8.00%, 08/01/29 (c) | 50 | 51 |
| Odido Group Holding B.V. |  |  |
| 5.50%, 01/15/30, EUR (f) | 120 | 142 |
| Optics BidCo S.p.A. |  |  |
| 6.88%, 02/15/28, EUR (f) | 620 | 777 |
| 7.88%, 07/31/28, EUR | 508 | 659 |
| 6.38%, 11/15/33 (c) | 450 | 448 |
| 7.20%, 07/18/36 (c) | 110 | 111 |
| PLT VII Finance S.a r.l. |  |  |
| 6.00%, 06/15/31, EUR (f) | 200 | 244 |
| Proximus |  |  |
| 4.75%, (100, 07/02/31), EUR (f) (h) | 600 | 711 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 775 | 809 |
| 7.13%, 04/15/55 | 430 | 456 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SoftBank Group Corp. |  |  |
| 5.25%, 10/10/29, EUR (f) | 235 | 284 |
| 5.88%, 07/10/31, EUR (f) | 310 | 382 |
| Telecom Italia S.p.A. |  |  |
| 2.38%, 10/12/27, EUR (d) (f) | 250 | 294 |
| 7.88%, 07/31/28, EUR (f) | 339 | 443 |
| Telefonica Europe B.V. |  |  |
| 2.88%, (100, 06/24/27), EUR (f) (h) | 600 | 694 |
| 5.75%, (100, 01/15/32), EUR (f) (h) | 200 | 248 |
| 6.14%, (100, 02/03/30), EUR (f) (h) | 400 | 507 |
| 6.75%, (100, 06/07/31), EUR (f) (h) | 300 | 393 |
| 7.13%, (100, 08/23/28), EUR (f) (h) | 200 | 257 |
| TMNL Holding B.V |  |  |
| 3.75%, 01/15/29, EUR (f) | 480 | 558 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 1480 | 1450 |
| United Group B.V. |  |  |
| 4.63%, 08/15/28, EUR (f) | 180 | 210 |
| 5.25%, 02/01/30, EUR (c) | 470 | 546 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (c) (d) | 290 | 272 |
| UPCB Finance VII Limited |  |  |
| 3.63%, 06/15/29, EUR (f) | 406 | 474 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (f) | 705 | 923 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (f) | 700 | 859 |
| 4.75%, 07/15/31 (c) | 215 | 202 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 06/28/54 | 555 | 546 |
| 4.20%, 10/03/78, EUR (f) | 266 | 320 |
| 4.88%, 10/03/78, GBP (f) | 300 | 403 |
| 3.00%, 08/27/80, EUR (f) | 278 | 314 |
| 6.50%, 08/30/84, EUR (f) | 500 | 641 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (c) | 105 | 109 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (c) | 325 | 337 |
| 7.50%, 10/15/33 (c) | 315 | 315 |
| Zayo Group Holdings, Inc. |  |  |
| 9.25%, 03/09/30 (c) (d) (j) | 158 | 151 |
| 13.75%, 09/09/30 (c) (d) (j) | 94 | 89 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (f) | 230 | 286 |
| Ziggo B.V. |  |  |
| 2.88%, 01/15/30, EUR (f) | 135 | 150 |
| Ziggo Bond Company B.V. |  |  |
| 6.13%, 11/15/32, EUR (f) | 135 | 152 |
| | | 41915 |
| **Energy 3.3%** | **Energy 3.3%** | **Energy 3.3%** |
| 3R Lux |  |  |
| 9.75%, 02/05/31 (c) | 235 | 248 |
| Antero Midstream Partners LP |  |  |
| 6.63%, 02/01/32 (c) | 560 | 577 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (c) | 355 | 364 |
| Ascent Resources - Utica, LLC |  |  |
| 5.88%, 06/30/29 (c) | 415 | 415 |
| 6.63%, 10/15/32 (c) | 285 | 291 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (c) | 55 | 54 |
| BKV Upstream Midstream, LLC |  |  |
| 7.50%, 10/15/30 (c) | 245 | 245 |
| BP Capital Markets P.L.C. |  |  |
| 3.25%, (100, 03/22/26), EUR (f) (h) | 700 | 822 |
| 4.38%, (100, 08/19/31), EUR (f) (h) | 100 | 120 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (c) | 380 | 395 |
| California Resources Corporation |  |  |
| 7.00%, 01/15/34 (c) | 110 | 109 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (c) | 40 | 41 |
| 8.63%, 11/01/30 (c) | 530 | 549 |
| 8.75%, 07/01/31 (c) | 30 | 31 |
| 9.63%, 06/15/33 (c) | 305 | 323 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (c) | 200 | 200 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (c) | 801 | 800 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (c) | 65 | 71 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/32 (c) | 435 | 432 |
| 7.38%, 01/15/33 (c) | 120 | 117 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 395 | 354 |
| 8.88%, 01/13/33 | 1030 | 1116 |
| 8.38%, 01/19/36 | 170 | 176 |
| 5.88%, 05/28/45 - 11/02/51 | 300 | 226 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 (i) | 300 | 322 |
| Energy Transfer LP |  |  |
| 5.60%, 09/01/34 | 1440 | 1478 |
| 8.00%, 05/15/54 | 380 | 406 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (c) | 470 | 500 |
| FS Luxembourg S.a r.l. |  |  |
| 8.63%, 06/25/33 (c) | 185 | 192 |
| Genesis Energy, L.P. |  |  |
| 8.25%, 01/15/29 | 235 | 245 |
| 7.88%, 05/15/32 | 199 | 208 |
| 8.00%, 05/15/33 | 520 | 545 |
| Geopark Limited |  |  |
| 8.75%, 01/31/30 (c) | 90 | 81 |
| Global Partners LP |  |  |
| 7.13%, 07/01/33 (c) | 415 | 426 |
| Golar LNG Limited |  |  |
| 7.50%, 10/02/30 (c) | 375 | 371 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (c) | 340 | 287 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (c) | 295 | 298 |
| 7.50%, 05/15/32 (c) | 630 | 646 |
| Hilcorp Energy I, L.P. |  |  |
| 6.00%, 04/15/30 (c) | 260 | 256 |
| 8.38%, 11/01/33 (c) | 125 | 131 |
| 6.88%, 05/15/34 (c) | 220 | 212 |
| 7.25%, 02/15/35 (c) | 430 | 421 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (c) | 525 | 545 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (c) | 160 | 157 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (c) | 980 | 1008 |
| 5.75%, 04/19/47 (c) | 375 | 351 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (c) | 730 | 760 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/45 | 675 | 656 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (c) | 240 | 244 |
| 6.75%, 10/01/35 (c) | 240 | 246 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (c) | 310 | 314 |
| 6.25%, 04/15/33 (c) | 130 | 131 |
| MPLX LP |  |  |
| 5.95%, 04/01/55 | 1455 | 1422 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (c) | 161 | 160 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (c) | 900 | 923 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (c) | 520 | 538 |
| Northern Oil and Gas Incorporated |  |  |
| 7.88%, 10/15/33 (c) | 215 | 214 |
| Northriver Midstream Finance LP |  |  |
| 6.75%, 07/15/32 (c) | 55 | 56 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (c) | 125 | 130 |
| 6.25%, 02/01/33 (c) | 170 | 173 |
| Petroleos Mexicanos |  |  |
| 4.75%, 02/26/29, EUR (f) | 335 | 395 |
| 6.70%, 02/16/32 | 185 | 183 |
| 6.35%, 02/12/48 | 505 | 402 |
| 7.69%, 01/23/50 | 1375 | 1249 |
| PT Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (c) | 260 | 279 |
| Raizen Fuels Finance S.A. |  |  |
| 6.95%, 03/05/54 (c) | 225 | 209 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (c) | 505 | 494 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (c) | 520 | 543 |
| 6.88%, 04/15/40 (c) | 290 | 299 |
| Saudi Arabian Oil Company |  |  |
| 5.75%, 07/17/54 (c) | 240 | 239 |
| Sierracol Energy Andina, LLC |  |  |
| 6.00%, 06/15/28 (c) | 215 | 208 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (c) | 430 | 430 |
| Tallgrass Energy Partners, LP |  |  |
| 5.50%, 01/15/28 (c) | 260 | 259 |
| 6.00%, 12/31/30 - 09/01/31 (c) | 790 | 776 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (c) | 740 | 693 |
| TotalEnergies SE |  |  |
| 4.50%, (100, 08/19/34), EUR (f) (h) | 300 | 356 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (c) | 240 | 250 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (c) | 105 | 104 |
| 8.50%, 05/15/31 (c) | 120 | 118 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (c) | 100 | 104 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (c) | 520 | 537 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (c) | 215 | 223 |
| 7.00%, 01/15/30 (c) (d) | 90 | 93 |
| 8.38%, 06/01/31 (c) | 660 | 693 |
| 9.88%, 02/01/32 (c) | 70 | 76 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (c) | 180 | 190 |
| 6.75%, 01/15/36 (c) | 180 | 191 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (c) | 190 | 190 |
| 6.50%, 10/15/33 (c) | 165 | 165 |
| Western Midstream Operating, LP |  |  |
| 5.50%, 08/15/48 | 500 | 445 |
| 5.25%, 02/01/50 (e) (m) | 1380 | 1202 |
| Wintershall Dea GmbH |  |  |
| 3.00%, (100, 07/20/28), EUR (f) (h) | 300 | 339 |
| | | 35063 |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (f) (h) | 406 | 496 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 860 | 862 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (c) | 785 | 811 |
| American Electric Power Company, Inc. |  |  |
| 7.05%, 12/15/54 (d) | 1040 | 1088 |
| 6.05%, 03/15/56 | 205 | 205 |
| APA Infrastructure Limited |  |  |
| 7.13%, 11/09/83, EUR (f) | 300 | 388 |
| AusNet Services Holdings Pty Ltd |  |  |
| 1.63%, 03/11/81, EUR (f) | 543 | 627 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/55 | 1380 | 1426 |
| 5.95%, 04/01/56 | 1520 | 1520 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 1460 | 1507 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (c) | 225 | 228 |
| Dominion Energy, Inc. |  |  |
| 4.25%, 06/01/28 | 1440 | 1442 |
| 6.63%, 05/15/55 | 1710 | 1772 |
| 6.20%, 02/15/56 | 330 | 332 |
| EDP, S.A. |  |  |
| 4.75%, 05/29/54, EUR (f) | 500 | 606 |
| 4.63%, 09/16/54, EUR (f) | 600 | 723 |
| 5.94%, 04/23/83, EUR (f) | 200 | 249 |
| Electricite de France |  |  |
| 2.63%, (100, 12/01/27), EUR (f) (h) | 1200 | 1370 |
| 3.38%, (100, 06/15/30), EUR (f) (h) | 400 | 450 |
| 7.50%, (100, 09/06/28), EUR (f) (h) | 1200 | 1546 |
| Elia Group |  |  |
| 5.85%, (100, 03/15/28), EUR (f) (h) | 300 | 370 |
| ENEL - SPA |  |  |
| 4.50%, (100, 10/14/32), EUR (f) (h) | 391 | 465 |
| 6.38%, (100, 04/16/28), EUR (f) (h) | 450 | 567 |
| Energia Group Roi Financeco Designated Activity Company |  |  |
| 6.88%, 07/31/28, EUR (c) | 207 | 251 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (c) | 270 | 272 |
| Holding D'infrastructures Des Metiers De L'environnement |  |  |
| 4.88%, 10/24/29, EUR (f) | 683 | 831 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.38%, 08/15/55 | 405 | 421 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (c) (h) | 215 | 235 |
| 5.75%, 07/15/29 - 01/15/34 (c) | 855 | 856 |
| 6.00%, 02/01/33 - 01/15/36 (c) | 270 | 271 |
| Orsted A/S |  |  |
| 5.13%, (100, 09/14/29), EUR (f) (h) | 690 | 831 |
| 5.25%, 12/08/22, EUR (f) | 300 | 361 |
| PG&E Corporation |  |  |
| 5.70%, 03/01/35 | 365 | 374 |
| 4.95%, 07/01/50 | 407 | 350 |
| 6.15%, 03/01/55 | 473 | 478 |
| 6.10%, 10/15/55 | 1515 | 1513 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (c) | 195 | 210 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 1415 | 1445 |
| 6.38%, 04/01/56 | 775 | 796 |
| SSE PLC |  |  |
| 4.00%, (100, 01/21/28), EUR (f) (h) | 400 | 475 |
| Stedin Holding N.V. |  |  |
| 1.50%, (100, 12/31/26), EUR (f) (h) | 200 | 228 |
| The Southern Company |  |  |
| 4.00%, 01/15/51 | 1320 | 1316 |
| 1.88%, 09/15/81, EUR | 536 | 605 |
| UGI International, LLC |  |  |
| 2.50%, 12/01/29, EUR (f) | 160 | 177 |
| Vattenfall AB |  |  |
| 6.88%, 08/17/83, GBP (f) | 300 | 413 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (c) | 87 | 96 |
| 7.75%, 05/01/35 (c) | 183 | 207 |
| Veolia Environnement |  |  |
| 2.50%, (100, 01/20/29), EUR (f) (h) | 800 | 899 |
| 4.37%, (100, 05/20/30), EUR (f) (h) | 200 | 239 |
| 5.99%, (100, 11/22/28), EUR (f) (h) | 500 | 627 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (c) (h) | 490 | 497 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (c) | 170 | 180 |
|  |  | 34504 |
| **Industrials 2.8%** | **Industrials 2.8%** | **Industrials 2.8%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (c) | 100 | 103 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Abertis Infraestructuras Finance B.V. |  |  |
| 4.75%, (100, 11/23/30), EUR (f) (h) | 100 | 120 |
| 4.87%, (100, 11/28/29), EUR (f) (h) | 500 | 605 |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (c) | 360 | 360 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (c) | 580 | 610 |
| Air France - KLM |  |  |
| 4.63%, 05/23/29, EUR (f) | 300 | 365 |
| Ambipar Lux S.a r.l. |  |  |
| 9.88%, 02/06/31 (c) | 170 | 30 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (c) | 780 | 783 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (c) | 670 | 688 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (c) | 585 | 541 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (c) (d) | 185 | 164 |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30, EUR (f) | 456 | 558 |
| Ats Consolidated, Inc. |  |  |
| 5.50%, 04/15/29 (c) | 405 | 403 |
| Boeing Company, The |  |  |
| 5.81%, 05/01/50 (m) | 2285 | 2283 |
| Bombardier Inc. |  |  |
| 7.00%, 06/01/32 (c) | 255 | 267 |
| 6.75%, 06/15/33 (c) | 365 | 381 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (c) | 110 | 110 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (c) | 125 | 129 |
| 6.75%, 05/15/35 (c) | 440 | 460 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (c) | 190 | 196 |
| Calderys Financing II, LLC |  |  |
| 11.75%, 06/01/28 (c) (j) | 335 | 350 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (c) | 25 | 26 |
| 6.75%, 04/15/32 (c) | 420 | 431 |
| CMA CGM |  |  |
| 5.00%, 01/15/31, EUR (f) | 315 | 376 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (c) | 185 | 179 |
| 6.13%, 01/15/29 (c) | 65 | 53 |
| Corporation De Securite Garda World |  |  |
| 6.00%, 06/01/29 (c) | 130 | 129 |
| 8.25%, 08/01/32 (c) | 335 | 348 |
| 8.38%, 11/15/32 (c) | 185 | 192 |
| CTEC II GmbH |  |  |
| 5.25%, 02/15/30, EUR (d) (f) | 385 | 418 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (d) (f) | 300 | 363 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (f) | 260 | 373 |
| EMRLD Borrower LP |  |  |
| 6.38%, 12/15/30, EUR (f) | 200 | 245 |
| Energizer Gamma Acquisition B.V. |  |  |
| 3.50%, 06/30/29, EUR (f) | 350 | 403 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (c) | 180 | 185 |
| Fedrigoni S.P.A. |  |  |
| 6.13%, 06/15/31, EUR (d) (f) | 300 | 350 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (f) (j) | 127 | 137 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 06/15/32 (c) | 155 | 162 |
| Global Infrastructure Solutions Inc. |  |  |
| 7.50%, 04/15/32 (c) | 135 | 142 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (c) | 500 | 514 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (c) | 170 | 170 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (c) | 305 | 317 |
| 7.25%, 06/15/33 (c) | 417 | 436 |
| Hillenbrand, Inc. |  |  |
| 3.75%, 03/01/31 (d) | 395 | 372 |
| JELD-WEN Holding, Inc. |  |  |
| 4.88%, 12/15/27 (c) | 65 | 64 |
| 7.00%, 09/01/32 (c) (d) | 185 | 156 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29, GBP (f) | 215 | 304 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (c) | 415 | 440 |
| Luna 1.5 S.a r.l. |  |  |
| 12.00%, 07/01/32 (c) (j) | 230 | 238 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (c) | 630 | 622 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (c) | 380 | 400 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (c) | 215 | 222 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (c) | 295 | 298 |
| 9.25%, 04/15/27 (c) | 550 | 551 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (c) (d) | 350 | 342 |
| Nexans |  |  |
| 4.25%, 03/11/30, EUR (f) | 600 | 727 |
| PCF GmbH |  |  |
| 4.75%, 04/15/29, EUR (f) | 200 | 180 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (f) (h) | 389 | 476 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (c) | 545 | 566 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (c) | 235 | 243 |
| 6.75%, 03/01/33 (c) | 470 | 488 |
| Science Applications International Corporation |  |  |
| 5.88%, 11/01/33 (c) | 205 | 205 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (c) | 390 | 404 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/30 (c) | 320 | 329 |
| Standard Building Solutions Inc. |  |  |
| 4.38%, 07/15/30 (c) | 545 | 523 |
| 6.25%, 08/01/33 (c) | 85 | 86 |
| Terex Corporation |  |  |
| 6.25%, 10/15/32 (c) | 460 | 469 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (c) (j) | 195 | 191 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (c) | 505 | 514 |
| 7.13%, 12/01/31 (c) | 140 | 146 |
| 6.63%, 03/01/32 (c) | 480 | 494 |
| 6.75%, 01/31/34 (c) | 470 | 486 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (c) | 255 | 272 |
| Trivium Packaging Finance B.V. |  |  |
| 6.63%, 07/15/30, EUR (f) | 205 | 253 |
| 8.25%, 07/15/30 (c) | 145 | 155 |
| 12.25%, 01/15/31 (c) | 270 | 292 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (f) | 924 | 1085 |
| Wesco Distribution, Inc. |  |  |
| 6.63%, 03/15/32 (c) | 460 | 479 |
| 6.38%, 03/15/33 (c) | 270 | 280 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (c) | 640 | 672 |
| | | 29479 |
| **Health Care 2.3%** | **Health Care 2.3%** | **Health Care 2.3%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (c) | 630 | 647 |
| AbbVie Inc. |  |  |
| 4.80%, 03/15/27 | 1370 | 1386 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Acadia Healthcare Company, Inc. |  |  |
| 5.00%, 04/15/29 (c) | 165 | 162 |
| 7.38%, 03/15/33 (c) (d) | 155 | 161 |
| AdaptHealth LLC |  |  |
| 6.13%, 08/01/28 (c) | 105 | 105 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 890 | 888 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (c) | 430 | 449 |
| Bausch Health Companies Inc. |  |  |
| 5.00%, 01/30/28 - 02/15/29 (c) | 285 | 232 |
| 11.00%, 09/30/28 (c) | 290 | 303 |
| 5.25%, 01/30/30 (c) | 140 | 99 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (f) | 800 | 964 |
| CAB |  |  |
| 3.38%, 02/01/28, EUR (f) | 385 | 422 |
| Centrient Holding B.V. |  |  |
| 6.75%, 05/30/30, EUR (f) | 277 | 315 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28, EUR (f) | 100 | 116 |
| 7.50%, 05/15/30, EUR (f) | 425 | 514 |
| Cigna Group, The |  |  |
| 4.80%, 08/15/38 | 510 | 487 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (c) | 120 | 116 |
| 4.75%, 02/15/31 (c) | 115 | 99 |
| 9.75%, 01/15/34 (c) | 120 | 123 |
| CVS Health Corporation |  |  |
| 5.05%, 03/25/48 | 1705 | 1517 |
| 5.63%, 02/21/53 | 235 | 223 |
| 7.00%, 03/10/55 | 970 | 1019 |
| Ephios Subco 3 S.a r.l. |  |  |
| 7.88%, 01/31/31, EUR (f) | 525 | 656 |
| Eurofins Scientific SE |  |  |
| 6.75%, (100, 04/24/28), EUR (d) (f) (h) | 671 | 840 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (c) | 350 | 360 |
| Grifols Escrow Issuer S.A. |  |  |
| 3.88%, 10/15/28, EUR (f) | 200 | 229 |
| 4.75%, 10/15/28 (c) | 265 | 257 |
| Grifols, S.A. |  |  |
| 7.50%, 05/01/30, EUR (f) | 981 | 1212 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (f) | 783 | 935 |
| Lifepoint Health, Inc. |  |  |
| 9.88%, 08/15/30 (c) | 235 | 255 |
| 10.00%, 06/01/32 (c) | 505 | 531 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (f) | 315 | 377 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (c) | 615 | 622 |
| Neopharmed Gentili S.p.A. |  |  |
| 7.13%, 04/08/30, EUR (f) | 300 | 367 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 02/21/30, EUR (f) | 521 | 626 |
| Organon & Co. |  |  |
| 7.88%, 05/15/34 (c) | 180 | 167 |
| Ray Financing LLC |  |  |
| 6.50%, 07/15/31, EUR (c) | 650 | 772 |
| Rossini S.a r.l. |  |  |
| 5.86%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (b) (f) | 210 | 249 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (c) | 340 | 340 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (c) | 560 | 593 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (c) | 545 | 560 |
| Team Health Holdings, Inc. |  |  |
| 8.38%, 06/30/28 (c) | 285 | 291 |
| 13.50%, 06/30/28 (c) (j) | 161 | 174 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.88%, 03/31/27, EUR (f) | 155 | 179 |
| 1.63%, 10/15/28, EUR (f) | 250 | 279 |
| 7.38%, 09/15/29, EUR | 286 | 378 |
| 4.38%, 05/09/30, EUR (f) | 1087 | 1304 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (c) | 180 | 184 |
| UnitedHealth Group Incorporated |  |  |
| 4.65%, 01/15/31 | 925 | 938 |
| 5.30%, 06/15/35 | 240 | 248 |
| | | 24270 |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |
| AA Bond Co Limited |  |  |
| 6.50%, 01/31/26, GBP (e) (f) | 35 | 46 |
| 6.50%, 01/31/26, GBP (c) (e) | 17 | 23 |
| 8.45%, 01/31/28, GBP (e) (f) | 409 | 584 |
| Albertsons Companies, Inc. |  |  |
| 6.25%, 03/15/33 (c) | 20 | 20 |
| Albion Financing 1 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (f) | 276 | 335 |
| 7.00%, 05/21/30 (c) | 490 | 507 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (f) | 275 | 360 |
| 6.00%, 06/01/29 (c) | 260 | 256 |
| 7.88%, 02/15/31 (c) | 110 | 115 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (f) | 195 | 240 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 1.88%, 02/01/28, EUR (f) | 371 | 421 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (c) | 655 | 642 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (f) | 323 | 405 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (d) (f) | 100 | 88 |
| Bellis Acquisition Company PLC |  |  |
| 8.13%, 05/14/30, GBP (f) | 200 | 257 |
| Boels Topholding B.V. |  |  |
| 5.75%, 05/15/30, EUR (c) | 660 | 802 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (c) (d) | 445 | 429 |
| Co-operative Group Limited |  |  |
| 7.50%, 07/08/26, GBP (e) (f) (m) | 100 | 135 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (f) | 376 | 452 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (f) | 476 | 563 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (f) | 369 | 432 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (f) | 280 | 333 |
| Imperial Brands Finance PLC |  |  |
| 5.88%, 07/01/34 (c) | 1440 | 1504 |
| 5.63%, 07/01/35 (c) | 510 | 521 |
| 6.38%, 07/01/55 (c) | 430 | 446 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 (c) | 225 | 237 |
| 6.38%, 02/25/55 (c) | 2645 | 2765 |
| Kapla Holding |  |  |
| 5.51%, (3 Month EURIBOR + 3.50%), 07/31/30, EUR (b) (f) | 100 | 118 |
| 5.00%, 04/30/31, EUR (f) | 115 | 136 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 380 | 383 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (c) | 175 | 174 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (c) | 165 | 181 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (c) | 490 | 481 |
| New Immo Holding |  |  |
| 6.00%, 03/22/29, EUR (f) | 300 | 366 |
| Ontex Group |  |  |
| 5.25%, 04/15/30, EUR (f) | 235 | 282 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (c) | 290 | 297 |
| Pachelbel BidCo S.p.A. |  |  |
| 7.13%, 05/17/31, EUR (f) | 397 | 501 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (c) | 115 | 118 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 235 | 284 |
| 6.13%, 09/30/32 | 330 | 332 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (c) | 410 | 414 |
| 6.25%, 10/15/34 (c) | 55 | 56 |
| Primo Water Holdings Inc. |  |  |
| 3.88%, 10/31/28, EUR (f) | 341 | 399 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 03/01/29, EUR (c) | 208 | 252 |
| 5.13%, 02/15/30, EUR (f) | 402 | 487 |
| RAC Bond Co PLC |  |  |
| 5.25%, 11/04/27, GBP (f) | 100 | 133 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (c) | 460 | 473 |
| RB Global Holdings Inc. |  |  |
| 7.75%, 03/15/31 (c) | 220 | 230 |
| Roquette Freres |  |  |
| 5.49%, (100, 11/25/29), EUR (f) (h) | 300 | 359 |
| Sudzucker International Finance B.V. |  |  |
| 5.95%, (100, 05/28/30), EUR (f) (h) | 400 | 459 |
| Techem Verwaltungsgesellschaft 675 mbH |  |  |
| 5.38%, 07/15/29, EUR (f) | 686 | 832 |
| Tereos Finance Groupe I |  |  |
| 5.75%, 04/30/31, EUR (d) (f) | 135 | 155 |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (c) | 460 | 463 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27, EUR (f) | 495 | 580 |
| 7.13%, 02/01/28, EUR (c) | 450 | 545 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (f) | 771 | 909 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (c) | 440 | 464 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (c) | 225 | 232 |
| 7.38%, 10/01/31 (c) | 190 | 198 |
| | | 24211 |
| **Information Technology 2.1%** | **Information Technology 2.1%** | **Information Technology 2.1%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (c) | 375 | 375 |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A. |  |  |
| 5.00%, 10/30/30, EUR (f) | 235 | 280 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (c) | 445 | 462 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (c) | 410 | 414 |
| AppLovin Corporation |  |  |
| 5.50%, 12/01/34 | 1535 | 1587 |
| 5.95%, 12/01/54 | 243 | 246 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (c) | 615 | 610 |
| Atos SE |  |  |
| 9.00%, 12/18/29, EUR (e) (f) | 427 | 575 |
| 5.00%, 12/18/30, EUR (e) (f) | 145 | 160 |
| Belden Inc. |  |  |
| 3.88%, 03/15/28, EUR (f) | 200 | 234 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (c) | 1580 | 1367 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (c) | 420 | 440 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (c) | 415 | 419 |
| 9.00%, 09/30/29 (c) | 540 | 560 |
| 8.25%, 06/30/32 (c) | 200 | 212 |
| 6.63%, 08/15/33 (c) | 105 | 107 |
| Dell International L.L.C. |  |  |
| 5.50%, 04/01/35 | 1130 | 1168 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (c) | 150 | 153 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (c) | 230 | 234 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (c) | 330 | 346 |
| Foundry JV Holdco LLC |  |  |
| 6.25%, 01/25/35 (c) | 1240 | 1332 |
| 6.10%, 01/25/36 (c) | 470 | 500 |
| 6.30%, 01/25/39 (c) | 855 | 921 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33 (c) | 385 | 394 |
| Intel Corporation |  |  |
| 3.75%, 08/05/27 | 620 | 615 |
| 4.90%, 08/05/52 | 860 | 745 |
| 5.60%, 02/21/54 | 860 | 826 |
| IPD 3 B.V. |  |  |
| 5.39%, (3 Month EURIBOR + 3.38%), 06/15/31, EUR (b) (c) | 370 | 434 |
| Oracle Corporation |  |  |
| 2.80%, 04/01/27 | 1440 | 1412 |
| 5.20%, 09/26/35 | 1010 | 1015 |
| 6.00%, 08/03/55 | 1405 | 1411 |
| 5.95%, 09/26/55 | 1310 | 1306 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/35 | 1200 | 1221 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (f) | 200 | 238 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (c) | 530 | 547 |
|  |  | 22866 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Ahlstrom Holding 3 Oy |  |  |
| 3.63%, 02/04/28, EUR (d) (f) | 402 | 466 |
| 4.88%, 02/04/28 (c) | 275 | 267 |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 (c) | 65 | 67 |
| 6.25%, 11/01/31 (c) | 310 | 315 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (c) | 290 | 304 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (c) | 425 | 437 |
| Celanese US Holdings LLC |  |  |
| 7.05%, 11/15/30 (b) (e) (m) | 55 | 57 |
| 6.88%, 07/15/32 (e) (m) | 25 | 26 |
| 7.20%, 11/15/33 (b) (e) (m) | 25 | 26 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.20%, 01/29/30 (c) | 340 | 328 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (c) | 535 | 555 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (c) | 150 | 157 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (c) | 195 | 199 |
| 7.00%, 03/15/32 (c) | 140 | 142 |
| Constellium SE |  |  |
| 5.38%, 08/15/32, EUR (d) (f) | 355 | 429 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30 (c) | 805 | 763 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (c) | 190 | 199 |
| First Quantum Minerals Ltd |  |  |
| 7.25%, 02/15/34 (c) | 170 | 176 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 6.13%, 04/15/32 (c) | 280 | 289 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 1140 | 1097 |
| Glencore Finance (Canada) Limited |  |  |
| 6.00%, 11/15/41 (f) | 1400 | 1448 |
| Guala Closures S.p.A. |  |  |
| 3.25%, 06/15/28, EUR (f) | 230 | 265 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28 (c) | 80 | 78 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (c) | 355 | 350 |
| Kaiser Aluminum Corporation |  |  |
| 4.50%, 06/01/31 (c) | 350 | 330 |
| KRC Materials, Inc. |  |  |
| 7.75%, 05/01/31 (c) | 240 | 252 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (f) | 400 | 494 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (f) | 200 | 72 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (c) | 45 | 42 |
| Metinvest B.V. |  |  |
| 7.65%, 10/01/27 (c) | 105 | 84 |
| 7.75%, 10/17/29 (c) | 565 | 429 |
| Minera Mexico, S.A. de C.V. |  |  |
| 5.63%, 02/12/32 (c) | 510 | 527 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (c) | 625 | 633 |
| Nexa Resources S.A. |  |  |
| 6.60%, 04/08/37 (c) | 110 | 113 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (c) | 275 | 265 |
| 6.88%, 01/30/30 (c) | 280 | 290 |
| 6.38%, 08/15/33 (c) | 170 | 172 |
| Olympus Water US Holding Corporation |  |  |
| 3.88%, 10/01/28, EUR (f) | 262 | 306 |
| 4.25%, 10/01/28 (c) | 155 | 149 |
| 9.63%, 11/15/28, EUR (f) | 400 | 492 |
| 6.25%, 10/01/29 (c) (d) | 365 | 354 |
| 7.25%, 06/15/31 (c) | 230 | 233 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (f) | 290 | 291 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (c) | 25 | 26 |
| 6.50%, 07/15/32 (c) (d) | 460 | 477 |
| Snf Group |  |  |
| 4.50%, 03/15/32, EUR (f) | 235 | 282 |
| Sociedad Quimica Y Minera De Chile S.A. |  |  |
| 6.50%, 11/07/33 (c) | 250 | 270 |
| 5.50%, 09/10/34 (c) | 170 | 172 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 950 | 960 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 200 | 200 |
| Synthomer PLC |  |  |
| 7.38%, 05/02/29, EUR (d) (f) | 200 | 216 |
| Taseko Mines Limited |  |  |
| 8.25%, 05/01/30 (c) | 295 | 312 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (c) | 345 | 321 |
| 7.38%, 03/01/31 (c) | 265 | 270 |
| 6.63%, 08/15/32 (c) | 200 | 198 |
| White Cap Buyer, LLC |  |  |
| 6.88%, 10/15/28 (c) (d) | 310 | 310 |
| | | 17982 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (j) | 465 | 580 |
| Alexandrite Monnet UK HoldCo PLC |  |  |
| 10.50%, 05/15/29, EUR (f) | 200 | 256 |
| alstria office AG |  |  |
| 5.50%, 03/20/31, EUR (f) | 200 | 243 |
| Arbor Realty SR, Inc. |  |  |
| 7.88%, 07/15/30 (c) | 270 | 284 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (c) | 84 | 90 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 205 | 223 |
| 6.13%, 01/15/31 | 145 | 145 |
| Castellum Aktiebolag |  |  |
| 3.13%, (100, 12/02/26), EUR (f) (h) | 300 | 348 |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 08/06/30 (f) (k) (l) | 365 | 39 |
| CPI Property Group |  |  |
| 7.50%, (100, 03/24/31), EUR (f) (h) | 204 | 231 |
| 4.00%, 01/22/28, GBP (e) (f) (m) | 100 | 128 |
| 1.75%, 01/14/30, EUR (f) | 195 | 199 |
| 6.00%, 01/27/32, EUR (f) | 843 | 1009 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (c) | 225 | 225 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 325 | 327 |
| Globalworth Real Estate Investments Limited |  |  |
| 6.25%, 03/31/29, EUR (f) | 329 | 391 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30, EUR (f) | 670 | 816 |
| Heimstaden Bostad AB |  |  |
| 2.63%, (100, 02/01/27), EUR (f) (h) | 100 | 113 |
| 3.00%, (100, 10/29/27), EUR (f) (h) | 253 | 282 |
| 6.25%, (100, 12/04/29), EUR (f) (h) | 400 | 481 |
| 1.63%, 10/13/31, EUR (f) | 360 | 369 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (c) | 45 | 47 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (f) | 330 | 404 |
| Necessity Retail Reit, Inc., The |  |  |
| 4.50%, 09/30/28 (c) | 155 | 151 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (c) | 505 | 504 |
| Pebblebrook Hotel Trust |  |  |
| 6.38%, 10/15/29 (c) | 255 | 259 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (c) | 295 | 304 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 4.00%, 09/15/29 (c) | 320 | 302 |
| Service Properties Trust |  |  |
| 8.63%, 11/15/31 (c) | 245 | 261 |
| Star Holding LLC |  |  |
| 8.75%, 08/01/31 (c) | 470 | 466 |
| Uniti Group LP |  |  |
| 8.63%, 06/15/32 (c) (d) | 45 | 43 |
|  |  | 9520 |
| Total Corporate Bonds And Notes (cost $370,815) | Total Corporate Bonds And Notes (cost $370,815) | 379620 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 21.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 21.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 21.7%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-B-1211, REMIC, 4.09%, 08/10/35 (b) | 912 | 864 |
| 1301 Trust 2025-AOA |  |  |
| Series 2025-D-1301, 6.43%, 08/11/30 (b) | 1129 | 1129 |
| 522 Funding CLO 2019-5, Ltd. |  |  |
| Series 2019-DR-5A, 7.57%, (3 Month Term SOFR + 3.25%), 04/16/35 (b) | 2850 | 2800 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 162 | 164 |
| Series 2024-D-A, 6.32%, 02/15/28 | 162 | 165 |
| Series 2024-E-A, 7.92%, 02/15/28 | 162 | 165 |
| Series 2025-C-A, 4.84%, 11/15/29 | 1116 | 1119 |
| Series 2025-D-A, 4.99%, 12/15/29 | 809 | 810 |
| Series 2024-E-B, 6.68%, 09/15/32 | 303 | 305 |
| Angel Oak Mortgage Trust 2022-3 |  |  |
| Series 2022-A3-3, REMIC, 4.12%, 04/25/26 (b) | 866 | 812 |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 (e) | 1235 | 1194 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2025-C-3A, 4.95%, 02/20/29 | 727 | 724 |
| Series 2024-C-1A, 6.48%, 06/20/29 | 650 | 671 |
| Series 2025-B-2A, 5.51%, 08/20/30 | 495 | 504 |
| Series 2025-C-2A, 6.24%, 08/20/30 | 299 | 308 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-A-MAR, REMIC, 6.17%, 12/13/29 (b) | 1025 | 1059 |
| Balboa Bay Loan Funding 2024-1 Ltd |  |  |
| Series 2024-D1-1A, 7.53%, (3 Month Term SOFR + 3.20%), 07/20/37 (b) | 3000 | 3018 |
| BAMLL Trust 2024-BHP |  |  |
| Series 2024-B-BHP, REMIC, 7.05%, (1 Month Term SOFR + 2.90%), 08/17/26 (b) | 656 | 660 |
| Bank 2019-BNK17 |  |  |
| Series 2019-C-BN17, REMIC, 4.51%, 04/17/29 (b) | 455 | 399 |
| Bank 2021-BNK38 |  |  |
| Series 2021-C-BN38, REMIC, 3.22%, 12/17/31 (b) | 343 | 278 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank5 2023-5YR3 |  |  |
| Series 2023-C-5YR3, REMIC, 7.32%, 09/15/28 (b) | 331 | 344 |
| Bank5 2024-5YR5 |  |  |
| Series 2024-B-5YR5, REMIC, 6.54%, 02/16/29 (b) | 394 | 409 |
| Bank5 2024-5Yr7 |  |  |
| Series 2024-C-5YR7, REMIC, 7.10%, 06/15/29 (b) | 433 | 457 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-C-5YR17, REMIC, 0.00%, 10/18/30 (b) | 494 | 493 |
| Series 2025-D-5YR17, REMIC, 4.50%, 10/18/30 | 459 | 404 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-D-21A, 7.88%, (3 Month Term SOFR + 3.56%), 07/17/34 (b) | 1000 | 976 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-C-CAR1, 5.86%, (SOFR 30-Day Average + 1.50%), 12/26/31 (b) | 116 | 116 |
| Series 2024-D-CAR1, 6.41%, (SOFR 30-Day Average + 2.05%), 12/26/31 (b) | 116 | 117 |
| Bayview Opportunity Master Fund VII 2024-EDU1, LLC |  |  |
| Series 2024-C-EDU1, 6.16%, (SOFR 30-Day Average + 1.80%), 06/25/47 (b) | 261 | 260 |
| Series 2024-D-EDU1, 7.11%, (SOFR 30-Day Average + 2.75%), 06/25/47 (b) | 110 | 113 |
| Bayview Opportunity Master Fund VII 2025-EDU1 LLC |  |  |
| Series 2025-A-EDU1, REMIC, 5.63%, (SOFR 30-Day Average + 1.30%), 07/27/48 (b) (n) | 935 | 935 |
| Series 2025-B-EDU1, REMIC, 6.03%, (SOFR 30-Day Average + 1.70%), 07/27/48 (b) (n) | 1381 | 1381 |
| Series 2025-C-EDU1, REMIC, 6.13%, (SOFR 30-Day Average + 1.80%), 07/27/48 (b) (n) | 533 | 533 |
| Series 2025-D-EDU1, REMIC, 6.58%, (SOFR 30-Day Average + 2.25%), 07/27/48 (b) (n) | 487 | 487 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-A-TALL, REMIC, 5.07%, (1 Month Term SOFR + 0.92%), 03/16/37 (b) (e) | 680 | 643 |
| Series 2018-B-TALL, REMIC, 5.32%, (1 Month Term SOFR + 1.17%), 03/16/37 (b) (e) | 433 | 403 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Interest Only, Series 2022-XA-C17, REMIC, 1.15%, 09/17/55 (b) | 8178 | 529 |
| BBCMS Mortgage Trust 2024-5C31 |  |  |
| Series 2024-C-5C31, REMIC, 5.76%, 12/17/29 | 279 | 280 |
| Benchmark 2020-B16 Mortgage Trust |  |  |
| Series 2020-C-B16, REMIC, 3.52%, 01/17/30 (b) | 391 | 325 |
| Benchmark 2023-B40 Mortgage Trust |  |  |
| Series 2023-C-B40, REMIC, 7.41%, 12/16/33 (b) | 321 | 337 |
| Benchmark 2024-V6 Mortgage Trust |  |  |
| Series 2024-D-V6, REMIC, 4.00%, 03/16/29 | 225 | 202 |
| Series 2024-E-V6, REMIC, 4.00%, 03/16/29 | 544 | 478 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-B-V8, REMIC, 6.95%, 07/15/29 (b) | 1088 | 1152 |
| BLP Commercial Mortgage Trust 2025-IND |  |  |
| Series 2025-A-IND, REMIC, 5.35%, (1 Month Term SOFR + 1.20%), 03/15/27 (b) | 1071 | 1069 |
| Series 2025-C-IND, REMIC, 5.95%, (1 Month Term SOFR + 1.80%), 03/15/27 (b) | 212 | 211 |
| Blue Stream Issuer, LLC |  |  |
| Series 2024-A2-1A, REMIC, 5.41%, 11/20/29 | 842 | 852 |
| BMO 2024-5C3 Mortgage Trust |  |  |
| Series 2024-B-5C3, REMIC, 6.56%, 02/16/29 (b) | 203 | 212 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-C-5C8, REMIC, 5.74%, 12/17/29 (b) | 168 | 168 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.80%, 02/25/65 (e) | 978 | 981 |
| Series 2025-M1-NQM5, REMIC, 6.34%, 02/25/65 (b) | 1117 | 1127 |
| Business Jet Securities 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.20%, 05/15/30 | 690 | 704 |
| Series 2024-C-1A, 9.13%, 05/15/30 | 367 | 373 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-B-2A, 5.75%, 09/15/30 | 388 | 382 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-D-VOLT, REMIC, 5.91%, (1 Month Term SOFR + 1.76%), 09/15/36 (b) | 355 | 354 |
| Series 2021-E-VOLT, REMIC, 6.26%, (1 Month Term SOFR + 2.11%), 09/15/36 (b) | 672 | 671 |
| Series 2021-F-VOLT, REMIC, 6.66%, (1 Month Term SOFR + 2.51%), 09/15/36 (b) | 906 | 904 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-D-XL3, REMIC, 7.74%, (1 Month Term SOFR + 3.59%), 12/15/25 (b) | 304 | 305 |
| BX Commercial Mortgage Trust 2024-GPA2 |  |  |
| Series 2024-C-GPA2, 6.34%, (1 Month Term SOFR + 2.19%), 11/15/26 (b) | 979 | 981 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-C-KING, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 05/15/26 (b) | 815 | 816 |
| Series 2024-D-KING, REMIC, 6.64%, (1 Month Term SOFR + 2.49%), 05/15/26 (b) | 931 | 933 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-C-XL4, REMIC, 6.34%, (1 Month Term SOFR + 2.19%), 02/17/26 (b) | 391 | 392 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-D-XL5, REMIC, 6.84%, (1 Month Term SOFR + 2.69%), 03/15/26 (b) | 879 | 880 |
| BX Trust |  |  |
| Series 2024-C-MF, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 02/17/26 (b) | 336 | 336 |
| Series 2024-D-MF, REMIC, 6.84%, (1 Month Term SOFR + 2.69%), 02/17/26 (b) | 768 | 770 |
| Series 2024-C-BIO, REMIC, 6.79%, (1 Month Term SOFR + 2.64%), 02/15/29 (b) | 1086 | 1082 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 4.08%, 12/11/29 (b) | 775 | 732 |
| Series 2019-E-OC11, REMIC, 4.08%, 12/11/29 (b) | 923 | 845 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 7.04%, (1 Month Term SOFR + 2.89%), 06/15/26 (b) | 1070 | 1071 |
| BX Trust 2025-GW |  |  |
| Series 2025-D-GW, REMIC, 7.11%, (1 Month Term SOFR + 2.75%), 07/15/42 (b) | 1196 | 1200 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 5.88%, 06/14/35 (b) | 2080 | 2144 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-D-ROIC, REMIC, 6.14%, (1 Month Term SOFR + 1.99%), 03/15/27 (b) | 1614 | 1610 |
| BX Trust 2025-VLT7 |  |  |
| Series 2025-D-VLT7, REMIC, 7.40%, (1 Month Term SOFR + 3.25%), 07/15/30 (b) | 1600 | 1612 |
| Castlelake Aircraft Structured Trust 2025-1 |  |  |
| Series 2025-C-1A, 7.75%, 08/15/30 (e) | 572 | 559 |
| Castlelake Aircraft Structured Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.47%, 08/15/32 (e) | 1644 | 1644 |
| CCG Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.22%, 04/14/28 | 362 | 366 |
| Series 2024-D-1, 5.80%, 04/14/28 | 560 | 561 |
| CCG Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.69%, 10/14/32 | 135 | 136 |
| Series 2025-C-1, 4.89%, 10/14/32 | 275 | 278 |
| Series 2025-D-1, 5.28%, 10/14/32 | 185 | 187 |
| Chase Home Lending Mortgage Trust 2024-11 |  |  |
| Series 2024-A4-11, REMIC, 6.00%, 03/25/32 (b) | 986 | 999 |
| Series 2024-A9A-11, REMIC, 6.00%, 05/25/46 (b) | 361 | 364 |
| Series 2024-A9-11, REMIC, 6.30%, 05/25/46 (b) | 156 | 158 |
| Chase Home Lending Mortgage Trust 2025-10 |  |  |
| Series 2025-A9B-10, REMIC, 5.50%, 07/25/56 (b) | 1247 | 1252 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chase Home Lending Mortgage Trust Series 2024-2 |  |  |
| Series 2024-A6-3, REMIC, 6.00%, 02/25/29 (b) | 979 | 986 |
| Series 2024-A6A-2, REMIC, 6.00%, 02/25/55 (b) | 605 | 608 |
| Chase Home Lending Mortgage Trust Series 2024-4 |  |  |
| Series 2024-A6-4, REMIC, 6.00%, 03/25/29 (b) | 1069 | 1077 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2023-C-SMRT, REMIC, 6.05%, 06/12/28 (b) | 635 | 643 |
| Citigroup Commercial Mortgage Trust 2017-P8 |  |  |
| Series 2017-C-P8, REMIC, 4.25%, 09/17/27 (b) | 316 | 277 |
| Citigroup Commercial Mortgage Trust 2023-PRM3 |  |  |
| Series 2023-C-PRM3, REMIC, 6.57%, 07/10/28 (b) (o) | 532 | 546 |
| CLI Funding VI LLC |  |  |
| Series 2020-B-1A, 3.62%, 09/18/30 | 1138 | 1083 |
| Cloud Capital Holdco LP |  |  |
| Series 2024-A2-1A, 5.78%, 11/23/29 | 984 | 999 |
| Series 2024-A2-2A, 5.92%, 11/24/31 | 638 | 651 |
| College Ave Student Loans 2021-B, LLC |  |  |
| Series 2021-D-B, 3.78%, 06/25/52 | 897 | 839 |
| COLT 2025-6 Mortgage Loan Trust |  |  |
| Series 2025-M1-6, 6.27%, 08/25/70 (b) | 763 | 774 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 0.61%, 06/12/47 (b) | 85 |  |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-B-277P, REMIC, 7.23%, 08/06/29 (b) | 1000 | 1067 |
| COMM 2024-CBM Mortgage Trust |  |  |
| Series 2024-D-CBM, REMIC, 7.93%, 12/12/29 (b) | 472 | 486 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 520 | 524 |
| Series 2024-A2-1A, 5.75%, 02/26/29 | 315 | 319 |
| Series 2024-B-1A, 7.00%, 02/26/29 | 485 | 498 |
| Series 2024-A1-2A, 5.02%, 08/27/29 | 1257 | 1264 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.79%, (1 Month Term SOFR + 1.70%), 08/15/41 (b) | 416 | 415 |
| Series 2024-D-DFW1, REMIC, 7.19%, (1 Month Term SOFR + 3.10%), 08/15/41 (b) | 446 | 446 |
| Consolidated Communications LLC/Fidium Fiber Finance |  |  |
| Series 2025-A2-1A, 6.00%, 05/20/30 | 1648 | 1688 |
| Series 2025-C-1A, 9.41%, 05/20/30 | 1150 | 1209 |
| Crockett Partners Equipment Company IIA LLC |  |  |
| Series 2024-A-1C, 6.05%, 01/20/30 | 619 | 626 |
| Series 2024-B-1C, 6.78%, 01/20/30 | 217 | 221 |
| Cross 2024-H8 Mortgage Trust |  |  |
| Series 2024-A1-H8, REMIC, 5.55%, 12/25/69 (b) | 357 | 360 |
| Series 2024-A3-H8, REMIC, 5.96%, 12/25/69 (e) | 272 | 274 |
| Series 2024-M1-H8, REMIC, 6.32%, 12/25/69 (b) | 175 | 177 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 616 | 609 |
| CSAIL 2016-C7 Commercial Mortgage Trust |  |  |
| Series 2016-C-C7, REMIC, 4.35%, 11/18/26 (b) | 930 | 849 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-A2-1A, 4.30%, 04/20/28 | 576 | 565 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 400 | 405 |
| EFMT 2024-INV2 |  |  |
| Series 2024-M1-INV2, REMIC, 5.73%, 10/25/69 (b) | 495 | 493 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/12/35 (b) | 1008 | 1002 |
| Series 2015-D-11MD, REMIC, 3.55%, 09/12/35 (b) | 264 | 261 |
| ELFI Graduate Loan Program 2024-A LLC |  |  |
| Series 2024-A-A, 5.56%, 08/25/49 | 596 | 609 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-B1-1, REMIC, 5.10%, 05/25/65 (b) | 870 | 881 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-D10-ELM, REMIC, 6.63%, 06/11/27 (b) | 900 | 906 |
| Series 2024-D15-ELM, REMIC, 6.67%, 06/11/27 (b) | 628 | 631 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 752 | 757 |
| Foundation Finance Trust 2024-2 |  |  |
| Series 2024-B-2A, 4.93%, 03/15/50 | 181 | 181 |
| Series 2024-D-2A, 6.59%, 03/15/50 | 508 | 517 |
| Foundation Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.95%, 04/15/50 | 681 | 689 |
| Frontier Issuer LLC |  |  |
| Series 2023-A2-1, 6.60%, 07/20/28 | 1237 | 1257 |
| Series 2024-B-1, 7.02%, 05/20/31 | 1091 | 1136 |
| GLS Auto Select Receivables Trust 2024-1 |  |  |
| Series 2024-D-1A, 5.95%, 12/17/29 | 468 | 479 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-C-4A, 4.75%, 11/15/30 | 255 | 256 |
| Series 2024-D-4A, 5.28%, 10/15/31 | 272 | 277 |
| GLS Auto Select Receivables Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.04%, 09/15/28 | 269 | 271 |
| Series 2025-C-1A, 5.26%, 04/15/29 | 318 | 321 |
| Gracie Point International Funding 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.06%, (SOFR 90-Day Average + 1.70%), 03/02/26 (b) | 1365 | 1367 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.39%, 03/25/60 | 497 | 504 |
| Series 2025-C-1A, 5.69%, 03/25/60 | 388 | 395 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-B-2A, 5.07%, 06/25/60 | 525 | 529 |
| Series 2025-C-2A, 5.26%, 06/25/60 | 401 | 404 |
| Series 2025-D-2A, 5.56%, 06/25/60 | 315 | 318 |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Series 2015-AS-GS1, REMIC, 4.04%, 11/13/25 (b) | 519 | 508 |
| GS Mortgage Securities Trust 2016-GS2 |  |  |
| Series 2016-C-GS2, REMIC, 4.69%, 05/12/26 (b) | 540 | 523 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-C-GC42, REMIC, 3.70%, 09/12/29 (b) | 823 | 707 |
| GS Mortgage-Backed Securities Trust 2025-PJ8 |  |  |
| Series 2025-A19-PJ8, REMIC, 6.00%, 02/25/56 (b) | 606 | 612 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-D-1D, 6.79%, 06/20/34 | 203 | 203 |
| Hilton Grand Vacations Trust 2022-2 |  |  |
| Series 2022-B-2A, 4.74%, 08/27/29 | 199 | 197 |
| Hilton Grand Vacations Trust 2024-1B |  |  |
| Series 2024-B-1B, 5.99%, 09/15/39 | 88 | 89 |
| Series 2024-D-1B, 8.85%, 09/15/39 | 191 | 196 |
| Hilton Grand Vacations Trust 2024-2 |  |  |
| Series 2024-C-2A, 5.99%, 03/25/38 | 505 | 514 |
| Series 2024-D-2A, 6.91%, 03/25/38 | 125 | 128 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-B-2A, 4.73%, 05/25/44 | 1583 | 1588 |
| Series 2025-C-2A, 5.12%, 05/25/44 | 709 | 712 |
| Hilton USA Trust 2016-HHV |  |  |
| Series 2016-D-HHV, REMIC, 4.19%, 11/05/26 (b) | 1081 | 1067 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.82%, 04/20/32 | 886 | 906 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-C-SPRL, REMIC, 5.95%, 01/15/30 (b) | 913 | 945 |
| Series 2025-D-SPRL, REMIC, 6.34%, 01/15/30 (b) | 330 | 343 |
| Series 2025-E-SPRL, REMIC, 6.68%, 01/15/30 (b) | 329 | 340 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (c) | 736 | 747 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 298 | 301 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-C-2, 6.74%, (SOFR 30-Day Average + 2.60%), 10/20/32 (b) | 210 | 211 |
| INTOWN 2025-STAY Mortgage Trust |  |  |
| Series 2025-C-STAY, REMIC, 6.40%, (1 Month Term SOFR + 2.25%), 03/15/27 (b) | 1052 | 1050 |
| IP 2025-IP Mortgage Trust |  |  |
| Series 2025-A-IP, REMIC, 5.42%, 06/12/30 (b) | 515 | 524 |
| Series 2025-D-IP, REMIC, 6.53%, 06/12/30 (b) | 672 | 681 |
| Series 2025-E-IP, REMIC, 7.07%, 06/12/30 (b) | 384 | 390 |
| IRV Trust 2025-200P |  |  |
| Series 2025-C-200P, REMIC, 5.73%, 02/14/35 (b) | 1094 | 1085 |
| Island Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 6.54%, 03/19/35 | 981 | 997 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-D-OPO, REMIC, 3.45%, 01/08/27 (b) | 935 | 790 |
| J.P. Morgan Mortgage Trust 2023-HE3 |  |  |
| Series 2023-A1-HE3, REMIC, 5.58%, 06/20/31 (b) (o) | 347 | 349 |
| J.P. Morgan Mortgage Trust 2024-4 |  |  |
| Series 2024-A6A-4, REMIC, 6.00%, 01/25/29 (b) | 344 | 345 |
| J.P. Morgan Mortgage Trust 2024-HE1 |  |  |
| Series 2024-M1-HE1, REMIC, 6.14%, (1 Month Term SOFR + 2.00%), 04/21/31 (b) | 357 | 359 |
| Series 2024-M2-HE1, REMIC, 6.54%, (1 Month Term SOFR + 2.40%), 04/21/31 (b) | 271 | 273 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A2-NQM3, REMIC, 5.65%, 07/25/29 (b) (e) | 1310 | 1320 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
| Series 2015-AS-C30, REMIC, 4.23%, 07/17/48 (b) | 1011 | 984 |
| LHOME Mortgage Trust 2024-RTL4 |  |  |
| Series 2024-A1-RTL4, REMIC, 5.92%, 01/25/27 (e) | 1690 | 1702 |
| LV Trust 2024-SHOW |  |  |
| Series 2024-C-SHOW, REMIC, 6.28%, 10/10/29 (b) | 1016 | 1021 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2025-A2-1A, REMIC, 5.60%, 09/20/30 | 2416 | 2438 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-D-11MD, REMIC, 6.36%, 10/11/42 | 1760 | 1760 |
| Series 2025-E-11MD, REMIC, 7.33%, 10/11/42 | 994 | 991 |
| Magnetite XXIV, Limited |  |  |
| Series 2019-DR-24A, 7.37%, (3 Month Term SOFR + 3.05%), 04/15/35 (b) | 5200 | 5210 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-D-OMW, REMIC, 2.41%, 09/10/27 (b) | 458 | 430 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-C-MOB, REMIC, 6.44%, (1 Month Term SOFR + 2.29%), 04/15/26 (b) | 760 | 752 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-2A, 5.40%, 08/20/30 | 2167 | 2200 |
| Series 2025-C-2A, 7.83%, 08/20/30 | 1306 | 1322 |
| Milos CLO, Ltd. |  |  |
| Series 2017-DR-1A, 7.34%, (3 Month Term SOFR + 3.01%), 10/21/30 (b) | 1750 | 1754 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| Series 2025-C-C35, REMIC, 6.35%, 07/15/35 | 956 | 984 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 |  |  |
| Series 2017-C-C33, REMIC, 4.56%, 05/17/27 (b) | 256 | 240 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-B-H1, REMIC, 4.08%, 05/17/27 | 240 | 231 |
| Series 2017-C-H1, REMIC, 4.28%, 05/17/27 (b) | 387 | 363 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-C-H4, REMIC, 5.05%, 12/15/28 (b) | 534 | 500 |
| Morgan Stanley Capital I Trust 2018-L1 |  |  |
| Series 2018-AS-L1, REMIC, 4.64%, 09/15/28 (b) | 669 | 663 |
| Morgan Stanley Residential Mortgage Loan Trust 202 |  |  |
| Series 2024-A2-3, REMIC, 6.00%, 09/25/29 (b) | 573 | 577 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3 |  |  |
| Series 2024-A3-NQM3, REMIC, 5.40%, 07/25/69 (e) | 404 | 404 |
| Series 2024-M1-NQM3, REMIC, 5.61%, 07/25/69 (b) | 316 | 314 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5 |  |  |
| Series 2024-A3-NQM5, 6.00%, 10/25/69 (e) | 87 | 87 |
| Series 2024-M1-NQM5, 6.51%, 10/25/69 (b) | 114 | 116 |
| MSWF Commercial Mortgage Trust 2023-1 |  |  |
| Series 2023-C-1, REMIC, 6.68%, 05/17/33 (b) | 329 | 340 |
| MSWF Commercial Mortgage Trust 2023-2 |  |  |
| Series 2023-A5-2, REMIC, 6.01%, 11/18/33 (b) | 1080 | 1166 |
| Series 2023-C-2, REMIC, 7.02%, 12/16/33 (b) | 240 | 251 |
| MVW 2021-1W LLC |  |  |
| Series 2021-C-1WA, 1.94%, 01/22/41 | 276 | 262 |
| MVW 2022-1 LLC |  |  |
| Series 2022-B-1A, 4.40%, 11/21/39 | 406 | 398 |
| MVW 2023-2 LLC |  |  |
| Series 2023-C-2A, 7.06%, 11/20/40 | 249 | 253 |
| MVW 2024-1 LLC |  |  |
| Series 2024-C-1A, 6.20%, 02/20/43 | 268 | 272 |
| MVW 2024-2 LLC |  |  |
| Series 2024-B-2A, 4.58%, 03/20/42 | 844 | 838 |
| Series 2024-C-2A, 4.92%, 03/20/42 | 535 | 531 |
| MVW 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.21%, 09/22/42 | 494 | 501 |
| Series 2025-C-1A, 5.75%, 09/22/42 | 399 | 402 |
| Navient Private Education Refi Loan Trust 2019-F |  |  |
| Series 2019-B-FA, 3.12%, 09/15/32 | 1225 | 1101 |
| Navient Private Education Refi Loan Trust 2021-A |  |  |
| Series 2021-A-A, 0.84%, 03/15/28 | 1075 | 987 |
| Navient Private Education Refi Loan Trust 2021-B |  |  |
| Series 2021-A-BA, 0.94%, 06/15/28 | 253 | 232 |
| Navient Private Education Refi Loan Trust 2021-E |  |  |
| Series 2021-A-EA, REMIC, 0.97%, 12/15/28 | 1285 | 1157 |
| Navient Private Education Refi Loan Trust 2021-F |  |  |
| Series 2021-A-FA, 1.11%, 05/15/29 | 981 | 876 |
| Navient Private Education Refi Loan Trust 2021-G |  |  |
| Series 2021-A-GA, 1.58%, 06/15/29 | 1138 | 1028 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1468 | 1508 |
| Neighborly Issuer 2023-1 |  |  |
| Series 2023-A2-1A, 7.31%, 01/30/28 | 1297 | 1316 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-D-CA, 4.44%, 04/20/62 | 1400 | 1213 |
| New Residential Mortgage LLC |  |  |
| Series 2024-A-FNT1, 7.40%, 11/25/29 (e) | 872 | 882 |
| New Residential Mortgage Loan Trust 2024-RTL2 |  |  |
| Series 2024-A1-RTL2, REMIC, 5.44%, 10/25/27 (e) | 929 | 936 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-M1-NQM3, REMIC, 6.32%, 08/25/30 (b) | 670 | 683 |
| NRZ FHT Excess LLC |  |  |
| Series 2025-A-FHT1, 6.55%, 03/25/32 (c) (e) | 971 | 982 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-C-3BP, REMIC, 6.04%, (1 Month Term SOFR + 1.95%), 02/16/27 (b) | 553 | 550 |
| Series 2025-D-3BP, REMIC, 6.59%, (1 Month Term SOFR + 2.50%), 02/16/27 (b) | 635 | 632 |
| NYMT Loan Trust 2024-INV1 |  |  |
| Series 2024-A1-INV1, REMIC, 5.38%, 10/25/28 (e) | 350 | 352 |
| Series 2024-A3-INV1, REMIC, 5.83%, 10/25/28 (e) | 700 | 704 |
| OBX 2021-NQM4 Trust |  |  |
| Series 2021-A1-NQM4, 1.96%, 10/25/61 | 1649 | 1416 |
| OBX 2024-NQM1 Trust |  |  |
| Series 2024-A1-NQM1, REMIC, 5.93%, 12/25/27 (e) | 621 | 626 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| OBX 2024-NQM14 Trust |  |  |
| Series 2024-M1-NQM14, REMIC, 5.58%, 09/25/28 (b) | 715 | 714 |
| OBX 2025-HE1 Trust |  |  |
| Series 2025-A1-HE1, 5.95%, (SOFR 30-Day Average + 1.60%), 02/25/55 (b) | 1221 | 1227 |
| Series 2025-M1-HE1, 6.25%, (SOFR 30-Day Average + 1.90%), 02/25/55 (b) | 244 | 240 |
| OBX 2025-NQM7 Trust |  |  |
| Series 2025-A3-NQM7, REMIC, 5.86%, 05/25/55 (e) | 670 | 675 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-E-PARK, REMIC, 6.01%, (1 Month Term SOFR + 1.86%), 03/15/28 (b) | 776 | 732 |
| Series 2021-D-PARK, REMIC, 5.76%, (1 Month Term SOFR + 1.61%), 03/15/36 (b) | 278 | 266 |
| One Market Plaza Trust 2017-1MKT |  |  |
| Series 2017-A-1MKT, REMIC, 3.61%, 02/10/32 | 224 | 215 |
| Series 2017-B-1MKT, REMIC, 3.85%, 02/10/32 | 451 | 428 |
| Series 2017-C-1MKT, REMIC, 4.02%, 02/10/32 | 449 | 424 |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-B-1A, 5.94%, 12/14/29 | 417 | 437 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-C-APT, REMIC, 6.64%, 07/20/29 (b) | 1053 | 1077 |
| ORL 2024-GLKS Mortgage Trust |  |  |
| Series 2024-D-GLKS, REMIC, 6.94%, (1 Month Term SOFR + 2.79%), 12/15/26 (b) | 697 | 698 |
| OWN Equipment Fund I LLC |  |  |
| Series 2024-A-2M, 5.70%, 12/20/32 | 822 | 835 |
| Series 2024-B-2M, 6.43%, 12/20/32 | 338 | 341 |
| PFS Financing Corp. |  |  |
| Series 2025-A-B, 4.85%, 02/15/28 | 708 | 719 |
| Pk Alift Loan Funding 6 LP |  |  |
| Series 2025-A-1, 5.37%, 12/15/31 | 1530 | 1534 |
| Prestige Auto Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.08%, 02/15/28 | 1350 | 1325 |
| PRM Trust 2025-PRM6 |  |  |
| Series 2025-E-PRM6, REMIC, 6.58%, 07/05/28 (b) | 1565 | 1563 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-B-CNTR, REMIC, 5.93%, 11/15/29 | 800 | 827 |
| Series 2024-D-CNTR, REMIC, 7.11%, 11/15/41 | 1689 | 1757 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 379 | 385 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-D-1, 5.43%, 04/16/29 | 1939 | 1970 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A4-1A, 4.68%, 07/16/29 | 608 | 610 |
| Series 2025-B-1A, 4.78%, 07/16/29 | 556 | 559 |
| Series 2025-C-1A, 5.08%, 07/16/29 | 363 | 366 |
| SDAL Trust 2025-DAL |  |  |
| Series 2025-C-DAL, REMIC, 8.09%, 04/15/30 (b) | 1087 | 1093 |
| Sequoia Mortgage Trust 2024-4 |  |  |
| Series 2024-A10-4, REMIC, 6.00%, 02/25/29 (b) | 862 | 867 |
| Servicemaster Brands L.L.C. |  |  |
| Series 2021-A2II-1, 3.11%, 07/30/31 | 956 | 807 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-C-555, REMIC, 6.07%, (1 Month Term SOFR + 1.91%), 05/15/28 (b) | 415 | 411 |
| Series 2021-D-555, REMIC, 6.67%, (1 Month Term SOFR + 2.51%), 05/15/28 (b) | 880 | 869 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.51%, 01/20/32 | 520 | 529 |
| Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
| Series 2021-B-1A, REMIC, 1.34%, 11/20/37 | 157 | 155 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 107 | 104 |
| Series 2021-D-2A, 3.23%, 09/20/38 | 91 | 89 |
| Sierra Timeshare 2023-1 Receivables Funding LLC |  |  |
| Series 2023-C-1A, 7.00%, 01/20/40 | 138 | 141 |
| Sierra Timeshare 2023-2 Receivables Funding LLC |  |  |
| Series 2023-C-2A, 7.30%, 04/20/40 | 117 | 120 |
| Series 2023-D-2A, 9.72%, 04/20/40 | 197 | 205 |
| Series 2023-D-3A, 9.44%, 09/20/40 | 363 | 375 |
| Sierra Timeshare 2024-1 Receivables Funding LLC |  |  |
| Series 2024-C-1A, 5.94%, 09/20/31 | 318 | 321 |
| Series 2024-D-1A, 8.02%, 09/20/31 | 95 | 97 |
| Sierra Timeshare 2024-2 Receivables Funding LLC |  |  |
| Series 2024-C-2A, 5.83%, 06/20/41 | 449 | 453 |
| Sierra Timeshare 2024-3 Receivables Funding LLC |  |  |
| Series 2024-C-3A, 5.32%, 08/20/41 | 661 | 661 |
| Series 2024-D-3A, 6.93%, 08/20/41 | 280 | 279 |
| Sierra Timeshare 2025-1 Receivables Funding LLC |  |  |
| Series 2025-D-1A, 6.86%, 01/21/42 | 692 | 690 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 578 | 579 |
| Series 2025-C-2A, 5.32%, 04/20/44 | 438 | 440 |
| Series 2025-D-2A, 6.79%, 04/20/44 | 521 | 527 |
| Signal Peak CLO 4, Ltd. |  |  |
| Series 2024-D1-11A, 7.43%, (3 Month Term SOFR + 3.10%), 07/18/37 (b) | 2000 | 2012 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2020-D1R-15A, 7.47%, (3 Month Term SOFR + 3.15%), 10/26/37 (b) | 500 | 504 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 759 | 714 |
| SoFi Professional Loan Program 2020-A Trust |  |  |
| Series 2020-BFX-A, REMIC, 3.12%, 05/15/46 | 403 | 349 |
| Sotheby's Artfi Master Trust |  |  |
| Series 2024-D-1A, 7.91%, 03/22/27 | 1045 | 1049 |
| Stack Infrastructure Issuer, LLC |  |  |
| Series 2023-A2-3A, 5.90%, 10/25/28 | 1101 | 1112 |
| Series 2025-A2-1A, 5.00%, 05/28/30 | 1265 | 1262 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (b) | 3901 | 3377 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-C-DPM, REMIC, 6.20%, (1 Month Term SOFR + 2.05%), 12/17/29 (b) | 375 | 376 |
| TICP CLO VII, Ltd. |  |  |
| Series 2017-DR-7A, 7.78%, (3 Month Term SOFR + 3.46%), 04/15/33 (b) | 1000 | 1001 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 1164 | 1116 |
| Towd Point Mortgage Trust 2024-CES1 |  |  |
| Series 2024-A1A-CES1, REMIC, 5.85%, 09/25/31 (b) | 1054 | 1057 |
| Series 2024-A1B-CES1, REMIC, 6.05%, 09/25/31 (b) | 125 | 126 |
| Towd Point Mortgage Trust 2024-CES2 |  |  |
| Series 2024-A1A-CES2, REMIC, 6.13%, 04/25/31 (b) (o) | 1078 | 1085 |
| Trafigura Securitisation Finance Public Limited Company |  |  |
| Series 2024-A2-1A, 5.98%, 05/15/27 (c) | 477 | 484 |
| Series 2024-B2-1A, 7.29%, 05/15/27 (c) | 996 | 1010 |
| TRESTLES CLO III LTD |  |  |
| Series 2020-D1R-3A, 7.48%, (3 Month Term SOFR + 3.15%), 10/20/37 (b) | 1000 | 1006 |
| TRTX 2025-FL6 Issuer, Ltd. |  |  |
| Series 2025-A-FL6, 5.75%, (1 Month Term SOFR + 1.54%), 09/18/42 (b) (e) | 1078 | 1082 |
| U.S. Bank National Association |  |  |
| Series 2025-C-SUP1, 6.26%, (SOFR 30-Day Average + 1.90%), 02/25/32 (b) | 578 | 576 |
| Series 2025-D-SUP1, 7.06%, (SOFR 30-Day Average + 2.70%), 02/25/32 (b) | 431 | 434 |
| Series 2023-B-1, 6.79%, 08/25/32 | 384 | 388 |
| Uniti Fiber Abs Issuer Llc |  |  |
| Series 2025-B-1A, 6.37%, 04/22/30 | 944 | 972 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.13%, 08/15/55 | 3718 | 3737 |
| Verus Securitization Trust 2021-6 |  |  |
| Series 2021-A1-6, REMIC, 1.63%, 10/25/66 (b) | 3277 | 2891 |
| Series 2021-A3-6, REMIC, 1.89%, 10/25/66 (b) | 1178 | 1041 |
| Verus Securitization Trust 2024-4 |  |  |
| Series 2024-M1-4, REMIC, 6.70%, 06/25/69 (b) | 310 | 314 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-A1-7, REMIC, 5.10%, 09/25/69 (b) | 829 | 831 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-A3-7, REMIC, 5.40%, 09/25/69 (b) (e) | 577 | 575 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-M1-3, REMIC, 6.65%, 05/25/70 (b) | 360 | 368 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-A3-4, REMIC, 5.75%, 05/25/70 (e) | 628 | 632 |
| Series 2025-M1-4, REMIC, 6.30%, 05/25/70 (b) | 305 | 309 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A3-6, 5.72%, 07/25/70 (e) | 1641 | 1650 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 734 | 740 |
| Series 2024-B-1A, 6.21%, 11/17/31 | 303 | 310 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-C-1CHI, REMIC, 6.23%, 07/15/27 (b) | 579 | 587 |
| Series 2024-D-1CHI, REMIC, 6.71%, 07/15/27 (b) | 454 | 460 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Series 2017-C-C39, REMIC, 4.12%, 08/17/27 | 601 | 551 |
| Westlake Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-D-1A, 5.54%, 01/18/28 | 966 | 986 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2A, 4.85%, 01/15/31 | 1054 | 1060 |
| Series 2025-D-2A, 5.08%, 05/15/31 | 1535 | 1547 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-B-A, 6.07%, 06/16/31 (e) | 531 | 535 |
| Wireless Propco Funding LLC |  |  |
| Series 2025-B-1A, 4.30%, 06/25/30 | 285 | 273 |
| Series 2025-C-1A, 8.51%, 06/25/30 | 1000 | 1021 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $230,924) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $230,924) | 231353 |
| **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 423 | 10783 |
| Total Investment Companies (cost $10,445) | Total Investment Companies (cost $10,445) | 10783 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 02/16/28 (b) | 2431 | 2427 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.00%), 11/15/27 (b) | 933 | 929 |
| Total Senior Floating Rate Instruments (cost $3,343) | Total Senior Floating Rate Instruments (cost $3,343) | 3356 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Edcon Holdings Ltd. (f) (p) | 14399 |  |
| Edcon Holdings Ltd. (f) (p) | 124902 |  |
| Total Common Stocks (cost $106) | Total Common Stocks (cost $106) |  |
| **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 4.04% (q) (r) | 15161 | 15161 |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 4.14% (q) (r) | 10727 | 10727 |
| Total Short Term Investments (cost $25,888) | Total Short Term Investments (cost $25,888) | 25888 |
| **Total Investments 114.0% (cost $1,202,121)** | **Total Investments 114.0% (cost $1,202,121)** | **1216199** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **818** |
| **Other Assets and Liabilities, Net (14.1)%** | **Other Assets and Liabilities, Net (14.1)%** | **(149803)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1067214** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $140,790.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 September 30, 2025, the value and the percentage of net assets of these securities was $160,573 and 15.0% of the Fund.

(d) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

(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) Treasury inflation indexed note, par amount is adjusted for inflation.

(h) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) Convertible security.

(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) Non-income producing security.

(l) As of September 30, 2025, 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.

(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 September 30, 2025.

(n) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(o) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(p) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 10405 | 348947 | 344191 | 568 |  |  | 15161 | 1.4 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.14% - Class SL | 6851 | 74327 | 70451 | 314 |  |  | 10727 | 1.0 |
|  | 17256 | 423274 | 414642 | 882 |  |  | 25888 | 2.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| A2a S.P.A., 5.00% (callable at 100, 06/11/29) | 08/05/24 | 459 | 496 | 0.1 |
| AA Bond Co Limited, 6.50%, 01/31/26 | 10/10/24 | 45 | 46 |  |
| AA Bond Co Limited, 8.45%, 01/31/28 | 12/05/23 | 526 | 584 | 0.1 |
| Abertis Infraestructuras Finance B.V., 4.75% (callable at 100, 11/23/30) | 07/23/25 | 120 | 120 |  |
| Abertis Infraestructuras Finance B.V., 4.87% (callable at 100, 11/28/29) | 05/21/25 | 588 | 605 | 0.1 |
| Accor, 4.88% (callable at 100, 06/06/30) | 05/29/25 | 584 | 602 | 0.1 |
| Ahlstrom Holding 3 Oy, 3.63%, 02/04/28 | 09/24/24 | 446 | 466 | 0.1 |
| Air France - KLM, 4.63%, 05/23/29 | 09/24/24 | 349 | 365 |  |
| Albion Financing 1 S.a r.l., 5.38%, 05/21/30 | 07/23/25 | 334 | 335 |  |
| Alexandrite Monnet UK HoldCo PLC, 10.50%, 05/15/29 | 07/09/24 | 221 | 256 |  |
| Allianz SE, 3.20% (callable at 100, 10/30/27) | 04/27/22 | 1818 | 2067 | 0.2 |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 01/05/24 | 334 | 360 |  |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A., 5.00%, 10/30/30 | 09/12/25 | 280 | 280 |  |
| alstria office AG, 5.50%, 03/20/31 | 06/11/25 | 237 | 243 |  |
| Altice France, 4.13%, 01/15/29 | 11/10/21 | 1028 | 1004 | 0.1 |
| Amber FinCo PLC, 6.63%, 07/15/29 | 09/24/24 | 226 | 240 |  |
| APA Infrastructure Limited, 7.13%, 11/09/83 | 01/16/24 | 339 | 388 |  |
| Aramark International Finance S.a r.l., 4.38%, 04/15/33 | 05/21/25 | 399 | 413 |  |
| Arena Luxembourg Finance S.a r.l., 1.88%, 02/01/28 | 09/24/24 | 411 | 421 | 0.1 |
| Arqiva Broadcast Finance PLC, 8.63%, 07/01/30 | 08/14/25 | 332 | 332 |  |
| Assemblin Caverion Group AB, 6.25%, 07/01/30 | 09/05/24 | 539 | 558 | 0.1 |
| Atos SE, 9.00%, 12/18/29 | 05/21/25 | 501 | 575 | 0.1 |
| Atos SE, 5.00%, 12/18/30 | 05/21/25 | 138 | 160 |  |
| AusNet Services Holdings Pty Ltd, 1.63%, 03/11/81 | 12/11/23 | 537 | 627 | 0.1 |
| B&M European Value Retail S.A., 4.00%, 11/15/28 | 07/02/24 | 598 | 646 | 0.1 |
| B&M European Value Retail S.A., 8.13%, 11/15/30 | 09/24/24 | 305 | 305 |  |
| B&M European Value Retail S.A., 6.50%, 11/27/31 | 02/12/25 | 236 | 259 |  |
| Banco de Sabadell, S.A., 6.00%, 08/16/33 | 09/12/25 | 251 | 252 |  |
| Banco do Brasil S.A., 8.75% (callable at 100, 10/15/25) | 06/08/21 | 550 | 550 | 0.1 |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 12/05/23 | 830 | 964 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 12/09/21 | 422 | 405 |  |
| BCP V Modular Services Finance PLC, 6.75%, 11/30/29 | 03/14/24 | 100 | 88 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 09/12/25 | 331 | 331 |  |
| Belden Inc., 3.88%, 03/15/28 | 09/11/24 | 217 | 234 |  |
| Bellis Acquisition Company PLC, 8.13%, 05/14/30 | 06/24/24 | 252 | 257 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 08/27/25 | 332 | 332 |  |
| BK LC Lux Finco 1 S.a r.l., 5.25%, 04/30/29 | 12/05/23 | 611 | 657 | 0.1 |
| Boots Group Finco LP, 5.38%, 08/31/32 | 09/12/25 | 333 | 331 |  |
| BP Capital Markets P.L.C., 3.25% (callable at 100, 03/22/26) | 01/10/24 | 741 | 822 | 0.1 |
| BP Capital Markets P.L.C., 4.38% (callable at 100, 08/19/31) | 04/30/25 | 111 | 120 |  |
| British Telecommunications Public Limited Company, 8.38%, 12/20/83 | 09/08/23 | 1498 | 1614 | 0.2 |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 12/05/24 | 428 | 480 | 0.1 |
| CAB, 3.38%, 02/01/28 | 07/22/25 | 434 | 422 | 0.1 |
| Castellum Aktiebolag, 3.13% (callable at 100, 12/02/26) | 04/30/24 | 282 | 348 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 04/14/25 | 239 | 254 |  |
| Ceconomy AG, 6.25%, 07/15/29 | 09/24/24 | 571 | 619 | 0.1 |
| Centrient Holding B.V., 6.75%, 05/30/30 | 07/23/25 | 333 | 315 |  |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 | 07/19/22 | 96 | 116 |  |
| Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30 | 09/19/23 | 496 | 514 | 0.1 |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 12/05/23 | 443 | 490 | 0.1 |
| Cirsa Finance International S.a r.l., 6.50%, 03/15/29 | 09/24/24 | 225 | 238 |  |
| CMA CGM, 5.00%, 01/15/31 | 09/12/25 | 380 | 376 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.90%, 08/12/37 | 05/10/22 | 1235 | 1453 | 0.1 |
| Constellium SE, 5.38%, 08/15/32 | 09/24/24 | 419 | 429 | 0.1 |
| Co-operative Group Limited, 7.50%, 07/08/26 | 10/05/23 | 121 | 135 |  |
| Country Garden Holdings Company Limited, 0.00%, 08/06/30 | 02/22/21 | 382 | 39 |  |
| CPI Property Group, 7.50% (callable at 100, 03/24/31) | 06/25/25 | 231 | 231 |  |
| CPI Property Group, 4.00%, 01/22/28 | 10/21/24 | 121 | 128 |  |
| CPI Property Group, 1.75%, 01/14/30 | 05/02/24 | 175 | 199 |  |
| CPI Property Group, 6.00%, 01/27/32 | 05/15/25 | 979 | 1009 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| CPUK Mortgage Finance Limited, 4.50%, 08/28/27 | 05/13/25 | 339 | 342 |  |
| CPUK Mortgage Finance Limited, 6.50%, 08/28/50 | 04/12/23 | 155 | 174 |  |
| CTEC II GmbH, 5.25%, 02/15/30 | 03/13/24 | 397 | 418 | 0.1 |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 07/23/25 | 454 | 452 | 0.1 |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 12/05/23 | 256 | 282 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 08/11/25 | 564 | 563 | 0.1 |
| Deuce Finco PLC, 5.50%, 06/15/27 | 01/26/24 | 370 | 403 |  |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 04/14/25 | 332 | 363 |  |
| Dufry One B.V., 4.50%, 05/23/32 | 07/15/25 | 562 | 571 | 0.1 |
| Edcon Holdings Ltd. | 02/27/17 | 11 |  |  |
| Edcon Holdings Ltd. | 02/28/17 | 95 |  |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 12/05/24 | 339 | 373 |  |
| EDP, S.A., 4.75%, 05/29/54 | 05/13/25 | 585 | 606 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 04/01/25 | 700 | 723 | 0.1 |
| EDP, S.A., 5.94%, 04/23/83 | 08/05/24 | 225 | 249 |  |
| Electricite de France, 2.63% (callable at 100, 12/01/27) | 01/24/23 | 1168 | 1370 | 0.1 |
| Electricite de France, 3.38% (callable at 100, 06/15/30) | 09/24/24 | 410 | 450 | 0.1 |
| Electricite de France, 7.50% (callable at 100, 09/06/28) | 12/11/23 | 1457 | 1546 | 0.2 |
| Elia Group, 5.85% (callable at 100, 03/15/28) | 12/11/23 | 326 | 370 |  |
| Elior Group, 5.63%, 03/15/30 | 05/13/25 | 335 | 354 |  |
| EMRLD Borrower LP, 6.38%, 12/15/30 | 05/21/25 | 236 | 245 |  |
| ENEL - SPA, 4.50% (callable at 100, 10/14/32) | 08/14/25 | 463 | 465 | 0.1 |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 01/04/24 | 507 | 567 | 0.1 |
| Energizer Gamma Acquisition B.V., 3.50%, 06/30/29 | 10/31/23 | 329 | 403 |  |
| Engineering S.R.L., 11.13%, 05/15/28 | 03/17/25 | 228 | 250 |  |
| Ephios Subco 3 S.a r.l., 7.88%, 01/31/31 | 06/24/24 | 626 | 656 | 0.1 |
| Eroski Sociedad Cooperativa, 10.63%, 04/30/29 | 01/26/24 | 556 | 599 | 0.1 |
| Essendi S.A., 5.50%, 11/15/31 | 08/13/25 | 481 | 483 | 0.1 |
| Eurofins Scientific SE, 6.75% (callable at 100, 04/24/28) | 04/16/24 | 791 | 840 | 0.1 |
| Eutelsat S.A., 2.25%, 07/13/27 | 03/04/25 | 531 | 579 | 0.1 |
| Fedrigoni S.P.A., 6.13%, 06/15/31 | 07/09/24 | 324 | 350 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 03/17/25 | 139 | 137 |  |
| Flora Food Management B.V., 6.88%, 07/02/29 | 11/01/24 | 405 | 432 | 0.1 |
| Flutter Treasury Designated Activity Company, 5.00%, 04/29/29 | 09/24/24 | 194 | 206 |  |
| Flutter Treasury Designated Activity Company, 6.13%, 06/04/31 | 09/12/25 | 274 | 270 |  |
| FNAC Darty, 6.00%, 04/01/29 | 05/17/24 | 224 | 245 |  |
| Food Service Project SL, 5.50%, 01/21/27 | 09/26/24 | 123 | 129 |  |
| Forvia, 5.63%, 06/15/30 | 05/21/25 | 301 | 321 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 05/15/25 | 637 | 647 | 0.1 |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 09/12/25 | 333 | 333 |  |
| Glencore Finance (Canada) Limited, 6.00%, 11/15/41 | 04/27/22 | 1485 | 1448 | 0.1 |
| Globalworth Real Estate Investments Limited, 6.25%, 03/31/29 | 05/29/25 | 381 | 391 |  |
| Gobierno de la Republica de Costa Rica, 7.16%, 03/12/45 | 08/08/24 | 254 | 259 |  |
| Goldstory, 6.75%, 02/01/30 | 05/13/24 | 154 | 170 |  |
| Grifols Escrow Issuer S.A., 3.88%, 10/15/28 | 04/25/24 | 184 | 229 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 10/17/24 | 1149 | 1212 | 0.1 |
| Grunenthal GmbH, 4.63%, 11/15/31 | 02/17/25 | 892 | 935 | 0.1 |
| Guala Closures S.p.A., 3.25%, 06/15/28 | 11/04/24 | 240 | 265 |  |
| Heimstaden AB, 8.38%, 01/29/30 | 03/17/25 | 768 | 816 | 0.1 |
| Heimstaden Bostad AB, 2.63% (callable at 100, 02/01/27) | 10/29/24 | 96 | 113 |  |
| Heimstaden Bostad AB, 3.00% (callable at 100, 10/29/27) | 06/04/24 | 236 | 282 |  |
| Heimstaden Bostad AB, 6.25% (callable at 100, 12/04/29) | 05/20/25 | 451 | 481 | 0.1 |
| Heimstaden Bostad AB, 1.63%, 10/13/31 | 09/08/23 | 296 | 369 |  |
| HM Treasury, 4.38%, 07/31/54 | 09/16/25 | 3681 | 3604 | 0.3 |
| Holding D'infrastructures Des Metiers De L'environnement, 4.88%, 10/24/29 | 12/09/24 | 789 | 831 | 0.1 |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 10/31/24 | 467 | 509 | 0.1 |
| Iliad Holding, 5.63%, 10/15/28 | 08/16/22 | 1292 | 1389 | 0.1 |
| Intesa Sanpaolo S.p.A, 6.38% (callable at 100, 03/30/28) | 09/12/25 | 329 | 327 |  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 | 12/05/23 | 473 | 503 | 0.1 |
| Jerrold Finco PLC, 7.50%, 06/15/31 | 08/14/25 | 382 | 376 |  |
| Kapla Holding, 5.51%, 07/31/30 | 04/17/24 | 107 | 118 |  |
| Kapla Holding, 5.00%, 04/30/31 | 09/12/25 | 137 | 136 |  |
| Kier Group PLC, 9.00%, 02/15/29 | 12/09/24 | 285 | 304 |  |
| Koninklijke KPN N.V., 6.00% (callable at 100, 09/21/27) | 05/21/25 | 202 | 211 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 02/22/24 | 475 | 494 | 0.1 |
| Lorca Telecom Bondco S.A., 4.00%, 09/18/27 | 05/06/22 | 1343 | 1538 | 0.2 |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 09/24/24 | 206 | 219 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 06/06/23 | 180 | 72 |  |
| Maison Finco PLC, 6.00%, 10/31/27 | 12/09/21 | 392 | 405 |  |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 09/12/25 | 377 | 377 |  |
| Miller Homes Group (Finco) PLC, 7.00%, 05/15/29 | 01/16/24 | 242 | 270 |  |
| Motel One GmbH, 7.75%, 04/02/31 | 07/09/24 | 223 | 253 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 05/21/25 | 391 | 404 |  |
| Neopharmed Gentili S.p.A., 7.13%, 04/08/30 | 06/20/24 | 328 | 367 |  |
| New Immo Holding, 6.00%, 03/22/29 | 05/29/25 | 329 | 366 |  |
| Nexans, 4.25%, 03/11/30 | 01/15/25 | 690 | 727 | 0.1 |
| Next Group PLC, 3.63%, 05/18/28 | 09/25/18 | 395 | 394 |  |
| Nidda Healthcare Holding GmbH, 5.63%, 02/21/30 | 02/05/25 | 593 | 626 | 0.1 |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 09/12/25 | 474 | 472 | 0.1 |
| Odido Group Holding B.V., 5.50%, 01/15/30 | 03/30/23 | 116 | 142 |  |
| Olympus Water US Holding Corporation, 3.88%, 10/01/28 | 11/01/24 | 278 | 306 |  |
| Olympus Water US Holding Corporation, 9.63%, 11/15/28 | 09/11/23 | 445 | 492 | 0.1 |
| Ontex Group, 5.25%, 04/15/30 | 05/21/25 | 272 | 282 |  |
| Optics BidCo S.p.A., 6.88%, 02/15/28 | 05/22/24 | 744 | 777 | 0.1 |
| Orsted A/S, 5.13% (callable at 100, 09/14/29) | 05/17/24 | 784 | 831 | 0.1 |
| Orsted A/S, 5.25%, 12/08/22 | 04/22/24 | 330 | 361 |  |
| Pachelbel BidCo S.p.A., 7.13%, 05/17/31 | 05/13/25 | 479 | 501 | 0.1 |
| PCF GmbH, 4.75%, 04/15/29 | 03/17/25 | 193 | 180 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 05/05/21 | 293 | 291 |  |
| Petroleos Mexicanos, 4.75%, 02/26/29 | 10/16/24 | 359 | 395 |  |
| PLT VII Finance S.a r.l., 6.00%, 06/15/31 | 09/16/24 | 227 | 244 |  |
| Primo Water Holdings Inc., 3.88%, 10/31/28 | 02/14/25 | 354 | 399 |  |
| Progroup AG, 5.38%, 04/15/31 | 05/17/24 | 663 | 723 | 0.1 |
| Proximus, 4.75% (callable at 100, 07/02/31) | 05/13/25 | 690 | 711 | 0.1 |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 07/24/25 | 471 | 476 | 0.1 |
| Punch Finance PLC, 7.88%, 12/30/30 | 07/23/25 | 466 | 458 | 0.1 |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 07/16/25 | 484 | 487 | 0.1 |
| RAC Bond Co PLC, 5.25%, 11/04/27 | 05/17/23 | 113 | 133 |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 03/20/25 | 205 | 230 |  |
| Roquette Freres, 5.49% (callable at 100, 11/25/29) | 03/20/25 | 339 | 359 |  |
| Rossini S.a r.l., 5.86%, 12/31/29 | 11/01/24 | 228 | 249 |  |
| Schaeffler AG, 4.75%, 08/14/29 | 04/14/25 | 112 | 120 |  |
| Schaeffler AG, 4.50%, 03/28/30 | 05/23/24 | 1117 | 1190 | 0.1 |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 09/12/25 | 330 | 330 |  |
| Snf Group, 4.50%, 03/15/32 | 05/21/25 | 272 | 282 |  |
| SoftBank Group Corp., 5.25%, 10/10/29 | 09/12/25 | 285 | 284 |  |
| SoftBank Group Corp., 5.88%, 07/10/31 | 09/11/25 | 380 | 382 |  |
| SSE PLC, 4.00% (callable at 100, 01/21/28) | 12/11/23 | 415 | 475 | 0.1 |
| Stedin Holding N.V., 1.50% (callable at 100, 12/31/26) | 12/11/23 | 196 | 228 |  |
| Sudzucker International Finance B.V., 5.95% (callable at 100, 05/28/30) | 07/23/25 | 465 | 459 | 0.1 |
| Synthomer PLC, 7.38%, 05/02/29 | 06/25/24 | 216 | 216 |  |
| TAP–Transportes Aereos Portugueses, SGPS, S.A., 5.13%, 11/15/29 | 03/04/25 | 689 | 726 | 0.1 |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 09/12/25 | 237 | 238 |  |
| Techem Verwaltungsgesellschaft 675 mbH, 5.38%, 07/15/29 | 07/17/25 | 825 | 832 | 0.1 |
| Telecom Italia S.p.A., 2.38%, 10/12/27 | 09/15/22 | 234 | 294 |  |
| Telecom Italia S.p.A., 7.88%, 07/31/28 | 12/05/23 | 393 | 443 | 0.1 |
| Telefonica Europe B.V., 2.88% (callable at 100, 06/24/27) | 05/04/23 | 646 | 694 | 0.1 |
| Telefonica Europe B.V., 5.75% (callable at 100, 01/15/32) | 05/15/25 | 231 | 248 |  |
| Telefonica Europe B.V., 6.14% (callable at 100, 02/03/30) | 05/21/25 | 474 | 507 | 0.1 |
| Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31) | 04/18/24 | 340 | 393 |  |
| Telefonica Europe B.V., 7.13% (callable at 100, 08/23/28) | 01/27/23 | 224 | 257 |  |
| Tereos Finance Groupe I, 5.75%, 04/30/31 | 02/25/25 | 143 | 155 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.88%, 03/31/27 | 02/17/21 | 184 | 179 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.63%, 10/15/28 | 11/10/21 | 262 | 279 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.38%, 05/09/30 | 12/05/23 | 1157 | 1304 | 0.1 |
| TMNL Holding B.V, 3.75%, 01/15/29 | 05/06/22 | 474 | 558 | 0.1 |
| TotalEnergies SE, 4.50% (callable at 100, 08/19/34) | 04/30/25 | 335 | 356 |  |
| Trivium Packaging Finance B.V., 6.63%, 07/15/30 | 07/23/25 | 251 | 253 |  |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 05/21/25 | 291 | 301 |  |
| TVL Finance PLC, 10.25%, 04/28/28 | 06/29/23 | 179 | 189 |  |
| UGI International, LLC, 2.50%, 12/01/29 | 05/08/24 | 158 | 177 |  |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A., 5.38%, 04/16/34 | 09/12/25 | 562 | 560 | 0.1 |
| United Group B.V., 4.63%, 08/15/28 | 07/04/23 | 174 | 210 |  |
| UPCB Finance VII Limited, 3.63%, 06/15/29 | 10/31/24 | 434 | 474 | 0.1 |
| Valeo, 5.88%, 04/12/29 | 02/21/24 | 225 | 252 |  |
| Valeo, 4.50%, 04/11/30 | 05/21/25 | 691 | 716 | 0.1 |
| Valeo, 5.13%, 05/20/31 | 09/04/25 | 237 | 241 |  |
| Vattenfall AB, 6.88%, 08/17/83 | 12/11/23 | 378 | 413 |  |
| Veolia Environnement, 2.50% (callable at 100, 01/20/29) | 07/09/24 | 863 | 899 | 0.1 |
| Veolia Environnement, 4.37% (callable at 100, 05/20/30) | 08/13/25 | 241 | 239 |  |
| Veolia Environnement, 5.99% (callable at 100, 11/22/28) | 01/10/24 | 568 | 627 | 0.1 |
| Verisure Holding AB, 3.25%, 02/15/27 | 11/10/21 | 535 | 580 | 0.1 |
| Verisure Midholding AB, 5.25%, 02/15/29 | 12/05/23 | 812 | 909 | 0.1 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 05/06/22 | 961 | 1085 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/29/21 | 922 | 923 | 0.1 |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 05/06/22 | 778 | 859 | 0.1 |
| Vodafone Group Public Limited Company, 4.20%, 10/03/78 | 07/25/25 | 321 | 320 |  |
| Vodafone Group Public Limited Company, 4.88%, 10/03/78 | 09/01/23 | 362 | 403 |  |
| Vodafone Group Public Limited Company, 3.00%, 08/27/80 | 05/21/25 | 297 | 314 |  |
| Vodafone Group Public Limited Company, 6.50%, 08/30/84 | 12/11/23 | 569 | 641 | 0.1 |
| Volkswagen International Finance N.V., 3.75% (callable at 100, 12/28/27) | 12/11/23 | 504 | 585 | 0.1 |
| Waga Bondco Limited, 8.50%, 06/15/30 | 03/14/25 | 324 | 314 |  |
| Wintershall Dea GmbH, 3.00% (callable at 100, 07/20/28) | 10/11/23 | 275 | 339 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 12/09/24 | 255 | 286 |  |
| ZF Friedrichshafen AG, 6.13%, 03/13/29 | 05/21/25 | 338 | 359 |  |
| ZF Friedrichshafen AG, 3.00%, 10/23/29 | 12/05/23 | 822 | 854 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/24/25 | 123 | 122 |  |
| Ziggo B.V., 2.88%, 01/15/30 | 05/19/25 | 141 | 150 |  |
| Ziggo Bond Company B.V., 6.13%, 11/15/32 | 01/30/25 | 141 | 152 |  |
|  |  | 97150 | 102735 | 9.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 7 | December 2025 | EUR | 826 |  | (1) |
| Euro Bund | 40 | December 2025 | EUR | 5149 | (1) | (7) |
| Euro Buxl 30 Year Bond | 38 | December 2025 | EUR | 4380 | (10) | (36) |
| Euro Schatz | 61 | December 2025 | EUR | 6533 |  | (8) |
| Italy Government BTP Bond | 1 | December 2025 | EUR | 119 |  | 1 |
| United States 10 Year Ultra Bond | 115 | December 2025 |  | 13277 | (7) | (42) |
| United States 2 Year Note | 426 | January 2026 |  | 88848 | 49 | (71) |
| United States 5 Year Note | 238 | January 2026 |  | 26026 | 15 | (38) |
|  |  |  |  |  | 46 | (202) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro OAT | (2) | December 2025 | EUR | (241) |  | (2) |
| Long Gilt | (1) | December 2025 | GBP | (90) |  | (1) |
| United States 10 Year Note | (80) | December 2025 |  | (9043) |  | 43 |
| United States Long Bond | (243) | December 2025 |  | (28239) | 61 | (93) |
| United States Ultra Bond | (44) | December 2025 |  | (5263) | 17 | (20) |
|  |  |  |  |  | 78 | (73) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Paying | 13.45<br> (A) | 01/02/31 | BRL | 57168 | 9 | 36 |
| U.S. CPURNSA (A) | Receiving | 2.47<br> (A) | 12/02/29 |  | 1535 |  | 17 |
| U.S. CPURNSA (A) | Paying | 2.58<br> (A) | 12/02/26 |  | 3700 | 1 | (33) |
|  |  |  |  |  |  | 10 | 20 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.43.V2 (Q) | N/A | 5.00 | 06/20/30 | 2210 | (280) | (1) | (35) |
| **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.44 (Q) | 3.00 | 5.00 | 06/20/30 | (2650) | 212 | 1 | 16 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | CIT | 10/02/25 | BRL | 2162 | 406 | (2) |
| BRL/USD | GSC | 10/02/25 | BRL | 6078 | 1142 | 74 |
| BRL/USD | SSB | 10/02/25 | BRL | 1163 | 219 | 5 |
| BRL/USD | JPM | 12/17/25 | BRL | 5110 | 943 | (2) |
| CAD/USD | CIT | 10/15/25 | CAD | 510 | 367 | (9) |
| CLP/USD | CIT | 12/17/25 | CLP | 1008085 | 1048 | 8 |
| CLP/USD | GSC | 12/17/25 | CLP | 51202 | 53 |  |
| CNY/USD | CIT | 10/09/25 | CNY | 4935 | 694 | (1) |
| CNY/USD | CIT | 10/09/25 | CNY | 2928 | 411 | 2 |
| COP/USD | CIT | 11/07/25 | COP | 2608832 | 662 | 1 |
| CZK/EUR | SCB | 12/11/25 | EUR | (2) | (3) |  |
| EUR/CZK | CIT | 12/11/25 | CZK | (20177) | (975) |  |
| EUR/HUF | CIT | 12/17/25 | HUF | (431260) | (1292) | (28) |
| EUR/HUF | GSC | 12/17/25 | HUF | (452605) | (1356) | (10) |
| EUR/PLN | CIT | 10/01/25 | PLN | (833) | (229) | (1) |
| EUR/PLN | CIT | 10/01/25 | PLN | (440) | (121) |  |
| EUR/PLN | GSC | 10/01/25 | PLN | (303) | (83) | (1) |
| EUR/PLN | GSC | 10/01/25 | PLN | (3720) | (1024) | 3 |
| EUR/PLN | JPM | 10/01/25 | PLN | (2531) | (696) | (5) |
| EUR/RON | JPM | 10/06/25 | RON | (4663) | (1076) |  |
| EUR/USD | CIT | 10/03/25 | EUR | 548 | 644 | (3) |
| EUR/USD | JPM | 10/03/25 | EUR | 261 | 306 | 2 |
| EUR/USD | GSC | 10/15/25 | EUR | 6764 | 7948 | (7) |
| EUR/USD | GSC | 10/15/25 | EUR | 11390 | 13384 | 116 |
| EUR/USD | CIT | 11/05/25 | EUR | 74 | 87 |  |
| GBP/EUR | CIT | 10/15/25 | EUR | (895) | (1052) |  |
| GBP/USD | GSC | 10/15/25 | GBP | 790 | 1063 |  |
| HUF/EUR | CIT | 12/17/25 | EUR | (142) | (168) | 5 |
| HUF/EUR | GSC | 12/17/25 | EUR | (611) | (720) | (1) |
| HUF/EUR | GSC | 12/17/25 | EUR | (2023) | (2386) | 44 |
| HUF/EUR | SSB | 12/17/25 | EUR | (487) | (575) | 5 |
| IDR/USD | GSC | 12/17/25 | IDR | 1202389 | 72 |  |
| JPY/USD | SSB | 10/15/25 | JPY | 427006 | 2892 | (55) |
| KRW/USD | JPM | 12/17/25 | KRW | 1271628 | 910 | (11) |
| KZT/USD | GSC | 11/13/25 | KZT | 108298 | 195 | (5) |
| KZT/USD | SCB | 11/13/25 | KZT | 108298 | 195 | (5) |
| KZT/USD | SCB | 11/13/25 | KZT | 38245 | 69 |  |
| KZT/USD | JPM | 12/17/25 | KZT | 348695 | 620 | (9) |
| MXN/USD | CIT | 12/17/25 | MXN | 677 | 37 | 1 |
| MXN/USD | GSC | 12/17/25 | MXN | 13356 | 723 | 18 |
| MXN/USD | JPM | 12/17/25 | MXN | 8640 | 468 | (2) |
| MXN/USD | SSB | 12/17/25 | MXN | 12208 | 661 | 11 |
| MYR/USD | GSC | 12/17/25 | MYR | 2887 | 688 | (1) |
| PEN/USD | GSC | 12/17/25 | PEN | 435 | 125 | 1 |
| PEN/USD | SCB | 12/17/25 | PEN | 277 | 80 | 1 |
| PHP/USD | JPM | 12/17/25 | PHP | 37175 | 637 | (16) |
| PLN/EUR | GSC | 10/01/25 | EUR | (1236) | (1451) | 4 |
| PLN/EUR | JPM | 10/01/25 | EUR | (594) | (698) | 1 |
| PLN/EUR | CIT | 11/06/25 | EUR | (103) | (121) |  |
| RON/EUR | CIT | 10/06/25 | EUR | (148) | (175) |  |
| RON/EUR | GSC | 10/06/25 | EUR | (763) | (896) | 6 |
| RON/EUR | JPM | 12/17/25 | EUR | (910) | (1073) | (1) |
| TRY/USD | CIT | 05/22/26 | TRY | 64223 | 1285 | 95 |
| TWD/USD | GSC | 10/22/25 | TWD | 21589 | 709 | (9) |
| USD/AUD | SSB | 10/15/25 | AUD | (53) | (35) |  |
| USD/BRL | CIT | 10/02/25 | BRL | (3063) | (576) | (16) |
| USD/BRL | GSC | 10/02/25 | BRL | (1230) | (231) |  |
| USD/BRL | JPM | 10/02/25 | BRL | (5110) | (960) | 2 |
| USD/CLP | CIT | 12/17/25 | CLP | (374551) | (390) | 4 |
| USD/CNY | JPM | 10/09/25 | CNY | (7864) | (1105) | 1 |
| USD/COP | JPM | 11/07/25 | COP | (369459) | (94) | (1) |
| USD/EUR | CIT | 10/03/25 | EUR | (810) | (949) | 1 |
| USD/EUR | CIT | 10/15/25 | EUR | (7633) | (8969) | (42) |
| USD/EUR | CIT | 10/15/25 | EUR | (4383) | (5150) | 10 |
| USD/EUR | GSC | 10/15/25 | EUR | (18112) | (21282) | 68 |
| USD/EUR | SCB | 10/15/25 | EUR | (7000) | (8225) | 72 |
| USD/EUR | SSB | 10/15/25 | EUR | (18314) | (21520) | (38) |
| USD/EUR | SSB | 10/15/25 | EUR | (40735) | (47866) | 240 |
| USD/EUR | CIT | 11/05/25 | EUR | (928) | (1092) | (5) |
| USD/EUR | CIT | 11/05/25 | EUR | (548) | (645) | 3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/GBP | BCL | 10/15/25 | GBP | (7800) | (10491) | 155 |
| USD/GBP | CIT | 10/15/25 | GBP | (487) | (655) | (1) |
| USD/GBP | CIT | 10/15/25 | GBP | (790) | (1063) | 4 |
| USD/GBP | JPM | 10/15/25 | GBP | (150) | (202) | 2 |
| USD/GBP | SSB | 10/15/25 | GBP | (5512) | (7414) | 77 |
| USD/HUF | GSC | 10/15/25 | HUF | (733243) | (2205) | (62) |
| USD/KRW | JPM | 12/17/25 | KRW | (945625) | (677) | 9 |
| USD/KRW | SSB | 12/17/25 | KRW | (327423) | (234) | 3 |
| USD/KZT | CIT | 11/13/25 | KZT | (115425) | (207) |  |
| USD/KZT | JPM | 11/13/25 | KZT | (115425) | (207) | 1 |
| USD/MXN | GSC | 10/15/25 | MXN | (39622) | (2160) | (55) |
| USD/MXN | CIT | 12/17/25 | MXN | (555) | (30) | (1) |
| USD/MXN | JPM | 12/17/25 | MXN | (8965) | (486) | (3) |
| USD/MXN | SSB | 12/17/25 | MXN | (12611) | (683) | (11) |
| USD/MYR | GSC | 12/17/25 | MYR | (2887) | (688) | 3 |
| USD/PEN | GSC | 12/17/25 | PEN | (174) | (50) | (1) |
| USD/ZAR | GSC | 10/15/25 | ZAR | (36387) | (2105) | (70) |
| ZAR/USD | GSC | 12/19/25 | ZAR | 20166 | 1161 | (1) |
|  |  |  |  |  | (123912) | 567 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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** |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR -0.10% (Q) | GSC | 12/11/25 | 11025 |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR -0.25% (A) | GSC | 10/20/25 | 8745 |  | 40 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | SOFR -0.30% (A) | JPM | 11/21/25 | 7110 |  | 77 |
|  |  |  |  |  |  | 117 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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;Government And Agency Obligations |  | 565199 |  | 565199 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 379620 |  | 379620 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 231353 |  | 231353 |
| &nbsp;&nbsp;Investment Companies | 10783 |  |  | 10783 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 3356 |  | 3356 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 25888 |  |  | 25888 |
|  | 36671 | 1179528 |  | 1216199 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 44 |  |  | 44 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 53 |  | 53 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 16 |  | 16 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1058 |  | 1058 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 117 |  | 117 |
|  | 44 | 1244 |  | 1288 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (319) |  |  | (319) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (33) |  | (33) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (35) |  | (35) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (491) |  | (491) |
|  | (319) | (559) |  | (878) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **Financials 28.9%** | **Financials 28.9%** | **Financials 28.9%** |
| American International Group, Inc. | 406 | 31908 |
| AON Public Limited Company - Class A | 228 | 81258 |
| Assurant, Inc. | 494 | 107038 |
| Bank of America Corporation | 1701 | 87764 |
| Berkshire Hathaway Inc. - Class B (a) | 279 | 140278 |
| Capital One Financial Corporation | 316 | 67068 |
| Charles Schwab Corporation, The | 187 | 17847 |
| Citigroup Inc. | 687 | 69771 |
| Columbia Banking System, Inc. | 906 | 23317 |
| Comerica Incorporated | 657 | 45031 |
| First Horizon Corporation | 2298 | 51956 |
| Goldman Sachs Group, Inc., The | 61 | 48205 |
| Intercontinental Exchange, Inc. | 189 | 31794 |
| JPMorgan Chase & Co. | 449 | 141537 |
| Morgan Stanley | 180 | 28609 |
| Old Republic International Corporation | 98 | 4142 |
| Voya Financial, Inc. | 596 | 44571 |
|  |  | 1022094 |
| **Health Care 14.2%** | **Health Care 14.2%** | **Health Care 14.2%** |
| Alcon AG (b) | 382 | 28472 |
| Danaher Corporation | 167 | 33023 |
| Gilead Sciences, Inc. | 160 | 17739 |
| Humana Inc. | 140 | 36418 |
| Johnson & Johnson | 760 | 140970 |
| Labcorp Holdings Inc. | 152 | 43741 |
| Medtronic, Inc. | 1052 | 100212 |
| Thermo Fisher Scientific Inc. | 75 | 36238 |
| UnitedHealth Group Incorporated | 187 | 64551 |
|  |  | 501364 |
| **Industrials 13.7%** | **Industrials 13.7%** | **Industrials 13.7%** |
| Carlisle Companies Incorporated | 118 | 38815 |
| Caterpillar Inc. | 89 | 42474 |
| CSX Corporation | 1924 | 68320 |
| Cummins Inc. | 42 | 17945 |
| Delta Air Lines, Inc. | 659 | 37381 |
| Emerson Electric Co. | 123 | 16137 |
| FedEx Corporation | 73 | 17253 |
| Ferguson Enterprises Inc. | 78 | 17523 |
| Fortune Brands Innovations, Inc. | 301 | 16063 |
| Honeywell International Inc. | 110 | 23102 |
| Howmet Aerospace Inc. | 97 | 19102 |
| Hubbell Incorporated | 120 | 51639 |
| L3Harris Technologies, Inc. | 387 | 118208 |
|  |  | 483962 |
| **Energy 9.3%** | **Energy 9.3%** | **Energy 9.3%** |
| Chevron Corporation | 389 | 60450 |
| Diamondback Energy, Inc. | 208 | 29835 |
| EQT Corporation | 670 | 36486 |
| Exxon Mobil Corporation | 672 | 75794 |
| Marathon Petroleum Corporation | 285 | 55023 |
| Permian Resources Corporation - Class A | 1312 | 16795 |
| Phillips 66 | 391 | 53237 |
|  |  | 327620 |
| **Information Technology 8.6%** | **Information Technology 8.6%** | **Information Technology 8.6%** |
| Applied Materials, Inc. | 255 | 52181 |
| Cisco Systems, Inc. | 1967 | 134598 |
| Dolby Laboratories, Inc. - Class A | 598 | 43279 |
| International Business Machines Corporation | 132 | 37352 |
| TE Connectivity Public Limited Company | 171 | 37548 |
|  |  | 304958 |
| **Materials 8.0%** | **Materials 8.0%** | **Materials 8.0%** |
| CRH Public Limited Company | 783 | 93825 |
| Freeport-McMoRan Inc. | 1172 | 45960 |
| International Paper Company | 1546 | 71743 |
| Mosaic Company, The | 573 | 19875 |
| Newmont Corporation | 405 | 34132 |
| Packaging Corporation of America | 84 | 18356 |
|  |  | 283891 |
| **Communication Services 5.4%** | **Communication Services 5.4%** | **Communication Services 5.4%** |
| AT&T Inc. | 4034 | 113919 |
| Omnicom Group Inc. | 519 | 42277 |
| Walt Disney Company, The | 307 | 35183 |
|  |  | 191379 |
| **Consumer Discretionary 4.7%** | **Consumer Discretionary 4.7%** | **Consumer Discretionary 4.7%** |
| Amazon.com, Inc. (a) | 342 | 75076 |
| Ford Motor Company | 2016 | 24110 |
| Las Vegas Sands Corp. | 651 | 35039 |
| Royal Caribbean Cruises Ltd. | 100 | 32354 |
|  |  | 166579 |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |
| Estee Lauder Companies Inc., The - Class A | 416 | 36634 |
| Kenvue Inc. | 863 | 14000 |
| Philip Morris International Inc. | 194 | 31513 |
|  |  | 82147 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Constellation Energy Group, Inc. | 83 | 27188 |
| Dominion Energy, Inc. | 442 | 27027 |
|  |  | 54215 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Weyerhaeuser Company | 1365 | 33831 |
| Total Common Stocks (cost $3,046,305) | Total Common Stocks (cost $3,046,305) | 3452040 |
| **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 - Class I, 4.04% (c) (d) | 78946 | 78946 |
| Total Short Term Investments (cost $78,946) | Total Short Term Investments (cost $78,946) | 78946 |
| **Total Investments 99.9% (cost $3,125,251)** | **Total Investments 99.9% (cost $3,125,251)** | **3530986** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **3302** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3534288** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 69370 | 696189 | 686613 | 1994 |  |  | 78946 | 2.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10463 | 139579 | 150042 | 135 |  |  |  |  |
|  | 79833 | 835768 | 836655 | 2129 |  |  | 78946 | 2.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3452040 |  |  | 3452040 |
| &nbsp;&nbsp;Short Term Investments | 78946 |  |  | 78946 |
|  | 3530986 |  |  | 3530986 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 89.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 89.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 89.0%** |
| **Mortgage-Backed Securities 62.5%** | **Mortgage-Backed Securities 62.5%** | **Mortgage-Backed Securities 62.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 08/01/42 - 02/01/52 | 19528 | 18637 |
| 3.50%, 06/01/48 | 98 | 91 |
| 3.00%, 05/01/52 | 1125 | 991 |
| 5.50%, 01/01/53 - 10/01/53 | 7384 | 7466 |
| 6.00%, 02/01/53 | 42109 | 43198 |
| 4.50%, 05/01/53 - 06/01/53 | 967 | 941 |
| 5.00%, 08/01/54 | 372 | 370 |
| 7.00%, 04/01/55 - 06/01/55 | 8439 | 8832 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 05/01/39 - 03/01/52 | 32252 | 30785 |
| 3.50%, 03/01/48 - 02/01/50 | 3464 | 3223 |
| 3.00%, 03/01/50 - 05/01/52 | 4434 | 3953 |
| 5.50%, 11/01/52 - 10/01/53 | 27678 | 28001 |
| 4.50%, 04/01/53 - 05/01/53 | 507 | 493 |
| 6.00%, 09/01/53 | 231 | 237 |
| 6.50%, 10/01/53 - 01/01/54 | 19619 | 20317 |
| 7.00%, 02/01/55 - 05/01/55 | 8861 | 9276 |
| TBA, 4.50%, 10/15/55 - 11/15/55 (a) | 16300 | 15807 |
| TBA, 6.50%, 10/15/55 - 11/15/55 (a) | 233955 | 241908 |
| TBA, 3.00%, 11/15/55 (a) | 20000 | 17567 |
| TBA, 3.50%, 11/15/55 (a) | 26950 | 24619 |
| TBA, 4.00%, 11/15/55 (a) | 33400 | 31466 |
| TBA, 5.00%, 11/15/55 (a) | 140425 | 139180 |
| TBA, 5.50%, 11/15/55 (a) | 126425 | 127388 |
| TBA, 6.00%, 11/15/55 (a) | 171325 | 174972 |
| Government National Mortgage Association |  |  |
| 3.50%, 12/20/54 - 01/20/55 | 1691 | 1543 |
| TBA, 6.00%, 10/15/55 - 11/15/55 (a) | 11900 | 12103 |
| TBA, 3.00%, 11/15/55 (a) | 4000 | 3573 |
| TBA, 3.50%, 11/15/55 (a) | 14270 | 13012 |
| TBA, 4.00%, 11/15/55 (a) | 9200 | 8649 |
| TBA, 4.50%, 11/15/55 (a) | 14400 | 13958 |
| TBA, 5.00%, 11/15/55 (a) | 4500 | 4470 |
| TBA, 5.50%, 11/15/55 (a) | 3000 | 3020 |
| TBA, 6.50%, 11/15/55 (a) | 6500 | 6676 |
|  |  | 1016722 |
| **U.S. Treasury Note 8.7%** | **U.S. Treasury Note 8.7%** | **U.S. Treasury Note 8.7%** |
| Treasury, United States Department of |  |  |
| 2.63%, 01/31/26 (b) | 10300 | 10254 |
| 4.50%, 03/31/26 - 04/15/27 | 67400 | 67919 |
| 0.50%, 10/31/27 (b) | 100 | 94 |
| 0.63%, 11/30/27 | 770 | 723 |
| 0.63%, 12/31/27 (b) | 330 | 309 |
| 0.75%, 01/31/28 (b) | 210 | 197 |
| 2.38%, 03/31/29 | 11900 | 11401 |
| 4.00%, 07/31/32 | 31400 | 31552 |
| 2.75%, 08/15/32 | 19800 | 18406 |
|  |  | 140855 |
| **U.S. Treasury Inflation Indexed Securities 8.4%** | **U.S. Treasury Inflation Indexed Securities 8.4%** | **U.S. Treasury Inflation Indexed Securities 8.4%** |
| Treasury, United States Department of |  |  |
| 0.13%, 07/15/26 - 07/15/31 (c) | 14457 | 14317 |
| 0.38%, 01/15/27 - 07/15/27 (c) | 1238 | 1228 |
| 0.75%, 07/15/28 (b) (c) | 3386 | 3369 |
| 0.88%, 01/15/29 - 02/15/47 (c) | 13659 | 12736 |
| 0.25%, 07/15/29 - 02/15/50 (c) | 19819 | 17931 |
| 1.63%, 04/15/30 (c) | 4364 | 4431 |
| 0.63%, 07/15/32 - 02/15/43 (c) | 13097 | 12315 |
| 1.38%, 07/15/33 - 02/15/44 (c) | 30018 | 29480 |
| 1.75%, 01/15/34 (c) | 3153 | 3167 |
| 1.88%, 07/15/34 (c) | 20076 | 20366 |
| 2.13%, 02/15/40 - 02/15/41 (c) | 594 | 595 |
| 0.75%, 02/15/42 - 02/15/45 (c) | 3933 | 2954 |
| 1.00%, 02/15/46 - 02/15/49 (c) | 14953 | 11117 |
| 1.50%, 02/15/53 (c) | 3912 | 3129 |
|  |  | 137135 |
| **Sovereign 6.3%** | **Sovereign 6.3%** | **Sovereign 6.3%** |
| Arab Republic of Egypt |  |  |
| 21.95%, 03/04/28, EGP | 208400 | 4249 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (d) | 10072 | 3219 |
| 6.95%, 08/12/31, PEN (e) | 24000 | 7667 |
| 6.15%, 08/12/32, PEN | 4571 | 1402 |
| 6.15%, 08/12/32, PEN (d) | 6434 | 1967 |
| 7.30%, 08/12/33, PEN | 8800 | 2842 |
| 5.40%, 08/12/34, PEN | 1100 | 309 |
| 5.40%, 08/12/34, PEN (d) | 502 | 140 |
| 5.40%, 08/12/34, PEN (e) | 2400 | 669 |
| 6.90%, 08/12/37, PEN (d) | 3314 | 995 |
| 7.60%, 08/12/39, PEN | 1000 | 317 |
| 5.35%, 08/12/40, PEN | 400 | 103 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 09/19/32, EUR | 600 | 695 |
| 5.63%, 02/19/36, EUR | 700 | 793 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29 - 05/31/29, MXN | 104800 | 5798 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 86500 | 4545 |
| 5.38%, 03/22/33 | 1800 | 1800 |
| 7.50%, 05/26/33, MXN | 4100 | 211 |
| 5.63%, 09/22/35 | 1500 | 1494 |
| Israel, State of |  |  |
| 5.63%, 02/19/35 | 2600 | 2678 |
| Ministry of Finance |  |  |
| 3.80%, 05/13/60 (e) | 2034 | 1338 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 04/04/42 - 09/16/43 (d) (e) (f) (g) | 3000 | 2025 |
| 0.00%, 04/04/42 - 09/16/43 (e) (f) (g) | 3400 | 2296 |
| 0.00%, 06/23/47 (d) (e) (f) (g) (h) | 400 |  |
| 0.00%, 06/23/47 (e) (f) (g) (h) | 5400 |  |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 450 | 329 |
| 0.75%, 07/09/30 (i) | 4449 | 2901 |
| 4.13%, 07/09/35 - 07/09/46 (i) | 4459 | 2334 |
| 5.00%, 01/09/38 (i) | 3720 | 2111 |
| 3.50%, 07/09/41 (i) | 4210 | 2063 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 05/07/28 - 12/09/49 (e) (f) (g) | 4258 | 904 |
| 0.00%, 12/31/34 - 03/31/38 (e) (f) (g) | 1712 | 353 |
| Romania, Government of |  |  |
| 5.38%, 03/22/31, EUR (d) | 1420 | 1694 |
| 5.13%, 09/24/31, EUR (d) | 2900 | 3389 |
| 5.88%, 07/11/32, EUR (d) (j) | 3900 | 4679 |
| 6.25%, 09/10/34, EUR (d) | 2800 | 3379 |
| 5.63%, 02/22/36 - 05/30/37, EUR (d) | 2340 | 2632 |
| 6.75%, 07/11/39, EUR (d) | 2300 | 2746 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12600 | 732 |
| 7.00%, 02/28/31, ZAR | 109400 | 6010 |
| 8.88%, 02/28/35, ZAR | 119900 | 6819 |
| 8.50%, 01/31/37, ZAR | 37800 | 2014 |
| 9.00%, 01/31/40, ZAR | 8600 | 456 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 47.88%, 05/20/26, TRY | 600 | 15 |
| 48.48%, 08/19/26 - 05/17/28, TRY | 117300 | 2776 |
| 45.84%, 09/06/28, TRY | 7500 | 176 |
| 6.13%, 10/24/28 | 600 | 611 |
| 7.63%, 04/26/29 | 1330 | 1413 |
| 5.25%, 03/13/30 | 3400 | 3315 |
| 5.75%, 05/11/47 | 800 | 634 |
|  |  | 102037 |
| **U.S. Treasury Bond 2.8%** | **U.S. Treasury Bond 2.8%** | **U.S. Treasury Bond 2.8%** |
| Treasury, United States Department of |  |  |
| 4.38%, 08/15/43 | 4700 | 4536 |
| 3.00%, 08/15/48 | 30 | 23 |
| 4.63%, 05/15/54 | 22300 | 21910 |
| 4.25%, 08/15/54 | 3000 | 2770 |
| 4.50%, 11/15/54 | 17400 | 16754 |
|  |  | 45993 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Treasury Inflation Indexed Securities 0.3%** | **Treasury Inflation Indexed Securities 0.3%** | **Treasury Inflation Indexed Securities 0.3%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.00%, 12/03/26, MXN (k) | 15539 | 841 |
| 4.00%, 11/30/28 - 08/24/34, MXN (k) | 76858 | 4170 |
| 2.75%, 11/27/31, MXN (k) | 4690 | 232 |
|  |  | 5243 |
| Total Government And Agency Obligations (cost $1,464,044) | Total Government And Agency Obligations (cost $1,464,044) | 1447985 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 36.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 36.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 36.0%** |
| Accredited Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-A4-2, REMIC, 4.70%, (1 Month Term SOFR + 0.37%), 09/25/36 (i) (l) (m) | 1499 | 1489 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASL1 |  |  |
| Series 2005-M2-AG1, REMIC, 1.76%, (1 Month Term SOFR + 0.80%), 08/25/35 (i) (l) (m) | 5527 | 4787 |
| Aegis Asset Backed Securities Trust |  |  |
| Series 2004-M1-1, REMIC, 5.96%, (1 Month Term SOFR + 1.13%), 04/25/34 (i) (l) (m) | 3414 | 3356 |
| AFC Mortgage Corporation |  |  |
| Series 2000-2A-1, REMIC, 4.91%, (1 Month Term SOFR + 0.75%), 03/25/30 (l) | 988 | 934 |
| Alba 2006-2 PLC |  |  |
| Series 2006-D-2, 4.55%, (SONIA + 0.58%), 12/15/38, GBP (e) (l) | 721 | 908 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2004-A1-20T1, REMIC, 6.00%, 09/25/34 | 1620 | 1611 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-B1-J4, REMIC, 4.66%, (1 Month Term SOFR + 2.14%), 07/25/35 (i) (l) (m) | 1782 | 1740 |
| Series 2005-A3-38, REMIC, 4.57%, (1 Month Term SOFR + 0.81%), 09/25/35 (i) (l) (m) | 182 | 162 |
| Series 2005-1A1-35CB, REMIC, 5.50%, 09/25/35 | 582 | 426 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A3A-AR1, REMIC, 3.92%, (1 Month Term SOFR + 0.81%), 10/25/35 (i) (l) (m) | 6388 | 5885 |
| Series 2005-1A1-59, REMIC, 3.78%, (1 Month Term SOFR + 0.77%), 11/20/35 (i) (l) (m) | 1207 | 1139 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A1-81, REMIC, 4.25%, (1 Month Term SOFR + 0.67%), 02/25/36 (i) (l) (m) | 599 | 514 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.85%, (1 Month Term SOFR + 0.31%), 12/20/46 (i) (l) | 1210 | 1107 |
| Alternative Loan Trust 2007-19 |  |  |
| Series 2007-2A1-19, REMIC, 6.50%, 08/25/37 | 4005 | 1708 |
| American Airlines, Inc. |  |  |
| Series 2015-A-1, 3.38%, 05/01/27 | 1499 | 1468 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 385 | 377 |
| Ameriquest Mortgage Securities Inc. |  |  |
| Series 2005-M5-R10, REMIC, 5.22%, (1 Month Term SOFR + 1.06%), 11/25/35 (i) (l) | 4660 | 4319 |
| Anchorage Credit Funding 11, Ltd. |  |  |
| Series 2020-A-11A, 3.40%, 04/25/38 | 3407 | 3330 |
| Anchorage Credit Funding 12, Ltd. |  |  |
| Series 2020-A1-12A, 3.18%, 10/25/38 | 1000 | 968 |
| Anchorage Credit Funding 13, Ltd. |  |  |
| Series 2021-A1-13A, 2.88%, 07/27/39 | 1000 | 954 |
| Anchorage Credit Funding 14, Ltd. |  |  |
| Series 2021-A-14A, 3.00%, 01/23/40 | 1000 | 947 |
| Anchorage Credit Funding 2 Ltd |  |  |
| Series 2015-ARV-2A, 3.93%, 04/25/38 | 2300 | 2267 |
| Attentus CDO III, Ltd. |  |  |
| Series 2007-A2-3A, REMIC, 5.04%, (3 Month Term SOFR + 0.71%), 10/11/42 (d) (l) | 5841 | 5199 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-A-5A, 6.12%, 04/20/26 | 400 | 402 |
| Series 2023-A-3A, 5.44%, 02/20/27 | 150 | 152 |
| Series 2023-A-5A, 5.78%, 04/20/27 | 320 | 327 |
| Series 2024-A-2A, 5.13%, 10/20/27 | 790 | 802 |
| Avon Finance No.4 PLC |  |  |
| Series A-4A, 4.87%, (SONIA + 0.90%), 12/28/49, GBP (d) (i) (l) | 5873 | 7915 |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.38%, (3 Month Term SOFR + 1.06%), 07/24/34 (l) | 6400 | 6409 |
| Banc of America Funding Corp |  |  |
| Series 2005-5M1-A, REMIC, 3.96%, (1 Month Term SOFR + 0.79%), 02/20/35 (i) (l) (m) | 2331 | 2255 |
| Series 2005-1A23-3, REMIC, 5.50%, 06/25/35 | 56 | 56 |
| BCAP LLC 2009-RR13-II Trust |  |  |
| Series 2009-17A3-RR13, REMIC, 4.06%, 04/26/37 (l) | 3481 | 1548 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-12A1-8, REMIC, 4.41%, (1 Month Term SOFR + 0.65%), 10/25/35 (i) (l) (m) | 375 | 372 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE1 |  |  |
| Series 2004-M1-HE10, REMIC, 5.41%, (1 Month Term SOFR + 1.09%), 12/25/34 (i) (l) (m) | 2766 | 2790 |
| BHG Securitization Trust 2025-1CON |  |  |
| Series 2025-A-1CON, 4.82%, 04/17/36 | 3632 | 3656 |
| Bombardier Capital Inc. |  |  |
| Series 1999-A5-B, REMIC, 2.99%, 12/15/29 (l) (m) | 6296 | 374 |
| BridgeCrest Lending Auto Securitization Trust 2024-4 |  |  |
| Series 2024-A2-4, 4.84%, 11/17/25 | 2350 | 2352 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-C-ARIA, REMIC, 5.91%, (1 Month Term SOFR + 1.76%), 10/15/36 (l) | 2200 | 2199 |
| Series 2021-D-ARIA, REMIC, 6.16%, (1 Month Term SOFR + 2.01%), 10/15/36 (l) | 2400 | 2401 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 6.01%, (1 Month Term SOFR + 1.86%), 11/17/36 (l) | 773 | 773 |
| Carrington Mortgage Loan Trust, Series 2006-NC3 |  |  |
| Series 2006-A4-NC3, REMIC, 5.14%, (1 Month Term SOFR + 0.35%), 07/25/36 (i) (l) (m) | 7130 | 5797 |
| Carval |  |  |
| Series 2018-AR-1A, 5.55%, (3 Month Term SOFR + 1.23%), 07/16/31 (l) | 10258 | 10266 |
| Carvana Auto Receivables Trust 2023-P3 |  |  |
| Series 2023-A3-P3, 5.82%, 11/10/26 | 4085 | 4114 |
| C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8 |  |  |
| Series 2006-A2C-CB8, REMIC, 12.68%, (1 Month Term SOFR + 0.41%), 10/25/36 (i) (l) (m) | 4528 | 3913 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-A1-1A, REMIC, 5.24%, (1 Month Term SOFR + 0.39%), 01/25/35 (d) (i) (l) | 85 | 82 |
| CHL Mortgage Pass-Through Trust 2006-17 |  |  |
| Series 2006-A1-17, REMIC, 6.00%, 12/25/36 | 1187 | 504 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 4982 | 5009 |
| Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
| Series 2016-A4-C1, REMIC, 3.21%, 05/12/26 | 5500 | 5460 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35 | 1396 | 1399 |
| Citigroup Mortgage Loan Trust 2006-AR9 |  |  |
| Series 2006-1M2-AR9, REMIC, 5.14%, (1 Month Term SOFR + 0.82%), 11/25/36 (i) (l) (m) | 2298 | 2398 |
| Citigroup Mortgage Loan Trust 2013-2 |  |  |
| Series 2013-1A4-2, REMIC, 6.05%, 11/25/37 (l) | 2145 | 1969 |
| COLT 2022-5 Mortgage Loan Trust |  |  |
| Series 2022-A1-5, REMIC, 4.55%, 04/25/67 (i) (l) | 2824 | 2868 |
| CommonBond Student Loan Trust 2020-A-GS |  |  |
| Series 2020-A-AGS, 1.98%, 08/25/50 | 2344 | 2110 |
| Conseco Finance Corp. |  |  |
| Series 1999-A6-5, REMIC, 7.50%, 03/01/30 | 2836 | 746 |
| CPS Auto Receivables Trust 2023-B |  |  |
| Series 2023-B-B, 5.38%, 01/18/28 | 34 | 34 |
| Series 2023-C-B, 6.04%, 07/16/29 | 300 | 303 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cross 2023-H1 Mortgage Trust |  |  |
| Series 2023-A1-H1, REMIC, 6.62%, 03/25/68 (i) (l) (m) | 4363 | 4397 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-M1-RPL3, REMIC, 3.38%, 01/25/60 | 1000 | 832 |
| CSMC Mortgage-Backed Trust |  |  |
| Series 2009-5A9-11R, REMIC, 4.32%, 08/26/36 (l) | 456 | 447 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A11-6, REMIC, 6.00%, 07/25/36 | 458 | 208 |
| CSMC Series 2009-5R |  |  |
| Series 2009-1A2-5R, REMIC, 5.28%, 06/26/36 (l) | 1633 | 1296 |
| CWABS Asset-Backed Certificates Trust 2006-20 |  |  |
| Series 2006-2A4-20, REMIC, 3.62%, (1 Month Term SOFR + 0.34%), 09/25/35 (i) (l) (m) | 13001 | 11810 |
| CWABS Asset-Backed Certificates Trust 2006-21 |  |  |
| Series 2006-1A-21, REMIC, 4.00%, (1 Month Term SOFR + 0.25%), 05/25/35 (i) (l) (m) | 538 | 525 |
| CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
| Series 2007-1M1-10, REMIC, 3.51%, (1 Month Term SOFR + 0.37%), 11/25/36 (i) (l) (m) | 9898 | 8010 |
| CWABS, Inc. |  |  |
| Series 2004-M6-BC5, REMIC, 5.17%, (1 Month Term SOFR + 1.76%), 07/25/34 (i) (l) (m) | 3733 | 3714 |
| Series 2004-M1-SD3, REMIC, 6.37%, (1 Month Term SOFR + 1.39%), 07/25/34 (i) (l) (m) | 39 | 39 |
| Series 2004-M4-AB2, REMIC, 3.77%, (1 Month Term SOFR + 1.39%), 11/25/34 (i) (l) (m) | 2450 | 2135 |
| Series 2005-MV6-7, REMIC, 4.23%, (1 Month Term SOFR + 1.31%), 08/25/35 (i) (l) (m) | 4000 | 3762 |
| CWMBS, Inc. |  |  |
| Series 2006-2A1-OA5, REMIC, 4.14%, (1 Month Term SOFR + 0.51%), 04/25/46 (i) (l) (m) | 2097 | 1809 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2005-2A5-5, REMIC, 5.62%, (1 Month Term SOFR + 1.46%), 11/25/35 (l) | 5258 | 2283 |
| DSLA Mortgage Loan Trust 2004-AR2 |  |  |
| Series 2004-1A1A-AR4, REMIC, 4.25%, (1 Month Term SOFR + 0.83%), 01/19/45 (i) (l) (m) | 983 | 892 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-A1-1, REMIC, 2.01%, 05/25/65 (l) | 17 | 17 |
| Ellington Financial Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 5.90%, 09/25/67 (i) | 8723 | 8704 |
| Ellington Loan Acquisition Trust 2007-1 |  |  |
| Series 2007-M1-1, REMIC, 3.95%, (1 Month Term SOFR + 2.21%), 05/25/37 (i) (l) (m) | 28000 | 24244 |
| Encore Credit Receivables Trust |  |  |
| Series 2005-M5-4, REMIC, 3.48%, (1 Month Term SOFR + 1.09%), 01/25/36 (i) (l) (m) | 8175 | 7436 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-C1A-3X, 4.64%, (SONIA + 0.67%), 06/13/45, GBP (e) (l) | 11954 | 14520 |
| Eurosail-UK 2007-6NC PLC |  |  |
| Series 2007-A3A-6NCX, 4.79%, (SONIA + 0.82%), 09/13/45, GBP (e) (l) | 16 | 21 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 07/15/38 (l) | 10878 | 10878 |
| First Franklin Mortgage Loan Trust 2006FF13 |  |  |
| Series 2006-A2C-FF13, REMIC, 1.93%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (l) (m) | 6336 | 4050 |
| Fremont Home Loan Trust 2006-E |  |  |
| Series 2006-1A1-E, REMIC, 3.58%, (1 Month Term SOFR + 0.25%), 01/25/37 (i) (l) (m) | 12703 | 6391 |
| GE-WMC Mortgage Securities, L.L.C. |  |  |
| Series 2005-M2-1, REMIC, 2.82%, (1 Month Term SOFR + 0.80%), 10/25/35 (i) (l) (m) | 17707 | 14235 |
| GLS Auto Receivables Issuer Trust 2023-2 |  |  |
| Series 2023-B-2A, 5.52%, 11/15/27 | 1593 | 1594 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-2A3-5, REMIC, 1.48%, (1 Month Term SOFR + 0.65%), 03/25/36 (i) (l) (m) | 3509 | 1655 |
| GSMSC Resecuritization Trust 2015-8R |  |  |
| Series 2015-B-8R, REMIC, 2.33%, 04/28/37 (l) | 23904 | 5835 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2004-1AF-4, REMIC, 4.58%, (1 Month Term SOFR + 0.51%), 06/25/34 (l) (m) | 3038 | 2742 |
| Series 2004-M2-10, REMIC, 4.28%, 08/25/34 (i) (l) (m) | 2993 | 2781 |
| HarborView Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-1A1-8, REMIC, 2.17%, (1 Month Term SOFR + 0.51%), 07/21/36 (i) (l) (m) | 4221 | 2085 |
| HITR 2019-2A A1 144A 3MLIB+176BP |  |  |
| Series 2019-A1-2, 6.23%, (3 Month Term SOFR + 2.02%), 05/23/39 (l) | 8559 | 8517 |
| Home Equity Asset Trust |  |  |
| Series 2004-M1-4, REMIC, 5.22%, (1 Month Term SOFR + 0.89%), 10/25/34 (i) (l) (m) | 770 | 762 |
| Honda Auto Receivables 2024-4 Owner Trust |  |  |
| Series 2024-A2-4, 4.56%, 04/15/26 | 4370 | 4375 |
| Series 2024-A3-4, 4.33%, 01/18/28 | 7900 | 7943 |
| IndyMac INDX Mortgage Loan Trust 2006-AR21 |  |  |
| Series 2006-3A1-AR11, REMIC, 3.40%, 06/25/36 (l) | 2052 | 1347 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A5-A5, REMIC, 4.67%, (1 Month Term SOFR + 0.51%), 05/25/35 (l) | 844 | 520 |
| J.P. Morgan Alternative Loan Trust 2006-A2 |  |  |
| Series 2006-1A4-A2, REMIC, 4.38%, (1 Month Term SOFR + 0.65%), 05/25/36 (i) (l) (m) | 845 | 728 |
| J.P. Morgan Alternative Loan Trust 2006-A6 |  |  |
| Series 2006-1A1-A5, REMIC, 8.07%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (l) (m) | 790 | 728 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU |  |  |
| Series 2021-A-2NU, REMIC, 1.97%, 01/07/28 | 7390 | 6750 |
| J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1 |  |  |
| Series 2005-M6-FLD1, REMIC, 5.35%, (1 Month Term SOFR + 1.19%), 07/25/35 (l) | 4433 | 4354 |
| J.P. Morgan Mortgage Trust 2022-DCS1 |  |  |
| Series 2023-A1-DSC1, REMIC, 4.62%, 12/25/33 (l) | 3805 | 3754 |
| J.P. Morgan Mortgage Trust 2024-VIS1 |  |  |
| Series 2024-A1-VIS1, REMIC, 5.99%, 09/01/54 (l) | 3990 | 4033 |
| J.P. Morgan Seasoned Mortgage Trust 2024-1 |  |  |
| Series 2024-A3-1, REMIC, 4.41%, 04/25/46 (l) (m) | 925 | 888 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Series 2016-A4-JP4, REMIC, 3.65%, 11/18/26 (l) | 2600 | 2577 |
| Kinbane 2022-RPL 1 Designated Activity Company |  |  |
| Series 2022-A-RPL1X, 3.87%, (1 Month EURIBOR + 2.00%), 09/25/62, EUR (e) (i) (l) | 7012 | 8239 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.11%, (1 Month Term SOFR + 0.61%), 08/25/47 (i) (l) (m) | 1842 | 1746 |
| Lugo Funding Designated Activity Company |  |  |
| Series 2024-A-1A, 3.02%, (3 Month EURIBOR + 1.00%), 05/26/66, EUR (d) (i) (l) | 12510 | 14693 |
| Magnetite XXV, Limited |  |  |
| Series 2020-A-25A, 5.78%, (3 Month Term SOFR + 1.46%), 01/26/32 (l) | 1945 | 1945 |
| Mansard Mortgages 2006-1 PLC |  |  |
| Series 2006-B1-1X, 5.30%, (SONIA + 1.22%), 10/15/48, GBP (e) (l) | 2999 | 3908 |
| Marathon CLO XIII Ltd |  |  |
| Series 2019-AAR2-1A, 5.52%, (3 Month Term SOFR + 1.20%), 04/15/32 (l) | 6972 | 6972 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M8-WF1, REMIC, 5.17%, (1 Month Term SOFR + 1.97%), 06/25/35 (i) (l) (m) | 2828 | 2937 |
| Series 2005-A4-NC2, REMIC, 2.20%, (1 Month Term SOFR + 0.81%), 11/25/35 (i) (l) (m) | 7956 | 4500 |
| Meritage Mortgage Corporation |  |  |
| Series 2004-M2-2, REMIC, 0.00%, (1 Month Term SOFR + 1.01%), 01/25/35 (i) (l) (m) | 2438 | 2400 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| METAL 2017-1 LLC |  |  |
| Series 2017-A-1, 4.58%, 10/15/42 (d) (i) | 920 | 538 |
| MFA 2023-NQM2 Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 4.40%, 03/25/68 (i) | 11629 | 11594 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B3-1, REMIC, 3.71%, 04/25/33 (l) | 1638 | 1385 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A4-L2, REMIC, 4.07%, 02/16/29 | 1700 | 1671 |
| Morgan Stanley Capital I Trust 2021-L7 |  |  |
| Series 2021-D-230P, REMIC, 6.64%, (1 Month Term SOFR + 2.49%), 12/15/38 (l) | 2929 | 2626 |
| Series 2021-E-230P, REMIC, 7.34%, (1 Month Term SOFR + 3.19%), 12/15/38 (l) | 1050 | 908 |
| Mr. Cooper Group Inc. |  |  |
| Series 2007-A1A-OA5, REMIC, 3.59%, (12 Month Treasury Average + 0.84%), 05/25/47 (l) (m) | 1375 | 1169 |
| Navient Funding, LLC |  |  |
| Series 2006-A5-B, REMIC, 4.57%, (3 Month Term SOFR + 0.53%), 12/15/39 (l) | 904 | 882 |
| Navient Student Loan Trust 2020-2 |  |  |
| Series 2020-A1B-2A, REMIC, 5.37%, (SOFR 30-Day Average + 1.01%), 02/25/33 (l) | 4937 | 4936 |
| Nelnet Student Loan Trust 2023-A |  |  |
| Series 2023-AFX-AA, 6.64%, 02/20/41 | 1858 | 1936 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1A-CA, REMIC, 4.67%, 08/15/36 | 4800 | 4801 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A2-RPL3, REMIC, 3.00%, 07/25/59 (l) | 1500 | 1390 |
| Newgate Funding PLC |  |  |
| Series 2007-A3-2X, 4.43%, (SONIA + 0.28%), 12/15/50, GBP (e) (l) | 2277 | 2996 |
| Nissan Auto Receivables 2024-B Owner Trust |  |  |
| Series 2024-A2A-B, 4.51%, 06/15/27 | 4498 | 4503 |
| Novastar Mortgage Funding Trust, Series 2007-1 |  |  |
| Series 2007-A2C-1, REMIC, 1.33%, (1 Month Term SOFR + 0.29%), 03/25/37 (i) (l) (m) | 35472 | 11150 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 3457 | 3468 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M5-WHQ2, REMIC, 2.71%, (1 Month Term SOFR + 1.15%), 05/25/35 (i) (l) (m) | 4461 | 3510 |
| People's Choice Home Loan Securities Trust Series 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 0.22%, (1 Month Term SOFR + 0.97%), 08/25/35 (i) (l) (m) | 626 | 615 |
| PHH Alternative Mortgage Trust, Series 2007-3 |  |  |
| Series 2007-A3-3, REMIC, 4.84%, (1 Month Term SOFR + 0.71%), 07/25/37 (i) (l) (m) | 2337 | 2281 |
| Preferred Residential Securities 05-2 PLC |  |  |
| Series 2005-C1C-2X, 4.84%, (SONIA + 0.69%), 12/15/40, GBP (e) (i) (l) | 513 | 688 |
| PRET 2024-NPL8, LLC |  |  |
| Series 2024-A1-NPL8, 5.96%, 11/25/27 (i) | 7573 | 7577 |
| Prospect Mortgage, LLC |  |  |
| Series 2005-M8-2, REMIC, 4.39%, (1 Month Term SOFR + 2.06%), 04/25/35 (i) (l) (m) | 3738 | 3636 |
| RCKT Mortgage Trust 2024-CES5 |  |  |
| Series 2024-A1A-CES5, REMIC, 5.85%, 07/25/28 (i) (l) | 4130 | 4173 |
| RCKT Mortgage Trust 2024-CES7 |  |  |
| Series 2024-A1A-CES7, REMIC, 5.16%, 09/25/28 (i) | 998 | 999 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2024-A-2, 5.11%, 12/15/33 | 4600 | 4640 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-3, REMIC, 5.59%, 11/25/36 (i) | 19851 | 6173 |
| Series 2006-AF5-3, REMIC, 6.12%, 11/25/36 (i) | 2934 | 998 |
| Research-Driven Pagaya Motor Asset Trust 2023-3 |  |  |
| Series 2023-A-3A, 7.13%, 01/26/32 | 2724 | 2729 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A12-S6, REMIC, 6.00%, 07/25/36 | 1426 | 1269 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A5-S4, REMIC, 6.00%, (1 Month Term SOFR + 0.71%), 04/25/37 (l) | 634 | 533 |
| Romark Credit Funding I Ltd |  |  |
| Series 2020-AV-1A, 3.57%, 04/28/38 | 1700 | 1653 |
| Santander Drive Auto Receivables Trust 2024-5 |  |  |
| Series 2024-A2-5, 4.88%, 12/15/25 | 1727 | 1728 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2004-M1-1, REMIC, 4.58%, (1 Month Term SOFR + 0.91%), 03/25/35 (i) (l) (m) | 265 | 224 |
| Securitized Asset Backed Receivables LLC |  |  |
| Series 2005-M2-FR3, REMIC, 0.00%, (1 Month Term SOFR + 1.09%), 04/25/35 (i) (l) (m) | 830 | 742 |
| SG Mortgage Securities Trust |  |  |
| Series 2005-M3-OPT1, REMIC, 2.91%, (1 Month Term SOFR + 0.82%), 10/25/35 (i) (l) (m) | 4975 | 4594 |
| SLM Student Loan Trust 2012-5 |  |  |
| Series 2012-A3-5, 5.27%, (SOFR 30-Day Average + 0.91%), 03/25/26 (l) | 5252 | 5234 |
| SMB Private Education Loan Trust 2022-B |  |  |
| Series 2022-A1A-B, REMIC, 3.94%, 02/16/55 | 1829 | 1788 |
| Series 2022-A1B-B, REMIC, 5.82%, (SOFR 30-Day Average + 1.45%), 02/16/55 (l) | 1829 | 1846 |
| SMB Private Education Loan Trust 2022-C |  |  |
| Series 2022-A1B-C, 6.22%, (SOFR 30-Day Average + 1.85%), 05/16/50 (l) | 1754 | 1780 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.62%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 3344 | 3344 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-A1-4A, 5.71%, (3 Month Term SOFR + 1.38%), 01/21/31 (l) | 1150 | 1151 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.60%, (3 Month Term SOFR + 1.28%), 01/26/32 (l) | 10769 | 10779 |
| Soundview Home Loan Trust |  |  |
| Series 2005-M5-1, REMIC, 3.77%, (1 Month Term SOFR + 1.28%), 04/25/35 (i) (l) (m) | 2810 | 2721 |
| Series 2005-M2-OPT2, REMIC, 0.89%, (1 Month Term SOFR + 0.95%), 08/25/35 (i) (l) (m) | 7427 | 6741 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| Series 2006-A1-AB2, REMIC, 2.37%, (1 Month Term SOFR + 0.41%), 06/25/37 (i) (l) (m) | 15559 | 8458 |
| Spirit Airlines, LLC |  |  |
| Series 2017-AA-1, 0.00%, 02/15/30 (f) (g) | 240 | 225 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2004-M2-5, REMIC, 3.98%, (1 Month Term SOFR + 0.94%), 06/25/34 (i) (l) (m) | 2936 | 2832 |
| Series 2005-M2-HE1, REMIC, 9.96%, (1 Month Term SOFR + 0.83%), 07/25/35 (i) (l) (m) | 803 | 771 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| Series 2007-M1-GEL2, REMIC, 4.07%, (1 Month Term SOFR + 0.81%), 05/25/37 (i) (l) (m) | 15421 | 12269 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2007-OSI |  |  |
| Series 2007-A4-OSI, REMIC, 1.54%, (1 Month Term SOFR + 0.31%), 06/25/37 (i) (l) (m) | 11937 | 7873 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 1800 | 1810 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 9307 | 8920 |
| United Airlines Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-AA-1, 3.50%, 03/01/30 | 716 | 688 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 996 | 1018 |
| Verus Securitization Trust 2023-3 |  |  |
| Series 2023-A1-3, REMIC, 5.93%, 03/25/68 (l) | 4750 | 4756 |
| Washington Mutual Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |
| Series 2007-2A3-HE2, REMIC, 1.36%, (1 Month Term SOFR + 0.36%), 04/25/37 (i) (l) (m) | 34799 | 11993 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2005-3M2-WL1, REMIC, 3.81%, (1 Month Term SOFR + 0.89%), 06/25/45 (i) (l) (m) | 521 | 560 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3-AR10, REMIC, 4.68%, 09/25/35 (l) | 2336 | 2144 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
| Series 2007-4A2-OA3, REMIC, 3.22%, (12 Month Treasury Average + 0.70%), 04/25/47 (l) (m) | 931 | 829 |
| Wells Fargo Mortgage Backed Securities 2007-AR7 Trust |  |  |
| Series 2007-A1-AR7, REMIC, 6.15%, 12/25/37 (l) | 10005 | 9018 |
| WSTN Trust |  |  |
| Series 2023-A-MAUI, REMIC, 6.52%, 09/08/39 (l) | 800 | 816 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $623,221) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $623,221) | 586392 |
| **CORPORATE BONDS AND NOTES 13.0%** | **CORPORATE BONDS AND NOTES 13.0%** | **CORPORATE BONDS AND NOTES 13.0%** |
| **Financials 4.3%** | **Financials 4.3%** | **Financials 4.3%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (d) | 984 | 946 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 1.88%, 01/09/26, EUR (e) | 100 | 117 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 1500 | 1537 |
| 6.61%, 11/07/28 | 1200 | 1284 |
| Barclays PLC |  |  |
| 6.49%, 09/13/29 | 1200 | 1271 |
| BPCE |  |  |
| 6.71%, 10/19/29 (d) | 1650 | 1753 |
| 5.88%, 01/14/31 (d) | 1000 | 1045 |
| 7.00%, 10/19/34 (d) | 1400 | 1561 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 10.10%, 12/15/43, PEN (d) | 1000 | 310 |
| 9.70%, 03/05/45, PEN (d) | 1700 | 522 |
| Credit Agricole S.A. |  |  |
| 5.22%, 05/27/31 (d) | 3400 | 3490 |
| Credit Suisse Group AG |  |  |
| 7.75%, 03/01/29, EUR (e) | 2250 | 2942 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 8800 | 8938 |
| Ford Motor Credit Company LLC |  |  |
| 4.54%, 08/01/26 | 2400 | 2398 |
| 2.70%, 08/10/26 | 3700 | 3640 |
| 4.13%, 08/17/27 | 3200 | 3146 |
| 3.82%, 11/02/27 | 3067 | 2993 |
| 2.90%, 02/16/28 | 200 | 190 |
| Marex Group PLC |  |  |
| 6.40%, 11/04/29 | 300 | 309 |
| Nationwide Building Society |  |  |
| 4.30%, 03/08/29 (d) | 1000 | 999 |
| NatWest Group PLC |  |  |
| 5.08%, 01/27/30 (j) | 2800 | 2860 |
| 4.45%, 05/08/30 (n) | 2000 | 2001 |
| Panama Infrastructure Receivable Purchaser PLC |  |  |
| 0.00%, 04/05/32 (d) (o) | 6449 | 4875 |
| Rio Oil Finance Trust |  |  |
| 8.20%, 04/06/28 (d) | 129 | 133 |
| Santander Holdings USA, Inc. |  |  |
| 5.35%, 09/06/30 | 700 | 715 |
| Santander UK Group Holdings PLC |  |  |
| 3.82%, 11/03/28 (n) | 1800 | 1779 |
| 4.86%, 09/11/30 (n) | 800 | 808 |
| 5.69%, 04/15/31 (n) | 1200 | 1252 |
| Societe Generale |  |  |
| 6.69%, 01/10/34 (d) | 200 | 218 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (e) (i) (l) (p) | 2701 | 3647 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 4400 | 4510 |
| 6.25%, 09/22/29 (d) | 3000 | 3166 |
| 3.09%, 05/14/32 (d) | 850 | 786 |
| 6.54%, 08/12/33 (d) | 2850 | 3144 |
| Voyager Aviation Holdings, LLC |  |  |
| 0.00%, 05/09/26 (d) (f) (g) (h) | 1141 |  |
|  |  | 69285 |
| **Communication Services 2.5%** | **Communication Services 2.5%** | **Communication Services 2.5%** |
| Altice France |  |  |
| 5.88%, 02/01/27, EUR (e) | 400 | 423 |
| 4.13%, 01/15/29, EUR (e) | 100 | 101 |
| 4.25%, 10/15/29, EUR (e) | 100 | 101 |
| Altice France Holding S.A. |  |  |
| 8.13%, 02/01/27 (d) | 1000 | 935 |
| 5.50%, 01/15/28 - 10/15/29 (d) | 600 | 524 |
| 5.13%, 01/15/29 - 07/15/29 (d) | 900 | 771 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (d) (q) | 32670 | 32670 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (d) | 2590 | 2545 |
| 5.75%, 12/01/28 (d) | 2090 | 2004 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (d) | 507 | 476 |
|  |  | 40550 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Edison International |  |  |
| 6.25%, 03/15/30 | 400 | 416 |
| 5.25%, 03/15/32 | 3600 | 3566 |
| PG&E Corporation |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 1347 | 1322 |
| 3.00%, 06/15/28 | 3343 | 3223 |
| 3.75%, 07/01/28 | 975 | 957 |
| 4.55%, 07/01/30 | 7254 | 7211 |
| 4.40%, 03/01/32 | 1000 | 974 |
| 6.00%, 08/15/35 | 600 | 628 |
| 4.30%, 03/15/45 | 9005 | 7202 |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Energetychna Kompaniya Ukrenergo |  |  |
| 0.00%, 11/09/28 (e) (f) (g) | 400 | 320 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 251 | 377 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 04/18/27, EUR (e) | 100 | 81 |
| 9.75%, 10/10/27, GBP (e) | 56 | 83 |
| 9.75%, 10/10/27, GBP (d) | 197 | 296 |
| 1.60%, 12/23/27 (e) | 200 | 140 |
| 0.88%, 01/31/28, EUR (e) | 1700 | 1356 |
| 3.50%, 02/25/28, GBP (e) | 100 | 93 |
| 4.38%, 01/18/31, EUR (e) | 700 | 570 |
| 7.13%, 04/30/31, GBP (e) | 100 | 94 |
| 2.63%, 01/24/32, GBP (e) | 400 | 363 |
| 1.25%, 01/31/32, EUR (e) | 200 | 159 |
| 6.50%, 02/09/32, GBP | 100 | 94 |
| 4.38%, 07/03/34, GBP (e) | 300 | 276 |
| 5.13%, 09/28/37, GBP | 200 | 186 |
| 5.50%, 02/11/41, GBP (e) | 700 | 651 |
| 7.75%, 04/30/44, GBP (e) | 600 | 568 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (d) (o) | 37 | 43 |
|  |  | 31249 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Energy Transfer LP |  |  |
| 6.10%, 12/01/28 | 1700 | 1789 |
| Gaz Capital S.A. |  |  |
| 0.00%, 03/23/27 (e) (f) (g) | 800 | 685 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 - 01/27/29 (e) (f) (g) | 6600 | 4725 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/26 - 04/12/37 (e) (f) (g) | 1290 | 207 |
| 0.00%, 04/12/27 (e) (f) (g) | 300 | 48 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 7889 | 7810 |
| 6.95%, 01/28/60 | 1190 | 978 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Topaz Solar Farms LLC |  |  |
| 4.88%, 09/30/39 (d) | 54 | 47 |
| 5.75%, 09/30/39 (d) | 589 | 596 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 2200 | 2103 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (d) | 1600 | 1657 |
| 9.50%, 02/01/29 (d) | 200 | 221 |
| 7.00%, 01/15/30 (d) | 5400 | 5589 |
| 9.88%, 02/01/32 (d) | 3000 | 3267 |
| | | 29722 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 (d) (i) (j) (r) | 1836 | 1921 |
| 9.00%, 06/01/31 (d) (i) (r) | 2445 | 2770 |
| Mitchells & Butlers Finance PLC |  |  |
| 6.01%, 12/15/28, GBP (i) | 79 | 107 |
| Nissan Motor Acceptance Company LLC |  |  |
| 6.30%, 09/13/27 (d) (l) | 2600 | 2595 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (d) | 4300 | 4221 |
| 7.50%, 07/17/30 (d) | 800 | 840 |
| 4.81%, 09/17/30 (d) (j) | 300 | 283 |
| Stellantis Finance US Inc. |  |  |
| 5.75%, 03/18/30 (d) (j) | 700 | 712 |
|  |  | 13449 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Boeing Company, The |  |  |
| 2.75%, 02/01/26 | 2140 | 2131 |
| 2.20%, 02/04/26 (s) | 6480 | 6431 |
| 6.26%, 05/01/27 (s) | 630 | 648 |
| 6.30%, 05/01/29 (s) | 90 | 96 |
| 6.53%, 05/01/34 (s) | 300 | 332 |
|  |  | 9638 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (d) | 3700 | 3892 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 700 | 644 |
| 3.00%, 10/15/30 | 1900 | 1698 |
| 2.63%, 08/01/31 | 3000 | 2577 |
|  |  | 8811 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| B.A.T. International Finance P.L.C. |  |  |
| 5.93%, 02/02/29 | 3300 | 3466 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (d) | 1100 | 1287 |
|  |  | 4753 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 10/22/25 - 01/17/49 (e) (f) (g) | 1800 | 189 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 32 | 32 |
| 4.95%, 04/15/28 | 90 | 91 |
| GLP Financing, LLC |  |  |
| 5.30%, 01/15/29 | 268 | 273 |
| Kennedy Wilson Europe Real Estate Limited |  |  |
| 3.25%, 11/12/25, EUR (e) | 1895 | 2224 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (d) | 1356 | 1427 |
|  |  | 4236 |
| Total Corporate Bonds And Notes (cost $213,574) | Total Corporate Bonds And Notes (cost $213,574) | 211693 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.0%** | **SENIOR FLOATING RATE INSTRUMENTS 3.0%** | **SENIOR FLOATING RATE INSTRUMENTS 3.0%** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| AMSURG LLC |  |  |
| 2023 First Out Term Loan, 12.23%, (3 Month Term SOFR + 4.75%), 07/20/26 (h) (l) | 2591 | 2591 |
| 2023 Last Out Term Loan, 12.23%, (3 Month Term SOFR + 7.88%), 11/03/28 (h) (l) | 15711 | 16182 |
|  |  | 18773 |
| **Industrials 0.8%** | **Industrials 0.8%** | **Industrials 0.8%** |
| Mercury Aggregator LP |  |  |
| Term Loan, 3.50%, 04/03/26 (h) (l) | 305 | 90 |
| Term Loan, 13.50%, 04/03/26 (h) (l) | 556 | 163 |
| SVF II Finco Cayman LP |  |  |
| Term Loan, 0.00%, 04/25/29 (h) (l) (t) | 70 | 70 |
| Term Loan, 7.65%, 04/25/29 (h) (l) | 3130 | 3138 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (l) | 9601 | 9594 |
|  |  | 13055 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Republic of Panama |  |  |
| Term Loan, 4.80%, 04/01/27, EUR (h) (l) | 3900 | 4615 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Altice France S.A. |  |  |
| 2023 USD Term Loan B14, 9.82%, (3 Month Term SOFR + 5.50%), 08/31/28 (l) | 1089 | 1051 |
| Numericable US LLC |  |  |
| USD Term Loan B11, 9.25%, (3 Month USD LIBOR + 2.75%), 04/30/27 (l) | 399 | 364 |
| SubCalidora 2 S.a r.l. |  |  |
| 2024 EUR Term Loan, 7.73%, (3 Month EURIBOR + 5.75%), 08/14/29, EUR (h) (l) | 1200 | 1409 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.30%, (3 Month Term SOFR + 7.00%), 05/06/27 (l) | 1489 | 1443 |
|  |  | 4267 |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| Softbank Vision Fund II |  |  |
| Term Loan, 6.00%, 12/21/25 (h) (l) | 3687 | 3687 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| SCURAlpha 1503 Gmbh |  |  |
| USD Term Loan B1, 9.81%, (3 Month Term SOFR + 5.00%), 01/04/30 (l) | 2444 | 2236 |
| EUR Term Loan B1, 7.53%, (1 Month EURIBOR + 5.50%), 03/30/30, EUR (l) | 1300 | 1431 |
| Westmoreland Coal Co |  |  |
| PIK Term Loan, 8.00%, 03/15/29 (h) (l) (r) | 23 | 9 |
|  |  | 3676 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Poseidon BidCo |  |  |
| 2024 EUR Term Loan B, 0.00%, (3 Month EURIBOR + 5.00%), 12/31/49, EUR (l) (t) | 2100 | 1113 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.43%, (1 Month Term SOFR + 3.00%), 06/30/27 (l) | 21 | 17 |
| 2020 Take Back Term Loan, 8.43%, (1 Month Term SOFR + 4.00%), 12/31/27 (l) (r) | 76 | 51 |
|  |  | 68 |
| Total Senior Floating Rate Instruments (cost $49,597) | Total Senior Floating Rate Instruments (cost $49,597) | 49254 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Amsurg Corp. (f) (h) | 101 | 4580 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (f) | 515 | 814 |
| iHeartMedia, Inc. (f) | 91 | 202 |
| iHeartMedia, Inc. - Class A (f) | 124 | 357 |
| Uniti Group Inc. (f) (h) | 130 | 734 |
|  |  | 2107 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| UBS Group AG | 4 | 170 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Uniti Group Inc. (f) (j) | 24 | 149 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| WestMet Group Holdings (f) (h) | 2 | 2 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Westmoreland Coal Company (f) | 1 |  |
| Total Common Stocks (cost $11,529) | Total Common Stocks (cost $11,529) | 7008 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **RIGHTS 0.1%** | **RIGHTS 0.1%** | **RIGHTS 0.1%** |
| Intelsat Jackson Holdings, Ltd. (f) (h) | 124 | 1475 |
| Total Rights (cost $1,456) | Total Rights (cost $1,456) | 1475 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Windstream Holdings, Inc. (f) (h) | 1 | 832 |
| Total Preferred Stocks (cost $832) | Total Preferred Stocks (cost $832) | 832 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Windstream Holdings, Inc. (f) (h) | 25 | 143 |
| Total Warrants (cost $155) | Total Warrants (cost $155) | 143 |
| **SHORT TERM INVESTMENTS 9.4%** | **SHORT TERM INVESTMENTS 9.4%** | **SHORT TERM INVESTMENTS 9.4%** |
| **U.S. Treasury Bill 6.9%** | **U.S. Treasury Bill 6.9%** | **U.S. Treasury Bill 6.9%** |
| Treasury, United States Department of |  |  |
| 4.11%, 10/02/25 (b) | 17022 | 17020 |
| 4.25%, 10/07/25 | 3300 | 3298 |
| 4.01%, 10/09/25 | 6300 | 6294 |
| 4.18%, 10/14/25 (b) | 16500 | 16476 |
| 4.30%, 10/16/25 | 1350 | 1348 |
| 4.28%, 10/21/25 | 18271 | 18230 |
| 4.25%, 10/28/25 | 4179 | 4166 |
| 4.25%, 10/30/25 | 10200 | 10167 |
| 4.18%, 11/06/25 | 1600 | 1594 |
| 4.23%, 11/12/25 (b) | 1800 | 1792 |
| 4.18%, 11/13/25 (b) | 1126 | 1121 |
| 4.29%, 11/18/25 (b) | 12474 | 12408 |
| 4.28%, 11/25/25 | 15800 | 15704 |
| 4.23%, 11/28/25 (b) | 1100 | 1093 |
| 4.21%, 12/04/25 (b) | 384 | 381 |
| 4.13%, 12/11/25 (b) | 616 | 611 |
| 4.13%, 12/26/25 | 1141 | 1130 |
|  |  | 112833 |
| **Treasury Securities 1.2%** | **Treasury Securities 1.2%** | **Treasury Securities 1.2%** |
| Presidencia da Republica |  |  |
| 13.17%, 04/01/26, BRL | 112400 | 19721 |
| **Discount Notes 0.6%** | **Discount Notes 0.6%** | **Discount Notes 0.6%** |
| FHLBanks Office of Finance |  |  |
| 3.96%, 12/24/25 | 700 | 694 |
| 19.82%, 12/26/25 | 9400 | 9312 |
|  |  | 10006 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.04% (u) (v) | 7689 | 7689 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (u) (v) | 2691 | 2691 |
| Total Short Term Investments (cost $152,648) | Total Short Term Investments (cost $152,648) | 152940 |
| **Total Investments 151.0% (cost $2,517,056)** | **Total Investments 151.0% (cost $2,517,056)** | **2457722** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | **(1397)** |
| **Other Assets and Liabilities, Net (50.9)%** | **Other Assets and Liabilities, Net (50.9)%** | **(828994)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1627331** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $840,325.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) Treasury inflation indexed note, par amount is adjusted for inflation.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $165,757 and 10.2% 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) Non-income producing security.

(g) As of September 30, 2025, 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 0.7% of the Fund's net assets.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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 September 30, 2025.

(j) All or a portion of the security was on loan as of September 30, 2025.

(k) Treasury inflation indexed note, par amount is not adjusted for inflation.

(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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.

(m) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(n) Convertible security.

(o) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(r) 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.

(s) 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 September 30, 2025.

(t) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(u) Investment in affiliate.

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 3430 | 223506 | 219247 | 127 |  |  | 7689 | 0.5 |
| JNL Government Money Market Fund, 4.14% - Class SL | 393 | 41073 | 38775 | 51 |  |  | 2691 | 0.1 |
|  | 3823 | 264579 | 258022 | 178 |  |  | 10380 | 0.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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, 4.55%, 12/15/38 | 02/19/20 | 898 | 908 | 0.1 |
| Altice France, 5.88%, 02/01/27 | 07/25/24 | 390 | 423 |  |
| Altice France, 4.13%, 01/15/29 | 05/14/24 | 81 | 101 |  |
| Altice France, 4.25%, 10/15/29 | 03/31/25 | 87 | 101 |  |
| Banca Monte dei Paschi di Siena S.p.A., 1.88%, 01/09/26 | 03/07/23 | 105 | 117 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 09/25/24 | 6782 | 7667 | 0.5 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 09/13/24 | 595 | 669 | 0.1 |
| Country Garden Holdings Company Limited, 0.00%, 10/22/25 | 08/10/22 | 170 | 42 |  |
| Country Garden Holdings Company Limited, 0.00%, 07/12/26 | 08/02/22 | 151 | 42 |  |
| Country Garden Holdings Company Limited, 0.00%, 10/22/30 | 08/01/22 | 123 | 42 |  |
| Country Garden Holdings Company Limited, 0.00%, 01/17/49 | 01/13/22 | 553 | 63 |  |
| Credit Suisse Group AG, 7.75%, 03/01/29 | 03/09/23 | 2218 | 2942 | 0.2 |
| Eurosail-UK 2007-3BL PLC, Series 2007-C1A-3X, 4.64%, 06/13/45 | 09/02/20 | 14099 | 14520 | 0.9 |
| Eurosail-UK 2007-6NC PLC, Series 2007-A3A-6NCX, 4.79%, 09/13/45 | 10/15/18 | 20 | 21 |  |
| Gaz Capital S.A., 0.00%, 03/23/27 | 01/20/21 | 881 | 685 | 0.1 |
| Gaz Finance PLC, 0.00%, 06/29/27 | 02/03/21 | 204 | 163 |  |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 6400 | 4562 | 0.3 |
| Kennedy Wilson Europe Real Estate Limited, 3.25%, 11/12/25 | 02/22/18 | 2342 | 2224 | 0.1 |
| Kinbane 2022-RPL 1 Designated Activity Company, Series 2022-A-RPL1X, 3.87%, 09/25/62 | 03/21/23 | 7468 | 8239 | 0.5 |
| Mansard Mortgages 2006-1 PLC, Series 2006-B1-1X, 5.30%, 10/15/48 | 02/19/20 | 3808 | 3908 | 0.3 |
| Ministry of Finance, 3.80%, 05/13/60 | 11/17/20 | 2387 | 1338 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/31/22 | 1016 | 1890 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/24/22 | 943 | 1890 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 09/13/22 | 113 | 135 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 04/01/22 | 241 | 406 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 09/13/22 | 225 |  |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 04/11/22 | 2633 |  |  |
| Newgate Funding PLC, Series 2007-A3-2X, 4.43%, 12/15/50 | 11/28/17 | 2923 | 2996 | 0.2 |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/26 | 11/03/17 | 87 | 79 |  |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 11/21/18 | 78 | 80 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 09/06/18 | 59 | 48 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/37 | 09/06/18 | 59 | 48 |  |
| Preferred Residential Securities 05-2 PLC, Series 2005-C1C-2X, 4.84%, 12/15/40 | 10/06/22 | 557 | 688 | 0.1 |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Energetychna Kompaniya Ukrenergo, 0.00%, 11/09/28 | 09/29/22 | 95 | 320 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/28 | 12/13/17 | 88 | 83 |  |
| Republica Bolivariana de Venezuela, 0.00%, 08/05/31 | 09/12/18 | 220 | 212 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/34 | 12/13/17 | 346 | 271 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/35 | 12/13/17 | 260 | 219 |  |
| Republica Bolivariana de Venezuela, 0.00%, 03/31/38 | 12/13/17 | 93 | 82 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/49 | 12/13/17 | 472 | 379 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/09/49 | 12/13/17 | 15 | 11 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 02/03/20 | 4004 | 3647 | 0.2 |
| Thames Water Utilities Finance PLC, 4.00%, 04/18/27 | 10/04/24 | 91 | 81 |  |
| Thames Water Utilities Finance PLC, 9.75%, 10/10/27 | 07/24/25 | 51 | 83 |  |
| Thames Water Utilities Finance PLC, 1.60%, 12/23/27 | 08/22/24 | 164 | 140 |  |
| Thames Water Utilities Finance PLC, 0.88%, 01/31/28 | 10/02/24 | 1496 | 1356 | 0.1 |
| Thames Water Utilities Finance PLC, 3.50%, 02/25/28 | 08/28/24 | 107 | 93 |  |
| Thames Water Utilities Finance PLC, 4.38%, 01/18/31 | 09/30/24 | 591 | 570 |  |
| Thames Water Utilities Finance PLC, 7.13%, 04/30/31 | 07/30/24 | 100 | 94 |  |
| Thames Water Utilities Finance PLC, 2.63%, 01/24/32 | 10/01/24 | 397 | 363 |  |
| Thames Water Utilities Finance PLC, 1.25%, 01/31/32 | 10/01/24 | 165 | 159 |  |
| Thames Water Utilities Finance PLC, 4.38%, 07/03/34 | 09/30/24 | 299 | 276 |  |
| Thames Water Utilities Finance PLC, 5.50%, 02/11/41 | 09/30/24 | 685 | 651 | 0.1 |
| Thames Water Utilities Finance PLC, 7.75%, 04/30/44 | 07/31/24 | 592 | 568 |  |
|  |  | 69027 | 66695 | 4.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 391 | December 2025 | AUD | 44478 | 201 | (101) |
| Long Gilt | 935 | December 2025 | GBP | 84837 | 427 | 148 |
| United States 10 Year Note | 2225 | December 2025 |  | 248876 | (35) | 1437 |
| United States 10 Year Ultra Bond | 83 | December 2025 |  | 9460 | (5) | 92 |
| United States 2 Year Note | 15 | January 2026 |  | 3123 | 2 | 3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income Fund — Futures Contracts (continued)** | **JNL/PIMCO Income 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| United States 5 Year Note | 1961 | January 2026 |  | 213881 | 77 | 251 |
|  |  |  |  |  | 667 | 1830 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3 Month SOFR Index | (23) | December 2025 |  | (5626) |  | 108 |
| 3 Month SOFR Index | (31) | March 2026 |  | (7583) | (2) | 119 |
| 3 Month SOFR Index | (27) | June 2026 |  | (6603) | (2) | 89 |
| Euro BOBL | (121) | December 2025 | EUR | (14264) | (23) | 11 |
| Euro Bund | (272) | December 2025 | EUR | (34856) | (99) | (135) |
| Euro Schatz | (1) | December 2025 | EUR | (107) |  |  |
| United States Long Bond | (463) | December 2025 |  | (52821) | 116 | (1162) |
| United States Ultra Bond | (61) | December 2025 |  | (7143) | 34 | (181) |
|  |  |  |  |  | 24 | (1151) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 9.02<br> (M) | 12/17/29 | MXN | 10400 | 1 | 34 |
| 28-Day MEXIBOR (M) | Paying | 8.99<br> (M) | 12/18/29 | MXN | 7700 |  | 25 |
| 28-Day MEXIBOR (M) | Paying | 9.14<br> (M) | 12/27/29 | MXN | 14900 | 1 | 52 |
| 28-Day MEXIBOR (M) | Paying | 9.15<br> (M) | 12/31/29 | MXN | 12800 | 1 | 45 |
| 28-Day MEXIBOR (M) | Paying | 9.11<br> (M) | 03/13/30 | MXN | 39400 | 2 | 140 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 07/31/28 | ZAR | 2000 |  | 5 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 1600 |  | 4 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 6000 |  | 15 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 07/31/28 | ZAR | 4000 |  | 10 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 08/01/28 | ZAR | 2400 |  | 6 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/01/28 | ZAR | 4100 |  | 10 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.55<br> (Q) | 08/03/28 | ZAR | 8400 |  | 23 |
| 3M JIBAR (Q) | Paying | 8.38<br> (Q) | 08/04/28 | ZAR | 4200 |  | 10 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/04/28 | ZAR | 10200 |  | 25 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4200 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4300 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.54<br> (Q) | 08/04/28 | ZAR | 4300 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.36<br> (Q) | 08/07/28 | ZAR | 7700 |  | 19 |
| 3M JIBAR (Q) | Paying | 8.40<br> (Q) | 08/07/28 | ZAR | 7700 |  | 19 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/07/28 | ZAR | 2300 |  | 6 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/03/31 | ZAR | 5000 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/06/31 | ZAR | 5000 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.01<br> (Q) | 01/07/31 | ZAR | 4900 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.03<br> (Q) | 01/07/31 | ZAR | 4900 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.05<br> (Q) | 01/07/31 | ZAR | 4900 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/07/31 | ZAR | 4900 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/08/31 | ZAR | 14900 | 1 | 36 |
| 3M JIBAR (Q) | Paying | 8.08<br> (Q) | 01/08/31 | ZAR | 6900 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.20<br> (Q) | 01/10/31 | ZAR | 24900 | 2 | 69 |
| 3M New Zealand Bank Bill Forward Rate Agreement (Q) | Paying | 4.75<br> (S) | 06/19/29 | NZD | 9300 | 6 | 305 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 09/18/29 | AUD | 26300 | (4) | (174) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.50<br> (S) | 06/18/35 | AUD | 46200 | 78 | (112) |
| 6M EURIBOR (S) | Receiving | (0.33)<br> (A) | 12/30/25 | EUR | 300 |  | 1 |
| 6M EURIBOR (S) | Receiving | 2.59<br> (A) | 08/19/34 | EUR | 2400 | (8) | 6 |
| 6M EURIBOR (S) | Receiving | 2.51<br> (A) | 04/09/35 | EUR | 1300 | (5) | 18 |
| 6M EURIBOR (S) | Receiving | 0.25<br> (A) | 03/18/50 | EUR | 5400 | (31) | 3271 |
| 6M EURIBOR (S) | Receiving | 0.50<br> (A) | 06/17/50 | EUR | 2500 | (15) | 1612 |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 23200 | (15) | 2678 |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 21630 | (199) | (220) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 8200 | 4 | (158) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 8200 | 4 | (158) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/13/27 | EUR | 11200 | 5 | (150) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 5400 | 2 | (75) |
| 6M EURIBOR (S) | Paying | 3.37<br> (A) | 10/09/28 | EUR | 3000 | 2 | 107 |
| 6M EURIBOR (S) | Paying | 3.45<br> (A) | 10/20/28 | EUR | 2800 | 2 | 107 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/16/29 | EUR | 2400 | 2 | 43 |
| 6M EURIBOR (S) | Paying | 2.86<br> (A) | 04/24/29 | EUR | 3600 | 4 | 77 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M EURIBOR (S) | Paying | 2.78<br> (A) | 05/02/29 | EUR | 2400 | 2 | 44 |
| 6M EURIBOR (S) | Paying | 2.95<br> (A) | 06/12/29 | EUR | 1800 | 2 | 45 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 03/18/31 | EUR | 76500 | 146 | (34) |
| 6M EURIBOR (S) | Paying | 2.00<br> (A) | 09/21/32 | EUR | 25380 | 64 | (1037) |
| 6M EURIBOR (S) | Paying | 2.55<br> (A) | 03/09/33 | EUR | 5800 | 16 | 17 |
| 6M EURIBOR (S) | Paying | 3.27<br> (A) | 08/21/33 | EUR | 1600 | 5 | 89 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/29/34 | EUR | 1600 | 5 | 23 |
| 6M EURIBOR (S) | Paying | 2.41<br> (A) | 11/05/34 | EUR | 2800 | 10 | (55) |
| 6M EURIBOR (S) | Paying | 2.22<br> (A) | 01/08/35 | EUR | 1400 | 5 | (52) |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 03/07/35 | EUR | 1300 | 5 | (27) |
| 6M EURIBOR (S) | Paying | 2.52<br> (A) | 03/27/35 | EUR | 1300 | 5 | (16) |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 2500 | 10 | 15 |
| Bank of Canada Overnight Repo Rate (S) | Paying | 3.75<br> (S) | 12/21/25 | CAD | 24900 |  | 466 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | (0.02)<br> (S) | 09/20/28 | JPY | 12430000 | 35 | 2788 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.00<br> (S) | 03/15/29 | JPY | 6580000 | 21 | 1858 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.70<br> (A) | 09/18/29 | JPY | 3190000 | 13 | 300 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.40<br> (A) | 06/15/32 | JPY | 569400 | 4 | 216 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.00<br> (A) | 09/18/34 | JPY | 1640000 | 16 | 288 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.25<br> (A) | 06/18/35 | JPY | 382000 | 4 | 133 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 03/15/42 | JPY | 276000 | 3 | 309 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.71<br> (A) | 04/27/42 | JPY | 130000 | 1 | 157 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 0.18<br> (A) | 04/27/27 | JPY | 520000 | (1) | (36) |
| BRAZIBOR (A) | Paying | 9.87<br> (A) | 01/02/26 | BRL | 6100 | (1) | (65) |
| BRAZIBOR (A) | Paying | 9.91<br> (A) | 01/02/26 | BRL | 9500 | (2) | (98) |
| BRAZIBOR (A) | Paying | 9.84<br> (A) | 01/02/26 | BRL | 12100 | (2) | (129) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/02/26 | BRL | 18900 | (3) | (184) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/02/26 | BRL | 19000 | (3) | (186) |
| BRAZIBOR (A) | Paying | 10.02<br> (A) | 01/02/26 | BRL | 19200 | (3) | (190) |
| BRAZIBOR (A) | Paying | 11.70<br> (A) | 01/04/27 | BRL | 100 |  | (1) |
| BRAZIBOR (A) | Paying | 11.25<br> (A) | 01/04/27 | BRL | 300 |  | (3) |
| BRAZIBOR (A) | Paying | 11.26<br> (A) | 01/04/27 | BRL | 300 |  | (3) |
| BRAZIBOR (A) | Paying | 11.72<br> (A) | 01/04/27 | BRL | 600 |  | (5) |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 600 |  | (7) |
| BRAZIBOR (A) | Paying | 11.87<br> (A) | 01/04/27 | BRL | 1600 |  | (10) |
| BRAZIBOR (A) | Paying | 10.21<br> (A) | 01/04/27 | BRL | 3880 |  | (44) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 4300 | (1) | (61) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 7300 | (2) | (101) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/04/27 | BRL | 7530 |  | (90) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 11500 |  | (131) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 11540 |  | (133) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 15600 | (4) | (224) |
| BRAZIBOR (A) | Paying | 9.96<br> (A) | 01/04/27 | BRL | 17500 | (4) | (255) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 19260 | (1) | (221) |
| BRAZIBOR (A) | Paying | 10.33<br> (A) | 01/04/27 | BRL | 20480 | (1) | (221) |
| BRAZIBOR (A) | Paying | 14.01<br> (A) | 01/04/27 | BRL | 20500 |  | (10) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 22760 | (1) | (269) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 23090 | (1) | (264) |
| BRAZIBOR (A) | Paying | 10.26<br> (A) | 01/04/27 | BRL | 26920 | (1) | (299) |
| BRAZIBOR (A) | Paying | 10.20<br> (A) | 01/04/27 | BRL | 26950 | (1) | (306) |
| BRAZIBOR (A) | Paying | 13.93<br> (A) | 01/04/27 | BRL | 28900 |  | (21) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/04/27 | BRL | 29400 | (7) | (415) |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 19000 | 2 | (1) |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/29 | BRL | 37800 | 4 | 2 |
| Sterling Overnight Index Average Rate (A) | Receiving | 3.70<br> (A) | 03/28/34 | GBP | 1000 | (3) | 32 |
| Sterling Overnight Index Average Rate (A) | Receiving | 4.50<br> (A) | 09/17/55 | GBP | 1540 | (13) | (27) |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 60300 | 103 | (85) |
| U.K. Retail Price Index (A) | Paying | 4.06<br> (A) | 09/15/31 | GBP | 1100 | 4 | (155) |
| U.K. Retail Price Index (A) | Paying | 4.00<br> (A) | 09/15/31 | GBP | 1300 | 4 | (188) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2200 | 7 | (270) |
| U.K. Retail Price Index (A) | Paying | 4.40<br> (A) | 10/15/31 | GBP | 1400 | 5 | (121) |
| U.K. Retail Price Index (A) | Paying | 4.02<br> (A) | 10/15/31 | GBP | 1600 | 6 | (217) |
| U.K. Retail Price Index (A) | Paying | 4.14<br> (A) | 10/15/31 | GBP | 3100 | 12 | (364) |
| U.K. Retail Price Index (A) | Paying | 4.25<br> (A) | 11/15/31 | GBP | 3100 | 16 | (265) |
| U.S. SOFR (A) | Receiving | 1.60<br> (A) | 01/16/26 |  | 22200 |  | (125) |
| U.S. SOFR (A) | Receiving | 2.30<br> (A) | 01/17/26 |  | 15900 |  | 80 |
| U.S. SOFR (Q) | Receiving | 0.93<br> (S) | 05/06/26 |  | 3500 | (1) | 65 |
| U.S. SOFR (Q) | Receiving | 0.50<br> (S) | 06/16/26 |  | 35800 | (5) | 566 |
| U.S. SOFR (Q) | Receiving | 3.00<br> (S) | 06/19/26 |  | 59100 | (21) | 8714 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/21/26 |  | 4040 |  | (6) |
| U.S. SOFR (Q) | Receiving | 1.01<br> (S) | 06/24/26 |  | 5700 | (1) | 123 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 12/15/26 | 1200 | (1) | 62 |
| U.S. SOFR (Q) | Receiving | 1.74<br> (S) | 12/16/26 | 2700 | (1) | 181 |
| U.S. SOFR (Q) | Receiving | 1.35<br> (S) | 01/20/27 | 11500 | (5) | 357 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 02/17/27 | 8300 | (4) | 259 |
| U.S. SOFR (Q) | Receiving | 1.42<br> (S) | 02/24/27 | 6200 | (3) | 198 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/27 | 8220 | (2) | 53 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/27 | 2100 | (1) | (86) |
| U.S. SOFR (Q) | Receiving | 1.24<br> (S) | 05/12/28 | 1800 | (2) | 107 |
| U.S. SOFR (Q) | Receiving | 2.25<br> (S) | 06/20/28 | 2000 | (2) | 228 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/21/28 | 2620 | (1) | (32) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 | 1070 | (1) | (5) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 | 1500 | (1) | (7) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/20/28 | 18400 | (11) | (455) |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 01/12/29 | 1980 | (2) | 129 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/29 | 4340 | (3) | 13 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/29 | 3680 | (2) | 11 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 | 5570 | (3) | 7 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 | 53380 | (31) | (335) |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 12/10/29 | 1800 | (3) | 305 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 | 460 |  | 4 |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 12/18/29 | 3600 | (4) | 520 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 | 95990 | (46) | (34) |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/29 | 6470 | (3) | (195) |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/15/30 | 5900 | (8) | 935 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 02/12/30 | 3500 | (5) | 604 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 02/28/30 | 16906 | (7) | 107 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/30 | 17668 | (7) | 48 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 03/10/30 | 1700 | (2) | 296 |
| U.S. SOFR (Q) | Receiving | 1.43<br> (S) | 03/17/30 | 3800 | (4) | 499 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/17/30 | 69000 | (66) | 9753 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 | 1670 | (1) |  |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/30 | 65870 | (22) | 398 |
| U.S. SOFR (Q) | Receiving | 0.71<br> (S) | 07/28/30 | 1700 | (1) | 198 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 10/31/30 | 200 |  | (3) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 200 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 | 200 |  | (3) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.66<br> (A) | 10/31/30 | 300 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 400 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 400 |  | (3) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 400 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 10/31/30 | 400 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 10/31/30 | 500 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 500 |  | (7) |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 10/31/30 | 500 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 500 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 500 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 |  | (7) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 700 |  | (10) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 |  | (7) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 |  | (7) |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 10/31/30 | 900 |  | (8) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 1630 |  | (48) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 51190 | (13) | (1176) |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/31 | 6120 | (2) | 30 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 04/30/31 | 990 |  | 5 |
| U.S. SOFR (A) | Receiving | 3.43<br> (A) | 04/30/31 | 1750 |  | (1) |
| U.S. SOFR (Q) | Receiving | 0.75<br> (S) | 06/16/31 | 33500 | (17) | 3168 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 8380 | (2) | (52) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 16930 | (4) | (157) |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 06/30/31 | 3140 | (1) | 22 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 07/16/31 | 33100 | (33) | 3886 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 | 33644 | (7) | (521) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/32 | 2570 |  | 2 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/32 | 5540 |  | (5) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 05/22/33 | 107380 | (15) | (813) |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 06/06/33 | 63690 | (10) | (202) |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 2820 |  | 28 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 9880 | (1) | 237 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 11/22/33 | 2400 |  | (118) |
| U.S. SOFR (A) | Receiving | 4.03<br> (A) | 12/15/33 | 2400 |  | (80) |
| U.S. SOFR (A) | Receiving | 3.84<br> (A) | 12/26/33 | 1300 |  | (26) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 12/29/33 | 1200 |  | (25) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 01/02/34 | 1200 |  | (16) |
| U.S. SOFR (A) | Receiving | 3.81<br> (A) | 01/02/34 | 1200 |  | (21) |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 01/03/34 | 1200 |  | (10) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 01/08/34 | 2300 |  | (13) |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 01/09/34 | 2400 |  | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 01/17/34 | 1200 |  | (3) |
| U.S. SOFR (A) | Receiving | 3.99<br> (A) | 07/02/34 | 3300 |  | (100) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 08/05/34 | 4000 |  | (77) |
| U.S. SOFR (A) | Receiving | 3.80<br> (A) | 08/06/34 | 3800 |  | (57) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 08/07/34 | 3800 |  | (14) |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 08/13/34 | 3800 |  | (23) |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 08/20/34 | 3800 |  | 19 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/21/34 | 4300 |  | 13 |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 08/22/34 | 3800 |  | (4) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 | 2200 |  | 15 |
| U.S. SOFR (A) | Receiving | 3.47<br> (A) | 09/04/34 | 2600 |  | 26 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 | 2700 |  | 16 |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 09/05/34 | 2400 |  | 35 |
| U.S. SOFR (A) | Receiving | 3.24<br> (A) | 09/16/34 | 1200 |  | 33 |
| U.S. SOFR (A) | Receiving | 3.28<br> (A) | 09/16/34 | 4800 |  | 120 |
| U.S. SOFR (A) | Receiving | 3.23<br> (A) | 09/18/34 | 3700 |  | 106 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 09/18/34 | 3700 |  | 101 |
| U.S. SOFR (A) | Receiving | 3.91<br> (A) | 03/04/35 | 2200 |  | (49) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/35 | 1620 |  | 12 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 11/15/49 | 270 | 1 | 19 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 11/15/49 | 410 | 1 | 39 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 11/15/49 | 680 | 2 | 55 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 01/15/50 | 500 | (1) | 263 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 01/16/50 | 900 | (1) | 440 |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/22/50 | 2300 | (2) | 1154 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 02/03/50 | 11500 | (9) | 5631 |
| U.S. SOFR (Q) | Receiving | 1.88<br> (S) | 02/07/50 | 4300 | (6) | 2211 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/16/51 | 4800 | (1) | 1440 |
| U.S. SOFR (Q) | Receiving | 1.04<br> (S) | 06/28/52 | 600 |  | 317 |
| U.S. SOFR (A) | Receiving | 2.75<br> (A) | 06/21/53 | 24300 | 68 | 2643 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 11/15/53 | 1010 | 3 | 119 |
| U.S. SOFR (A) | Receiving | 3.93<br> (A) | 11/15/53 | 10441 | 33 | 129 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 09/17/55 | 6600 | 21 | (155) |
| U.S. SOFR (Q) | Paying | 1.38<br> (S) | 01/04/27 | 34000 | 15 | (1015) |
| U.S. SOFR (Q) | Paying | 1.43<br> (S) | 01/18/27 | 3400 | 2 | (102) |
| U.S. SOFR (Q) | Paying | 1.44<br> (S) | 01/18/27 | 3600 | 2 | (107) |
| U.S. SOFR (Q) | Paying | 1.55<br> (S) | 01/20/27 | 50900 | 25 | (1275) |
| U.S. SOFR (Q) | Paying | 1.58<br> (S) | 02/16/27 | 3500 | 2 | (103) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 02/17/27 | 33200 | 19 | (798) |
| U.S. SOFR (Q) | Paying | 1.65<br> (S) | 02/24/27 | 20600 | 12 | (519) |
| U.S. SOFR (A) | Paying | 1.57<br> (A) | 02/28/27 | 2200 |  | (58) |
| U.S. SOFR (A) | Paying | 1.79<br> (A) | 05/03/27 | 2700 | 1 | (70) |
| U.S. SOFR (A) | Paying | 2.85<br> (A) | 08/30/27 | 3300 | 1 | (34) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/07/27 | 1600 | 1 | (11) |
| U.S. SOFR (A) | Paying | 2.96<br> (A) | 10/04/27 | 2460 | 1 | (21) |
| U.S. SOFR (Q) | Paying | 0.50<br> (S) | 06/16/28 | 19903 | 12 | (487) |
| U.S. SOFR (A) | Paying | 3.25<br> (A) | 06/21/28 | 13500 | 7 | 144 |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 12/15/28 | 10460 | 12 | (904) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 01/12/29 | 7200 | 9 | (396) |
| U.S. SOFR (Q) | Paying | 1.52<br> (S) | 01/20/29 | 1000 | 1 | (65) |
| U.S. SOFR (Q) | Paying | 1.63<br> (S) | 01/26/29 | 1700 | 2 | (105) |
| U.S. SOFR (A) | Paying | 3.94<br> (A) | 02/22/29 | 6800 | 4 | 128 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 02/27/29 | 2300 | 1 | 46 |
| U.S. SOFR (A) | Paying | 1.00<br> (A) | 06/15/29 | 127110 | 63 | (5152) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/29 | 1230 | 1 | 66 |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/08/29 | 1600 | 1 | (18) |
| U.S. SOFR (A) | Paying | 3.10<br> (A) | 09/09/29 | 1600 | 1 | (15) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Paying | 3.47<br> (A) | 02/22/30 | 4500 | 2 | 18 |
| U.S. SOFR (A) | Paying | 3.34<br> (A) | 02/23/30 | 3800 | 2 | (5) |
| U.S. SOFR (A) | Paying | 3.53<br> (A) | 03/02/30 | 1600 | 1 | 10 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/22/30 | 12600 | 4 | 65 |
| U.S. SOFR (Q) | Paying | 1.00<br> (S) | 12/16/30 | 14824 | 11 | (2156) |
| U.S. SOFR (Q) | Paying | 0.75<br> (S) | 06/16/31 | 59600 | 29 | (3973) |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 10/05/31 | 2100 | 2 | (251) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/15/31 | 2000 | 2 | (236) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/22/31 | 1400 | 2 | (166) |
| U.S. SOFR (Q) | Paying | 1.74<br> (S) | 01/12/32 | 1300 | 2 | (145) |
| U.S. SOFR (Q) | Paying | 1.66<br> (S) | 01/24/32 | 1700 | 2 | (199) |
| U.S. SOFR (Q) | Paying | 2.00<br> (S) | 02/18/32 | 3100 | 5 | (304) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/06/32 | 2500 |  | (68) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 09/17/32 | 60 |  | (1) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/17/32 | 310 |  |  |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 02/23/33 | 2810 |  | (21) |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 03/07/33 | 4500 | 1 | (20) |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/21/33 | 8400 | 1 | (20) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/12/33 | 4200 | 1 | 61 |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 08/03/33 | 1400 |  | 18 |
| U.S. SOFR (A) | Paying | 3.76<br> (A) | 08/23/33 | 4600 | 1 | 69 |
| U.S. SOFR (A) | Paying | 3.80<br> (A) | 08/30/33 | 2300 |  | 41 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 08/30/33 | 2200 |  | 54 |
| U.S. SOFR (A) | Paying | 4.03<br> (A) | 10/04/33 | 4700 | 1 | 158 |
| U.S. SOFR (A) | Paying | 4.18<br> (A) | 10/10/33 | 2300 |  | 101 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 10/12/33 | 2300 |  | 97 |
| U.S. SOFR (A) | Paying | 4.22<br> (A) | 10/20/33 | 2300 |  | 108 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 10/31/33 | 1400 |  | 88 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 11/01/33 | 3500 | 1 | 221 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 900 |  | 21 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 8320 | 1 | 283 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 1200 |  | 14 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 700 |  | 9 |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 01/24/34 | 2300 |  | 16 |
| U.S. SOFR (A) | Paying | 3.69<br> (A) | 01/24/34 | 2300 |  | 19 |
| U.S. SOFR (A) | Paying | 3.62<br> (A) | 01/31/34 | 1200 |  | 4 |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 02/07/34 | 1100 |  | 12 |
| U.S. SOFR (A) | Paying | 3.86<br> (A) | 02/21/34 | 4600 |  | 96 |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 03/05/34 | 1200 |  | 11 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 04/10/34 | 2300 |  | 54 |
| U.S. SOFR (A) | Paying | 3.95<br> (A) | 04/16/34 | 2500 |  | 68 |
| U.S. SOFR (A) | Paying | 4.08<br> (A) | 04/17/34 | 2300 |  | 85 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 04/22/34 | 2300 |  | 85 |
| U.S. SOFR (A) | Paying | 4.13<br> (A) | 05/03/34 | 2200 |  | 89 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 5530 |  | 224 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 11230 |  | 426 |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 10/11/34 | 3800 |  | (46) |
| U.S. SOFR (A) | Paying | 3.38<br> (A) | 10/15/34 | 3800 |  | (68) |
| U.S. SOFR (A) | Paying | 3.39<br> (A) | 10/17/34 | 2500 |  | (43) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 5200 |  | (85) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 2100 |  | (34) |
| U.S. SOFR (A) | Paying | 3.52<br> (A) | 11/06/34 | 7600 |  | (57) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/18/34 | 460 |  | (2) |
| U.S. SOFR (A) | Paying | 3.85<br> (A) | 01/08/35 | 1100 |  | 20 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 01/08/35 | 2200 |  | 48 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 01/15/35 | 2100 |  | 58 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/15/35 | 3500 |  | 124 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 01/21/35 | 1800 |  | 68 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 01/22/35 | 4900 |  | 181 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 05/07/35 | 4500 | (1) | 41 |
| U.S. SOFR (Q) | Paying | 1.59<br> (S) | 02/09/51 | 12800 | 8 | (5430) |
| U.S. SOFR (Q) | Paying | 1.82<br> (S) | 01/24/52 | 300 |  | (118) |
| U.S. SOFR (Q) | Paying | 1.87<br> (S) | 01/26/52 | 300 |  | (116) |
| U.S. SOFR (A) | Paying | 3.08<br> (A) | 02/23/53 | 1200 | (3) | (176) |
| U.S. SOFR (A) | Paying | 3.37<br> (A) | 07/12/53 | 2900 | (8) | (285) |
| U.S. SOFR (A) | Paying | 3.83<br> (A) | 10/12/53 | 700 | (2) | (14) |
| U.S. SOFR (A) | Paying | 3.88<br> (A) | 10/16/53 | 700 | (2) | (8) |
| U.S. SOFR (A) | Paying | 3.87<br> (A) | 10/17/53 | 800 | (2) | (11) |
|  |  |  |  |  | 297 | 27977 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) | 0.23 | 1.00 | 12/20/25 | (500) | 1 |  | (6) |
| AT&T Inc. (Q) | 0.40 | 1.00 | 06/20/28 | (3700) | 58 | (1) | 96 |
| Bank of America Corporation (Q) | 0.22 | 1.00 | 12/20/25 | (2100) | 4 |  | (12) |
| Bank of America Corporation (Q) | 0.33 | 1.00 | 12/20/26 | (3500) | 28 |  | (16) |
| Barclays Bank PLC (Q) | 0.24 | 1.00 | 12/20/25 | (2500) | 5 |  | (11) |
| Boeing Company, The (Q) | 0.65 | 1.00 | 12/20/30 | (3700) | 62 |  |  |
| CDX.EM.34.V3 (Q) | 0.65 | 1.00 | 12/20/25 | (2944) | 2 | (1) | 135 |
| CDX.EM.36.V3 (Q) | 0.66 | 1.00 | 12/20/26 | (12236) | 50 | (5) | 596 |
| CDX.EM.38 (Q) | 0.88 | 1.00 | 12/20/27 | (1600) | 4 | (1) | 140 |
| CDX.EM.39 (Q) | 0.96 | 1.00 | 06/20/28 | (300) |  |  | 21 |
| CDX.EM.40 (Q) | 1.06 | 1.00 | 12/20/28 | (3800) | (7) | (2) | 172 |
| CDX.EM.41 (Q) | 1.15 | 1.00 | 06/20/29 | (1200) | (6) | (1) | 40 |
| CDX.EM.42 (Q) | 1.22 | 1.00 | 12/20/29 | (1700) | (14) | (1) | 35 |
| CDX.EM.43 (Q) | 1.37 | 1.00 | 06/20/30 | (100) | (2) |  | 2 |
| CDX.EM.44 (Q) | 1.48 | 1.00 | 12/20/30 | (1100) | (24) |  |  |
| CDX.NA.HY.35.V5 (Q) | 1.19 | 5.00 | 12/20/25 | (192) | 2 |  | (15) |
| CDX.NA.HY.36.V5 (Q) | 1.37 | 5.00 | 06/20/26 | (9024) | 233 | 8 | (610) |
| CDX.NA.HY.37.V5 (Q) | 1.32 | 5.00 | 12/20/26 | (2688) | 118 | 2 | (30) |
| CDX.NA.HY.39.V4 (Q) | 1.88 | 5.00 | 12/20/27 | (485) | 32 | 1 | 38 |
| CDX.NA.HY.40.V3 (Q) | 2.14 | 5.00 | 06/20/28 | (294) | 21 |  | 15 |
| CDX.NA.HY.41.V2 (Q) | 2.32 | 5.00 | 12/20/28 | (99) | 8 |  | 2 |
| CDX.NA.HY.43 (Q) | 2.93 | 5.00 | 12/20/29 | (12200) | 919 | (19) | 45 |
| CDX.NA.HY.44 (Q) | 3.00 | 5.00 | 06/20/30 | (21900) | 1749 | (7) | 682 |
| CDX.NA.HY.45 (Q) | 3.21 | 5.00 | 12/20/30 | (15800) | 1220 | 16 | 18 |
| CDX.NA.IG.41 (Q) | 0.31 | 1.00 | 12/20/28 | (100) | 2 |  | 1 |
| CDX.NA.IG.43 (Q) | 0.42 | 1.00 | 12/20/29 | (100) | 2 |  |  |
| CDX.NA.IG.45 (Q) | 0.52 | 1.00 | 12/20/30 | (25700) | 584 | 2 | 10 |
| Citigroup Inc. (Q) | 0.25 | 1.00 | 12/20/25 | (400) | 1 |  | (2) |
| EADS Finance (Q) | 0.08 | 1.00 | 06/20/26 | (6500) | 51 | (1) | (119) |
| EADS Finance (Q) | 0.18 | 1.00 | 06/20/28 | (100) | 3 |  |  |
| Ford Motor Credit Company LLC (Q) | 0.43 | 5.00 | 12/20/25 | (900) | 9 |  | (24) |
| General Electric Company (Q) | 0.07 | 1.00 | 06/20/26 | (4500) | 30 |  | (22) |
| ITRAXX.EUR.43 (Q) | 0.50 | 1.00 | 06/20/30 | (8660) | 228 | 2 | 26 |
| ITRAXX.EUR.44 (Q) | 0.56 | 1.00 | 12/20/30 | (1860) | 47 |  |  |
| Morgan Stanley (Q) | 0.23 | 1.00 | 12/20/25 | (2300) | 4 |  | (3) |
| Morgan Stanley (Q) | 0.24 | 1.00 | 06/20/26 | (6600) | 36 | (1) | (6) |
| Oracle Corporation (Q) | 0.53 | 1.00 | 06/20/30 | (1100) | 23 | (1) | (2) |
| Rolls-Royce Group Limited (Q) | 0.09 | 1.00 | 12/20/25 | (4400) | 11 | (1) | (17) |
| Rolls-Royce Group Limited (Q) | 0.11 | 1.00 | 12/20/26 | (1300) | 17 |  | 72 |
| Rolls-Royce Group Limited (Q) | 0.15 | 1.00 | 06/20/27 | (1500) | 26 |  | 171 |
| Verizon Communications Inc. (Q) | 0.39 | 1.00 | 06/20/28 | (3900) | 62 | (1) | 68 |
| Verizon Communications Inc. (Q) | 0.43 | 1.00 | 12/20/28 | (900) | 16 |  | 18 |
|  |  |  |  |  | 5615 | (12) | 1508 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | JPM | 10/02/25 | AUD | 1690 | 1118 | 1 |
| BRL/USD | GSC | 10/02/25 | BRL | 27700 | 5205 | (3) |
| BRL/USD | GSC | 10/02/25 | BRL | 135380 | 25437 | 1089 |
| BRL/USD | JPM | 10/02/25 | BRL | 2269 | 426 | 10 |
| BRL/USD | GSC | 11/04/25 | BRL | 1199 | 223 |  |
| BRL/USD | GSC | 12/02/25 | BRL | 81153 | 15027 | 43 |
| BRL/USD | GSC | 01/05/26 | BRL | 3721 | 683 |  |
| CHF/USD | BCL | 10/02/25 | CHF | 492 | 618 | 2 |
| CNY/USD | HSB | 10/16/25 | CNY | 44 | 6 |  |
| EUR/USD | BCL | 10/02/25 | EUR | 44043 | 51709 | 77 |
| GBP/USD | CIT | 10/02/25 | GBP | 1526 | 2052 | (9) |
| GBP/USD | JPM | 10/02/25 | GBP | 1078 | 1450 | 3 |
| IDR/USD | GSC | 10/22/25 | IDR | 601326 | 36 |  |
| IDR/USD | JPM | 10/22/25 | IDR | 178912 | 11 |  |
| INR/USD | CIT | 10/17/25 | INR | 189 | 2 |  |
| INR/USD | GSC | 10/17/25 | INR | 89 | 1 |  |
| JPY/USD | BOA | 10/02/25 | JPY | 1997973 | 13510 | (107) |
| JPY/USD | BOA | 10/02/25 | JPY | 151400 | 1024 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | HSB | 10/02/25 | JPY | 1420511 | 9606 | (88) |
| JPY/USD | BOA | 11/04/25 | JPY | 1129802 | 7668 | 99 |
| JPY/USD | CIT | 11/04/25 | JPY | 11673 | 79 |  |
| JPY/USD | HSB | 11/04/25 | JPY | 2414995 | 16392 | 61 |
| MXN/USD | BOA | 12/17/25 | MXN | 133501 | 7229 | 134 |
| MXN/USD | CIT | 12/17/25 | MXN | 106805 | 5784 | 27 |
| MXN/USD | GSC | 12/17/25 | MXN | 55776 | 3021 | 60 |
| PEN/USD | CIT | 03/16/26 | PEN | 7397 | 2121 | 16 |
| TRY/USD | JPM | 10/07/25 | TRY | 35571 | 852 | 18 |
| TRY/USD | BCL | 10/10/25 | TRY | 30699 | 733 | 17 |
| TRY/USD | BCL | 10/14/25 | TRY | 60758 | 1446 | 33 |
| TRY/USD | BCL | 10/15/25 | TRY | 15045 | 358 | 7 |
| TRY/USD | BCL | 10/20/25 | TRY | 15484 | 367 | 8 |
| TRY/USD | BCL | 10/21/25 | TRY | 75973 | 1798 | 34 |
| TRY/USD | BCL | 10/22/25 | TRY | 36500 | 863 | 15 |
| TRY/USD | BCL | 10/27/25 | TRY | 62303 | 1466 | 34 |
| TRY/USD | BCL | 10/30/25 | TRY | 59614 | 1399 | 20 |
| TRY/USD | BCL | 10/31/25 | TRY | 38382 | 900 | 14 |
| TRY/USD | BCL | 11/05/25 | TRY | 35606 | 832 | 12 |
| TRY/USD | BCL | 11/06/25 | TRY | 17283 | 403 | 6 |
| TRY/USD | BCL | 11/07/25 | TRY | 19215 | 448 | 7 |
| TRY/USD | BCL | 11/10/25 | TRY | 16178 | 376 | 5 |
| TRY/USD | BCL | 11/20/25 | TRY | 23080 | 533 | 3 |
| TRY/USD | GSC | 11/21/25 | TRY | 12247 | 283 | 1 |
| TRY/USD | BCL | 12/03/25 | TRY | 16974 | 388 | 1 |
| TWD/USD | CIT | 10/20/25 | TWD | 12696 | 417 | (1) |
| TWD/USD | CIT | 10/20/25 | TWD | 12797 | 421 | 1 |
| USD/AUD | CIT | 10/02/25 | AUD | (2194) | (1452) | (19) |
| USD/AUD | CIT | 10/02/25 | AUD | (21) | (14) |  |
| USD/AUD | BCL | 11/04/25 | AUD | (525) | (348) | (1) |
| USD/BRL | GSC | 10/02/25 | BRL | (112157) | (21073) | (1000) |
| USD/BRL | JPM | 10/02/25 | BRL | (53200) | (9996) | (1772) |
| USD/BRL | GSC | 04/02/26 | BRL | (66700) | (11991) | (320) |
| USD/BRL | GSC | 04/02/26 | BRL | (29600) | (5322) | 5 |
| USD/BRL | JPM | 04/02/26 | BRL | (16100) | (2895) | (178) |
| USD/CHF | BCL | 10/02/25 | CHF | (580) | (729) | (5) |
| USD/CHF | BCL | 11/04/25 | CHF | (490) | (618) | (2) |
| USD/CHF | CIT | 11/04/25 | CHF | (88) | (111) |  |
| USD/CNY | CIT | 10/16/25 | CNY | (32) | (4) |  |
| USD/CNY | DUB | 10/16/25 | CNY | (159) | (23) |  |
| USD/CNY | GSC | 10/16/25 | CNY | (120) | (17) |  |
| USD/CNY | HSB | 10/16/25 | CNY | (91) | (13) |  |
| USD/CNY | HSB | 11/19/25 | CNY | (43) | (6) |  |
| USD/EUR | BCL | 10/02/25 | EUR | (1464) | (1719) | 15 |
| USD/EUR | HSB | 10/02/25 | EUR | (10728) | (12595) | (60) |
| USD/EUR | HSB | 10/02/25 | EUR | (732) | (859) |  |
| USD/EUR | JPM | 10/02/25 | EUR | (31119) | (36535) | (141) |
| USD/EUR | BCL | 11/04/25 | EUR | (44043) | (51817) | (82) |
| USD/GBP | BCL | 10/02/25 | GBP | (29288) | (39389) | (10) |
| USD/GBP | JPM | 10/02/25 | GBP | (1473) | (1981) | 22 |
| USD/GBP | JPM | 11/04/25 | GBP | (28157) | (37875) | (3) |
| USD/JPY | BOA | 10/02/25 | JPY | (1133728) | (7666) | (97) |
| USD/JPY | HSB | 10/02/25 | JPY | (1412913) | (9554) | (56) |
| USD/MXN | CIT | 10/20/25 | MXN | (124613) | (6791) | (208) |
| USD/MXN | GSC | 10/20/25 | MXN | (51567) | (2810) | (76) |
| USD/MXN | JPM | 12/17/25 | MXN | (180602) | (9781) | (85) |
| USD/PEN | BCL | 10/07/25 | PEN | (1705) | (491) | (12) |
| USD/PEN | CIT | 10/14/25 | PEN | (10660) | (3069) | (151) |
| USD/PEN | CIT | 12/05/25 | PEN | (12426) | (3573) | (216) |
| USD/PEN | BOA | 12/17/25 | PEN | (43279) | (12440) | (238) |
| USD/PEN | CIT | 02/09/26 | PEN | (3964) | (1138) | (59) |
| USD/PEN | DUB | 02/17/26 | PEN | (2996) | (860) | (17) |
| USD/PEN | CIT | 03/18/26 | PEN | (3296) | (945) | (9) |
| USD/PEN | CIT | 08/19/26 | PEN | (3253) | (927) | (25) |
| USD/TWD | BCL | 10/20/25 | TWD | (32976) | (1084) | 23 |
| USD/TWD | CIT | 10/20/25 | TWD | (170221) | (5593) | 149 |
| USD/TWD | CIT | 12/15/25 | TWD | (25343) | (836) | 2 |
| USD/ZAR | BCL | 11/20/25 | ZAR | (8815) | (509) | (8) |
| USD/ZAR | BOA | 11/20/25 | ZAR | (22956) | (1325) | (11) |
| USD/ZAR | DUB | 11/20/25 | ZAR | (7745) | (447) | (7) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/ZAR | JPM | 11/20/25 | ZAR | (7306) | (422) | (7) |
|  |  |  |  |  | (122922) | (3007) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (Q)  | CIT | 0.39 | 1.00 | 06/20/26  | (7200)  | 33  | (245)  | 278  |
| Presidencia da Republica (Q)  | GSC | 0.39 | 1.00 | 06/20/26  | (10600)  | 49  | (360)  | 409  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.00 | 0.50 | 11/17/59  | (36300)  | 119  | (325)  | 444  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7800)  | 42  | 60  | (18)  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7500)  | 41  | (41)  | 82  |
| CMBX.NA.AAA.13 (M)  | GSC | 0.00 | 0.50 | 12/16/72  | (79500)  | 293  | (1365)  | 1658  |
| CMBX.NA.AAA.6 (M)  | GSC | 0.00 | 0.50 | 05/11/63  | (16)  | —  | —  | —  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.00 | 0.50 | 09/17/58  | (3752)  | 1  | 8  | (7)  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | BCL | 0.77 | 1.00 | 12/20/26  | (1000)  | 3  | (47)  | 50  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | CIT | 0.93 | 1.00 | 06/20/27  | (200)  | 1  | (7)  | 8  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.02 | 1.00 | 12/20/27  | (100)  | —  | (9)  | 9  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 0.93 | 1.00 | 06/20/27  | (300)  | —  | (11)  | 11  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | JPM | 0.93 | 1.00 | 06/20/27  | (300)  | —  | (12)  | 12  |
| Ministry of Finance (Q)  | GSC | 0.35 | 1.00 | 12/20/26  | (6400)  | 52  | 28  | 24  |
| Ministry of Finance (Q)  | GSC | 0.68 | 1.00 | 12/20/29  | (800)  | 10  | (22)  | 32  |
| Ministry of Finance (Q)  | JPM | 0.68 | 1.00 | 12/20/29  | (200)  | 2  | (6)  | 8  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 4.05 | 4.75 | 07/06/26  | (2588)  | (15)  | —  | (15)  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 4.05 | 4.85 | 07/06/26  | (1235)  | (8)  | —  | (8)  |
| SoftBank Group Corp. (Q)  | GSC | 0.87 | 1.00 | 06/20/26  | (1200)  | 2  | (10)  | 12  |
| South Africa, Parliament of (Q)  | DUB | 0.39 | 1.00 | 12/20/26  | (1200)  | 9  | (53)  | 62  |
|  |  |  |  |  | (168191) | 634 | (2417) | 3051 |

---

‡Credit Default Swap 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1447985 |  | 1447985 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 586392 |  | 586392 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 211693 |  | 211693 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 17300 | 31954 | 49254 |
| &nbsp;&nbsp;Common Stocks | 1522 | 170 | 5316 | 7008 |
| &nbsp;&nbsp;Rights |  |  | 1475 | 1475 |
| &nbsp;&nbsp;Preferred Stocks |  |  | 832 | 832 |
| &nbsp;&nbsp;Warrants |  |  | 143 | 143 |
| &nbsp;&nbsp;Short Term Investments | 10380 | 142560 |  | 152940 |
|  | 11902 | 2406100 | 39720 | 2457722 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2258 |  |  | 2258 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 66405 |  | 66405 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 2403 |  | 2403 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2076 |  | 2076 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 3099 |  | 3099 |
|  | 2258 | 73983 |  | 76241 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1579) |  |  | (1579) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (38428) |  | (38428) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (895) |  | (895) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (5083) |  | (5083) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (25) | (23) | (48) |
|  | (1579) | (44431) | (23) | (46033) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 80.6%** | **CORPORATE BONDS AND NOTES 80.6%** | **CORPORATE BONDS AND NOTES 80.6%** |
| **Financials 31.0%** | **Financials 31.0%** | **Financials 31.0%** |
| ABN AMRO Bank N.V. |  |  |
| 6.38%, (100, 09/22/34), EUR (a) (b) | 600 | 748 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.63%, 09/10/29 (c) | 200 | 202 |
| 3.30%, 01/30/32 | 3700 | 3407 |
| Ally Financial Inc. |  |  |
| 4.75%, 06/09/27 | 200 | 201 |
| 6.99%, 06/13/29 | 500 | 527 |
| American Express Company |  |  |
| 5.44%, 01/30/36 | 1300 | 1351 |
| Antares Holdings LP |  |  |
| 3.95%, 07/15/26 (d) | 300 | 298 |
| 3.75%, 07/15/27 (d) | 630 | 613 |
| 7.95%, 08/11/28 (d) | 600 | 638 |
| 6.50%, 02/08/29 (d) | 500 | 511 |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31 | 1500 | 1589 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | 615 | 460 |
| Ares Capital Corporation |  |  |
| 5.95%, 07/15/29 | 1100 | 1136 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 (d) | 1200 | 1131 |
| Ares Finance Co. III LLC |  |  |
| 4.13%, 06/30/51 (d) | 500 | 492 |
| Ares Management Corporation |  |  |
| 5.60%, 10/11/54 | 500 | 482 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30 | 200 | 202 |
| 5.15%, 01/15/31 (d) | 600 | 593 |
| 6.20%, 03/21/32 | 500 | 517 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 400 | 421 |
| 3.60%, 09/15/51 | 1700 | 1215 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/27 (d) | 1400 | 1375 |
| 6.25%, 04/15/28 (d) | 600 | 625 |
| 5.38%, 07/15/29 (d) | 400 | 410 |
| Aviva PLC |  |  |
| 7.75%, (100, 09/30/32), GBP (a) (b) (e) | 300 | 420 |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (d) | 922 | 887 |
| 4.95%, 10/15/32 (d) | 100 | 99 |
| Banco Santander, S.A. |  |  |
| 4.88%, 10/18/31, EUR (b) (e) | 2700 | 3441 |
| Bank of America Corporation |  |  |
| 3.82%, 01/20/28 | 2750 | 2737 |
| 3.97%, 02/07/30 | 6950 | 6899 |
| 1.90%, 07/23/31 | 3900 | 3482 |
| 2.69%, 04/22/32 | 2900 | 2641 |
| 4.57%, 04/27/33 | 800 | 800 |
| 5.29%, 04/25/34 | 3200 | 3312 |
| Barclays PLC |  |  |
| 8.38%, (100, 09/15/31), GBP (a) (b) | 600 | 851 |
| 5.69%, 03/12/30 | 2200 | 2287 |
| 6.22%, 05/09/34 | 2900 | 3120 |
| BGC Group, Inc. |  |  |
| 4.38%, 12/15/25 (f) | 700 | 699 |
| 8.00%, 05/25/28 (f) | 600 | 641 |
| 6.15%, 04/02/30 (d) | 300 | 307 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 1.50%, 04/10/29, EUR (d) | 800 | 897 |
| Blackstone Inc. |  |  |
| 2.50%, 01/10/30 (d) | 5700 | 5316 |
| 5.00%, 06/15/44 (d) | 300 | 282 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 (c) | 1000 | 1024 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (d) | 300 | 304 |
| 6.50%, 05/15/32 | 800 | 828 |
| Blue Owl Finance LLC |  |  |
| 4.13%, 10/07/51 | 3400 | 2489 |
| BNP Paribas |  |  |
| 7.00%, (100, 08/16/28) (a) (d) (e) | 200 | 205 |
| 8.50%, (100, 08/14/28) (a) (c) (d) (e) | 1200 | 1280 |
| Boral Finance Pty Limited |  |  |
| 3.75%, 05/01/28 (d) | 338 | 329 |
| BPCE |  |  |
| 6.61%, 10/19/27 (d) | 900 | 920 |
| 7.00%, 10/19/34 (d) | 400 | 446 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 300 | 323 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 1400 | 1390 |
| 5.68%, 01/15/35 | 1400 | 1457 |
| 5.97%, 03/04/54 | 225 | 232 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (a) (b) (e) | 1200 | 1458 |
| Cantor Fitzgerald, L.P. |  |  |
| 7.20%, 12/12/28 (d) | 1000 | 1069 |
| Capital Farm Credit ACA |  |  |
| 5.00%, (100, 03/15/26) (a) | 3200 | 3159 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (a) | 1100 | 1079 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 12/01/30) (a) | 2300 | 2156 |
| 5.00%, (100, 12/01/27) (a) | 900 | 884 |
| 1.65%, 03/11/31 | 4000 | 3479 |
| CI Financial Corp. |  |  |
| 7.50%, 05/30/29 (d) | 500 | 533 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/30 (d) | 1000 | 1014 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (d) (f) | 900 | 953 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (a) | 900 | 928 |
| 6.95%, (100, 02/15/30) (a) | 875 | 899 |
| 5.57%, 04/30/34 | 700 | 743 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (a) | 800 | 784 |
| CNA Financial Corporation |  |  |
| 2.05%, 08/15/30 | 300 | 268 |
| CoBank, ACB |  |  |
| 4.25%, (100, 01/01/27) (a) (d) | 2200 | 2140 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (a) (b) | 1400 | 1853 |
| Cooperatieve Rabobank U.A. |  |  |
| 4.38%, (100, 06/29/27), EUR (a) (b) | 800 | 944 |
| 3.75%, 07/21/26 | 1000 | 995 |
| Corebridge Financial, Inc. |  |  |
| 3.85%, 04/05/29 | 1900 | 1873 |
| Credit Agricole S.A. |  |  |
| 7.25%, (100, 09/23/28), EUR (a) (e) | 600 | 758 |
| 5.22%, 05/27/31 (d) | 500 | 513 |
| 5.86%, 01/09/36 (d) | 1000 | 1052 |
| DrillCo Holding Lux S.A. |  |  |
| 7.50%, 06/15/30 (b) | 13 | 13 |
| 7.50%, 06/15/30 (d) | 51 | 49 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 1800 | 1828 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (d) | 300 | 319 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1000 | 1044 |
| Erste Group Bank AG |  |  |
| 4.25%, (100, 10/15/27), EUR (a) (b) | 2000 | 2345 |
| Essent Group Ltd. |  |  |
| 6.25%, 07/01/29 | 500 | 524 |
| Export-Import Bank of India |  |  |
| 3.25%, 01/15/30 (d) | 600 | 572 |
| Fairfax Financial Holdings Limited |  |  |
| 2.75%, 03/29/28, EUR (d) | 600 | 703 |
| 4.63%, 04/29/30 | 1900 | 1907 |
| Fidelity National Financial, Inc. |  |  |
| 3.20%, 09/17/51 | 400 | 257 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| First American Financial Corporation |  |  |
| 5.45%, 09/30/34 | 400 | 401 |
| Ford Motor Credit Company LLC |  |  |
| 3.38%, 11/13/25 | 300 | 299 |
| 5.85%, 05/17/27 | 500 | 506 |
| 4.13%, 08/17/27 | 300 | 295 |
| 3.82%, 11/02/27 | 1653 | 1613 |
| 5.92%, 03/20/28 | 1300 | 1322 |
| 5.80%, 03/08/29 | 500 | 507 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (d) | 300 | 312 |
| Franklin Resources, Inc. |  |  |
| 2.95%, 08/12/51 | 1480 | 939 |
| Freedom Mortgage Corporation |  |  |
| 12.00%, 10/01/28 (d) | 800 | 848 |
| FS KKR Capital Corp. |  |  |
| 7.88%, 01/15/29 | 1400 | 1471 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/32 | 537 | 542 |
| Global Atlantic Financial Company |  |  |
| 6.75%, 03/15/54 (d) | 200 | 211 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | 400 | 370 |
| 4.15%, 08/15/49 | 500 | 381 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.13%, (100, 11/10/34) (a) | 1000 | 1018 |
| 7.50%, (100, 02/10/29) (a) | 1700 | 1802 |
| 4.22%, 05/01/29 | 1100 | 1101 |
| 1.99%, 01/27/32 | 3900 | 3441 |
| 2.38%, 07/21/32 | 2300 | 2052 |
| 5.02%, 10/23/35 | 2900 | 2921 |
| 5.54%, 01/28/36 | 1700 | 1774 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 1300 | 1334 |
| 6.38%, 07/01/34 | 1000 | 1017 |
| Hanover Insurance Group Inc, The |  |  |
| 2.50%, 09/01/30 | 500 | 451 |
| HPS Corporate Lending Fund |  |  |
| 5.95%, 04/14/32 | 600 | 611 |
| HSBC Holdings PLC |  |  |
| 7.39%, 11/03/28 | 800 | 850 |
| Intesa Sanpaolo S.p.A. |  |  |
| 6.63%, 06/20/33 (d) | 300 | 330 |
| 7.20%, 11/28/33 (d) | 1100 | 1253 |
| 7.80%, 11/28/53 (d) | 600 | 740 |
| Itau Unibanco Holding S.A. |  |  |
| 6.00%, 02/27/30 (d) | 1300 | 1350 |
| JAB Holdings B.V. |  |  |
| 2.20%, 11/23/30 (d) | 686 | 601 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (a) | 1400 | 1449 |
| 6.88%, (100, 06/01/29) (a) | 1000 | 1054 |
| 7.04%, (3 Month Term SOFR + 2.75%), (100, 10/01/25) (a) (g) | 4700 | 4718 |
| 3.78%, 02/01/28 | 3150 | 3136 |
| 5.58%, 04/22/30 | 2600 | 2715 |
| 2.74%, 10/15/30 | 2900 | 2737 |
| 4.60%, 10/22/30 | 1000 | 1012 |
| 5.14%, 01/24/31 | 100 | 103 |
| 1.95%, 02/04/32 | 1800 | 1591 |
| 5.35%, 06/01/34 | 1500 | 1561 |
| 6.25%, 10/23/34 | 3000 | 3306 |
| 5.29%, 07/22/35 | 100 | 103 |
| KBC Groep |  |  |
| 6.25%, (100, 09/17/31), EUR (a) (b) (e) | 400 | 490 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 1200 | 1205 |
| 4.38%, 03/11/29 | 278 | 277 |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33 | 2300 | 2332 |
| 5.68%, 01/05/35 (e) | 1700 | 1784 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 200 | 203 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.00%, 03/15/35 | 900 | 911 |
| 5.70%, 09/15/53 | 700 | 717 |
| Meiji Yasuda Life Insurance Company |  |  |
| 6.10%, 06/11/55 (d) | 600 | 626 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.19%, 09/12/36 | 3800 | 3854 |
| Mizuho Financial Group, Inc. |  |  |
| 1.98%, 09/08/31 (e) | 1900 | 1693 |
| 5.59%, 07/10/35 (e) | 1100 | 1151 |
| Morgan Stanley |  |  |
| 5.88%, (100, 09/15/26) (a) | 700 | 700 |
| 5.12%, 02/01/29 | 4550 | 4647 |
| 6.41%, 11/01/29 | 2400 | 2550 |
| 5.17%, 01/16/30 | 1600 | 1644 |
| 4.65%, 10/18/30 | 600 | 607 |
| 5.23%, 01/15/31 | 200 | 206 |
| 3.62%, 04/01/31 | 3500 | 3389 |
| 1.79%, 02/13/32 | 1500 | 1308 |
| 2.24%, 07/21/32 | 1600 | 1414 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 500 | 507 |
| MSCI Inc. |  |  |
| 3.63%, 11/01/31 (d) | 800 | 752 |
| 3.25%, 08/15/33 (d) | 200 | 179 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.40%, 03/15/30 | 1500 | 1394 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (d) | 1450 | 1483 |
| Nationwide Financial Services, Inc. |  |  |
| 3.90%, 11/30/49 (d) | 500 | 385 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (a) (e) | 800 | 732 |
| 5.58%, 03/01/28 (e) | 1700 | 1731 |
| 5.08%, 01/27/30 | 2800 | 2860 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (a) | 600 | 621 |
| 5.84%, 01/18/28 | 2000 | 2069 |
| 2.17%, 07/14/28 | 1900 | 1795 |
| 5.78%, 07/03/34 | 200 | 212 |
| North American Company for Life and Health Insurance |  |  |
| 6.88%, 04/15/34 (d) | 1500 | 1651 |
| Nykredit Realkredit A/S |  |  |
| 1.00%, 10/01/50, DKK (b) | 88 | 11 |
| 1.50%, 10/01/53, DKK (b) | 4367 | 546 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 900 | 952 |
| Protective Life Corporation |  |  |
| 4.30%, 09/30/28 (d) | 500 | 500 |
| Rio Oil Finance Trust |  |  |
| 9.75%, 01/06/27 (d) (h) | 45 | 47 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 2100 | 2080 |
| Santander UK Group Holdings PLC |  |  |
| 5.69%, 04/15/31 (e) | 600 | 626 |
| SB Capital S.A. |  |  |
| 0.00%, 05/23/49 - 10/29/49 (b) (i) (j) (k) | 5700 |  |
| SBL Holdings, Inc. |  |  |
| 5.90%, 09/26/28 (d) | 200 | 201 |
| Sixth Street Lending Partners |  |  |
| 6.50%, 03/11/29 | 600 | 626 |
| 5.75%, 01/15/30 | 100 | 102 |
| State Street Corporation |  |  |
| 6.70%, (100, 03/15/29) (a) | 600 | 625 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (a) (b) (g) (h) | 630 | 851 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.13%, 07/08/30 | 2700 | 2444 |
| 5.42%, 07/09/31 | 2900 | 3038 |
| 5.56%, 07/09/34 | 800 | 844 |
| UBS Group AG |  |  |
| 6.60%, (100, 08/05/30) (a) (d) (e) | 400 | 401 |
| 6.85%, (100, 09/10/29) (a) (d) (e) | 600 | 617 |
| 7.00%, (100, 02/10/30) (a) (d) (e) | 800 | 820 |
| 9.25%, (100, 11/13/28) (a) (b) (e) | 400 | 441 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.15%, 12/23/29 (d) | 900 | 898 |
| 6.54%, 08/12/33 (d) | 4250 | 4689 |
| 9.02%, 11/15/33 (d) | 500 | 626 |
| 5.96%, 01/12/34 (d) | 1900 | 2032 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. |  |  |
| 7.30%, 04/02/34 (d) | 1000 | 1067 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (d) (l) | 394 | 5 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.05%, 03/27/28 (d) | 1300 | 1317 |
| Wells Fargo & Company |  |  |
| 6.85%, (100, 09/15/29) (a) | 1000 | 1052 |
| 7.63%, (100, 09/15/28) (a) (c) | 400 | 428 |
| 3.58%, 05/22/28 | 4800 | 4757 |
| 2.39%, 06/02/28 | 4400 | 4277 |
| 5.57%, 07/25/29 | 500 | 518 |
| 5.20%, 01/23/30 | 1700 | 1749 |
| 2.88%, 10/30/30 | 500 | 473 |
| 2.57%, 02/11/31 | 3700 | 3435 |
| 5.56%, 07/25/34 | 300 | 315 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | 1500 | 1425 |
| | | 257646 |
| **Energy 9.3%** | **Energy 9.3%** | **Energy 9.3%** |
| ADNOC Murban RSC Ltd |  |  |
| 4.25%, 09/11/29 (d) | 1500 | 1503 |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 (d) | 2950 | 2842 |
| Canadian Natural Resources Limited |  |  |
| 6.45%, 06/30/33 (c) | 500 | 541 |
| 6.25%, 03/15/38 | 1100 | 1175 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 2100 | 2123 |
| 3.70%, 11/15/29 | 800 | 778 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.75%, 08/15/34 | 800 | 832 |
| 5.55%, 10/30/35 (d) | 1850 | 1892 |
| Cheniere Energy, Inc. |  |  |
| 5.65%, 04/15/34 | 100 | 103 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.10%, 10/01/31 (d) | 300 | 305 |
| Devon Energy Corporation |  |  |
| 5.20%, 09/15/34 (c) | 400 | 398 |
| DT Midstream, Inc. |  |  |
| 5.80%, 12/15/34 (d) | 350 | 361 |
| Enbridge Inc. |  |  |
| 6.20%, 11/15/30 | 1500 | 1618 |
| 5.70%, 03/08/33 | 1700 | 1789 |
| Energy Transfer LP |  |  |
| 4.20%, 04/15/27 (c) | 1200 | 1199 |
| 6.55%, 12/01/33 | 800 | 875 |
| 4.90%, 03/15/35 | 554 | 540 |
| 6.05%, 06/01/41 | 1300 | 1328 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 3000 | 3029 |
| Eni S.P.A. |  |  |
| 5.95%, 05/15/54 (d) | 700 | 700 |
| Enterprise Products Operating LLC |  |  |
| 4.95%, 02/15/35 | 2500 | 2519 |
| 5.20%, 01/15/36 | 900 | 915 |
| 7.43%, (3 Month Term SOFR + 3.25%), 08/16/77 (g) | 250 | 251 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 370 | 371 |
| 5.75%, 02/01/34 | 500 | 523 |
| Expand Energy Corporation |  |  |
| 5.70%, 01/15/35 | 500 | 514 |
| Flex Intermediate Holdco, LLC |  |  |
| 3.36%, 06/30/31 (d) | 2200 | 2027 |
| Florida Gas Transmission Company, LLC |  |  |
| 2.55%, 07/01/30 (d) | 800 | 735 |
| Gaz Finance PLC |  |  |
| 0.00%, 01/27/29 (b) (i) (j) | 1800 | 1283 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (d) | 1500 | 1575 |
| Kinder Morgan, Inc. |  |  |
| 5.95%, 08/01/54 | 1000 | 1007 |
| Midwest Connector Capital Company LLC |  |  |
| 4.63%, 04/01/29 (d) | 500 | 502 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | 3700 | 3397 |
| 5.20%, 12/01/47 | 1638 | 1467 |
| 4.90%, 04/15/58 | 300 | 250 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 2050 | 2335 |
| 6.20%, 03/15/40 | 10 | 10 |
| ONEOK, Inc. |  |  |
| 4.75%, 10/15/31 | 4000 | 3999 |
| 4.95%, 07/13/47 | 2500 | 2174 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 2200 | 2174 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/30 | 400 | 407 |
| QatarEnergy LNG |  |  |
| 5.84%, 09/30/27 (d) | 96 | 98 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.90%, 09/15/37 | 972 | 1023 |
| Santos Finance Ltd |  |  |
| 3.65%, 04/29/31 (d) | 400 | 374 |
| 6.88%, 09/19/33 (d) | 2300 | 2523 |
| Saudi Arabian Oil Company |  |  |
| 2.25%, 11/24/30 (d) | 200 | 181 |
| 5.75%, 07/17/54 (d) | 400 | 398 |
| Schlumberger Holdings Corporation |  |  |
| 5.00%, 06/01/34 (d) | 500 | 505 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1300 | 1236 |
| 6.13%, 03/15/33 | 1100 | 1171 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (d) | 5100 | 4777 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (d) | 500 | 579 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 2400 | 2230 |
| 6.25%, 01/15/30 (d) | 600 | 626 |
| 4.13%, 08/15/31 (d) | 300 | 283 |
| Venture Global LNG, Inc. |  |  |
| 9.88%, 02/01/32 (d) | 1100 | 1198 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 300 | 303 |
| Viper Energy Partners LLC |  |  |
| 5.70%, 08/01/35 | 1400 | 1424 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (d) | 100 | 100 |
| Western Midstream Operating, LP |  |  |
| 5.45%, 11/15/34 | 300 | 300 |
| Williams Companies, Inc., The |  |  |
| 5.60%, 03/15/35 | 1400 | 1454 |
| 5.30%, 09/30/35 | 1800 | 1828 |
| Woodside Finance Limited |  |  |
| 4.50%, 03/04/29 (d) | 2000 | 1999 |
| 5.10%, 09/12/34 | 500 | 496 |
|  |  | 77472 |
| **Utilities 8.9%** | **Utilities 8.9%** | **Utilities 8.9%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (d) | 524 | 493 |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 2900 | 2971 |
| 6.95%, 07/15/55 | 700 | 689 |
| Anglian Water Services Financing PLC |  |  |
| 6.00%, 06/20/39, GBP (b) | 100 | 129 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 1700 | 1485 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30 | 1400 | 1289 |
| 6.00%, 01/15/35 | 325 | 346 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cameron LNG, LLC |  |  |
| 3.40%, 01/15/38 (d) | 1300 | 1125 |
| Capital Power (US Holdings) Inc. |  |  |
| 6.19%, 06/01/35 (d) | 400 | 419 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 5.05%, 03/01/35 | 100 | 101 |
| Connecticut Light and Power Company, The |  |  |
| 4.90%, 07/01/33 | 400 | 407 |
| DTE Electric Company |  |  |
| 2.25%, 03/01/30 | 1300 | 1199 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 500 | 471 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 1700 | 1729 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (d) | 1000 | 980 |
| Edison International |  |  |
| 5.45%, 06/15/29 | 1500 | 1514 |
| Electricite de France |  |  |
| 4.88%, 09/21/38 (d) | 1100 | 1038 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 | 2600 | 2424 |
| Entergy Texas, Inc. |  |  |
| 1.75%, 03/15/31 | 700 | 612 |
| 5.25%, 04/15/35 | 700 | 718 |
| EP Infrastructure, a.s. |  |  |
| 1.82%, 03/02/31, EUR (b) | 100 | 106 |
| EPH Financing International, a.s. |  |  |
| 5.88%, 11/30/29, EUR (b) | 700 | 884 |
| Evergy Metro, Inc. |  |  |
| 2.25%, 06/01/30 | 1000 | 916 |
| Florida Power & Light Company |  |  |
| 4.80%, 05/15/33 | 2000 | 2036 |
| Georgia Power Company |  |  |
| 3.70%, 01/30/50 | 400 | 305 |
| 3.25%, 03/15/51 | 2300 | 1607 |
| IPALCO Enterprises, Inc. |  |  |
| 5.75%, 04/01/34 | 200 | 205 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (d) | 1750 | 1640 |
| Mid-Atlantic Interstate Transmission, LLC |  |  |
| 4.10%, 05/15/28 (d) | 1200 | 1199 |
| Mississippi Power Company |  |  |
| 3.95%, 03/30/28 | 2400 | 2398 |
| National Grid Electricity Transmission PLC |  |  |
| 2.00%, 04/17/40, GBP (b) | 1400 | 1156 |
| National Grid PLC |  |  |
| 5.81%, 06/12/33 | 1000 | 1066 |
| New York State Electric & Gas Corporation |  |  |
| 3.30%, 09/15/49 (d) | 100 | 67 |
| Oklahoma Gas and Electric Company |  |  |
| 5.40%, 01/15/33 | 400 | 418 |
| PacifiCorp |  |  |
| 5.30%, 02/15/31 | 900 | 934 |
| 6.25%, 10/15/37 | 1087 | 1166 |
| 7.38%, 09/15/55 | 700 | 734 |
| PECO Energy Company |  |  |
| 3.00%, 09/15/49 | 800 | 538 |
| PG&E Corporation |  |  |
| 3.30%, 03/15/27 (c) | 2800 | 2760 |
| 3.75%, 07/01/28 | 250 | 245 |
| 3.25%, 06/01/31 | 1400 | 1287 |
| 6.00%, 08/15/35 | 400 | 419 |
| 3.30%, 08/01/40 | 2300 | 1749 |
| 4.60%, 06/15/43 | 600 | 507 |
| 4.30%, 03/15/45 | 200 | 160 |
| 4.25%, 03/15/46 | 1200 | 944 |
| 4.95%, 07/01/50 (c) | 500 | 430 |
| 5.25%, 03/01/52 | 2300 | 2049 |
| Public Service Company of Colorado |  |  |
| 1.88%, 06/15/31 | 2700 | 2363 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 1650 | 1686 |
| Public Service Electric And Gas Company |  |  |
| 4.85%, 08/01/34 | 500 | 504 |
| San Diego Gas & Electric Company |  |  |
| 5.40%, 04/15/35 | 1500 | 1552 |
| 4.10%, 06/15/49 | 200 | 161 |
| Southern California Edison Company |  |  |
| 5.35%, 03/01/26 | 700 | 703 |
| 5.30%, 03/01/28 | 4200 | 4273 |
| 5.65%, 10/01/28 | 1100 | 1135 |
| 5.25%, 03/15/30 | 700 | 714 |
| 6.05%, 03/15/39 | 400 | 412 |
| 3.60%, 02/01/45 | 400 | 292 |
| 4.00%, 04/01/47 | 1100 | 831 |
| Southern California Gas Company |  |  |
| 2.55%, 02/01/30 | 1500 | 1401 |
| 5.20%, 06/01/33 | 1800 | 1857 |
| SPP - distribucia , a.s. |  |  |
| 1.00%, 06/09/31, EUR (b) | 300 | 305 |
| SW (Finance) I PLC |  |  |
| 7.00%, 04/16/40, GBP (b) | 1000 | 1291 |
| System Energy Resources, Inc. |  |  |
| 5.30%, 12/15/34 | 700 | 704 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 75 | 113 |
| Thames Water Utilities Finance PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 59 | 88 |
| 9.75%, 10/10/27, GBP (b) | 17 | 25 |
| 4.38%, 01/18/31, EUR (b) | 900 | 732 |
| 4.38%, 07/03/34, GBP (b) | 600 | 553 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (d) (m) | 10 | 12 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (d) | 2870 | 2817 |
| Vistra Operations Company LLC |  |  |
| 6.00%, 04/15/34 (d) | 900 | 948 |
| Yorkshire Water Finance PLC |  |  |
| 1.75%, 10/27/32, GBP (b) | 700 | 724 |
| | | 74260 |
| **Real Estate 7.8%** | **Real Estate 7.8%** | **Real Estate 7.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.75%, 12/15/29 | 1900 | 1782 |
| American Assets Trust, L.P. |  |  |
| 3.38%, 02/01/31 | 2600 | 2360 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 1200 | 1198 |
| American Tower Corporation |  |  |
| 5.65%, 03/15/33 | 1200 | 1266 |
| 5.90%, 11/15/33 | 1900 | 2034 |
| 3.70%, 10/15/49 | 2100 | 1572 |
| Broadstone Net Lease, LLC |  |  |
| 5.00%, 11/01/32 | 200 | 199 |
| Canary Wharf Group Investment Holdings PLC |  |  |
| 1.75%, 04/07/26, EUR (b) | 637 | 740 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 200 | 208 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 400 | 395 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (d) | 1100 | 1007 |
| Crown Castle Inc. |  |  |
| 2.50%, 07/15/31 | 500 | 445 |
| 5.20%, 09/01/34 | 1700 | 1718 |
| Digital Dutch Finco B.V. |  |  |
| 1.50%, 03/15/30, EUR (b) | 1400 | 1526 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 200 | 200 |
| 4.50%, 06/01/27 | 100 | 100 |
| 3.60%, 11/15/31 | 1800 | 1663 |
| Equinix, Inc. |  |  |
| 2.15%, 07/15/30 | 1700 | 1534 |
| Essex Portfolio, L.P. |  |  |
| 2.65%, 03/15/32 | 3900 | 3477 |
| 5.50%, 04/01/34 | 600 | 624 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | 1000 | 897 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fideicomiso Fibra Uno |  |  |
| 7.38%, 02/13/34 (d) | 800 | 863 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 309 |
| 5.30%, 01/15/29 | 700 | 713 |
| 4.00%, 01/15/31 | 5600 | 5353 |
| Goodman US Finance Six, LLC |  |  |
| 5.13%, 10/07/34 (d) | 2000 | 2012 |
| Highwoods Realty Limited Partnership |  |  |
| 3.05%, 02/15/30 | 400 | 370 |
| Host Hotels & Resorts, L.P. |  |  |
| 3.38%, 12/15/29 | 3600 | 3420 |
| 3.50%, 09/15/30 (f) | 3400 | 3196 |
| Hudson Pacific Properties, L.P. |  |  |
| 5.95%, 02/15/28 | 500 | 493 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | 700 | 605 |
| 4.15%, 04/15/32 | 3100 | 2997 |
| Kaisa Group Holdings Ltd. |  |  |
| 0.00%, 12/31/25 - 12/31/32 (b) (e) (m) | 2255 | 45 |
| 5.00%, 11/30/27 (b) | 10 | 1 |
| 6.72%, 12/28/27 (b) (l) | 135 | 3 |
| 5.25%, 12/28/28 (b) (l) | 202 | 5 |
| 5.50%, 12/28/29 (b) (l) | 337 | 7 |
| 5.75%, 12/28/30 (b) (l) | 404 | 6 |
| 6.00%, 12/28/31 (b) (l) | 607 | 8 |
| 6.25%, 12/28/32 (b) (l) | 569 | 6 |
| Kilroy Realty, L.P. |  |  |
| 3.05%, 02/15/30 | 1000 | 923 |
| 6.25%, 01/15/36 | 700 | 727 |
| Newmark Group, Inc. |  |  |
| 7.50%, 01/12/29 (c) (f) | 700 | 752 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.25%, 04/15/33 | 2100 | 1853 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.25%, 08/15/32 | 925 | 946 |
| Piedmont Operating Partnership, LP |  |  |
| 9.25%, 07/20/28 (f) | 500 | 555 |
| ProLogis, L.P. |  |  |
| 4.20%, 02/15/33, CAD (b) | 700 | 514 |
| Realty Income Corporation |  |  |
| 3.88%, 06/20/35, EUR | 700 | 823 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.13%, 12/01/30 | 800 | 711 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 600 | 545 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 300 | 306 |
| Store Capital LLC |  |  |
| 5.40%, 04/30/30 (d) | 800 | 814 |
| Sunac China Holdings Limited |  |  |
| 6.00%, 09/30/26 (d) (i) (j) (l) | 69 | 10 |
| 6.25%, 09/30/26 (d) (i) (j) (l) | 69 | 10 |
| 6.50%, 09/30/27 (d) (i) (j) (l) | 139 | 21 |
| 6.75%, 09/30/28 (d) (i) (j) (l) | 208 | 31 |
| 7.00%, 09/30/29 (d) (i) (j) (l) | 209 | 31 |
| 7.25%, 09/30/30 (d) (i) (j) (l) | 98 | 15 |
| VICI Properties Inc. |  |  |
| 5.75%, 02/01/27 (d) | 400 | 405 |
| 3.88%, 02/15/29 (d) | 2500 | 2441 |
| 4.13%, 08/15/30 (d) | 1300 | 1255 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 1500 | 1513 |
| Weyerhaeuser Company |  |  |
| 4.00%, 11/15/29 - 04/15/30 | 4300 | 4248 |
| Yango Justice International Limited |  |  |
| 0.00%, 04/15/49 (b) (i) (j) | 600 | 1 |
| | | 64807 |
| **Health Care 7.3%** | **Health Care 7.3%** | **Health Care 7.3%** |
| AbbVie Inc. |  |  |
| 5.20%, 03/15/35 | 800 | 828 |
| 4.40%, 11/06/42 | 1381 | 1245 |
| 5.60%, 03/15/55 | 900 | 921 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | 1000 | 944 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (d) | 700 | 648 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 - 03/02/33 | 3300 | 3419 |
| 5.60%, 03/02/43 | 2700 | 2728 |
| 5.65%, 03/02/53 | 800 | 799 |
| AstraZeneca Finance LLC |  |  |
| 4.90%, 02/26/31 | 1700 | 1756 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (d) | 270 | 282 |
| 14.00%, 10/15/30 (d) | 53 | 53 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (d) | 4800 | 5131 |
| 6.50%, 11/21/33 (d) | 800 | 862 |
| Becton, Dickinson and Company |  |  |
| 5.08%, 06/07/29 | 200 | 205 |
| 1.96%, 02/11/31 | 2900 | 2555 |
| Boston Scientific Corporation |  |  |
| 4.70%, 03/01/49 (c) | 1483 | 1366 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 1100 | 1023 |
| 3.00%, 10/15/30 | 3700 | 3306 |
| 2.50%, 03/01/31 | 300 | 258 |
| Cigna Group, The |  |  |
| 2.40%, 03/15/30 | 1141 | 1054 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 1700 | 1700 |
| 5.00%, 01/30/29 | 500 | 510 |
| 7.51%, 01/10/32 (d) | 32 | 33 |
| 5.25%, 02/21/33 | 1100 | 1125 |
| 4.78%, 03/25/38 | 1700 | 1594 |
| 5.05%, 03/25/48 | 1300 | 1157 |
| 5.88%, 06/01/53 | 500 | 491 |
| 6.05%, 06/01/54 | 100 | 101 |
| 6.20%, 09/15/55 | 100 | 103 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 | 200 | 194 |
| 4.75%, 02/15/33 | 3600 | 3611 |
| 6.10%, 10/15/52 | 900 | 938 |
| Grifols, S.A. |  |  |
| 7.50%, 05/01/30, EUR (b) | 800 | 989 |
| HCA Inc. |  |  |
| 3.50%, 09/01/30 | 700 | 668 |
| 3.63%, 03/15/32 | 4900 | 4589 |
| 5.50%, 06/01/33 - 06/15/47 | 2700 | 2727 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 100 | 103 |
| 2.55%, 03/23/31 | 200 | 179 |
| INTEGRIS Baptist Medical Center, Inc. |  |  |
| 3.88%, 08/15/50 | 700 | 512 |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (d) | 1300 | 1322 |
| Royalty Pharma PLC |  |  |
| 4.45%, 03/25/31 (c) | 800 | 793 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 2000 | 2048 |
| 4.25%, 09/11/29 | 900 | 903 |
| 4.63%, 09/11/34 | 500 | 497 |
| Sutter Health |  |  |
| 5.16%, 08/15/33 | 300 | 308 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 1643 | 1683 |
| 5.15%, 07/15/34 | 500 | 513 |
| 5.50%, 07/15/44 | 500 | 500 |
| 5.63%, 07/15/54 | 1000 | 995 |
|  |  | 60269 |
| **Industrials 4.5%** | **Industrials 4.5%** | **Industrials 4.5%** |
| Air Lease Corporation |  |  |
| 5.30%, 06/25/26 | 1100 | 1108 |
| Aircastle Limited |  |  |
| 2.85%, 01/26/28 (d) | 2700 | 2603 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Amrize Finance US LLC |  |  |
| 5.40%, 04/07/35 (d) | 1300 | 1338 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 300 | 289 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 4700 | 4659 |
| Boeing Company, The |  |  |
| 6.13%, 02/15/33 | 300 | 323 |
| 3.60%, 05/01/34 | 1525 | 1380 |
| 5.81%, 05/01/50 (f) | 4100 | 4096 |
| 6.86%, 05/01/54 (f) | 1800 | 2054 |
| 5.93%, 05/01/60 (f) | 2000 | 1997 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 4100 | 3940 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.13%, 06/01/26 | 500 | 496 |
| 2.45%, 12/02/31 | 600 | 533 |
| Delta Air Lines, Inc. |  |  |
| 7.38%, 01/15/26 | 1601 | 1609 |
| Embraer Netherlands Finance B.V. |  |  |
| 5.98%, 02/11/35 | 100 | 105 |
| Equifax Inc. |  |  |
| 5.10%, 06/01/28 | 1000 | 1022 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 (c) | 500 | 491 |
| Heathrow Finance PLC |  |  |
| 4.13%, 09/01/29, GBP (b) (f) (h) | 300 | 374 |
| HEICO Corporation |  |  |
| 5.25%, 08/01/28 | 300 | 308 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.75%, 01/15/35 | 1125 | 1181 |
| IRB Infrastructure Developers Limited |  |  |
| 7.11%, 03/11/32 (d) | 400 | 415 |
| Lockheed Martin Corporation |  |  |
| 4.80%, 08/15/34 | 1000 | 1012 |
| RTX Corporation |  |  |
| 6.10%, 03/15/34 | 1300 | 1424 |
| 5.38%, 02/27/53 | 900 | 880 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.20%, 01/15/30 | 800 | 824 |
| Spirit AeroSystems, Inc. |  |  |
| 9.75%, 11/15/30 (d) | 1300 | 1430 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | 1000 | 980 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 400 | 399 |
| | | 37270 |
| **Consumer Discretionary 3.5%** | **Consumer Discretionary 3.5%** | **Consumer Discretionary 3.5%** |
| BMW US Capital, LLC |  |  |
| 5.06%, (SOFR + 0.92%), 03/21/28 (d) (g) | 1700 | 1707 |
| Burberry Group PLC |  |  |
| 5.75%, 06/20/30, GBP (b) | 400 | 539 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (d) | 1100 | 1083 |
| 5.13%, 05/01/29 (d) | 100 | 100 |
| 5.75%, 08/01/32 (d) | 500 | 509 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34 | 400 | 409 |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30 (d) | 3900 | 3700 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 (d) | 500 | 510 |
| Hyatt Hotels Corporation |  |  |
| 5.38%, 12/15/31 | 500 | 512 |
| Hyundai Capital America |  |  |
| 5.10%, 06/24/30 (d) | 1300 | 1327 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 600 | 595 |
| 3.90%, 08/08/29 | 1100 | 1064 |
| 6.00%, 08/15/29 | 3225 | 3361 |
| 6.20%, 08/15/34 | 1100 | 1151 |
| Marriott International, Inc. |  |  |
| 5.45%, 09/15/26 | 1000 | 1012 |
| 4.63%, 06/15/30 (f) | 200 | 202 |
| Massachusetts Institute of Technology |  |  |
| 4.68%, 07/01/14 | 200 | 171 |
| McDonald's Corporation |  |  |
| 3.63%, 09/01/49 | 400 | 299 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (d) | 1400 | 1351 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 4400 | 4158 |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | 1000 | 984 |
| 5.50%, 04/01/28 (d) | 400 | 408 |
| 5.63%, 09/30/31 (d) | 400 | 408 |
| 5.38%, 01/15/36 | 400 | 402 |
| Spectrum Management Holding Company, LLC |  |  |
| 4.50%, 09/15/42 | 300 | 241 |
| Tapestry, Inc. |  |  |
| 5.10%, 03/11/30 | 500 | 512 |
| 5.50%, 03/11/35 | 400 | 408 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (d) | 400 | 400 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1700 | 1224 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (c) (d) | 500 | 508 |
|  |  | 29255 |
| **Communication Services 3.3%** | **Communication Services 3.3%** | **Communication Services 3.3%** |
| Altice France Holding S.A. |  |  |
| 5.13%, 07/15/29 (d) | 448 | 387 |
| 5.50%, 10/15/29 (d) | 230 | 199 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (d) (n) | 8400 | 8400 |
| Charter Communications Operating, LLC |  |  |
| 5.85%, 12/01/35 | 300 | 302 |
| 3.50%, 03/01/42 | 3000 | 2162 |
| 5.75%, 04/01/48 | 300 | 271 |
| 4.80%, 03/01/50 | 2000 | 1584 |
| 3.85%, 04/01/61 | 200 | 125 |
| 3.95%, 06/30/62 | 1500 | 949 |
| Comcast Corporation |  |  |
| 5.50%, 05/15/64 | 700 | 660 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 900 | 991 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28 (d) | 200 | 195 |
| Netflix, Inc. |  |  |
| 3.88%, 11/15/29, EUR (b) | 1400 | 1710 |
| NTT Finance Corporation |  |  |
| 5.17%, 07/16/32 (d) | 1000 | 1024 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (d) (l) | 125 | 91 |
| 8.50%, 12/31/28 (d) (l) | 268 | 6 |
| Paramount Global |  |  |
| 3.70%, 06/01/28 | 800 | 782 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/31 | 1050 | 998 |
| 5.15%, 04/15/34 | 100 | 102 |
| 4.70%, 01/15/35 | 2300 | 2261 |
| 3.30%, 02/15/51 | 3500 | 2388 |
| 5.75%, 01/15/54 | 2100 | 2101 |
|  |  | 27688 |
| **Information Technology 3.3%** | **Information Technology 3.3%** | **Information Technology 3.3%** |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | 600 | 631 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (d) | 1622 | 1403 |
| 3.19%, 11/15/36 (d) | 1093 | 932 |
| 4.93%, 05/15/37 (d) | 2858 | 2850 |
| CDW Finance Corporation |  |  |
| 3.25%, 02/15/29 | 800 | 766 |
| 3.57%, 12/01/31 | 1400 | 1306 |
| CGI Inc. |  |  |
| 4.95%, 03/14/30 (d) | 400 | 407 |
| Flex Ltd. |  |  |
| 5.25%, 01/15/32 | 600 | 615 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Micron Technology, Inc. |  |  |
| 6.75%, 11/01/29 | 650 | 707 |
| 4.66%, 02/15/30 | 400 | 404 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 1300 | 1314 |
| NXP B.V. |  |  |
| 3.40%, 05/01/30 | 899 | 862 |
| Oracle Corporation |  |  |
| 2.30%, 03/25/28 | 6000 | 5735 |
| 5.20%, 09/26/35 | 1800 | 1809 |
| 4.00%, 07/15/46 | 900 | 701 |
| 6.00%, 08/03/55 | 600 | 603 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 1500 | 1534 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 1800 | 1793 |
| 4.70%, 05/15/30 (f) | 3100 | 3137 |
| | | 27509 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (d) | 400 | 397 |
| 5.80%, 04/15/34 (d) | 1100 | 1153 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.50%, 07/10/31, EUR (d) | 500 | 547 |
| Conagra Brands, Inc. |  |  |
| 5.00%, 08/01/30 | 300 | 303 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | 1150 | 1045 |
| Greene King Finance PLC |  |  |
| 5.32%, 09/15/31, GBP (b) (h) | 268 | 361 |
| Haleon US Capital LLC |  |  |
| 3.63%, 03/24/32 | 1500 | 1421 |
| JDE Peet's N.V. |  |  |
| 1.13%, 06/16/33, EUR (b) | 100 | 98 |
| Kraft Heinz Foods Company |  |  |
| 6.88%, 01/26/39 | 1200 | 1339 |
| Philip Morris International Inc. |  |  |
| 4.13%, 04/28/28 | 500 | 501 |
| 5.38%, 02/15/33 | 1500 | 1566 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (d) | 950 | 860 |
|  |  | 9591 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Joint Stock Company Alrosa (Public Joint Stock Company) |  |  |
| 0.00%, 04/09/49 (b) (d) (i) (j) (k) | 900 |  |
| Synthos Spolka Akcyjna |  |  |
| 2.50%, 06/07/28, EUR (b) | 400 | 443 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (d) (l) | 160 | 120 |
| 11.00%, 12/31/28 (d) (l) | 399 | 66 |
| Vale Overseas Ltd |  |  |
| 6.13%, 06/12/33 | 3100 | 3311 |
|  |  | 3940 |
| Total Corporate Bonds And Notes (cost $684,599) | Total Corporate Bonds And Notes (cost $684,599) | 669707 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 15.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.7%** |
| **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/39 - 06/01/48 | 377 | 355 |
| 4.50%, 09/01/48 - 09/01/53 | 933 | 911 |
| 3.00%, 05/01/52 | 436 | 384 |
| 6.50%, 02/01/54 | 2866 | 2964 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 07/01/43 - 08/01/43 | 166 | 153 |
| 4.50%, 08/01/48 - 01/01/49 | 180 | 177 |
| 4.00%, 03/01/49 - 05/01/50 | 1388 | 1325 |
| 6.00%, 11/01/53 | 348 | 356 |
| TBA, 4.00%, 11/15/55 (o) | 11900 | 11211 |
| TBA, 5.00%, 11/15/55 (o) | 18500 | 18336 |
| Government National Mortgage Association |  |  |
| 4.00%, 07/20/55 | 4700 | 4421 |
| TBA, 4.00%, 11/15/55 (o) | 9000 | 8461 |
| TBA, 4.50%, 11/15/55 (o) | 2600 | 2520 |
| TBA, 5.00%, 11/15/55 (o) | 2900 | 2881 |
| TBA, 6.00%, 11/15/55 (o) | 1600 | 1627 |
|  |  | 56082 |
| **Sovereign 4.7%** | **Sovereign 4.7%** | **Sovereign 4.7%** |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/34 (d) (h) | 144 | 93 |
| 0.00%, 02/01/30 - 02/01/36 (d) (h) | 83 | 38 |
| Cabinet Office, Government of Japan |  |  |
| 2.00%, 12/20/44, JPY | 390000 | 2415 |
| 2.40%, 03/20/45 - 03/20/55, JPY | 274800 | 1787 |
| 2.20%, 03/20/64, JPY | 164000 | 850 |
| Cassa Depositi E Prestiti Societa Per Azioni |  |  |
| 5.88%, 04/30/29 (d) | 1000 | 1054 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (b) | 2543 | 812 |
| 6.15%, 08/12/32, PEN (b) | 100 | 31 |
| 6.15%, 08/12/32, PEN (d) | 1922 | 587 |
| 7.30%, 08/12/33, PEN | 5400 | 1744 |
| 5.40%, 08/12/34, PEN (b) | 12600 | 3515 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 03/19/34, EUR | 1500 | 1785 |
| 6.00%, 05/07/36 | 700 | 718 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (d) | 1800 | 1837 |
| 4.75%, 01/16/30 (d) | 200 | 204 |
| 2.25%, 02/02/33 (d) | 5100 | 4353 |
| 3.75%, 03/05/37, EUR (d) | 300 | 348 |
| HM Treasury |  |  |
| 4.38%, 07/31/54, GBP (b) | 1227 | 1382 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 - 02/19/30 | 3100 | 3181 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 06/24/28 (b) (i) (j) | 200 | 205 |
| 0.00%, 04/04/42 (b) (d) (i) (j) | 200 | 135 |
| Presidencia da Republica |  |  |
| 7.25%, 01/12/56 | 700 | 710 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (d) | 200 | 227 |
| 5.38%, 03/22/31, EUR (d) | 500 | 596 |
| 5.25%, 05/30/32, EUR (d) | 1000 | 1168 |
| 3.75%, 02/07/34, EUR (d) | 800 | 815 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 82390 | 4686 |
| 8.50%, 01/31/37, ZAR | 73200 | 3900 |
|  |  | 39176 |
| **U.S. Treasury Note 3.3%** | **U.S. Treasury Note 3.3%** | **U.S. Treasury Note 3.3%** |
| Treasury, United States Department of |  |  |
| 2.75%, 08/15/32 (p) | 3800 | 3533 |
| 4.13%, 11/15/32 (p) | 2500 | 2529 |
| 4.00%, 02/15/34 (p) | 11000 | 10973 |
| 4.25%, 08/15/35 | 10200 | 10283 |
|  |  | 27318 |
| **U.S. Treasury Bond 0.6%** | **U.S. Treasury Bond 0.6%** | **U.S. Treasury Bond 0.6%** |
| Treasury, United States Department of |  |  |
| 4.75%, 08/15/55 | 5300 | 5319 |
| **Municipal 0.2%** | **Municipal 0.2%** | **Municipal 0.2%** |
| Grand Canyon University |  |  |
| 7.38%, 10/01/29 | 500 | 524 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 1059 | 1091 |
|  |  | 1615 |
| **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** |
| Presidencia da Republica |  |  |
| 6.00%, 08/15/60, BRL (g) (q) | 900 | 660 |
| Total Government And Agency Obligations (cost $128,908) | Total Government And Agency Obligations (cost $128,908) | 130170 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.9%** |
| Air Canada |  |  |
| Series 2015-A-1, 3.60%, 03/15/27 | 105 | 104 |
| Series 2020-A-2, 5.25%, 04/01/29 | 47 | 48 |
| Series 2017-A-1, 3.55%, 01/15/30 | 321 | 301 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 669 | 669 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A6-25T1, REMIC, 5.75%, 07/25/35 | 1592 | 953 |
| Series 2005-2A1-27, REMIC, 4.43%, (12 Month Treasury Average + 1.35%), 08/25/35 (g) (r) | 45 | 36 |
| Series 2005-A14-46CB, REMIC, 5.50%, 10/25/35 | 1213 | 864 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A11-23CB, REMIC, 6.00%, 08/25/36 | 714 | 706 |
| Alternative Loan Trust 2006-43CB |  |  |
| Series 2006-1A10-43CB, REMIC, 6.00%, 02/25/37 | 483 | 243 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A4-86CB, REMIC, 5.50%, 02/25/36 | 2948 | 1687 |
| American Airlines, Inc. |  |  |
| Series 2014-A-1, 3.70%, 10/01/26 | 461 | 456 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 550 | 538 |
| Series 2016-AA-1, 3.58%, 01/15/28 | 172 | 168 |
| Series 2016-AA-2, 3.20%, 06/15/28 | 1153 | 1115 |
| Series 2017-AA-2, 3.35%, 10/15/29 | 1677 | 1613 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 140 | 131 |
| American Home Mortgage Assets Trust 2006-3 |  |  |
| Series 2006-2A11-3, REMIC, 3.54%, (12 Month Treasury Average + 0.94%), 10/25/46 (g) (h) (r) | 295 | 211 |
| Apidos CLO XXXIV LLC |  |  |
| Series 2021-A-35A, 5.64%, (3 Month Term SOFR + 1.31%), 04/20/34 (g) | 2500 | 2502 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-4A1-10, REMIC, 5.75%, 11/25/35 | 8 | 7 |
| Banc of America Mortgage 2006-B Trust |  |  |
| Series 2006-4A2-B, REMIC, 3.83%, 11/20/36 (g) | 1333 | 1138 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-2A3-2, REMIC, 5.11%, 04/25/35 (g) | 222 | 206 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A2-3, REMIC, 4.77%, 06/25/35 (g) | 202 | 186 |
| Bear Stearns ARM Trust 2006-2 |  |  |
| Series 2006-4A1-2, REMIC, 3.81%, 07/25/36 (g) | 507 | 446 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE9 |  |  |
| Series 2006-1A3-HE9, REMIC, 4.67%, (1 Month Term SOFR + 0.34%), 11/25/36 (g) (h) (r) | 1000 | 966 |
| BlueMountain CLO 2018-3 Ltd |  |  |
| Series 2018-A1R-3A, 5.51%, (3 Month Term SOFR + 1.19%), 10/25/30 (g) | 1305 | 1307 |
| British Airways PLC |  |  |
| Series 2020-A-1A, 4.25%, 11/15/32 | 261 | 256 |
| Series 2021-A-1, 2.90%, 03/15/35 | 1223 | 1117 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.40%, (1 Month Term SOFR + 1.26%), 08/19/38 (g) (h) | 256 | 256 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.16%, (1 Month Term SOFR + 1.01%), 02/15/39 (g) | 381 | 381 |
| BXMT 2020-FL3 Ltd |  |  |
| Series 2020-A-FL3, 5.66%, (1 Month Term SOFR + 1.51%), 11/18/37 (g) | 330 | 330 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF4-CB1, REMIC, 1.09%, 01/25/37 (g) (h) (r) | 544 | 151 |
| Centex Corporation |  |  |
| Series 2004-MV1-D, REMIC, 4.72%, (1 Month Term SOFR + 1.04%), 09/25/34 (g) (h) (r) | 16 | 16 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A2-13, REMIC, 6.00%, 08/25/37 | 549 | 261 |
| Countrywide Home Loans, Inc. |  |  |
| Series 2004-1AF2-R2, REMIC, 5.18%, (1 Month Term SOFR + 0.53%), 11/25/34 (g) (r) | 258 | 238 |
| CSMC 2021-ADV |  |  |
| Series 2021-A-ADV, REMIC, 5.66%, (1 Month Term SOFR + 1.51%), 07/15/38 (g) | 1700 | 1524 |
| CSWF Trust 2021-SOP2 |  |  |
| Series 2021-A-SOP2, 5.33%, (1 Month Term SOFR + 1.18%), 06/15/34 (g) (h) | 65 | 63 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-1A-24, REMIC, 4.55%, (1 Month Term SOFR + 0.25%), 07/25/35 (g) (h) | 46 | 42 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.23%, (1 Month Term SOFR + 0.85%), 06/25/37 (g) (h) (r) | 416 | 411 |
| CWABS, Inc. |  |  |
| Series 2004-M1-4, REMIC, 4.85%, (1 Month Term SOFR + 0.83%), 07/25/34 (g) (h) (r) | 3 | 3 |
| Series 2005-1A-AB4, REMIC, 3.36%, (1 Month Term SOFR + 0.59%), 03/25/36 (g) (h) (r) | 15 | 14 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-A-MTC, REMIC, 2.97%, 10/15/29 | 2250 | 2044 |
| Delta Air Lines, Inc. |  |  |
| Series 2020-1, 2.00%, 06/10/28 | 561 | 539 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.34%, (1 Month Term SOFR + 1.19%), 07/15/38 (g) | 3710 | 3710 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2004-M3-FF8, REMIC, 5.86%, (1 Month Term SOFR + 1.54%), 10/25/34 (g) (h) (r) | 379 | 372 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-1A1-15, REMIC, 1.43%, (1 Month Term SOFR + 0.62%), 01/25/36 (g) (h) (r) | 245 | 204 |
| GSAMP Trust 2006-FM2 |  |  |
| Series 2006-A1-FM2, REMIC, 0.78%, (1 Month Term SOFR + 0.39%), 09/25/36 (g) (h) (r) | 2501 | 818 |
| HarborView Mortgage Loan Trust 2006-12 |  |  |
| Series 2006-1A1A-12, REMIC, 3.08%, (1 Month Term SOFR + 0.52%), 12/19/36 (g) (h) (r) | 361 | 302 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-2A1A-AR12, REMIC, 3.47%, (1 Month Term SOFR + 0.59%), 07/25/35 (g) (h) (r) | 213 | 195 |
| J.P. Morgan Mortgage Acquisition Trust 2006-CW2 |  |  |
| Series 2006-AF3-CW2, REMIC, 2.43%, 08/25/36 (g) (h) (r) | 959 | 571 |
| J.P. Morgan Mortgage Acquisition Trust 2006-NC2 |  |  |
| Series 2006-M1-NC2, REMIC, 3.81%, (1 Month Term SOFR + 0.52%), 07/25/36 (g) (h) (r) | 128 | 126 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 223 | 197 |
| Series 2020-1A-1, 4.00%, 11/15/32 | 2046 | 1934 |
| LCM 35 Ltd. |  |  |
| Series A1R-35A, 5.40%, (3 Month Term SOFR + 1.08%), 10/15/34 (g) | 1900 | 1901 |
| Long Beach Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-2A3-8, REMIC, 1.03%, (1 Month Term SOFR + 0.43%), 09/25/36 (g) (h) (r) | 884 | 226 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-NC1, REMIC, 6.44%, (1 Month Term SOFR + 0.83%), 12/25/34 (g) (h) (r) | 573 | 538 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-M1-WMC1, REMIC, 4.93%, (1 Month Term SOFR + 0.86%), 09/25/35 (g) (h) (r) | 501 | 481 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.74%, (1 Month Term SOFR + 1.35%), 02/20/37 (g) | 719 | 719 |
| Morgan Stanley Home Equity Loan Trust 2007-2 |  |  |
| Series 2007-A1-2, REMIC, 2.26%, (1 Month Term SOFR + 0.21%), 04/25/37 (g) (h) (r) | 8 | 4 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2006-1A2-1, REMIC, 4.35%, (1 Month Term SOFR + 0.51%), 04/25/36 (g) (h) (r) | 263 | 205 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-AR-43A, 5.37%, (3 Month Term SOFR + 1.05%), 07/17/36 (g) | 2400 | 2403 |
| New Century Home Equity Loan Trust |  |  |
| Series 2005-M2-D, REMIC, 3.21%, (1 Month Term SOFR + 0.82%), 02/25/36 (g) (h) (r) | 300 | 252 |
| New Century Home Equity Loan Trust 2006-2 |  |  |
| Series 2006-A2B-2, REMIC, 3.48%, (1 Month Term SOFR + 0.27%), 08/25/36 (g) (h) (r) | 146 | 146 |
| New Residential Mortgage Loan Trust 2018-3 |  |  |
| Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (g) | 303 | 296 |
| Northwoods Capital 25 Ltd |  |  |
| Series 2021-AR-25A, 5.12%, (3 Month Term SOFR + 0.00%), 07/20/34 (g) | 1000 | 1000 |
| Ocean Trails CLO 8 |  |  |
| Series 2020-ARR-8A, REMIC, 5.61%, (3 Month Term SOFR + 1.29%), 07/15/34 (g) | 1000 | 1001 |
| RALI Series 2007-QS3 Trust |  |  |
| Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37 | 29 | 23 |
| Renaissance Home Equity Loan Trust 2007-3 |  |  |
| Series 2007-AF3-3, REMIC, 2.98%, 09/25/37 (g) (h) (r) | 136 | 53 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35 | 22 | 19 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2005-A2-EFC7, REMIC, 4.11%, (1 Month Term SOFR + 0.57%), 12/25/35 (g) (h) (r) | 123 | 96 |
| SMRT 2022-MINI |  |  |
| Series 2022-A-MINI, REMIC, 5.15%, (1 Month Term SOFR + 1.00%), 01/15/27 (g) | 1600 | 1598 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (i) (j) | 491 | 469 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-2A4-2, REMIC, 1.54%, 08/25/35 (g) (r) | 1 | 1 |
| Tesco Property Finance 5 PLC |  |  |
| Series BN-5, 5.66%, 10/13/41, GBP (b) | 543 | 714 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 45 | 44 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 772 | 794 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-AA-2, REMIC, 2.70%, 05/01/32 | 3482 | 3182 |
| United Airlines, Inc. |  |  |
| Series 2014-A-1, 4.00%, 04/11/26 | 410 | 408 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $52,478) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $52,478) | 49249 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.57%, (1 Month Term SOFR + 4.25%), 12/17/30 (g) | 2095 | 2093 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Republic of Panama |  |  |
| Term Loan, 3.85%, (3 Month EURIBOR + 1.75%), 03/07/27, EUR (g) (k) | 1400 | 1646 |
| Total Senior Floating Rate Instruments (cost $3,594) | Total Senior Floating Rate Instruments (cost $3,594) | 3739 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Morgan Stanley, 6.50%, (25, 10/15/27) (a) | 35 | 882 |
| Total Preferred Stocks (cost $865) | Total Preferred Stocks (cost $865) | 882 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| DrillCo Holding Lux S.A. (i) (k) |  | 3 |
| DrillCo Holding Lux S.A. (i) (k) | 1 | 24 |
| DrillCo Holding Lux S.A. (i) (k) |  | 8 |
| DrillCo Holding Lux S.A. (i) (k) | 3 | 71 |
| Stichting Administratiekantoor Unigel Creditors (i) (k) | 1 |  |
| SVB Financial Group (i) | 104 | 7 |
|  |  | 113 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Kaisa Group Holdings Ltd. (i) | 3623 | 78 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Oi S.A. - Em Recuperacao Judicial (i) | 45 | 4 |
| Total Common Stocks (cost $79) | Total Common Stocks (cost $79) | 195 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **U.S. Treasury Bill 0.8%** | **U.S. Treasury Bill 0.8%** | **U.S. Treasury Bill 0.8%** |
| Treasury, United States Department of |  |  |
| 4.18%, 10/14/25 (p) | 1060 | 1058 |
| 4.25%, 10/30/25 | 4100 | 4087 |
| 4.18%, 11/06/25 | 100 | 100 |
| 4.23%, 11/12/25 (p) | 5 | 5 |
| 4.29%, 11/18/25 | 1200 | 1194 |
|  |  | 6444 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (s) (t) | 4939 | 4939 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.04% (s) (t) | 1413 | 1413 |
| Total Short Term Investments (cost $12,796) | Total Short Term Investments (cost $12,796) | 12796 |
| **Total Investments 104.3% (cost $883,319)** | **Total Investments 104.3% (cost $883,319)** | **866738** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | (464) |
| **Other Assets and Liabilities, Net (4.2)%** | **Other Assets and Liabilities, Net (4.2)%** | **(34943)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **831331** |

---

(a) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(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 September 30, 2025.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $158,023 and 19.0% of the Fund.

(e) Convertible security.

(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 September 30, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) 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 September 30, 2025.

(i) Non-income producing security.

(j) As of September 30, 2025, 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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 issued with a zero coupon. Income is recognized through the accretion of discount.

(n) Security fair valued in good faith as a Level 2 security in accordance with the

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(o) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $45,099.

(p) All or a portion of the security is pledged or segregated as collateral.

(q) Treasury inflation indexed note, par amount is not adjusted for inflation.

(r) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 2876 | 97195 | 98658 | 31 |  |  | 1413 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 3752 | 32281 | 31094 | 98 |  |  | 4939 | 0.6 |
|  | 6628 | 129476 | 129752 | 129 |  |  | 6352 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| ABN AMRO Bank N.V., 6.38% (callable at 100, 09/22/34) | 01/22/25 | 642 | 748 | 0.1 |
| Anglian Water Services Financing PLC, 6.00%, 06/20/39 | 07/10/24 | 130 | 129 |  |
| Aviva PLC, 7.75% (callable at 100, 09/30/32) | 03/24/25 | 388 | 420 |  |
| Banco Santander, S.A., 4.88%, 10/18/31 | 09/25/24 | 3225 | 3441 | 0.4 |
| Barclays PLC, 8.38% (callable at 100, 09/15/31) | 09/25/25 | 846 | 851 | 0.1 |
| Burberry Group PLC, 5.75%, 06/20/30 | 07/30/25 | 534 | 539 | 0.1 |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 01/22/25 | 1280 | 1458 | 0.2 |
| Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26 | 06/25/25 | 735 | 740 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 04/19/24 | 712 | 812 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.15%, 08/12/32 | 02/26/25 | 28 | 31 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 10/23/24 | 3105 | 3515 | 0.4 |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 01/22/25 | 1592 | 1853 | 0.2 |
| Cooperatieve Rabobank U.A., 4.38% (callable at 100, 06/29/27) | 03/10/25 | 862 | 944 | 0.1 |
| Digital Dutch Finco B.V., 1.50%, 03/15/30 | 10/08/24 | 1409 | 1526 | 0.2 |
| DrillCo Holding Lux S.A., 7.50%, 06/15/30 | 06/12/23 | 12 | 13 |  |
| EP Infrastructure, a.s., 1.82%, 03/02/31 | 07/10/24 | 91 | 106 |  |
| EPH Financing International, a.s., 5.88%, 11/30/29 | 03/05/25 | 800 | 884 | 0.1 |
| Erste Group Bank AG, 4.25% (callable at 100, 10/15/27) | 01/27/21 | 2454 | 2345 | 0.3 |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 1800 | 1283 | 0.2 |
| Greene King Finance PLC, 5.32%, 09/15/31 | 04/02/19 | 382 | 361 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 08/20/25 | 983 | 989 | 0.1 |
| Heathrow Finance PLC, 4.13%, 09/01/29 | 03/05/25 | 357 | 374 |  |
| HM Treasury, 4.38%, 07/31/54 | 03/21/25 | 1381 | 1382 | 0.2 |
| JDE Peet's N.V., 1.13%, 06/16/33 | 02/21/24 | 88 | 98 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company), 0.00%, 04/09/49 | 04/02/19 | 900 |  |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/25 | 09/24/25 |  | 3 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/26 | 09/24/25 |  | 3 |  |
| Kaisa Group Holdings Ltd., 5.00%, 11/30/27 | 09/24/25 |  | 1 |  |
| Kaisa Group Holdings Ltd., 6.72%, 12/28/27 | 09/24/25 | 3 | 3 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/27 | 09/24/25 |  | 3 |  |
| Kaisa Group Holdings Ltd., 5.25%, 12/28/28 | 09/24/25 | 7 | 5 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/28 | 09/24/25 |  | 5 |  |
| Kaisa Group Holdings Ltd., 5.50%, 12/28/29 | 09/24/25 | 10 | 7 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/29 | 09/24/25 | 6 | 6 |  |
| Kaisa Group Holdings Ltd., 5.75%, 12/28/30 | 09/24/25 | 11 | 6 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/30 | 09/24/25 | 7 | 7 |  |
| Kaisa Group Holdings Ltd., 6.00%, 12/28/31 | 09/24/25 | 11 | 8 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/31 | 09/24/25 | 7 | 6 |  |
| Kaisa Group Holdings Ltd., 6.25%, 12/28/32 | 09/24/25 | 8 | 6 |  |
| Kaisa Group Holdings Ltd., 0.00%, 12/31/32 | 09/24/25 | 13 | 12 |  |
| KBC Groep, 6.25% (callable at 100, 09/17/31) | 03/06/25 | 446 | 490 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/04/22 | 87 | 205 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/24/22 | 58 | 135 |  |
| National Grid Electricity Transmission PLC, 2.00%, 04/17/40 | 07/30/24 | 1177 | 1156 | 0.1 |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 1804 | 1710 | 0.2 |
| Nykredit Realkredit A/S, 1.00%, 10/01/50 | 11/10/21 | 13 | 11 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 417 | 342 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/15/21 | 246 | 204 |  |
| ProLogis, L.P., 4.20%, 02/15/33 | 01/28/25 | 485 | 514 | 0.1 |
| SB Capital S.A., 0.00%, 05/23/49 | 09/19/19 | 615 |  |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| SB Capital S.A., 0.00%, 10/29/49 | 11/23/20 | 5165 |  |  |
| SPP - distribucia , a.s., 1.00%, 06/09/31 | 07/10/24 | 266 | 305 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 01/17/17 | 757 | 851 | 0.1 |
| SW (Finance) I PLC, 7.00%, 04/16/40 | 07/09/24 | 1203 | 1291 | 0.2 |
| Synthos Spolka Akcyjna, 2.50%, 06/07/28 | 03/06/25 | 404 | 443 | 0.1 |
| Tesco Property Finance 5 PLC, Series BN-5, 5.66%, 10/13/41 | 01/31/17 | 670 | 714 | 0.1 |
| Thames Water Utilities Finance PLC, 9.75%, 10/10/27 | 07/24/25 | 11 | 25 |  |
| Thames Water Utilities Finance PLC, 4.38%, 01/18/31 | 06/20/24 | 865 | 732 | 0.1 |
| Thames Water Utilities Finance PLC, 4.38%, 07/03/34 | 05/22/24 | 624 | 553 | 0.1 |
| UBS Group AG, 9.25% (callable at 100, 11/13/28) | 03/11/25 | 436 | 441 | 0.1 |
| Yango Justice International Limited, 0.00%, 04/15/49 | 11/05/21 | 119 | 1 |  |
| Yango Justice International Limited, 0.00%, 04/15/49 | 12/10/20 | 203 |  |  |
| Yorkshire Water Finance PLC, 1.75%, 10/27/32 | 07/10/24 | 693 | 724 | 0.1 |
|  |  | 41583 | 35770 | 4.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 172 | December 2026 |  | 41278 | 13 | 368 |
| 3 Month SOFR Index | 132 | March 2027 |  | 31691 | 8 | 287 |
| 3 Month SOFR Index | 304 | June 2027 |  | 72984 | 19 | 672 |
| 3 Month SOFR Index | 278 | September 2027 |  | 66725 | 21 | 620 |
| 3 Month SOFR Index | 330 | December 2027 |  | 79218 | 25 | 696 |
| 3 Month SOFR Index | 231 | March 2028 |  | 55400 | 17 | 514 |
| Euro BOBL | 4 | December 2025 | EUR | 471 | 1 |  |
| United States 10 Year Note | 231 | December 2025 |  | 25872 | (4) | 115 |
| United States 2 Year Note | 747 | January 2026 |  | 155596 | 82 | 77 |
| United States Ultra Bond | 852 | December 2025 |  | 99513 | (479) | 2780 |
|  |  |  |  |  | (297) | 6129 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (6) | December 2025 | EUR | (774) | (2) | 3 |
| United States 5 Year Note | (798) | January 2026 |  | (87293) | (31) | 155 |
| United States Long Bond | (44) | December 2025 |  | (5016) | 11 | (114) |
|  |  |  |  |  | (22) | 44 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.25<br> (S) | 03/19/30 | AUD | 31200 | (3) | 60 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 12/17/35 | AUD | 7200 | 16 | (34) |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 4660 | (43) | 2 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 03/18/31 | EUR | 10 |  |  |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 100 |  |  |
| BRAZIBOR (A) | Paying | 12.03<br> (A) | 01/04/27 | BRL | 60600 | (1) | (260) |
| BRAZIBOR (A) | Paying | 13.32<br> (A) | 01/02/29 | BRL | 3400 |  |  |
| BRAZIBOR (A) | Paying | 13.36<br> (A) | 01/02/29 | BRL | 20100 | 2 | 8 |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 32000 | 3 | (4) |
| BRAZIBOR (A) | Paying | 13.40<br> (A) | 01/02/29 | BRL | 45000 | 5 | 19 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 22800 | 39 | (7) |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 12/18/25 |  | 8200 |  | (174) |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 01/03/26 |  | 8200 | (1) | (1) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 36700 | (18) | 268 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/30 |  | 5670 | (2) | 9 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 02/28/30 |  | 18504 | (8) | 118 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 03/19/30 |  | 13400 | (5) | (1) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 |  | 10700 | (4) | (92) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 08/19/34 |  | 20 |  |  |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/28/34 |  | 1300 |  | 4 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 |  | 200 |  | 1 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 |  | 1400 |  | 9 |
| U.S. SOFR (A) | Receiving | 3.87<br> (A) | 03/05/35 |  | 10600 | 1 | (174) |
| U.S. SOFR (A) | Receiving | 3.93<br> (A) | 03/24/35 |  | 1400 |  | (33) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 05/15/35 | 13808 | 3 | 75 |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 09/17/35 | 600 |  | 5 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 | 12110 | 37 | 726 |
|  |  |  |  |  | 21 | 524 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| General Motors Company (Q) | N/A | 5.00 | 06/20/30 | 2300 | (390) | 1 | (5) |
| **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** |
| AES Corporation, The (Q) | 0.71 | 5.00 | 12/20/28 | (300) | 39 |  | 2 |
| American International Group, Inc. (Q) | 0.18 | 1.00 | 12/20/26 | (1000) | 10 |  | (11) |
| AT&T Inc. (Q) | 0.23 | 1.00 | 12/20/25 | (2600) | 4 |  | (28) |
| AT&T Inc. (Q) | 0.24 | 1.00 | 06/20/26 | (2100) | 11 |  | (20) |
| AT&T Inc. (Q) | 0.29 | 1.00 | 12/20/26 | (800) | 7 |  | (2) |
| AT&T Inc. (Q) | 0.40 | 1.00 | 06/20/28 | (500) | 8 |  | 10 |
| Bank of America Corporation (Q) | 0.33 | 1.00 | 12/20/26 | (200) | 2 |  | (1) |
| Barclays Bank PLC (Q) | 0.24 | 1.00 | 12/20/25 | (500) | 1 |  | (2) |
| Boeing Company, The (Q) | 0.32 | 1.00 | 06/20/27 | (1000) | 11 |  | 46 |
| CDX.NA.IG.40 (Q) | 0.26 | 1.00 | 06/20/28 | (400) | 8 |  | 3 |
| CDX.NA.IG.41 (Q) | 0.31 | 1.00 | 12/20/28 | (1200) | 25 |  | 11 |
| CDX.NA.IG.43 (Q) | 0.42 | 1.00 | 12/20/29 | (100) | 2 |  |  |
| CDX.NA.IG.44 (Q) | 0.47 | 1.00 | 06/20/30 | (116700) | 2654 | 2 | 434 |
| CDX.NA.IG.45 (Q) | 0.52 | 1.00 | 12/20/30 | (57100) | 1298 | 8 | 13 |
| Citigroup Inc. (Q) | 0.25 | 1.00 | 12/20/25 | (1000) | 2 |  | (5) |
| EADS Finance (Q) | 0.20 | 1.00 | 12/20/28 | (300) | 9 |  | 6 |
| EADS Finance (Q) | 0.23 | 1.00 | 06/20/29 | (900) | 29 |  | 8 |
| Electricite de France (Q) | 0.66 | 1.00 | 06/20/30 | (700) | 13 |  | 2 |
| Elis Services (Q) | 0.70 | 5.00 | 12/20/29 | (200) | 41 |  | (4) |
| General Electric Company (Q) | 0.07 | 1.00 | 06/20/26 | (1000) | 7 |  | (2) |
| General Motors Company (Q) | 0.32 | 5.00 | 12/20/26 | (320) | 18 |  | (35) |
| Glencore Finance (Europe) Limited (Q) | 0.96 | 5.00 | 06/20/31 | (600) | 151 | (1) | 3 |
| Hess Corporation (Q) | 0.11 | 1.00 | 12/20/26 | (1800) | 19 |  | 43 |
| MetLife, Inc. (Q) | 0.34 | 1.00 | 06/20/28 | (800) | 14 |  | 29 |
| Morgan Stanley (Q) | 0.23 | 1.00 | 12/20/25 | (1100) | 2 |  | (1) |
| Morgan Stanley (Q) | 0.24 | 1.00 | 06/20/26 | (900) | 5 |  | (1) |
| Mundys S.p.A. (Q) | 0.30 | 1.00 | 12/20/25 | (1400) | 3 |  | 65 |
| Oracle Corporation (Q) | 0.53 | 1.00 | 06/20/30 | (400) | 8 |  | (1) |
| Tesco PLC (Q) | 0.19 | 1.00 | 12/20/27 | (1700) | 35 |  | 36 |
| Verizon Communications Inc. (Q) | 0.28 | 1.00 | 12/20/26 | (1400) | 12 |  | (21) |
|  |  |  |  |  | 4448 | 9 | 577 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Notional** | **Notional** | **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** | **Interest Options** | **Interest Options** |  |  |  |  |  |  |
| Euro Bund Future, Nov. 2025 | EUR | (4) | (13) | EUR | 127.50 | 10/24/25 | 2 | 2 |
| Euro Bund Future, Nov. 2025 | EUR | (1) | (8) | EUR | 129.50 | 10/24/25 | (1) | (1) |
| Euro Bund Future, Nov. 2025 | EUR | (2) | (5) | EUR | 130.50 | 10/24/25 |  | 2 |
|  |  |  |  |  |  |  | 1 | 3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
| United States 10 Year Note Future, Dec. 2025 | Call | 114.00 | 10/24/25 | 39 | 4446 | (6) |
| United States 10 Year Note Future, Dec. 2025 | Call | 113.50 | 10/24/25 | 44 | 4994 | (9) |
| United States 10 Year Note Future, Dec. 2025 | Put | 111.00 | 10/24/25 | 24 | 2664 | (3) |
| United States 10 Year Note Future, Dec. 2025 | Put | 111.50 | 10/24/25 | 59 | 6579 | (12) |
|  |  |  |  |  |  | (30) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 6M EURIBOR, 10/21/35 | BCL | Call | 2.55 | 10/17/25 | 800000 | EUR | 800 | (1) |
| 6M EURIBOR, 10/08/35 | MSC | Call | 2.55 | 10/06/25 | 700000 | EUR | 700 |  |
| 6M EURIBOR, 10/21/35 | BCL | Put | 2.75 | 10/17/25 | 800000 | EUR | 800 | (1) |
| 6M EURIBOR, 10/08/35 | MSC | Put | 2.79 | 10/06/25 | 700000 | EUR | 700 |  |
| U.S. SOFR, 10/06/35 | BOA | Call | 3.58 | 10/02/25 | 1200000 |  | 1200 |  |
| U.S. SOFR, 10/16/35 | BOA | Call | 3.33 | 10/14/25 | 1200000 |  | 1200 |  |
| U.S. SOFR, 10/16/35 | BPC | Call | 3.38 | 10/14/25 | 1600000 |  | 1600 |  |
| U.S. SOFR, 10/08/35 | GSC | Call | 3.40 | 10/06/25 | 1100000 |  | 1100 |  |
| U.S. SOFR, 10/29/35 | GSC | Call | 3.55 | 10/27/25 | 1100000 |  | 1100 | (4) |
| U.S. SOFR, 10/08/35 | UBS | Call | 3.51 | 10/06/25 | 1600000 |  | 1600 |  |
| U.S. SOFR, 10/15/35 | UBS | Call | 3.39 | 10/10/25 | 1600000 |  | 1600 |  |
| U.S. SOFR, 10/16/35 | BOA | Put | 3.63 | 10/14/25 | 1200000 |  | 1200 | (8) |
| U.S. SOFR, 10/16/35 | BPC | Put | 3.68 | 10/14/25 | 1600000 |  | 1600 | (7) |
| U.S. SOFR, 10/08/35 | GSC | Put | 3.70 | 10/06/25 | 1100000 |  | 1100 | (2) |
| U.S. SOFR, 10/29/35 | GSC | Put | 3.85 | 10/27/25 | 1100000 |  | 1100 | (2) |
| U.S. SOFR, 10/08/35 | UBS | Put | 3.81 | 10/06/25 | 1600000 |  | 1600 |  |
| U.S. SOFR, 10/15/35 | UBS | Put | 3.69 | 10/10/25 | 1600000 |  | 1600 | (5) |
|  |  |  |  |  |  |  |  | (30) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | ANZ | 10/02/25 | AUD | 96 | 64 | 1 |
| BRL/USD | GSC | 10/02/25 | BRL | 3576 | 672 | 2 |
| BRL/USD | CIT | 12/02/25 | BRL | 25309 | 4686 | 180 |
| CAD/USD | ANZ | 10/02/25 | CAD | 3821 | 2745 | (1) |
| CHF/USD | BCL | 10/02/25 | CHF | 219 | 275 | 1 |
| CNY/USD | HSB | 10/16/25 | CNY | 2393 | 336 | 1 |
| CNY/USD | BNP | 11/19/25 | CNY | 7240 | 1020 | 1 |
| DKK/USD | JPM | 10/02/25 | DKK | 3452 | 543 | 1 |
| EUR/USD | BCL | 10/02/25 | EUR | 26445 | 31048 | 46 |
| GBP/USD | SCB | 10/02/25 | GBP | 6152 | 8274 | 45 |
| JPY/USD | BNP | 10/02/25 | JPY | 32246 | 218 | 1 |
| JPY/USD | BOA | 10/02/25 | JPY | 36037 | 244 | (2) |
| JPY/USD | BOA | 10/02/25 | JPY | 27833 | 188 | 2 |
| JPY/USD | HSB | 10/02/25 | JPY | 25622 | 173 | (2) |
| JPY/USD | HSB | 10/02/25 | JPY | 15982 | 108 | 1 |
| JPY/USD | MSC | 10/02/25 | JPY | 159357 | 1078 | (2) |
| JPY/USD | MSC | 10/02/25 | JPY | 37752 | 255 | 2 |
| JPY/USD | SCB | 10/02/25 | JPY | 815892 | 5517 | (31) |
| MXN/USD | BNP | 12/17/25 | MXN | 21138 | 1145 | 36 |
| MXN/USD | SCB | 12/17/25 | MXN | 35261 | 1910 | 6 |
| TRY/USD | BCL | 10/01/25 | TRY | 709 | 17 |  |
| TRY/USD | BCL | 10/06/25 | TRY | 357 | 9 |  |
| TRY/USD | JPM | 10/23/25 | TRY | 90592 | 2139 | 36 |
| TRY/USD | BCL | 11/10/25 | TRY | 36829 | 857 | 13 |
| TRY/USD | BCL | 12/08/25 | TRY | 374 | 8 |  |
| USD/AUD | ANZ | 10/02/25 | AUD | (357) | (236) | (5) |
| USD/AUD | ANZ | 11/04/25 | AUD | (96) | (64) |  |
| USD/AUD | BCL | 11/04/25 | AUD | (261) | (173) |  |
| USD/BRL | GSC | 10/02/25 | BRL | (3448) | (648) | (14) |
| USD/BRL | JPM | 10/02/25 | BRL | (116) | (22) | (1) |
| USD/BRL | CIT | 11/04/25 | BRL | (1131) | (211) |  |
| USD/BRL | GSC | 12/02/25 | BRL | (3627) | (672) | (2) |
| USD/CAD | JPM | 10/02/25 | CAD | (3816) | (2742) | 19 |
| USD/CAD | ANZ | 11/04/25 | CAD | (3815) | (2746) | 1 |
| USD/CHF | BCL | 10/02/25 | CHF | (258) | (324) | (2) |
| USD/CHF | BCL | 11/04/25 | CHF | (218) | (275) | (1) |
| USD/CHF | CIT | 11/04/25 | CHF | (39) | (49) |  |
| USD/CNY | BNP | 10/16/25 | CNY | (3091) | (435) | (1) |
| USD/CNY | CIT | 10/16/25 | CNY | (116) | (16) |  |
| USD/CNY | DUB | 10/16/25 | CNY | (6623) | (931) | 1 |
| USD/CNY | GSC | 10/16/25 | CNY | (466) | (65) |  |
| USD/CNY | HSB | 10/16/25 | CNY | (3370) | (474) |  |
| USD/CNY | MSC | 10/16/25 | CNY | (3403) | (478) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/CNY | SCB | 10/16/25 | CNY | (5062) | (712) | 1 |
| USD/CNY | HSB | 11/19/25 | CNY | (2388) | (336) |  |
| USD/DKK | CIT | 10/02/25 | DKK | (1873) | (295) | (2) |
| USD/DKK | SCB | 10/02/25 | DKK | (1579) | (248) | (3) |
| USD/DKK | JPM | 11/04/25 | DKK | (3444) | (543) | (1) |
| USD/EUR | ANZ | 10/02/25 | EUR | (21109) | (24783) | (163) |
| USD/EUR | HSB | 10/02/25 | EUR | (5336) | (6265) | 55 |
| USD/EUR | BCL | 11/04/25 | EUR | (26445) | (31113) | (49) |
| USD/GBP | BCL | 10/02/25 | GBP | (6152) | (8274) | (2) |
| USD/GBP | HSB | 10/02/25 | GBP | (401) | (539) | (4) |
| USD/GBP | JPM | 11/04/25 | GBP | (401) | (539) |  |
| USD/JPY | HSB | 10/02/25 | JPY | (1162300) | (7860) | 39 |
| USD/JPY | BNP | 11/04/25 | JPY | (32134) | (218) | (1) |
| USD/JPY | BOA | 11/04/25 | JPY | (27737) | (188) | (2) |
| USD/JPY | CIT | 11/04/25 | JPY |  |  |  |
| USD/JPY | HSB | 11/04/25 | JPY | (15926) | (108) | (1) |
| USD/JPY | HSB | 11/04/25 | JPY | (11396) | (77) |  |
| USD/JPY | MSC | 11/04/25 | JPY | (37621) | (255) | (2) |
| USD/JPY | MSC | 11/04/25 | JPY | (1) |  |  |
| USD/JPY | SCB | 11/04/25 | JPY | (132) | (1) |  |
| USD/MXN | UBS | 12/17/25 | MXN | (55818) | (3023) | (60) |
| USD/PEN | BCL | 11/10/25 | PEN | (1960) | (564) | (30) |
| USD/PEN | CIT | 12/05/25 | PEN | (514) | (148) | (9) |
| USD/PEN | CIT | 12/22/25 | PEN | (656) | (189) | (1) |
| USD/PEN | DUB | 01/26/26 | PEN | (2421) | (695) | (19) |
| USD/PEN | CIT | 02/09/26 | PEN | (2971) | (853) | (44) |
| USD/PEN | CIT | 03/02/26 | PEN | (3615) | (1037) | (20) |
| USD/PEN | CIT | 03/18/26 | PEN | (2611) | (748) | (7) |
| USD/PEN | CIT | 05/26/26 | PEN | (8815) | (2521) | (49) |
| USD/ZAR | CIT | 10/02/25 | ZAR | (3695) | (214) | (1) |
| USD/ZAR | BCL | 11/20/25 | ZAR | (14896) | (859) | (13) |
| USD/ZAR | DUB | 11/20/25 | ZAR | (35970) | (2075) | (21) |
| USD/ZAR | JPM | 11/20/25 | ZAR | (31852) | (1838) | (20) |
| USD/ZAR | UBS | 11/20/25 | ZAR | (16203) | (935) | (16) |
| ZAR/USD | UBS | 10/02/25 | ZAR | 3695 | 214 |  |
|  |  |  |  |  | (44871) | (113) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | MSC | 0.19 | 1.00 | 12/20/25  | (300)  | 1  | (4)  | 5  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 4.05 | 4.75 | 07/06/26  | (765)  | (5)  | —  | (5)  |
| SoftBank Group Corp. (Q)  | GSC | 0.87 | 1.00 | 06/20/26  | (200)  | —  | (2)  | 2  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | BCL | 0.63 | 1.00 | 12/20/25  | (300)  | —  | —  | —  |
|  |  |  |  |  | (1565) | (4) | (6) | 2 |

---

‡Credit Default Swap 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 669707 |  | 669707 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 130170 |  | 130170 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 49249 |  | 49249 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 2093 | 1646 | 3739 |
| &nbsp;&nbsp;Preferred Stocks | 882 |  |  | 882 |
| &nbsp;&nbsp;Common Stocks | 11 | 78 | 106 | 195 |
| &nbsp;&nbsp;Short Term Investments | 6352 | 6444 |  | 12796 |
|  | 7245 | 857741 | 1752 | 866738 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 6287 |  |  | 6287 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 1304 |  | 1304 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 711 |  | 711 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 4 |  |  | 4 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 491 |  | 491 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 7 |  | 7 |
|  | 6291 | 2513 |  | 8804 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (114) |  |  | (114) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (780) |  | (780) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (139) |  | (139) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (1) |  |  | (1) |
| &nbsp;&nbsp;Exchange Traded Written Options | (30) |  |  | (30) |
| &nbsp;&nbsp;OTC Written Options |  | (30) |  | (30) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (604) |  | (604) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  |  | (5) | (5) |
|  | (145) | (1553) | (5) | (1703) |

---

<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.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 123.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 123.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 123.5%** |
| **U.S. Treasury Inflation Indexed Securities 101.1%** | **U.S. Treasury Inflation Indexed Securities 101.1%** | **U.S. Treasury Inflation Indexed Securities 101.1%** |
| Treasury, United States Department of |  |  |
| 0.13%, 04/15/26 - 02/15/51 (a) | 184376 | 170870 |
| 0.38%, 01/15/27 (a) | 23417 | 23230 |
| 2.38%, 01/15/27 (a) (b) | 417 | 424 |
| 0.13%, 04/15/27 - 02/15/52 (a) (b) | 17249 | 14269 |
| 0.38%, 07/15/27 (a) (c) | 43845 | 43540 |
| 1.63%, 10/15/27 (a) | 33589 | 34119 |
| 0.50%, 01/15/28 (a) (c) | 52913 | 52280 |
| 1.75%, 01/15/28 (a) | 14934 | 15177 |
| 1.25%, 04/15/28 (a) (b) | 14970 | 15024 |
| 3.63%, 04/15/28 (a) (c) | 41171 | 43776 |
| 0.75%, 07/15/28 - 02/15/45 (a) | 72466 | 61406 |
| 2.38%, 10/15/28 - 02/15/55 (a) (c) | 53164 | 54470 |
| 0.88%, 01/15/29 - 02/15/47 (a) | 35426 | 29646 |
| 2.50%, 01/15/29 (a) | 17600 | 18386 |
| 2.13%, 04/15/29 - 02/15/54 (a) | 60939 | 60640 |
| 3.88%, 04/15/29 (a) | 14449 | 15791 |
| 0.25%, 07/15/29 - 02/15/50 (a) | 39281 | 33943 |
| 1.63%, 10/15/29 - 04/15/30 (a) (c) | 92427 | 94056 |
| 0.63%, 07/15/32 (a) (c) | 88282 | 83543 |
| 1.13%, 01/15/33 (a) | 41862 | 40560 |
| 1.38%, 07/15/33 (a) (c) | 50844 | 50053 |
| 1.75%, 01/15/34 (a) (c) | 46767 | 46975 |
| 1.88%, 07/15/34 - 07/15/35 (a) (c) | 52802 | 53506 |
| 2.13%, 01/15/35 (a) (c) | 35418 | 36460 |
| 0.63%, 02/15/43 (a) | 5536 | 4199 |
| 1.38%, 02/15/44 (a) | 21970 | 18765 |
| 1.00%, 02/15/46 - 02/15/49 (a) | 35499 | 26925 |
| 1.50%, 02/15/53 (a) | 6303 | 5042 |
|  |  | 1147075 |
| **Mortgage-Backed Securities 15.8%** | **Mortgage-Backed Securities 15.8%** | **Mortgage-Backed Securities 15.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.42%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.79%), 07/01/36 (d) | 39 | 40 |
| 6.19%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 09/01/36 (d) | 13 | 13 |
| 6.46%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 10/01/36 (d) | 14 | 14 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.27%), 11/01/35 (d) | 10 | 10 |
| 6.75%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 03/01/36 (d) | 23 | 24 |
| 4.50%, 09/01/52 - 11/01/52 | 854 | 832 |
| 5.00%, 06/01/53 | 337 | 335 |
| 6.50%, 12/01/53 | 707 | 732 |
| TBA, 4.50%, 10/15/55 - 11/15/55 (c) | 44800 | 43443 |
| TBA, 6.50%, 10/15/55 (c) | 19000 | 19635 |
| TBA, 5.50%, 11/15/55 (c) | 17100 | 17230 |
| TBA, 6.00%, 11/15/55 (c) | 39800 | 40647 |
| Government National Mortgage Association |  |  |
| 3.50%, 05/20/52 - 05/20/55 | 42714 | 38994 |
| 0.00%, 10/01/55 (c) (d) (e) | 10600 | 10600 |
| TBA, 3.50%, 11/15/55 (c) | 7000 | 6383 |
|  |  | 178932 |
| **Treasury Inflation Indexed Securities 4.5%** | **Treasury Inflation Indexed Securities 4.5%** | **Treasury Inflation Indexed Securities 4.5%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/10/28 - 03/10/29, JPY (a) | 3529735 | 24321 |
| French Republic Government Bond OAT |  |  |
| 0.10%, 03/01/26, EUR (a) (f) | 12833 | 15009 |
| 0.10%, 07/25/31, EUR (a) | 2448 | 2725 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.00%, 08/24/34, MXN (g) | 393 | 20 |
| Gouvernement De France |  |  |
| 0.10%, 07/25/38, EUR (a) | 120 | 115 |
| Government of Canada |  |  |
| 4.25%, 12/01/26, CAD (a) | 7138 | 5350 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 0.40%, 05/15/30, EUR (a) (f) | 2110 | 2411 |
| 1.80%, 05/15/36, EUR (a) (h) | 830 | 970 |
|  |  | 50921 |
| **Collateralized Mortgage Obligations 2.0%** | **Collateralized Mortgage Obligations 2.0%** | **Collateralized Mortgage Obligations 2.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series F1-278, 4.94%, (SOFR 30-Day Average + 0.56%), 09/15/42 (d) | 883 | 869 |
| Series WF-4779, REMIC, 4.81%, (SOFR 30-Day Average + 0.46%), 07/15/44 (d) | 485 | 479 |
| Series T-1A1-62, REMIC, 4.41%, (12 Month Treasury Average + 1.20%), 10/25/44 (d) | 76 | 69 |
| Series T-1A1-63, REMIC, 4.43%, (12 Month Treasury Average + 1.20%), 02/25/45 (d) | 58 | 55 |
| Series MF-5513, REMIC, 5.30%, (SOFR 30-Day Average + 0.94%), 11/25/54 (d) | 3005 | 3001 |
| Series FG-5511, REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 03/25/55 (d) | 1248 | 1251 |
| REMIC, 5.51%, (SOFR 30-Day Average + 1.15%), 08/25/55 (d) | 1176 | 1178 |
| Series PF-4851, REMIC, 4.89%, (SOFR 30-Day Average + 0.51%), 08/15/57 (d) | 4052 | 3851 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-A1-73, REMIC, 4.53%, (SOFR 30-Day Average + 0.17%), 07/25/37 (d) | 16 | 16 |
| Government National Mortgage Association |  |  |
| Series 2017-FB-H10, REMIC, 5.59%, (12 Month Term SOFR + 1.47%), 04/20/67 (d) | 671 | 677 |
| Series 2018-FG-H15, REMIC, 5.46%, (12 Month Term SOFR + 0.87%), 08/20/68 (d) (i) | 1426 | 1426 |
| Series 2022-F-H22, REMIC, 5.29%, (SOFR 30-Day Average + 0.90%), 10/20/72 (d) | 2248 | 2244 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FJ-47, REMIC, 5.39%, (SOFR 30-Day Average + 1.03%), 06/25/55 (d) | 5334 | 5347 |
| Series 2033-F-53, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 07/25/55 (d) | 1847 | 1851 |
| Series 2025-FK-66, REMIC, 5.54%, (SOFR 30-Day Average + 1.18%), 08/25/55 (d) | 977 | 979 |
|  |  | 23293 |
| **Sovereign 0.1%** | **Sovereign 0.1%** | **Sovereign 0.1%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.85%, 07/02/32 | 300 | 311 |
| 6.63%, 01/29/38 | 300 | 315 |
|  |  | 626 |
| **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 | 35 | 35 |
| Total Government And Agency Obligations (cost $1,408,064) | Total Government And Agency Obligations (cost $1,408,064) | 1400882 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.2%** |
| 522 Funding CLO 2018-3(A), Ltd. |  |  |
| Series 2018-AR-3A, 5.63%, (3 Month Term SOFR + 1.30%), 10/20/31 (d) | 186 | 186 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP1 |  |  |
| Series 2007-A2B-ASP1, REMIC, 1.15%, (1 Month Term SOFR + 0.51%), 03/25/37 (d) (i) (j) | 322 | 123 |
| AG Trust 2024-NLP |  |  |
| Series 2024-A-NLP, REMIC, 6.17%, (1 Month Term SOFR + 2.02%), 08/15/29 (d) | 428 | 429 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35 | 61 | 32 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.49%, (1 Month Term SOFR + 0.35%), 06/25/36 (d) (i) (j) | 222 | 209 |
| Alternative Loan Trust 2007-1T1 |  |  |
| Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37 | 2179 | 733 |
| Alternative Loan Trust 2007-4CB |  |  |
| Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37 | 193 | 165 |
| Anchorage Capital CLO 20 Ltd |  |  |
| Series 2021-A1R-20A, 5.43%, (3 Month Term SOFR + 1.10%), 01/22/35 (d) | 900 | 901 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.82%, (SOFR 30-Day Average + 1.45%), 01/15/37 (d) | 643 | 643 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series AR-6A, 4.39%, 11/15/37, EUR (d) (h) | 1000 | 1174 |
| Atlas Senior Loan Fund XV Ltd |  |  |
| Series 2019-A1R-15A, 5.54%, (3 Month Term SOFR + 1.22%), 10/23/32 (d) | 378 | 379 |
| Bain Capital Credit |  |  |
| Series 2021-A1R-2A, REMIC, 5.55%, (3 Month Term SOFR + 1.23%), 07/17/34 (d) | 600 | 601 |
| Banc of America Mortgage Securities, Inc. |  |  |
| Series 2005-2A1-E, REMIC, 5.33%, 06/25/35 (d) | 8 | 8 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.48%, 03/26/37 (d) | 98 | 96 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-ATS-FL11, 5.93%, (1 Month Term SOFR + 1.80%), 03/21/39 (d) | 935 | 935 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-24A1-10, REMIC, 5.17%, 01/25/36 (d) | 69 | 65 |
| Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2006-4 |  |  |
| Series 2006-21A1-4, REMIC, 4.73%, 08/25/36 (d) | 81 | 48 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2003-3A2-3, REMIC, 6.64%, 05/25/33 (d) | 5 | 5 |
| Series 2003-2A1-9, REMIC, 5.71%, 02/25/34 (d) | 27 | 25 |
| Series 2004-22A1-9, REMIC, 5.72%, 11/25/34 (d) | 21 | 20 |
| Series 2004-22A1-10, REMIC, 5.00%, 01/25/35 (d) | 23 | 21 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A1-1, REMIC, 4.76%, 03/25/35 (d) | 55 | 51 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-2A1-R6, REMIC, 4.66%, 12/26/46 (d) | 156 | 123 |
| Black Diamond CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A1R-1A, 3.12%, (3 Month EURIBOR + 0.98%), 05/15/32, EUR (d) (h) | 181 | 213 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-A1-22A, 5.66%, (3 Month Term SOFR + 1.34%), 07/15/31 (d) | 411 | 411 |
| Bosphorus CLO VI Designated Activity Company |  |  |
| Series A-6A, 2.88%, (3 Month EURIBOR + 0.85%), 05/25/34, EUR (d) (h) | 5500 | 6451 |
| Capital Four CLO X Designated Activity Company |  |  |
| Series A-10A, 3.24%, 10/25/38, EUR (d) (h) | 2400 | 2815 |
| Capital Four US CLO II Ltd. |  |  |
| Series 2022-AR-1A, 6.23%, (3 Month Term SOFR + 1.90%), 01/21/37 (d) | 500 | 502 |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company |  |  |
| Series 2014-AR1-2A, 2.79%, (3 Month EURIBOR + 0.75%), 11/15/31, EUR (d) (f) | 412 | 483 |
| C-Bass Mortgage Loan Asset Backed Certificates Series 2002-CB2 |  |  |
| Series 2005-M4-CB3, REMIC, 2.60%, (1 Month Term SOFR + 1.16%), 08/25/34 (d) (i) (j) | 170 | 164 |
| Cedar Funding V CLO, Ltd. |  |  |
| Series 2016-A1R-5A, 5.68%, (3 Month Term SOFR + 1.36%), 07/17/31 (d) | 348 | 349 |
| Chase Mortgage Finance Trust Series 2007-A1 |  |  |
| Series 2007-5A1-A1, REMIC, 6.02%, 02/25/37 (d) | 6 | 6 |
| CHL Mortgage Pass-Through Trust 2007-1 |  |  |
| Series 2007-A1-1, REMIC, 6.00%, 03/25/37 | 698 | 316 |
| CIFC European Funding CLO III Designated Activity Company |  |  |
| Series A-3A, 3.08%, (3 Month EURIBOR + 1.05%), 01/15/34, EUR (d) (h) | 4000 | 4699 |
| CIT Mortgage Loan Trust 2007-1 |  |  |
| Series 2007-1M1-1, REMIC, 5.77%, (1 Month Term SOFR + 1.61%), 10/26/37 (d) | 1294 | 1293 |
| Citigroup Mortgage Loan Trust 2006-AMC1 |  |  |
| Series 2006-A1-AMC1, REMIC, 3.36%, (1 Month Term SOFR + 0.40%), 09/25/36 (d) (i) (j) | 1095 | 1073 |
| Citigroup Mortgage Loan Trust 2007-10 |  |  |
| Series 2007-22AA-10, REMIC, 4.48%, 09/25/37 (d) | 199 | 189 |
| Citigroup Mortgage Loan Trust 2007-AMC2 |  |  |
| Series 2007-A3A-AMC2, REMIC, 2.29%, (1 Month Term SOFR + 0.19%), 01/25/37 (d) (i) (j) | 40 | 29 |
| Citigroup Mortgage Loan Trust 2007-AMC3 |  |  |
| Series 2007-A2B-AMC3, REMIC, 2.17%, (1 Month Term SOFR + 0.29%), 03/25/37 (d) (i) (j) | 907 | 804 |
| Citigroup Mortgage Loan Trust 2007-AMC4 |  |  |
| Series 2007-M1-AMC4, REMIC, 4.39%, (1 Month Term SOFR + 0.38%), 05/25/37 (d) (i) (j) | 1200 | 1111 |
| Citigroup Mortgage Loan Trust 2007-AR4 |  |  |
| Series 2007-1A1A-AR4, REMIC, 4.63%, 03/25/37 (d) | 777 | 679 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34 | 4 | 4 |
| Series 2005-2A2B-3, REMIC, 5.45%, 08/25/35 (d) | 17 | 18 |
| Series 2005-A1-6, REMIC, 6.06%, (1 Year Treasury + 2.10%), 09/25/35 (d) (i) | 3 | 3 |
| Series 2005-A2-6, REMIC, 6.18%, (1 Year Treasury + 2.15%), 09/25/35 (d) | 2 | 2 |
| Series 2005-M3-HE4, REMIC, 2.99%, (1 Month Term SOFR + 0.80%), 10/25/35 (d) (i) (j) | 3422 | 3160 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.72%, (1 Month Term SOFR + 0.17%), 07/25/45 (d) (i) (j) | 82 | 57 |
| Contego CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.61%, (3 Month EURIBOR + 0.64%), 01/23/30, EUR (d) (h) | 497 | 580 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| Series 2007-A1-CB6, REMIC, 2.21%, (1 Month Term SOFR + 0.23%), 07/25/37 (d) (i) (j) | 63 | 43 |
| Series 2007-A3-CB6, REMIC, 2.21%, (1 Month Term SOFR + 0.33%), 07/25/37 (d) (i) (j) | 1837 | 1240 |
| CSMC Mortgage-Backed Trust 2007-1 |  |  |
| Series 2007-1A6A-1, REMIC, 1.23%, 02/25/37 (d) (i) (j) | 569 | 123 |
| CSMC Series 2015-12R |  |  |
| Series 2015-2A2-12R, REMIC, 3.26%, 12/03/37 (d) | 1661 | 1533 |
| CSMC Series 2015-3R |  |  |
| Series 2015-5A2-3R, REMIC, 4.03%, 09/29/36 (d) | 82 | 81 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.23%, (1 Month Term SOFR + 0.85%), 06/25/37 (d) (i) (j) | 57 | 56 |
| CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
| Series 2007-1A1-8, REMIC, 3.73%, (1 Month Term SOFR + 0.30%), 02/25/36 (d) (i) (j) | 2867 | 2725 |
| Dryden 44 Euro CLO 2015 B.V. |  |  |
| Series 2015-A1RR-44A, 3.67%, (3 Month EURIBOR + 0.88%), 04/17/34, EUR (d) (h) | 500 | 587 |
| Dryden 52 Euro CLO 2017 B.V. In Liquidatie |  |  |
| Series 2017-AR-52A, 2.90%, (3 Month EURIBOR + 0.86%), 05/15/34, EUR (d) (h) | 254 | 298 |
| Dryden 64 CLO, Ltd. |  |  |
| Series 2018-A-64A, 5.56%, (3 Month Term SOFR + 1.23%), 04/18/31 (d) | 266 | 267 |
| Elevation CLO 2022-16 Ltd |  |  |
| Series 2022-A1AR-16A, 5.45%, (3 Month Term SOFR + 1.13%), 07/25/34 (d) | 600 | 600 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-A3A-3X, 5.04%, (SONIA + 1.07%), 06/13/45, GBP (d) (f) | 185 | 249 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2007-A3C-3A, 5.04%, (SONIA + 1.07%), 06/13/45, GBP (d) (h) | 64 | 86 |
| First Franklin Mortgage Loan Trust 2006-FF10 |  |  |
| Series 2006-A5-FF10, REMIC, 4.09%, (1 Month Term SOFR + 0.42%), 07/25/36 (d) (i) (j) | 1032 | 1007 |
| First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
| Series 2006-A2-FF17, REMIC, 3.93%, (1 Month Term SOFR + 0.23%), 12/25/36 (d) (i) (j) | 4467 | 4051 |
| First NLC Trust |  |  |
| Series 2007-A1-1, REMIC, 4.34%, (1 Month Term SOFR + 0.18%), 08/25/37 (d) | 182 | 89 |
| Gallatin CLO VIII 2017-1 Ltd |  |  |
| Series 2017-A1R-1A, 5.67%, (3 Month Term SOFR + 1.35%), 07/15/31 (d) | 606 | 607 |
| GCBSL 2020-50A A1R2 TSFR3 |  |  |
| Series 2020-A-50, 5.31%, (3 Month Term SOFR + 1.11%), 04/20/35 (d) | 3600 | 3600 |
| Greenpoint M F T S 2006-AR4 |  |  |
| Series 2006-A-A6, REMIC, 4.22%, (1 Month Term SOFR + 0.47%), 09/25/46 (d) (i) (j) | 194 | 180 |
| Grifonas Finance No.1 PLC |  |  |
| Series A-1, 2.34%, (6 Month EURIBOR + 0.28%), 08/28/39, EUR (d) (f) (j) | 215 | 245 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF4A-7, REMIC, 4.88%, 03/25/46 (d) (i) (j) | 207 | 111 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2005-1A1-AR1, REMIC, 6.63%, 01/25/35 (d) | 13 | 13 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2004-2A-1, REMIC, 5.93%, 04/19/34 (d) | 53 | 51 |
| HarborView Mortgage Loan Trust 2007-5 |  |  |
| Series 2007-A1A-5, REMIC, 2.88%, (1 Month Term SOFR + 0.49%), 09/19/37 (d) (i) (j) | 13 | 12 |
| Harvest CLO XXI Designated Activity Company |  |  |
| Series A1R-21A, 2.79%, (3 Month EURIBOR + 0.76%), 07/15/31, EUR (d) (h) | 406 | 476 |
| Henley CLO VII Designated Activity Company |  |  |
| Series AR-7A, 2.93%, (3 Month EURIBOR + 0.99%), 04/25/34, EUR (d) (f) | 1200 | 1410 |
| Home Equity Asset Trust |  |  |
| Series 2005-M2-8, REMIC, 3.90%, (1 Month Term SOFR + 0.56%), 02/25/36 (d) (i) (j) | 699 | 682 |
| IndyMac MBS, Inc. |  |  |
| Series 2003-A2-A5, REMIC, 5.50%, 06/25/33 | 6 | 6 |
| Series 2005-2A1-AR1, REMIC, 5.62%, 11/25/35 (d) | 9 | 11 |
| Series 2005-A1-16IP, REMIC, 4.89%, (1 Month Term SOFR + 0.75%), 07/25/45 (d) (i) (j) | 55 | 42 |
| J.P. Morgan Mortgage Acquisition Trust 2006-Ch2 |  |  |
| Series 2006-AV5-CH2, REMIC, 3.78%, (1 Month Term SOFR + 0.32%), 10/25/36 (d) (i) (j) | 7 | 7 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-7A1-A6, REMIC, 5.10%, 08/25/35 (d) | 35 | 33 |
| Series 2005-2A1-A6, REMIC, 6.03%, 08/25/35 (d) | 24 | 24 |
| Series 2005-4A1-A6, REMIC, 5.20%, 09/25/35 (d) | 4 | 3 |
| J.P. Morgan Mortgage Trust 2007-A1 |  |  |
| Series 2007-1A1-A1, REMIC, 5.91%, 07/25/35 (d) | 10 | 10 |
| J.P. Morgan Mortgage Trust, Series 2008-R2 |  |  |
| Series 2008-1A1-R2, REMIC, 4.06%, 07/27/37 (d) | 123 | 115 |
| KKR CLO 11 Ltd |  |  |
| Series AR-11, 5.76%, (3 Month Term SOFR + 1.44%), 01/15/31 (d) | 196 | 196 |
| KKR CLO 9 Ltd. |  |  |
| Series AR2-9, 5.53%, (3 Month Term SOFR + 1.21%), 07/15/30 (d) | 25 | 25 |
| LCM 36 Ltd |  |  |
| Series A1R-36A, 5.39%, (3 Month Term SOFR + 1.07%), 01/15/34 (d) | 2000 | 2004 |
| LCM Loan Income Fund I Ltd. |  |  |
| Series A-1A, 5.62%, (3 Month Term SOFR + 1.29%), 04/21/31 (d) | 184 | 184 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.11%, (1 Month Term SOFR + 0.61%), 08/25/47 (d) (i) (j) | 278 | 263 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-A-CRE5, REMIC, 5.56%, (1 Month Term SOFR + 1.41%), 07/15/36 (d) | 183 | 183 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.93%, (SOFR 30-Day Average + 1.55%), 01/21/37 (d) | 998 | 1000 |
| Long Beach Mortgage Loan Trust 2006-7 |  |  |
| Series 2006-2A2-7, REMIC, 1.36%, (1 Month Term SOFR + 0.35%), 08/25/36 (d) (i) (j) | 369 | 147 |
| M360 2021-CRE3 Ltd |  |  |
| Series 2021-A-CRE3, 5.75%, (1 Month Term SOFR + 1.61%), 11/22/38 (d) | 29 | 29 |
| Man GLG Euro CLO V Designated Activity Company |  |  |
| Series A1R-5A, 2.70%, (3 Month EURIBOR + 0.69%), 12/15/31, EUR (d) (h) | 119 | 140 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2003-2A1-6, REMIC, 5.16%, 12/25/33 (d) | 31 | 30 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-FRE1, REMIC, 2.79%, (1 Month Term SOFR + 0.86%), 10/25/35 (d) (i) (j) | 41 | 39 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2004-2A2-A1, REMIC, 6.15%, 02/25/34 (d) | 30 | 29 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A1-A2, REMIC, 6.20%, 02/25/33 (d) | 16 | 15 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 6.29%, (1 Month Term SOFR + 2.15%), 06/22/37 (d) | 1287 | 1288 |
| Mill City Mortgage Loan Trust 2019-GS2 |  |  |
| Series 2019-A1-GS2, REMIC, 2.75%, 08/25/59 (d) | 144 | 140 |
| Morgan Stanley ABS Capital I Inc. Trust 2006-HE8 |  |  |
| Series 2006-A2D-HE8, REMIC, 1.64%, (1 Month Term SOFR + 0.33%), 10/25/36 (d) (i) (j) | 1135 | 492 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE6 |  |  |
| Series 2007-A1-HE6, REMIC, 3.31%, (1 Month Term SOFR + 0.17%), 05/25/37 (d) (i) (j) | 31 | 28 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2004-M3-NC7, REMIC, 3.87%, (1 Month Term SOFR + 1.09%), 07/25/34 (d) (i) (j) | 239 | 253 |
| Series 2005-M2-HE2, REMIC, 3.61%, (1 Month Term SOFR + 0.77%), 01/25/35 (d) (i) (j) | 724 | 704 |
| Series 2005-M3-HE5, REMIC, 3.25%, (1 Month Term SOFR + 0.79%), 09/25/35 (d) (i) (j) | 1012 | 963 |
| MortgageIT Trust 2004-2 |  |  |
| Series 2004-M2-2, REMIC, 5.44%, (1 Month Term SOFR + 1.12%), 12/25/34 (d) (i) (j) | 91 | 89 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-M1-4, REMIC, 5.04%, (1 Month Term SOFR + 0.88%), 02/25/35 (d) | 185 | 181 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A1-RPL3, REMIC, 2.75%, 07/25/59 (d) | 958 | 926 |
| Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1 |  |  |
| Series 2005-M3-FM1, REMIC, 4.49%, (1 Month Term SOFR + 0.88%), 05/25/35 (d) (i) (j) | 1531 | 1503 |
| Oak Hill European Credit Partners VII Designated Activity Company |  |  |
| Series 2018-AR-7A, 2.76%, (3 Month EURIBOR + 0.74%), 10/20/31, EUR (d) (h) | 605 | 711 |
| Ocean Trails CLO 8 |  |  |
| Series 2020-ARR-8A, REMIC, 5.61%, (3 Month Term SOFR + 1.29%), 07/15/34 (d) | 1700 | 1701 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Octagon Investment Partners 18-R Ltd. |  |  |
| Series 2018-A1A-18A, 5.54%, (3 Month Term SOFR + 1.22%), 04/16/31 (d) | 302 | 302 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-A1RR-1A, 5.37%, (3 Month Term SOFR + 1.04%), 01/20/35 (d) | 700 | 701 |
| OZLM XXIV, Ltd. |  |  |
| Series 2019-A1AR-24A, 5.75%, (3 Month Term SOFR + 1.42%), 07/20/32 (d) | 323 | 323 |
| Palmer Square European Loan Funding 2023-3 Designated Activity Company |  |  |
| Series 2023-AR-3A, 3.01%, (3 Month EURIBOR + 0.97%), 05/15/33, EUR (d) (h) | 541 | 636 |
| Palmer Square European Loan Funding 2024-1 Designated Activity Company |  |  |
| Series 2024-AR-1A, 3.01%, (3 Month EURIBOR + 0.97%), 08/15/33, EUR (d) (h) | 1169 | 1373 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-A-2A, 3.03%, (3 Month EURIBOR + 0.99%), 05/15/34, EUR (d) (h) | 1298 | 1524 |
| Providus CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.84%, (3 Month EURIBOR + 0.82%), 04/20/34, EUR (d) (h) | 1900 | 2226 |
| RALI Series 2007-QH8 Trust |  |  |
| Series 2007-A-QH8, REMIC, 5.05%, 10/25/37 (d) | 406 | 348 |
| RASC Series 2006-EMX1 Trust |  |  |
| Series 2006-A4-EMX4, REMIC, 4.84%, (1 Month Term SOFR + 0.57%), 06/25/36 (d) (i) (j) | 1807 | 1766 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2004-MII1-RS2, REMIC, 5.31%, (1 Month Term SOFR + 0.98%), 02/25/34 (d) (j) | 142 | 144 |
| Residential Asset Securities Corporation |  |  |
| Series 2006-M1-KS3, REMIC, 4.36%, (1 Month Term SOFR + 0.61%), 04/25/36 (d) (i) (j) | 92 | 91 |
| Residential Asset Securitization Trust 2006-A10 |  |  |
| Series 2006-A5-A10, REMIC, 6.50%, 09/25/36 | 186 | 57 |
| RMRK 2021-5A AR 144A TSFR3M+119BP |  |  |
| Series 2021-AR-5A, 5.40%, 01/15/35 (d) | 4100 | 4106 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.61%, (3 Month Term SOFR + 1.29%), 10/23/30 (d) | 132 | 132 |
| Romark Credit Funding Ltd |  |  |
| Series 2025-A-4A, 5.42%, 07/22/43 | 1000 | 1000 |
| Sandstone Peak Ltd. |  |  |
| Series 2021-A1R-1A, 5.34%, (3 Month Term SOFR + 1.02%), 10/15/34 (d) | 600 | 601 |
| Saranac CLO VI Limited |  |  |
| Series 2018-A1R-6A, 5.44%, (3 Month Term SOFR + 1.40%), 08/13/31 (d) | 280 | 280 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2005-M3-4, REMIC, 3.09%, (1 Month Term SOFR + 0.59%), 11/25/37 (d) (i) (j) | 2000 | 1737 |
| Saxon Asset Securities Trust 2007-3 |  |  |
| Series 2007-1A-3, REMIC, 3.30%, (1 Month Term SOFR + 0.42%), 09/25/47 (d) (i) (j) | 238 | 230 |
| Sculptor CLO XXVII Ltd |  |  |
| Series A1R-27A, 5.39%, (3 Month Term SOFR + 1.06%), 07/20/34 (d) | 900 | 900 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE1 |  |  |
| Series 2006-A2C-HE1, REMIC, 0.51%, (1 Month Term SOFR + 0.43%), 07/25/36 (d) (i) (j) | 2479 | 830 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE2 |  |  |
| Series 2006-A2C-HE2, REMIC, 1.26%, (1 Month Term SOFR + 0.41%), 07/25/36 (d) (i) (j) | 346 | 131 |
| Shackleton 2019-XIV CLO Ltd |  |  |
| Series 2019-A1RR-14A, 5.53%, (3 Month Term SOFR + 1.20%), 07/20/34 (d) | 1000 | 1001 |
| SLM Student Loan Trust 2004-1 |  |  |
| Series 2004-A6B-3A, 5.15%, (SOFR 90-Day Average + 0.81%), 10/25/64 (d) | 1129 | 1131 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.74%, (3 Month Term SOFR + 1.41%), 04/18/31 (d) (h) | 131 | 131 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-ARRR-2A, 5.80%, (3 Month Term SOFR + 1.47%), 07/20/32 (d) | 916 | 916 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.60%, (3 Month Term SOFR + 1.28%), 01/26/32 (d) | 848 | 849 |
| Soundview Home Loan Trust 2007-OPT1 |  |  |
| Series 2007-1A1-OPT1, REMIC, 2.21%, (1 Month Term SOFR + 0.31%), 06/25/37 (d) (i) (j) | 1259 | 878 |
| St. Paul's CLO II Designated Activity Company |  |  |
| Series AR4-2A, 2.92%, 10/25/35, EUR (d) (h) | 600 | 702 |
| St. Paul's CLO X Designated Activity Company |  |  |
| Series AR-10A, 2.80%, (3 Month EURIBOR + 0.80%), 04/23/35, EUR (d) (h) | 599 | 700 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2004-1A1-AR5, REMIC, 5.13%, (1 Month Term SOFR + 0.77%), 10/19/34 (d) (i) (j) | 3 | 3 |
| Structured Asset Securities Corporation |  |  |
| Series 2004-4A1-1, REMIC, 6.34%, 02/25/34 (d) | 40 | 38 |
| SYMP 2021-29A AR TSFR3M+1 |  |  |
| Series 2021-AR-29A, 5.47%, (3 Month Term SOFR + 1.15%), 10/15/35 (d) | 1200 | 1200 |
| TBW Mortgage-Backed Trust Series 2006-4 |  |  |
| Series 2006-A6-4, REMIC, 0.63%, 09/25/36 (d) (i) (j) | 473 | 13 |
| TCW CLO 2019-1 AMR Ltd |  |  |
| Series 2019-ASNR-1A, 5.67%, (3 Month Term SOFR + 1.30%), 08/16/34 (d) | 600 | 601 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2006-A2B-4, REMIC, 4.39%, (1 Month Term SOFR + 0.23%), 07/25/36 (d) | 1489 | 1233 |
| Series 2005-A3-1, REMIC, 5.79%, 04/25/45 (d) | 31 | 30 |
| Toro European CLO 7 Designated Activity Company |  |  |
| Series ARE-7A, 2.85%, (3 Month EURIBOR + 0.81%), 02/15/34, EUR (d) (h) | 1679 | 1964 |
| Towd Point Mortgage Trust 2019-HY3 |  |  |
| Series 2019-A1A-HY3, REMIC, 10.01%, (1 Month Term SOFR + 1.11%), 07/25/27 (d) (i) | 291 | 293 |
| Tralee CLO VII Ltd |  |  |
| Series 2021-A1-7A, 5.90%, (3 Month Term SOFR + 1.58%), 04/25/34 (d) | 1400 | 1401 |
| Trinitas CLO XIX Ltd |  |  |
| Series 2022-A1R-19A, 5.44%, (3 Month Term SOFR + 1.11%), 10/20/33 (d) | 1600 | 1600 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 6.03%, (1 Month Term SOFR + 1.65%), 02/17/39 (d) (j) | 244 | 244 |
| Venture XXVIII CLO, Limited |  |  |
| Series 2017-A1R-28A, 5.58%, (3 Month Term SOFR + 1.25%), 07/22/30 (d) | 123 | 123 |
| Vibrant CLO XI Ltd |  |  |
| Series 2019-A1R1-11A, 5.97%, (3 Month Term SOFR + 1.38%), 07/20/32 (d) | 718 | 717 |
| Voya CLO 2012-4, Ltd. |  |  |
| Series 2012-A1R3-4A, 5.58%, (3 Month Term SOFR + 1.26%), 10/15/30 (d) | 84 | 84 |
| Voya CLO 2013-1, Ltd. |  |  |
| Series 2013-A1AR-1A, 5.79%, (3 Month Term SOFR + 1.47%), 10/15/30 (d) | 57 | 57 |
| Voya CLO 2019-2 Ltd |  |  |
| Series 2019-AR-2A, 5.53%, (3 Month Term SOFR + 1.20%), 07/20/32 (d) | 425 | 425 |
| Voya Euro CLO IV Designated Activity Company |  |  |
| Series AR-4A, 3.00%, (3 Month EURIBOR + 0.97%), 10/15/34, EUR (d) (h) | 1600 | 1873 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2003-A7-AR5, REMIC, 5.77%, 06/25/33 (d) (i) | 28 | 27 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2003-2A-AR9, REMIC, 5.65%, 09/25/33 (d) | 14 | 13 |
| Series 2005-2A1-AR14, REMIC, 5.00%, 12/25/35 (d) | 22 | 21 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4 Trust |  |  |
| Series 2007-1A-OA4, REMIC, 3.46%, (12 Month Treasury Average + 0.77%), 05/25/47 (d) (i) | 129 | 112 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.78%, (12 Month Treasury Average + 1.00%), 08/25/46 (d) (i) | 621 | 592 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2003-A5-AR1, REMIC, 5.73%, 03/25/33 (d) | 13 | 13 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $106,515) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $106,515) | 104742 |
| **CORPORATE BONDS AND NOTES 0.7%** | **CORPORATE BONDS AND NOTES 0.7%** | **CORPORATE BONDS AND NOTES 0.7%** |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (h) (k) | 5600 | 5600 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (h) | 40 | 38 |
| Bank of America Corporation |  |  |
| 5.88%, (100, 03/15/28) (l) | 1160 | 1171 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 9.70%, 03/05/45, PEN (h) | 700 | 215 |
| Credit Suisse Group AG |  |  |
| 2.13%, 10/13/26, EUR (f) | 240 | 282 |
| 1.00%, 06/24/27, EUR (f) | 100 | 116 |
| 7.00%, 09/30/27, GBP (f) | 100 | 138 |
| 7.75%, 03/01/29, EUR (f) | 100 | 131 |
|  |  | 2091 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (h) | 300 | 294 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 200 | 199 |
| Total Corporate Bonds And Notes (cost $8,087) | Total Corporate Bonds And Notes (cost $8,087) | 8184 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Wells Fargo & Company - Series A, 7.50% (l) (m) | 1 | 617 |
| Total Preferred Stocks (cost $500) | Total Preferred Stocks (cost $500) | 617 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **U.S. Treasury Bill 0.1%** | **U.S. Treasury Bill 0.1%** | **U.S. Treasury Bill 0.1%** |
| Treasury, United States Department of |  |  |
| 3.90%, 01/13/26 (b) | 301 | 298 |
| 3.89%, 01/20/26 (b) | 339 | 335 |
| Total Short Term Investments (cost $633) | Total Short Term Investments (cost $633) | 633 |
| **Total Investments 133.6% (cost $1,523,799)** | **Total Investments 133.6% (cost $1,523,799)** | **1515058** |
| **Total Forward Sales Commitments (0.4)% (proceeds $4,619)** | **Total Forward Sales Commitments (0.4)% (proceeds $4,619)** | **(4615)** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (468) |
| **Other Assets and Liabilities, Net (33.2)%** | **Other Assets and Liabilities, Net (33.2)%** | **(375721)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1134254** |

---

(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 September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $698,259.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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) Treasury inflation indexed note, par amount is not adjusted for inflation.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $36,476 and 3.2% of the Fund.

(i) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(j) 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 September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(m) Convertible security.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.4%)** | **FORWARD SALES COMMITMENTS (0.4%)** | **FORWARD SALES COMMITMENTS (0.4%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.4%)** |
| **Treasury Inflation Indexed Securities (0.4%)** | **Treasury Inflation Indexed Securities (0.4%)** | **Treasury Inflation Indexed Securities (0.4%)** |
| Treasury, United States Department of |  |  |
| 1.63%, 10/15/29 (a) | (3388) | (3454) |
| 1.75%, 01/15/34 (a) | (1156) | (1161) |
| Total Government And Agency Obligations (proceeds $4,619) | Total Government And Agency Obligations (proceeds $4,619) | (4615) |
| **Total Forward Sales Commitments (0.4%) (proceeds $4,619)** | **Total Forward Sales Commitments (0.4%) (proceeds $4,619)** | **(4615)** |

---

(a) Treasury inflation indexed note, par amount is adjusted for inflation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 5203 | 134528 | 139731 | 34 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 924 | 924 |  |  |  |  |  |
|  | 5203 | 135452 | 140655 | 34 |  |  |  |  |

---

500

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company, Series 2014-AR1-2A, 2.79%, 11/15/31 | 04/21/22 | 430 | 483 | 0.1 |
| Credit Suisse Group AG, 2.13%, 10/13/26 | 03/22/23 | 253 | 282 | 0.1 |
| Credit Suisse Group AG, 1.00%, 06/24/27 | 03/21/23 | 101 | 116 |  |
| Credit Suisse Group AG, 7.00%, 09/30/27 | 03/21/23 | 121 | 138 |  |
| Credit Suisse Group AG, 7.75%, 03/01/29 | 03/24/23 | 110 | 131 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-A3A-3X, 5.04%, 06/13/45 | 06/29/16 | 229 | 249 |  |
| French Republic Government Bond OAT, 0.10%, 03/01/26 | 05/17/22 | 13640 | 15009 | 1.3 |
| Grifonas Finance No.1 PLC, Series A-1, 2.34%, 08/28/39 | 02/10/15 | 194 | 245 |  |
| Henley CLO VII Designated Activity Company, Series AR-7A, 2.93%, 04/25/34 | 08/02/24 | 1310 | 1410 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.40%, 05/15/30 | 09/24/21 | 2565 | 2411 | 0.2 |
|  |  | 18953 | 20474 | 1.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 214 | December 2025 | EUR | 25204 | 40 | 8 |
| Euro Buxl 30 Year Bond | 98 | December 2025 | EUR | 10964 | 97 | 298 |
| Italy Government BTP Bond | 143 | December 2025 | EUR | 16980 | 64 | 184 |
| Japan 10 Year Bond | 3 | December 2025 | JPY | 411341 |  | (27) |
| United States 10 Year Ultra Bond | 33 | December 2025 |  | 3761 | (2) | 37 |
| United States 5 Year Note | 124 | January 2026 |  | 13552 | 5 | (12) |
| United States Ultra Bond | 175 | December 2025 |  | 20854 | (122) | 157 |
|  |  |  |  |  | 82 | 645 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (418) | December 2025 | EUR | (53565) | (152) | (207) |
| Euro OAT | (333) | December 2025 | EUR | (40093) | (113) | (370) |
| United States 10 Year Note | (164) | December 2025 |  | (18368) | 2 | (82) |
| United States 2 Year Note | (879) | January 2026 |  | (182947) | (96) | (235) |
| United States Long Bond | (70) | December 2025 |  | (8011) | 17 | (150) |
|  |  |  |  |  | (342) | (1044) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M EURIBOR (S) | Receiving | 2.74<br> (A) | 09/10/35 | EUR | 4200 | (16) | (28) |
| 6M EURIBOR (S) | Receiving | 0.19<br> (A) | 11/04/52 | EUR | 4600 | (25) | 2352 |
| 6M EURIBOR (S) | Receiving | 0.20<br> (A) | 11/08/52 | EUR | 13300 | (73) | 6960 |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 17000 | (156) | (93) |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 96490 | 382 | 239 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 60000 |  | 8 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.55<br> (A) | 09/14/28 | JPY | 1400000 | 5 | 146 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 792690 | 3 | 141 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 12/15/31 | JPY | 1021000 | 7 | 288 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 1.64<br> (A) | 06/15/27 | EUR | 13700 | (19) | 63 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.05<br> (A) | 08/15/34 | EUR | 8500 | (27) | (95) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.03<br> (A) | 09/15/34 | EUR | 5000 | (15) | (33) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.59<br> (A) | 12/15/52 | EUR | 2000 | 9 | 201 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.70<br> (A) | 04/15/53 | EUR | 1700 | 9 | 237 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.76<br> (A) | 09/15/53 | EUR | 800 | 4 | 129 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.68<br> (A) | 10/15/53 | EUR | 900 | 4 | 128 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.74<br> (A) | 10/15/53 | EUR | 1300 | 6 | 195 |
| France CPI Excluding Tobacco (A) | Paying | 1.91<br> (A) | 01/15/38 | EUR | 410 | 2 | (24) |
| HICP (A) | Receiving | 3.00<br> (A) | 05/15/27 | EUR | 2700 | (5) | 47 |
| HICP (A) | Receiving | 3.13<br> (A) | 05/15/27 | EUR | 1100 | (2) | 10 |
| HICP (A) | Paying | 1.38<br> (A) | 03/15/31 | EUR | 8920 | 32 | (1791) |
| HICP (A) | Paying | 2.49<br> (A) | 05/15/37 | EUR | 10 |  |  |
| HICP (A) | Paying | 2.58<br> (A) | 03/15/52 | EUR | 800 | 4 | 33 |
| HICP (A) | Paying | 2.59<br> (A) | 03/15/52 | EUR | 1000 | 5 | 72 |
| HICP (A) | Paying | 2.55<br> (A) | 04/15/52 | EUR | 300 | 1 | 12 |

---

501

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HICP (A) | Paying | 2.42<br> (A) | 05/15/52 | EUR | 570 | 2 | 5 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 42500 | 72 | (20) |
| U.K. Retail Price Index (A) | Receiving | 3.37<br> (A) | 09/15/27 | GBP | 5100 | (7) | (5) |
| U.K. Retail Price Index (A) | Paying | 3.50<br> (A) | 08/15/34 | GBP | 5800 | 20 | 67 |
| U.K. Retail Price Index (A) | Paying | 3.47<br> (A) | 09/15/34 | GBP | 2400 | 7 | 30 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/26/26 |  | 1400 |  | 178 |
| U.S. CPURNSA (A) | Receiving | 2.42<br> (A) | 03/05/26 |  | 8700 | (2) | 1055 |
| U.S. CPURNSA (A) | Receiving | 2.77<br> (A) | 05/13/26 |  | 6500 | (1) | 651 |
| U.S. CPURNSA (A) | Receiving | 2.81<br> (A) | 05/14/26 |  | 3000 | (1) | 293 |
| U.S. CPURNSA (A) | Receiving | 2.70<br> (A) | 05/25/26 |  | 4850 |  | 497 |
| U.S. CPURNSA (A) | Receiving | 2.69<br> (A) | 06/01/26 |  | 900 |  | 92 |
| U.S. CPURNSA (A) | Receiving | 1.80<br> (A) | 08/25/27 |  | 3700 | (1) | 670 |
| U.S. CPURNSA (A) | Receiving | 1.89<br> (A) | 08/27/27 |  | 4500 | (1) | 783 |
| U.S. CPURNSA (A) | Receiving | 2.57<br> (A) | 08/26/28 |  | 800 |  | 70 |
| U.S. CPURNSA (A) | Receiving | 2.65<br> (A) | 09/10/28 |  | 1900 |  | 149 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/24/31 |  | 16800 | 5 | 2231 |
| U.S. CPURNSA (A) | Paying | 2.21<br> (A) | 10/07/25 |  | 13330 |  | (72) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 10/15/25 |  | 8400 |  | (35) |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 11/07/25 |  | 21600 | 1 | (127) |
| U.S. CPURNSA (A) | Paying | 2.70<br> (A) | 01/14/26 |  | 9100 | (1) | (37) |
| U.S. CPURNSA (A) | Paying | 2.82<br> (A) | 02/05/26 |  | 5400 |  | (18) |
| U.S. CPURNSA (A) | Paying | 2.84<br> (A) | 02/13/26 |  | 5600 |  | (18) |
| U.S. CPURNSA (A) | Paying | 3.04<br> (A) | 02/21/26 |  | 3300 |  | (4) |
| U.S. CPURNSA (A) | Paying | 3.30<br> (A) | 06/04/26 |  | 5600 | 1 | 2 |
| U.S. CPURNSA (A) | Paying | 3.44<br> (A) | 08/01/26 |  | 6800 | 2 | 7 |
| U.S. CPURNSA (A) | Paying | 3.43<br> (A) | 08/27/26 |  | 11200 | 4 | 20 |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 02/05/28 |  | 10040 | 6 | (1238) |
| U.S. CPURNSA (A) | Paying | 2.37<br> (A) | 06/06/28 |  | 8700 | 2 | (1010) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 07/09/28 |  | 7900 | 1 | (897) |
| U.S. CPURNSA (A) | Paying | 2.00<br> (A) | 07/25/29 |  | 6100 |  | (965) |
| U.S. CPURNSA (A) | Paying | 1.76<br> (A) | 11/04/29 |  | 14500 | (2) | (2666) |
| U.S. CPURNSA (A) | Paying | 1.28<br> (A) | 05/19/30 |  | 2200 | (1) | (513) |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 12/20/25 |  | 79790 | (2) | (550) |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 02/28/30 |  | 2100 | (1) | 11 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/30 |  | 43900 | (18) | 64 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 |  | 29167 | (6) | (452) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/34 |  | 7700 |  | (146) |
| U.S. SOFR (A) | Receiving | 4.10<br> (A) | 11/15/53 |  | 15409 | 48 | (14) |
| U.S. SOFR (Q) | Receiving | 2.24<br> (S) | 11/21/53 |  | 10490 | 34 | 3558 |
| U.S. SOFR (A) | Receiving | 2.87<br> (A) | 02/13/54 |  | 21700 | 62 | 3568 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 |  | 7700 | 24 | 391 |
| U.S. SOFR (Q) | Paying | 2.34<br> (S) | 11/21/28 |  | 50860 | 22 | (1947) |
|  |  |  |  |  |  | 404 | 12855 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/PIMCO Real Return Fund — OTC Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 6M EURIBOR, 01/27/29<br> BCL | Call | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (321) |
| 6M EURIBOR, 01/27/29<br> BCL | Put | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (227) |
|  |  |  |  |  |  |  | (548) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | ANZ | 10/02/25 | AUD | 3614 | 2391 | 18 |
| BRL/USD | BNP | 10/02/25 | BRL | 5909 | 1110 | 30 |
| BRL/USD | CIT | 10/02/25 | BRL | 4372 | 822 | 30 |
| BRL/USD | GSC | 10/02/25 | BRL | 61875 | 11626 | 652 |
| BRL/USD | GSC | 12/02/25 | BRL | 73427 | 13596 | 39 |
| CAD/USD | ANZ | 10/02/25 | CAD | 19886 | 14289 | (5) |
| CAD/USD | CIT | 11/04/25 | CAD | 23 | 16 |  |
| CHF/USD | BCL | 10/02/25 | CHF | 2335 | 2933 | 21 |
| CHF/USD | HSB | 10/02/25 | CHF | 449 | 564 | (6) |
| CHF/USD | BCL | 11/04/25 | CHF | 2193 | 2766 | 8 |

---

502

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CHF/USD | CIT | 11/04/25 | CHF | 392 | 495 |  |
| CNY/USD | HSB | 10/16/25 | CNY | 10621 | 1493 | 2 |
| EUR/USD | HSB | 10/02/25 | EUR | 12890 | 15134 | (60) |
| EUR/USD | HSB | 10/02/25 | EUR | 528 | 620 |  |
| EUR/USD | SGS | 10/02/25 | EUR | 29171 | 34249 | (57) |
| GBP/USD | BCL | 10/02/25 | GBP | 2296 | 3088 | 1 |
| GBP/USD | CIT | 10/02/25 | GBP | 783 | 1053 | (5) |
| GBP/USD | BCL | 11/04/25 | GBP | 1043 | 1403 | (6) |
| GBP/USD | HSB | 11/04/25 | GBP | 737 | 991 | (6) |
| GBP/USD | HSB | 11/04/25 | GBP | 774 | 1041 | 1 |
| GBP/USD | SCB | 11/04/25 | GBP | 525 | 706 | 4 |
| IDR/USD | BNP | 10/06/25 | IDR | 6482637 | 389 |  |
| IDR/USD | HSB | 10/06/25 | IDR | 944780 | 57 |  |
| IDR/USD | BNP | 10/08/25 | IDR | 15419218 | 925 | 1 |
| IDR/USD | GSC | 10/08/25 | IDR | 258756 | 16 |  |
| IDR/USD | HSB | 10/08/25 | IDR | 514694 | 31 |  |
| IDR/USD | MSC | 10/08/25 | IDR | 5875848 | 353 |  |
| IDR/USD | BCL | 10/22/25 | IDR | 13483211 | 809 | (11) |
| IDR/USD | BNP | 10/22/25 | IDR | 104568757 | 6274 | (84) |
| IDR/USD | GSC | 10/22/25 | IDR | 8647354 | 519 | (7) |
| ILS/USD | BOA | 10/15/25 | ILS | 1415 | 427 | 6 |
| ILS/USD | DUB | 10/15/25 | ILS | 3574 | 1079 | 33 |
| ILS/USD | JPM | 10/15/25 | ILS | 1506 | 455 | 6 |
| ILS/USD | UBS | 10/15/25 | ILS | 359 | 108 | 3 |
| ILS/USD | BNP | 11/13/25 | ILS | 1715 | 518 | 8 |
| ILS/USD | BOA | 11/13/25 | ILS | 566 | 171 | 2 |
| ILS/USD | CIT | 11/13/25 | ILS | 1253 | 378 | 4 |
| ILS/USD | GSC | 11/13/25 | ILS | 301 | 91 | 1 |
| ILS/USD | HSB | 11/13/25 | ILS | 338 | 102 |  |
| INR/USD | SCB | 10/06/25 | INR | 10596 | 119 |  |
| INR/USD | DUB | 10/08/25 | INR | 10588 | 119 |  |
| INR/USD | BOA | 10/17/25 | INR | 118625 | 1335 | (6) |
| INR/USD | CIT | 10/17/25 | INR | 436855 | 4916 | (52) |
| INR/USD | DUB | 10/17/25 | INR | 260108 | 2927 | (16) |
| INR/USD | GSC | 10/17/25 | INR | 94227 | 1060 | (13) |
| INR/USD | SCB | 10/17/25 | INR | 251941 | 2836 | (19) |
| INR/USD | UBS | 10/17/25 | INR | 7121 | 80 | (1) |
| INR/USD | CIT | 11/19/25 | INR | 81098 | 911 | (1) |
| INR/USD | DUB | 11/19/25 | INR | 49367 | 555 | (1) |
| INR/USD | DUB | 11/19/25 | INR | 82319 | 925 |  |
| INR/USD | SCB | 11/19/25 | INR | 83558 | 939 |  |
| JPY/USD | BNP | 10/02/25 | JPY | 57066 | 386 | 2 |
| JPY/USD | BOA | 10/02/25 | JPY | 49257 | 333 | 4 |
| JPY/USD | HSB | 10/02/25 | JPY | 28283 | 191 | 1 |
| JPY/USD | MSC | 10/02/25 | JPY | 1078938 | 7296 | 69 |
| JPY/USD | SGS | 10/02/25 | JPY | 2349656 | 15888 | 98 |
| KRW/USD | BNP | 10/10/25 | KRW | 1309532 | 934 | (10) |
| KRW/USD | BNP | 10/20/25 | KRW | 1472807 | 1051 | (19) |
| KRW/USD | BNP | 10/22/25 | KRW | 2759146 | 1969 | (18) |
| KRW/USD | HSB | 10/22/25 | KRW | 1464838 | 1045 | (2) |
| MXN/USD | BNP | 12/17/25 | MXN | 2504 | 136 |  |
| MXN/USD | UBS | 12/17/25 | MXN | 52155 | 2825 | 56 |
| NOK/USD | BCL | 10/02/25 | NOK | 28 | 3 |  |
| NOK/USD | CIT | 10/02/25 | NOK | 2778 | 278 |  |
| NOK/USD | HSB | 10/02/25 | NOK | 29 | 3 |  |
| NZD/USD | BOA | 10/02/25 | NZD | 589 | 341 | 2 |
| PEN/USD | SCB | 10/07/25 | PEN | 702 | 202 | 2 |
| PLN/USD | BCL | 10/15/25 | PLN | 8939 | 2459 | 14 |
| PLN/USD | BOA | 10/15/25 | PLN | 74 | 20 |  |
| PLN/USD | JPM | 10/15/25 | PLN | 5920 | 1629 | 17 |
| PLN/USD | BNP | 10/22/25 | PLN | 4168 | 1146 | (1) |
| PLN/USD | BNP | 10/22/25 | PLN | 2081 | 572 | 2 |
| PLN/USD | BOA | 10/22/25 | PLN | 466 | 128 | (1) |
| PLN/USD | MSC | 10/22/25 | PLN | 2160 | 594 | (3) |
| PLN/USD | UBS | 10/22/25 | PLN | 2159 | 594 | (1) |
| SEK/USD | CIT | 10/02/25 | SEK | 10160 | 1079 | 8 |
| SGD/USD | CIT | 10/02/25 | SGD | 17123 | 13274 | 5 |
| SGD/USD | SCB | 11/04/25 | SGD | 13 | 10 |  |
| THB/USD | HSB | 10/20/25 | THB | 11979 | 370 |  |
| THB/USD | UBS | 10/20/25 | THB | 11974 | 370 |  |
| TWD/USD | CIT | 10/07/25 | TWD | 20806 | 683 |  |

---

503

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| TWD/USD | CIT | 10/20/25 | TWD | 19946 | 655 | (2) |
| TWD/USD | CIT | 10/20/25 | TWD | 20105 | 661 | 1 |
| TWD/USD | JPM | 10/20/25 | TWD | 6502 | 214 |  |
| TWD/USD | MSC | 10/20/25 | TWD | 32114 | 1055 | (11) |
| USD/AUD | ANZ | 10/02/25 | AUD | (12165) | (8050) | (180) |
| USD/AUD | CIT | 10/02/25 | AUD | (1234) | (817) | (11) |
| USD/AUD | ANZ | 11/04/25 | AUD | (3614) | (2393) | (18) |
| USD/AUD | BCL | 11/04/25 | AUD | (9785) | (6478) | (10) |
| USD/BRL | GSC | 10/02/25 | BRL | (72398) | (13603) | (45) |
| USD/CAD | CIT | 10/02/25 | CAD | (23) | (16) |  |
| USD/CAD | JPM | 10/02/25 | CAD | (19846) | (14260) | 101 |
| USD/CAD | UBS | 10/02/25 | CAD | (18) | (13) |  |
| USD/CAD | ANZ | 11/04/25 | CAD | (19855) | (14291) | 3 |
| USD/CHF | BCL | 10/02/25 | CHF | (2202) | (2766) | (7) |
| USD/CHF | GSC | 10/02/25 | CHF | (91) | (114) | (1) |
| USD/CHF | HSB | 10/02/25 | CHF | (97) | (122) |  |
| USD/CNY | BNP | 10/16/25 | CNY | (13716) | (1929) | (3) |
| USD/CNY | CIT | 10/16/25 | CNY | (517) | (73) |  |
| USD/CNY | DUB | 10/16/25 | CNY | (14645) | (2059) | (2) |
| USD/CNY | DUB | 10/16/25 | CNY | (14745) | (2073) | 3 |
| USD/CNY | GSC | 10/16/25 | CNY | (2067) | (291) |  |
| USD/CNY | HSB | 10/16/25 | CNY | (14956) | (2103) | 1 |
| USD/CNY | MSC | 10/16/25 | CNY | (15099) | (2123) | (1) |
| USD/CNY | SCB | 10/16/25 | CNY | (22465) | (3159) | 3 |
| USD/CNY | HSB | 11/19/25 | CNY | (10595) | (1493) | (2) |
| USD/EUR | ANZ | 10/02/25 | EUR | (39690) | (46599) | (306) |
| USD/EUR | BNP | 10/02/25 | EUR | (1830) | (2148) | 6 |
| USD/EUR | CIT | 10/02/25 | EUR | (380) | (446) | (1) |
| USD/EUR | CIT | 10/02/25 | EUR | (346) | (406) | 1 |
| USD/EUR | HSB | 10/02/25 | EUR | (343) | (403) | 4 |
| USD/EUR | SGS | 11/04/25 | EUR | (29171) | (34321) | 54 |
| USD/GBP | BCL | 10/02/25 | GBP | (1043) | (1403) | 6 |
| USD/GBP | HSB | 10/02/25 | GBP | (774) | (1041) | (1) |
| USD/GBP | HSB | 10/02/25 | GBP | (737) | (991) | 6 |
| USD/GBP | SCB | 10/02/25 | GBP | (525) | (706) | (4) |
| USD/IDR | BNP | 10/06/25 | IDR | (6482637) | (389) | 5 |
| USD/IDR | HSB | 10/06/25 | IDR | (944780) | (57) | 1 |
| USD/IDR | BNP | 10/08/25 | IDR | (15419218) | (925) | 11 |
| USD/IDR | GSC | 10/08/25 | IDR | (258756) | (16) |  |
| USD/IDR | MSC | 10/08/25 | IDR | (5875847) | (352) | 4 |
| USD/IDR | BNP | 10/15/25 | IDR | (29160258) | (1749) | 32 |
| USD/IDR | BNP | 10/20/25 | IDR | (7926735) | (475) | 7 |
| USD/IDR | BNP | 11/03/25 | IDR | (2534067) | (152) | (1) |
| USD/IDR | BNP | 11/03/25 | IDR | (4651821) | (279) |  |
| USD/IDR | BNP | 12/17/25 | IDR | (21901855) | (1314) | (4) |
| USD/IDR | GSC | 12/17/25 | IDR | (258756) | (15) |  |
| USD/IDR | HSB | 12/17/25 | IDR | (1459474) | (88) |  |
| USD/IDR | MSC | 12/17/25 | IDR | (5875848) | (352) | (1) |
| USD/ILS | UBS | 10/15/25 | ILS | (6855) | (2069) | (15) |
| USD/ILS | DUB | 11/13/25 | ILS | (3572) | (1079) | (33) |
| USD/ILS | UBS | 11/13/25 | ILS | (359) | (108) | (3) |
| USD/INR | BNP | 10/06/25 | INR | (10589) | (119) | 1 |
| USD/INR | CIT | 10/17/25 | INR | (80940) | (911) | 1 |
| USD/INR | DUB | 10/17/25 | INR | (131425) | (1478) | 1 |
| USD/INR | SCB | 10/17/25 | INR | (94000) | (1057) |  |
| USD/INR | BNP | 10/20/25 | INR | (37546) | (422) | 4 |
| USD/INR | BNP | 11/03/25 | INR | (43615) | (491) |  |
| USD/INR | DUB | 11/19/25 | INR | (10615) | (119) |  |
| USD/JPY | BOA | 10/02/25 | JPY | (14867) | (101) | 1 |
| USD/JPY | HSB | 10/02/25 | JPY | (10570) | (71) | 1 |
| USD/JPY | MSC | 10/02/25 | JPY | (65741) | (445) | 1 |
| USD/JPY | SCB | 10/02/25 | JPY | (336585) | (2276) | 13 |
| USD/JPY | SGS | 10/02/25 | JPY | (3155931) | (21340) | 119 |
| USD/JPY | BNP | 11/04/25 | JPY | (56868) | (386) | (2) |
| USD/JPY | BOA | 11/04/25 | JPY | (49086) | (333) | (4) |
| USD/JPY | CIT | 11/04/25 | JPY |  |  |  |
| USD/JPY | HSB | 11/04/25 | JPY | (28184) | (191) | (1) |
| USD/JPY | HSB | 11/04/25 | JPY | (20168) | (137) |  |
| USD/JPY | MSC | 11/04/25 | JPY | (1075203) | (7298) | (71) |
| USD/JPY | MSC | 11/04/25 | JPY | (1) |  |  |
| USD/JPY | SCB | 11/04/25 | JPY | (233) | (2) |  |

---

504

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/JPY | SGS | 11/04/25 | JPY | (2341530) | (15893) | (102) |
| USD/KRW | BNP | 10/10/25 | KRW | (1309532) | (934) | 6 |
| USD/KRW | HSB | 10/20/25 | KRW | (1465005) | (1045) | 2 |
| USD/KRW | BNP | 10/22/25 | KRW | (6634916) | (4734) | 38 |
| USD/KRW | BNP | 11/03/25 | KRW | (378490) | (270) |  |
| USD/MXN | GSC | 12/17/25 | MXN | (11845) | (642) | (29) |
| USD/MXN | UBS | 12/17/25 | MXN | (4153) | (225) | (7) |
| USD/NOK | CIT | 10/02/25 | NOK | (219) | (22) |  |
| USD/NOK | UBS | 10/02/25 | NOK | (2710) | (272) | (5) |
| USD/NOK | BCL | 11/04/25 | NOK | (28) | (3) |  |
| USD/NOK | CIT | 11/04/25 | NOK | (2777) | (278) |  |
| USD/NOK | HSB | 11/04/25 | NOK | (29) | (3) |  |
| USD/NZD | SGS | 10/02/25 | NZD | (761) | (441) | 2 |
| USD/NZD | ANZ | 11/04/25 | NZD | (173) | (100) |  |
| USD/NZD | BOA | 11/04/25 | NZD | (589) | (342) | (2) |
| USD/PEN | BCL | 10/07/25 | PEN | (702) | (202) | (5) |
| USD/PEN | CIT | 12/05/25 | PEN | (812) | (234) | (14) |
| USD/PEN | SCB | 12/17/25 | PEN | (703) | (202) | (2) |
| USD/PEN | CIT | 05/26/26 | PEN | (2831) | (810) | (16) |
| USD/SEK | HSB | 10/02/25 | SEK | (10815) | (1149) | (21) |
| USD/SGD | CIT | 10/02/25 | SGD | (4593) | (3561) | 17 |
| USD/SGD | GSC | 10/02/25 | SGD | (180) | (140) | 1 |
| USD/SGD | HSB | 10/02/25 | SGD | (11314) | (8771) | 58 |
| USD/SGD | JPM | 10/02/25 | SGD | (850) | (659) | 2 |
| USD/SGD | SCB | 10/02/25 | SGD | (173) | (134) | 2 |
| USD/SGD | CIT | 11/04/25 | SGD | (17079) | (13276) | (7) |
| USD/THB | CIT | 10/20/25 | THB | (4346) | (134) |  |
| USD/THB | HSB | 10/20/25 | THB | (10260) | (317) | 2 |
| USD/TWD | BNP | 10/07/25 | TWD | (20844) | (684) | (4) |
| USD/TWD | BNP | 10/20/25 | TWD | (95979) | (3154) | 58 |
| USD/TWD | CIT | 10/20/25 | TWD | (192070) | (6311) | 154 |
| USD/TWD | SCB | 10/20/25 | TWD | (102308) | (3362) | 90 |
| USD/TWD | BNP | 12/15/25 | TWD | (12799) | (422) | 4 |
| USD/TWD | CIT | 12/15/25 | TWD | (39815) | (1313) | 3 |
| USD/TWD | MSC | 12/15/25 | TWD | (31905) | (1053) | 13 |
| USD/TWD | CIT | 01/22/26 | TWD | (20597) | (681) | 1 |
| USD/ZAR | CIT | 10/02/25 | ZAR | (959) | (55) |  |
| USD/ZAR | UBS | 10/09/25 | ZAR | (959) | (55) |  |
| USD/ZAR | BCL | 11/20/25 | ZAR | (3865) | (223) | (4) |
| USD/ZAR | DUB | 11/20/25 | ZAR | (9333) | (539) | (5) |
| USD/ZAR | JPM | 11/20/25 | ZAR | (8265) | (477) | (5) |
| USD/ZAR | UBS | 11/20/25 | ZAR | (4204) | (243) | (4) |
| ZAR/USD | UBS | 10/02/25 | ZAR | 959 | 56 |  |
| ZAR/USD | BCL | 10/20/25 | ZAR | 19792 | 1144 | 22 |
| ZAR/USD | JPM | 10/20/25 | ZAR | 4462 | 258 | 6 |
|  |  |  |  |  | (86989) | 639 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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** |
| **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** |
| Treasury, United States Department of (S) | SOFR +0.13% (S) | MSC | 10/10/25 | 29353 |  | (85) |
| Treasury, United States Department of (S) | SOFR +0.13% (S) | MSC | 10/10/25 | 56416 |  | (381) |
| Treasury, United States Department of (S) | SOFR +0.13% (S) | MSC | 10/10/25 | 66324 |  | (237) |
|  |  |  |  |  |  | (703) |

---

505

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1390282 | 10600 | 1400882 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 104742 |  | 104742 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 8184 |  | 8184 |
| &nbsp;&nbsp;Preferred Stocks | 617 |  |  | 617 |
| &nbsp;&nbsp;Short Term Investments |  | 633 |  | 633 |
|  | 617 | 1503841 | 10600 | 1515058 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (4615) |  | (4615) |
|  |  | (4615) |  | (4615) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 684 |  |  | 684 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 25653 |  | 25653 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2022 |  | 2022 |
|  | 684 | 27675 |  | 28359 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1083) |  |  | (1083) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (12798) |  | (12798) |
| &nbsp;&nbsp;OTC Written Options |  | (548) |  | (548) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1383) |  | (1383) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (703) |  | (703) |
|  | (1083) | (15432) |  | (16515) |

---

<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.

506

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 88.6%** | **CORPORATE BONDS AND NOTES 88.6%** | **CORPORATE BONDS AND NOTES 88.6%** |
| **Financials 16.4%** | **Financials 16.4%** | **Financials 16.4%** |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (a) | 6408 | 6689 |
| 6.00%, 08/01/29 (a) | 3679 | 3644 |
| 7.50%, 11/06/30 (a) | 1968 | 2051 |
| 6.75%, 07/01/32 (a) | 9209 | 9491 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (a) | 4379 | 4485 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (b) | 4530 | 4289 |
| 6.65%, 01/17/40 | 3228 | 3230 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 3668 | 4002 |
| Aretec Group, Inc. |  |  |
| 7.50%, 04/01/29 (a) (c) | 3573 | 3592 |
| Azorra Finance Limited |  |  |
| 7.25%, 01/15/31 (a) | 4737 | 4931 |
| Barclays PLC |  |  |
| 9.63%, (100, 12/15/29) (b) (c) (d) | 2361 | 2674 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 3530 | 3624 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (a) | 3372 | 3460 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (a) | 2731 | 2803 |
| 6.20%, 06/18/35 (a) | 4066 | 4271 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (b) | 4620 | 4766 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (a) | 485 | 510 |
| 6.63%, 03/15/30 (a) | 8824 | 8838 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.50%, 10/01/30 (a) | 8332 | 8358 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 (d) | 4530 | 4244 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (a) | 3160 | 3333 |
| Ford Motor Credit Company LLC |  |  |
| 7.35%, 11/04/27 | 2138 | 2229 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (a) | 1455 | 1459 |
| 12.25%, 10/01/30 (a) | 2962 | 3303 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (a) | 4707 | 4964 |
| 8.38%, 04/01/32 (a) | 3644 | 3818 |
| 7.88%, 04/01/33 (a) | 3553 | 3662 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (a) | 4005 | 4262 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (a) | 9177 | 9445 |
| Goldman Sachs Group, Inc., The |  |  |
| 7.50%, (100, 05/10/29) (b) | 4640 | 4909 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (a) | 7173 | 7528 |
| 6.13%, 11/01/32 (a) | 2809 | 2852 |
| 6.75%, 05/01/33 (a) | 2759 | 2867 |
| Macquarie AirFinance Holdings Limited |  |  |
| 8.13%, 03/30/29 (a) | 3241 | 3374 |
| 6.50%, 03/26/31 (a) | 1217 | 1303 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (a) | 2626 | 2219 |
| OneMain Finance Corporation |  |  |
| 5.38%, 11/15/29 | 2550 | 2525 |
| 6.13%, 05/15/30 | 3521 | 3574 |
| 4.00%, 09/15/30 | 5359 | 4982 |
| 7.13%, 09/15/32 | 3866 | 3996 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 5605 | 5782 |
| 8.00%, 08/01/33 (a) | 5950 | 6169 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31 (a) | 6331 | 6283 |
| 6.88%, 05/15/32 (a) | 4998 | 5181 |
| PRA Group, Inc. |  |  |
| 8.38%, 02/01/28 (a) | 4966 | 5092 |
| 8.88%, 01/31/30 (a) | 1954 | 2017 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (a) | 3828 | 3930 |
| 6.38%, 08/01/33 (a) | 3321 | 3431 |
| Toronto-Dominion Bank, The |  |  |
| 8.13%, 10/31/82 (d) | 4407 | 4625 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (a) | 1616 | 1617 |
| UBS Group AG |  |  |
| 4.88%, (100, 02/12/27) (a) (b) | 5602 | 5521 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (a) | 4772 | 4855 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (a) (c) | 7307 | 7609 |
| Washington Mutual Bank, FA |  |  |
| 0.00%, 06/15/11 (e) (f) | 1500 |  |
|  |  | 228668 |
| **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (a) | 1843 | 1898 |
| 7.38%, 08/01/33 (a) | 1843 | 1901 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (a) (g) | 4124 | 4455 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (a) | 4671 | 4742 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 24661 | 24284 |
| 5.13%, 05/01/29 (a) | 2988 | 2995 |
| 5.75%, 08/01/32 (a) | 11068 | 11270 |
| 6.13%, 02/15/33 (a) | 3577 | 3668 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (a) | 3524 | 3753 |
| Clarios Global LP |  |  |
| 6.75%, 09/15/32 (a) | 1393 | 1424 |
| Dana Incorporated |  |  |
| 4.50%, 02/15/32 (c) | 3840 | 3780 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 6115 | 6728 |
| Ford Motor Company |  |  |
| 9.63%, 04/22/30 | 1826 | 2130 |
| IHO Verwaltungs GmbH |  |  |
| 7.75%, 11/15/30 (a) (g) | 2657 | 2790 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (a) | 4800 | 4683 |
| Las Vegas Sands Corp. |  |  |
| 6.00%, 06/14/30 | 2293 | 2387 |
| 6.20%, 08/15/34 | 494 | 517 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (a) | 3488 | 3556 |
| Macy's Retail Holdings, LLC |  |  |
| 6.13%, 03/15/32 (a) | 2602 | 2605 |
| 4.50%, 12/15/34 | 1179 | 1034 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (a) (c) | 4366 | 3580 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (a) | 7730 | 7567 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (a) | 1401 | 1401 |
| 6.75%, 02/01/32 (a) | 3062 | 3150 |
| 6.25%, 09/15/33 (a) | 2528 | 2541 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (a) | 4650 | 4662 |
| 10.00%, 09/15/33 (a) | 4643 | 4696 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (a) | 2535 | 2557 |
| 6.25%, 08/15/33 (a) | 2644 | 2703 |
| Resorts World Las Vegas LLC |  |  |
| 4.63%, 04/16/29 (a) | 1608 | 1455 |
| 8.45%, 07/27/30 (a) | 3093 | 3142 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (a) | 3472 | 3504 |

---

507

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/33 (a) | 2957 | 3032 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (a) | 3265 | 3162 |
| 11.13%, 07/15/30 (a) | 2449 | 2377 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (a) | 4435 | 4393 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (a) | 4535 | 4541 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (a) | 3661 | 3693 |
| 10.50%, 05/15/29 (a) | 3518 | 3612 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (a) | 5930 | 6126 |
| 9.38%, 08/01/32 (a) | 2742 | 2909 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 6581 | 6959 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 (c) | 5987 | 5489 |
| 5.05%, 03/15/42 | 6020 | 4803 |
| Wynn Macau, Limited |  |  |
| 5.13%, 12/15/29 (a) | 7023 | 6880 |
| 6.75%, 02/15/34 (a) | 3859 | 3909 |
| | | 193443 |
| **Energy 11.9%** | **Energy 11.9%** | **Energy 11.9%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4428 | 4617 |
| Baytex Energy Corp. |  |  |
| 8.50%, 04/30/30 (a) | 3465 | 3565 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (a) | 9112 | 9031 |
| Borr IHC Limited |  |  |
| 10.00%, 11/15/28 (a) | 3592 | 3574 |
| Buckeye Partners, L.P. |  |  |
| 5.60%, 10/15/44 | 5068 | 4601 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 12728 | 13279 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 7314 | 7430 |
| Enerflex Ltd. |  |  |
| 9.00%, 10/15/27 (a) | 6776 | 6938 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 2518 | 2689 |
| 6.75%, 02/15/56 | 3500 | 3493 |
| EQT Corporation |  |  |
| 7.50%, 06/01/27 | 1957 | 1993 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 2917 | 3106 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (a) | 1811 | 1843 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 (a) | 6710 | 6726 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (a) | 3608 | 3547 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (a) | 7117 | 7411 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (a) | 3351 | 3372 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (a) | 3249 | 3307 |
| 6.75%, 10/01/35 (a) | 3504 | 3598 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (a) | 5548 | 5633 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 4113 | 4218 |
| 8.38%, 02/15/32 (a) | 3462 | 3554 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 3388 | 3520 |
| 6.25%, 02/01/33 (a) | 2573 | 2622 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 5044 | 5003 |
| 6.20%, 03/15/56 | 1895 | 1900 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (a) (b) | 6017 | 6124 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (a) | 3248 | 3387 |
| Transocean Aquila Ltd. |  |  |
| 8.00%, 09/30/28 (a) | 712 | 732 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (a) | 7090 | 7083 |
| Transocean Titan Financing Limited |  |  |
| 8.38%, 02/01/28 (a) | 755 | 774 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (b) | 8930 | 8841 |
| 8.13%, 06/01/28 (a) | 3483 | 3606 |
| 9.50%, 02/01/29 (a) | 6128 | 6757 |
| 9.88%, 02/01/32 (a) | 3159 | 3440 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (a) | 1659 | 1749 |
| 6.75%, 01/15/36 (a) | 2064 | 2194 |
|  |  | 165257 |
| **Industrials 11.6%** | **Industrials 11.6%** | **Industrials 11.6%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (a) | 4674 | 4674 |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 6407 | 6349 |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (h) | 3105 | 3595 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (a) | 153 | 154 |
| 8.75%, 11/15/30 (a) | 2904 | 3136 |
| 7.25%, 07/01/31 (a) | 4236 | 4490 |
| 7.00%, 06/01/32 (a) (c) | 3356 | 3512 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| 7.50%, 02/01/32 (a) | 7589 | 7668 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (a) | 8090 | 7610 |
| Cimpress NV |  |  |
| 7.38%, 09/15/32 (a) (c) | 7043 | 7038 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 05/01/31 - 06/15/32 (a) | 4323 | 4528 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (a) | 4229 | 4301 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (a) | 3624 | 3724 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (a) | 1942 | 2017 |
| 7.25%, 06/15/33 (a) | 2243 | 2344 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (a) | 3695 | 3859 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 1364 | 1363 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (a) | 211 | 214 |
| 6.13%, 07/31/32 (a) | 306 | 313 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (a) | 4805 | 5090 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (a) | 4220 | 4441 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (a) | 6985 | 7036 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 4751 | 5025 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (a) | 3527 | 3662 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (a) (c) | 4389 | 4561 |
| Regal Rexnord Corporation |  |  |
| 6.40%, 04/15/33 (h) | 3831 | 4111 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (a) | 8683 | 9172 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (a) | 1236 | 1236 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (a) | 6717 | 6526 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (a) | 3674 | 3867 |

---

508

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 1833 | 1870 |
| 6.38%, 03/01/29 (a) | 3751 | 3837 |
| 6.63%, 03/01/32 (a) | 4281 | 4410 |
| 6.00%, 01/15/33 (a) | 2475 | 2502 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (a) | 2835 | 3023 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 1721 | 1695 |
| Waste Pro USA, Inc. |  |  |
| 7.00%, 02/01/33 (a) | 2899 | 3011 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (a) | 3361 | 3479 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 - 03/15/33 (a) | 5472 | 5654 |
| 6.63%, 03/15/32 (a) | 3242 | 3373 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 3365 | 3428 |
| | | 161898 |
| **Communication Services 9.9%** | **Communication Services 9.9%** | **Communication Services 9.9%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (a) | 6948 | 6756 |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (a) | 11695 | 8786 |
| Altice France |  |  |
| 0.00%, 02/15/28 (a) (e) (f) | 7991 | 2836 |
| Altice France Holding S.A. |  |  |
| 8.13%, 02/01/27 (a) | 10570 | 9881 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (a) | 4100 | 4322 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (a) (c) | 8696 | 7372 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (a) | 6417 | 6375 |
| 4.25%, 02/01/31 - 01/15/34 (a) | 14528 | 12787 |
| 4.75%, 02/01/32 (a) (c) | 2844 | 2631 |
| 4.50%, 05/01/32 | 2199 | 2002 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.13%, 02/15/31 (a) | 2100 | 2173 |
| 7.50%, 03/15/33 (a) | 2835 | 2967 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (a) (c) | 8855 | 8168 |
| Connect Finco S.a r.l. |  |  |
| 9.00%, 09/15/29 (a) | 5014 | 5270 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 5537 | 5533 |
| 8.88%, 02/01/30 (a) | 3528 | 3484 |
| 10.00%, 02/15/31 (a) | 3580 | 3582 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (a) | 2786 | 2911 |
| 8.63%, 03/15/31 (a) | 2570 | 2714 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (a) | 4132 | 4174 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/31 (a) | 5592 | 4200 |
| 7.25%, 08/15/33 (a) | 2103 | 2086 |
| Iliad Holding |  |  |
| 7.00%, 10/15/28 - 04/15/32 (a) | 7490 | 7633 |
| 8.50%, 04/15/31 (a) | 3115 | 3335 |
| Level 3 Financing, Inc. |  |  |
| 4.50%, 04/01/30 (a) | 1935 | 1771 |
| 6.88%, 06/30/33 (a) | 3521 | 3590 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 5487 | 746 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (a) | 3402 | 3535 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 1768 | 1766 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (a) | 505 | 493 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (a) | 5533 | 4443 |
|  |  | 138322 |
| **Information Technology 8.0%** | **Information Technology 8.0%** | **Information Technology 8.0%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (a) | 7010 | 7016 |
| AMS-Osram AG |  |  |
| 12.25%, 03/30/29 (a) | 4525 | 4890 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (a) | 7101 | 7045 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (a) (c) | 7409 | 6540 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (a) | 7593 | 7665 |
| 9.00%, 09/30/29 (a) | 7186 | 7447 |
| 8.25%, 06/30/32 (a) | 2757 | 2926 |
| 6.63%, 08/15/33 (a) | 2682 | 2732 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 2663 | 2631 |
| 5.95%, 06/15/30 (a) | 7036 | 7136 |
| Entegris, Inc. |  |  |
| 4.38%, 04/15/28 (a) | 4302 | 4209 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (a) | 3177 | 3331 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33 (a) | 3275 | 3456 |
| Helios Software Holdings, Inc. |  |  |
| 8.75%, 05/01/29 (a) | 3340 | 3461 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (a) | 9809 | 9546 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (a) | 705 | 734 |
| 3.88%, 02/15/28 (a) | 5998 | 5833 |
| 4.13%, 02/15/30 (a) | 5173 | 4903 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (a) | 2624 | 2705 |
| 6.50%, 02/15/29 (a) | 8642 | 8427 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 4.13%, 01/15/31 (a) | 1080 | 1001 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (a) | 1857 | 1862 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (a) | 2880 | 2813 |
| 7.50%, 05/30/31 (a) (c) | 3741 | 3509 |
|  |  | 111818 |
| **Health Care 5.6%** | **Health Care 5.6%** | **Health Care 5.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 3559 | 3655 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28 (a) | 4144 | 3712 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (a) | 3920 | 3801 |
| 6.13%, 04/01/30 (a) | 2605 | 1889 |
| 10.88%, 01/15/32 (a) | 5672 | 6010 |
| 9.75%, 01/15/34 (a) | 2100 | 2159 |
| CVS Health Corporation |  |  |
| 7.00%, 03/10/55 | 3178 | 3338 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (a) | 7736 | 7964 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (a) | 6116 | 5939 |
| Lifepoint Health, Inc. |  |  |
| 5.38%, 01/15/29 (a) (c) | 2871 | 2747 |
| 9.88%, 08/15/30 (a) | 6185 | 6705 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (a) | 7007 | 6762 |
| Radiology Partners, Inc. |  |  |
| 8.50%, 07/15/32 (a) | 7036 | 7318 |
| Tenet Healthcare Corporation |  |  |
| 4.25%, 06/01/29 | 4328 | 4226 |
| 4.38%, 01/15/30 | 2480 | 2413 |
| 6.13%, 06/15/30 | 3224 | 3269 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 2946 | 2893 |
| 4.75%, 05/09/27 | 3567 | 3563 |
|  |  | 78363 |

---

509

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 4.3%** | **Consumer Staples 4.3%** | **Consumer Staples 4.3%** |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (a) | 3610 | 3544 |
| 6.88%, 06/15/30 (a) | 4751 | 4886 |
| 7.88%, 02/15/31 (a) | 3351 | 3515 |
| Coty Inc. |  |  |
| 4.75%, 01/15/29 (a) | 1172 | 1147 |
| 6.63%, 07/15/30 (a) | 3646 | 3724 |
| Grupo Nutresa S.A. |  |  |
| 8.00%, 05/12/30 (a) | 3950 | 4237 |
| 9.00%, 05/12/35 (a) | 2513 | 2857 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 2970 | 3403 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (a) | 13545 | 12428 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5763 | 5576 |
| 3.50%, 03/01/32 | 1977 | 1810 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (a) | 5510 | 5664 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (a) | 6944 | 6934 |
|  |  | 59725 |
| **Materials 2.9%** | **Materials 2.9%** | **Materials 2.9%** |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (a) | 2838 | 2932 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (a) | 6755 | 7101 |
| 7.25%, 02/15/34 (a) | 1461 | 1510 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 4.38%, 04/01/31 (a) | 5849 | 5582 |
| Mineral Resources Limited |  |  |
| 8.13%, 05/01/27 (a) | 986 | 986 |
| 9.25%, 10/01/28 (a) | 8936 | 9373 |
| 7.00%, 04/01/31 (a) | 1521 | 1540 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (a) | 4633 | 4486 |
| 7.00%, 12/01/31 (a) | 5646 | 5947 |
| Trinseo Luxco Finance SPV S.a r.l. |  |  |
| 7.63%, 05/03/29 (a) (g) | 69 | 27 |
|  |  | 39484 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| Edison International |  |  |
| 4.13%, 03/15/28 | 527 | 517 |
| 6.25%, 03/15/30 (c) | 698 | 726 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 5027 | 5134 |
| 6.55%, 04/01/55 | 3550 | 3628 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (a) | 1335 | 1475 |
| 7.75%, 05/01/35 (a) | 1462 | 1650 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (b) | 4328 | 4427 |
| 8.88%, (100, 01/15/29) (b) (i) | 3150 | 3458 |
| Vistra Operations Company LLC |  |  |
| 5.00%, 07/31/27 (a) | 2859 | 2855 |
| 4.38%, 05/01/29 (a) | 1018 | 997 |
| 6.88%, 04/15/32 (a) | 6596 | 6901 |
|  |  | 31768 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (a) | 5486 | 5568 |
| Greystar Real Estate Partners, LLC |  |  |
| 7.75%, 09/01/30 (a) | 4361 | 4605 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 04/01/32 - 06/15/33 (a) | 7734 | 7956 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (a) (j) | 4477 | 3947 |
| Uniti Group LP |  |  |
| 8.63%, 06/15/32 (a) (c) | 3552 | 3393 |
|  |  | 25469 |
| Total Corporate Bonds And Notes (cost $1,204,408) | Total Corporate Bonds And Notes (cost $1,204,408) | 1234215 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.4%** | **SENIOR FLOATING RATE INSTRUMENTS 5.4%** | **SENIOR FLOATING RATE INSTRUMENTS 5.4%** |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.65%, (3 Month Term SOFR + 5.50%), 02/10/27 (g) (k) | 2954 | 2083 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.13%, (1 Month Term SOFR + 7.00%), 01/04/29 (k) | 7000 | 7013 |
| Aventiv Technologies, LLC |  |  |
| 2024 Bridge Term Loan, 14.26%, (3 Month Term SOFR + 10.00%), 12/24/25 (k) | 134 | 141 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 03/25/26 (k) | 165 | 165 |
| 2025 5th Amendment Incremental Bridge Loan, 14.58%, (3 Month Term SOFR + 10.00%), 03/25/26 (k) | 70 | 73 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (k) | 3242 | 3094 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.65%, (1 Month Term SOFR + 4.50%), 01/17/28 (k) | 7213 | 7162 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (k) | 1625 | 1618 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 9.53%, (1 Month Term SOFR + 5.25%), 05/22/29 (k) | 81 | 81 |
| Iridium Communications Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 09/20/30 (k) (l) | 3745 | 3541 |
| ViaSat, Inc. |  |  |
| 2023 Term Loan, 8.75%, (1 Month Term SOFR + 4.50%), 05/30/30 (k) | 3390 | 3332 |
|  |  | 28303 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/17/32 (k) (l) | 2247 | 2246 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 01/31/32 (k) | 5643 | 5636 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (k) (l) | 3655 | 3617 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.20%, (3 Month Term SOFR + 2.00%), 02/22/31 (k) | 2499 | 2503 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/27/31 (k) | 5003 | 5030 |
|  |  | 19032 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 04/06/28 (k) (l) | 623 | 616 |
| 2024 Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 04/06/28 (k) | 3014 | 2981 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/06/30 (k) | 2698 | 2695 |
| First Brands Group, LLC |  |  |
| 2022 Incremental Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (k) | 3027 | 1066 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/20/32 (k) | 3498 | 3493 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (k) | 675 | 638 |
| 2021 Term Loan B2, 7.93%, (1 Month Term SOFR + 3.50%), 12/17/27 (k) | 452 | 427 |
| 2022 1st Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.00%), 06/09/28 (k) | 361 | 337 |

---

510

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Term Loan B1, 10.42%, (1 Month Term SOFR + 6.00%), 11/15/29 (k) | 2015 | 1894 |
| | | 14147 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 7.05%, (3 Month Term SOFR + 2.75%), 01/24/31 (k) | 3473 | 3475 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 11/28/28 (k) | 4231 | 4237 |
|  |  | 7712 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 08/09/30 (k) | 3440 | 3440 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 07/24/32 (k) | 2585 | 2580 |
| Total Senior Floating Rate Instruments (cost $77,671) | Total Senior Floating Rate Instruments (cost $77,671) | 75214 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 0.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.6%** |
| **Sovereign 0.6%** | **Sovereign 0.6%** | **Sovereign 0.6%** |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (a) | 4522 | 4822 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (a) | 4031 | 4182 |
| Total Government And Agency Obligations (cost $8,765) | Total Government And Agency Obligations (cost $8,765) | 9004 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| MPLX LP | 87 | 4356 |
| Prairie Provident Resources Inc. (c) (e) | 224 | 4 |
| Vantage Drilling International (e) (m) | 2 | 25 |
|  |  | 4385 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 335 | 530 |
| EchoStar Corporation - Class A (e) | 4 | 300 |
| iHeartMedia, Inc. - Class A (e) | 141 | 404 |
|  |  | 1234 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Smurfit Westrock Public Limited Company |  | 4 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| New Cotai LLC (e) (m) |  |  |
| Total Common Stocks (cost $8,194) | Total Common Stocks (cost $8,194) | 5623 |
| **SHORT TERM INVESTMENTS 7.5%** | **SHORT TERM INVESTMENTS 7.5%** | **SHORT TERM INVESTMENTS 7.5%** |
| **Investment Companies 3.9%** | **Investment Companies 3.9%** | **Investment Companies 3.9%** |
| JNL Government Money Market Fund - Class I, 4.04% (n) (o) | 53604 | 53604 |
| **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** |
| JNL Government Money Market Fund - Class SL, 4.14% (n) (o) | 50181 | 50181 |
| Total Short Term Investments (cost $103,785) | Total Short Term Investments (cost $103,785) | 103785 |
| **Total Investments 102.5% (cost $1,402,823)** | **Total Investments 102.5% (cost $1,402,823)** | **1427841** |
| **Other Assets and Liabilities, Net (2.5)%** | **Other Assets and Liabilities, Net (2.5)%** | **(34349)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1393492** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $1,101,586 and 79.1% of the Fund.

(b) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(c) All or a portion of the security was on loan as of September 30, 2025.

(d) Convertible security.

(e) Non-income producing security.

(f) As of September 30, 2025, 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) 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) 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 September 30, 2025.

(i) 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.

(j) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 48944 | 401988 | 397328 | 2043 |  |  | 53604 | 3.8 |
| JNL Government Money Market Fund, 4.14% - Class SL | 79197 | 338168 | 367184 | 2452 |  |  | 50181 | 3.6 |
|  | 128141 | 740156 | 764512 | 4495 |  |  | 103785 | 7.4 |

---

511

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Vistra Corp., 8.88% (callable at 100, 01/15/29) | 06/11/24 | 3256 | 3458 | 0.2 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1234215 |  | 1234215 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 75214 |  | 75214 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 9004 |  | 9004 |
| &nbsp;&nbsp;Common Stocks | 5598 |  | 25 | 5623 |
| &nbsp;&nbsp;Short Term Investments | 103785 |  |  | 103785 |
|  | 109383 | 1318433 | 25 | 1427841 |

---

512

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **CORPORATE BONDS AND NOTES 89.2%** | **CORPORATE BONDS AND NOTES 89.2%** | **CORPORATE BONDS AND NOTES 89.2%** |
| **Financials 35.2%** | **Financials 35.2%** | **Financials 35.2%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.00%, 10/29/28 | 850 | 819 |
| AIG Global Funding |  |  |
| 5.20%, 06/24/29 (a) | 600 | 617 |
| American Express Company |  |  |
| 4.35%, 07/20/29 | 1500 | 1508 |
| AON North America, Inc. |  |  |
| 5.75%, 03/01/54 | 400 | 402 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 210 | 225 |
| Avolon Holdings Funding Limited |  |  |
| 4.95%, 01/15/28 (a) | 783 | 791 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 1080 | 1107 |
| Bank of America Corporation |  |  |
| 3.71%, 04/24/28 | 1000 | 994 |
| 5.82%, 09/15/29 | 2700 | 2823 |
| 2.97%, 02/04/33 | 1420 | 1292 |
| 5.47%, 01/23/35 | 1420 | 1483 |
| 5.51%, 01/24/36 | 280 | 293 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.32%, 10/25/29 | 540 | 575 |
| 5.83%, 10/25/33 | 1150 | 1239 |
| 5.32%, 06/06/36 | 600 | 621 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 700 | 684 |
| 5.86%, 08/11/46 | 537 | 552 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 240 | 246 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.20%, 08/15/48 | 340 | 290 |
| 3.85%, 03/15/52 | 310 | 243 |
| BlackRock Finance, Inc. |  |  |
| 2.10%, 02/25/32 | 460 | 403 |
| BlackRock, Inc. |  |  |
| 5.25%, 03/14/54 | 190 | 186 |
| 5.35%, 01/08/55 | 528 | 524 |
| Blue Owl Credit Income Corp. |  |  |
| 6.60%, 09/15/29 | 280 | 292 |
| Brookfield Asset Management Ltd. |  |  |
| 5.80%, 04/24/35 | 394 | 412 |
| 6.08%, 09/15/55 | 140 | 145 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/32 | 145 | 149 |
| 5.55%, 06/23/35 | 79 | 81 |
| Capital One Financial Corporation |  |  |
| 6.18%, 01/30/36 | 280 | 290 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (b) | 500 | 514 |
| 4.50%, 09/11/31 | 690 | 690 |
| 3.79%, 03/17/33 | 1080 | 1026 |
| 6.02%, 01/24/36 | 330 | 346 |
| 5.17%, 09/11/36 | 400 | 404 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 250 | 265 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/34 | 460 | 484 |
| 4.40%, 04/05/52 | 290 | 240 |
| Equitable Financial Life Global Funding |  |  |
| 1.70%, 11/12/26 (a) | 940 | 916 |
| 4.95%, 06/09/30 (a) | 1927 | 1966 |
| European Bank for Reconstruction and Development |  |  |
| 4.13%, 01/25/29 | 1040 | 1050 |
| European Investment Bank |  |  |
| 4.00%, 02/15/29 | 1340 | 1354 |
| 4.25%, 08/16/32 | 718 | 730 |
| First Citizens BancShares, Inc. |  |  |
| 5.60%, 09/05/35 | 1073 | 1070 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (a) | 720 | 674 |
| Ford Motor Credit Company LLC |  |  |
| 5.92%, 03/20/28 | 450 | 457 |
| 6.80%, 11/07/28 | 300 | 313 |
| General Motors Financial Company, Inc. |  |  |
| 5.80%, 06/23/28 | 390 | 404 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.69%, 10/23/30 | 580 | 587 |
| 5.56%, 11/19/45 | 600 | 609 |
| Golub Capital Private Credit Fund |  |  |
| 5.88%, 05/01/30 | 556 | 566 |
| Guardian Life Insurance Co. |  |  |
| 4.33%, 10/06/30 (a) | 400 | 400 |
| Guardian Life Insurance Company of America, The |  |  |
| 3.70%, 01/22/70 (a) | 290 | 200 |
| HSBC Holdings PLC |  |  |
| 5.13%, 11/19/28 (c) | 400 | 407 |
| 6.16%, 03/09/29 | 600 | 626 |
| Inter-American Development Bank |  |  |
| 4.50%, 05/15/26 | 1910 | 1916 |
| International Bank for Reconstruction and Development |  |  |
| 4.75%, 04/10/26 | 500 | 502 |
| 3.88%, 10/16/29 - 02/14/30 | 3776 | 3798 |
| 4.00%, 07/25/30 | 600 | 606 |
| 4.50%, 04/10/31 | 630 | 651 |
| 4.38%, 08/27/35 | 1067 | 1083 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 1000 | 1011 |
| 4.51%, 10/22/28 | 1640 | 1654 |
| 2.07%, 06/01/29 | 1223 | 1160 |
| 5.35%, 06/01/34 | 550 | 572 |
| 4.95%, 10/22/35 | 710 | 716 |
| 5.57%, 04/22/36 (d) | 180 | 190 |
| 5.58%, 07/23/36 | 441 | 457 |
| 3.11%, 04/22/41 | 430 | 338 |
| 5.53%, 11/29/45 | 1060 | 1090 |
| 3.96%, 11/15/48 | 650 | 532 |
| KfW |  |  |
| 5.00%, 03/16/26 | 1000 | 1004 |
| 4.63%, 08/07/26 | 700 | 705 |
| 3.50%, 08/27/27 | 3000 | 2990 |
| Lloyds Banking Group PLC |  |  |
| 5.72%, 06/05/30 | 435 | 455 |
| LPL Holdings, Inc. |  |  |
| 5.65%, 03/15/35 | 190 | 194 |
| MET Tower Global Funding |  |  |
| 4.85%, 01/16/27 (a) | 1000 | 1010 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.53%, 09/12/31 | 538 | 540 |
| 5.57%, 01/16/36 | 1900 | 1991 |
| 5.19%, 09/12/36 | 600 | 609 |
| Morgan Stanley |  |  |
| 5.66%, 04/18/30 | 1000 | 1044 |
| 4.65%, 10/18/30 | 1580 | 1597 |
| 5.19%, 04/17/31 | 1350 | 1393 |
| 5.25%, 04/21/34 | 1550 | 1598 |
| 5.59%, 01/18/36 | 360 | 377 |
| 5.95%, 01/19/38 (e) | 340 | 356 |
| 5.52%, 11/19/55 | 700 | 708 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.02%, 01/12/29 | 590 | 601 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 07/06/28 | 1132 | 1139 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 (c) | 576 | 590 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (a) | 137 | 136 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (a) | 300 | 322 |
| Royal Bank of Canada |  |  |
| 4.97%, 08/02/30 | 980 | 1002 |
| 6.35%, 11/24/84 (c) | 350 | 343 |

---

513

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| S&P Global Inc. |  |  |
| 5.25%, 09/15/33 | 550 | 576 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.50%, 09/03/30 (a) | 400 | 401 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 825 | 890 |
| 5.58%, 01/29/36 | 492 | 514 |
| Truist Bank |  |  |
| 4.42%, 07/24/28 | 1130 | 1135 |
| U.S. Bancorp |  |  |
| 5.08%, 05/15/31 | 300 | 308 |
| 5.42%, 02/12/36 (d) | 610 | 631 |
| U.S. Bank National Association |  |  |
| 4.73%, 05/15/28 (f) | 830 | 837 |
| UBS Group AG |  |  |
| 6.25%, 09/22/29 (a) | 700 | 739 |
| 6.54%, 08/12/33 (a) | 170 | 188 |
| Wells Fargo & Company |  |  |
| 2.88%, 10/30/30 | 400 | 379 |
| 5.24%, 01/24/31 | 700 | 724 |
| 5.15%, 04/23/31 | 1000 | 1031 |
| 5.56%, 07/25/34 | 200 | 210 |
| | | 81127 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| AbbVie Inc. |  |  |
| 4.80%, 03/15/29 | 1500 | 1534 |
| 4.25%, 11/21/49 | 1000 | 842 |
| Advocate Health and Hospitals Corporation |  |  |
| 3.01%, 06/15/50 | 440 | 296 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 (a) | 377 | 359 |
| 2.60%, 05/27/30 (a) | 587 | 544 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 | 970 | 1005 |
| 5.65%, 03/02/53 | 670 | 670 |
| AstraZeneca Finance LLC |  |  |
| 5.00%, 02/26/34 | 700 | 722 |
| Bayer US Finance II LLC |  |  |
| 4.63%, 06/25/38 (a) | 390 | 353 |
| Bristol-Myers Squibb Company |  |  |
| 4.13%, 06/15/39 | 350 | 317 |
| Cencora, Inc. |  |  |
| 4.85%, 12/15/29 | 400 | 408 |
| 5.15%, 02/15/35 | 564 | 574 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 1090 | 1003 |
| Cigna Group, The |  |  |
| 2.38%, 03/15/31 | 340 | 306 |
| 5.25%, 01/15/36 | 1320 | 1337 |
| CVS Health Corporation |  |  |
| 4.78%, 03/25/38 | 940 | 881 |
| Elevance Health, Inc. |  |  |
| 5.00%, 01/15/36 | 724 | 719 |
| 6.10%, 10/15/52 | 200 | 208 |
| Eli Lilly and Company |  |  |
| 4.90%, 10/15/35 | 1041 | 1055 |
| 5.05%, 08/14/54 | 500 | 478 |
| EMD Finance LLC |  |  |
| 4.38%, 10/15/30 (a) | 600 | 599 |
| 4.63%, 10/15/32 (a) | 243 | 243 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 04/01/44 | 560 | 524 |
| HCA Inc. |  |  |
| 5.45%, 09/15/34 | 326 | 335 |
| 4.63%, 03/15/52 | 570 | 471 |
| 6.20%, 03/01/55 | 470 | 485 |
| Humana Inc. |  |  |
| 5.75%, 04/15/54 | 180 | 172 |
| Indiana University Health, Inc. |  |  |
| 2.85%, 11/01/51 | 240 | 154 |
| Johnson & Johnson |  |  |
| 4.85%, 03/01/32 | 570 | 592 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | 190 | 159 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 960 | 961 |
| Mars, Incorporated |  |  |
| 3.88%, 04/01/39 (a) | 740 | 647 |
| 5.65%, 05/01/45 (a) | 310 | 315 |
| 5.70%, 05/01/55 (a) | 90 | 91 |
| McKesson Corporation |  |  |
| 4.65%, 05/30/30 | 1150 | 1170 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/53 | 190 | 179 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 4.45%, 05/19/26 | 770 | 772 |
| 5.30%, 05/19/53 | 400 | 386 |
| Quest Diagnostics Incorporated |  |  |
| 4.63%, 12/15/29 | 1481 | 1503 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 (a) | 400 | 430 |
| Royalty Pharma PLC |  |  |
| 5.20%, 09/25/35 | 742 | 741 |
| 3.30%, 09/02/40 | 1040 | 800 |
| STERIS Irish FinCo Unlimited Company |  |  |
| 3.75%, 03/15/51 (d) | 240 | 176 |
| Takeda Pharmaceutical Company Limited |  |  |
| 5.30%, 07/05/34 | 670 | 690 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 600 | 614 |
| 4.25%, 06/15/48 | 720 | 595 |
| 6.05%, 02/15/63 | 200 | 209 |
|  |  | 27624 |
| **Utilities 8.9%** | **Utilities 8.9%** | **Utilities 8.9%** |
| American Water Capital Corp. |  |  |
| 5.70%, 09/01/55 | 310 | 315 |
| Arizona Public Service Company |  |  |
| 5.70%, 08/15/34 | 542 | 568 |
| Atmos Energy Corporation |  |  |
| 5.20%, 08/15/35 | 482 | 493 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.45%, 03/15/44 | 500 | 441 |
| Constellation Energy Generation, LLC |  |  |
| 6.50%, 10/01/53 | 220 | 245 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 701 | 696 |
| 4.25%, 12/15/41 | 350 | 309 |
| Duke Energy Florida, LLC |  |  |
| 5.95%, 11/15/52 | 470 | 495 |
| Duke Energy Progress, LLC |  |  |
| 5.10%, 03/15/34 | 250 | 257 |
| 4.10%, 03/15/43 | 380 | 323 |
| 5.55%, 03/15/55 | 650 | 653 |
| Entergy Utility Assets, LLC |  |  |
| 5.15%, 09/15/34 | 247 | 252 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/30 | 500 | 465 |
| Exelon Corporation |  |  |
| 5.60%, 03/15/53 | 250 | 245 |
| 6.50%, 03/15/55 | 1503 | 1575 |
| Florida Power & Light Company |  |  |
| 5.30%, 06/15/34 | 620 | 646 |
| 3.95%, 03/01/48 | 740 | 602 |
| Interstate Power and Light Company |  |  |
| 5.60%, 06/29/35 | 354 | 368 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (g) | 920 | 930 |
| Niagara Mohawk Power Corporation |  |  |
| 6.00%, 07/03/55 (a) | 503 | 519 |
| NiSource Inc. |  |  |
| 5.85%, 04/01/55 | 400 | 406 |
| Northern States Power Company |  |  |
| 5.10%, 05/15/53 | 140 | 133 |
| NSTAR Electric Company |  |  |
| 1.95%, 08/15/31 | 250 | 219 |
| 5.40%, 06/01/34 | 185 | 192 |
| 5.20%, 03/01/35 | 832 | 848 |

---

514

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Oncor Electric Delivery Company LLC |  |  |
| 3.10%, 09/15/49 | 430 | 291 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 390 | 251 |
| PG&E Corporation |  |  |
| 4.50%, 07/01/40 | 500 | 435 |
| 6.75%, 01/15/53 | 400 | 431 |
| 6.70%, 04/01/53 | 280 | 300 |
| 5.90%, 10/01/54 | 150 | 146 |
| Piedmont Natural Gas Company, Inc. |  |  |
| 5.05%, 05/15/52 | 250 | 227 |
| Public Service Company of Colorado |  |  |
| 5.15%, 09/15/35 | 1260 | 1276 |
| Public Service Electric And Gas Company |  |  |
| 5.45%, 03/01/54 | 400 | 400 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 690 | 714 |
| 5.88%, 10/15/28 | 850 | 890 |
| San Diego Gas & Electric Company |  |  |
| 5.35%, 04/01/53 | 360 | 347 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 780 | 797 |
| Southern California Edison Company |  |  |
| 4.88%, 02/01/27 | 300 | 302 |
| 4.65%, 10/01/43 | 420 | 358 |
| 5.88%, 12/01/53 | 250 | 242 |
| Southern California Gas Company |  |  |
| 6.35%, 11/15/52 | 180 | 197 |
| 6.00%, 06/15/55 | 491 | 514 |
| Virginia Electric and Power Company |  |  |
| 2.45%, 12/15/50 | 350 | 204 |
| | | 20517 |
| **Industrials 6.2%** | **Industrials 6.2%** | **Industrials 6.2%** |
| Aircastle Limited |  |  |
| 6.50%, 07/18/28 (a) | 900 | 946 |
| 5.00%, 09/15/30 (a) | 266 | 268 |
| Amcor Finance (USA), Inc. |  |  |
| 5.63%, 05/26/33 | 340 | 355 |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30 (a) | 391 | 399 |
| Boeing Company, The |  |  |
| 6.30%, 05/01/29 (h) | 800 | 849 |
| 6.53%, 05/01/34 (h) | 440 | 487 |
| 5.81%, 05/01/50 (h) | 400 | 400 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.40%, 06/01/41 | 410 | 419 |
| 5.20%, 04/15/54 | 840 | 807 |
| 5.50%, 03/15/55 | 400 | 402 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.10%, 12/02/51 | 200 | 135 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30 (a) | 460 | 469 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 350 | 394 |
| Norfolk Southern Corporation |  |  |
| 5.35%, 08/01/54 (d) | 450 | 443 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 448 | 461 |
| 5.35%, 04/15/32 | 345 | 358 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (h) | 710 | 735 |
| 6.40%, 04/15/33 (h) | 460 | 494 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 103 |
| RTX Corporation |  |  |
| 6.00%, 03/15/31 | 880 | 950 |
| 6.10%, 03/15/34 | 610 | 668 |
| 5.38%, 02/27/53 | 220 | 215 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.78%, 04/03/54 | 400 | 407 |
| UL Solutions Inc. |  |  |
| 6.50%, 10/20/28 | 700 | 736 |
| Union Pacific Corporation |  |  |
| 3.60%, 09/15/37 | 530 | 470 |
| 3.95%, 08/15/59 | 200 | 152 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 157 | 155 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 200 | 206 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 510 | 520 |
| Waste Management, Inc. |  |  |
| 4.80%, 03/15/32 | 800 | 817 |
|  |  | 14220 |
| **Information Technology 5.9%** | **Information Technology 5.9%** | **Information Technology 5.9%** |
| Accenture Capital Inc. |  |  |
| 4.05%, 10/04/29 | 470 | 470 |
| Apple Inc. |  |  |
| 3.45%, 02/09/45 | 400 | 318 |
| 4.38%, 05/13/45 | 150 | 136 |
| 4.65%, 02/23/46 | 500 | 468 |
| 3.95%, 08/08/52 | 670 | 546 |
| Applied Materials, Inc. |  |  |
| 4.60%, 01/15/36 | 755 | 747 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 700 | 724 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 1098 | 1130 |
| 4.35%, 02/15/30 | 570 | 573 |
| 4.60%, 07/15/30 | 546 | 554 |
| 4.90%, 07/15/32 | 546 | 558 |
| 3.47%, 04/15/34 (a) | 420 | 383 |
| Cisco Systems, Inc. |  |  |
| 4.85%, 02/26/29 | 550 | 565 |
| 4.95%, 02/26/31 | 310 | 321 |
| 5.30%, 02/26/54 | 310 | 306 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (a) | 470 | 503 |
| Intel Corporation |  |  |
| 4.80%, 10/01/41 | 240 | 217 |
| Microsoft Corporation |  |  |
| 2.53%, 06/01/50 | 1000 | 634 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 690 | 679 |
| Oracle Corporation |  |  |
| 5.20%, 09/26/35 | 430 | 432 |
| 3.65%, 03/25/41 | 540 | 431 |
| 4.00%, 11/15/47 | 410 | 317 |
| 6.00%, 08/03/55 | 240 | 241 |
| 6.10%, 09/26/65 | 590 | 590 |
| Qualcomm Incorporated |  |  |
| 4.80%, 05/20/45 | 200 | 187 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/30 | 968 | 985 |
| Texas Instruments Incorporated |  |  |
| 5.15%, 02/08/54 | 200 | 193 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 400 | 392 |
|  |  | 13600 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 1430 | 1477 |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (a) | 530 | 525 |
| B.A.T Capital Corporation |  |  |
| 7.08%, 08/02/53 | 400 | 458 |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.38%, 01/09/36 (a) | 560 | 567 |
| Bunge Limited Finance Corp. |  |  |
| 5.15%, 08/04/35 | 752 | 761 |
| Cargill, Incorporated |  |  |
| 2.13%, 11/10/31 (a) | 550 | 484 |
| Coca-Cola Company, The |  |  |
| 5.30%, 05/13/54 | 420 | 418 |
| Constellation Brands, Inc. |  |  |
| 4.80%, 05/01/30 | 111 | 113 |
| 2.25%, 08/01/31 | 430 | 379 |

---

515

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSL Finance PLC |  |  |
| 4.25%, 04/27/32 (a) | 330 | 325 |
| 5.11%, 04/03/34 (a) | 400 | 412 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.38%, 04/15/66 (a) | 520 | 535 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 330 | 378 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 | 309 | 317 |
| Keurig Dr Pepper Inc. |  |  |
| 3.95%, 04/15/29 | 670 | 659 |
| Nestle Capital Corporation |  |  |
| 4.88%, 03/12/34 (a) | 250 | 257 |
| Nestle Holdings, Inc. |  |  |
| 5.25%, 03/13/26 (a) | 740 | 745 |
| Philip Morris International Inc. |  |  |
| 4.75%, 11/01/31 | 850 | 865 |
| Procter & Gamble Company, The |  |  |
| 4.05%, 05/01/30 | 920 | 925 |
| Tyson Foods, Inc. |  |  |
| 5.70%, 03/15/34 | 430 | 453 |
| Unilever Capital Corporation |  |  |
| 5.00%, 12/08/33 | 470 | 488 |
| Walmart Inc. |  |  |
| 4.50%, 04/15/53 | 500 | 448 |
| | | 11989 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| BP Capital Markets America Inc. |  |  |
| 2.94%, 06/04/51 | 300 | 194 |
| Chevron U.S.A. Inc. |  |  |
| 4.30%, 10/15/30 | 476 | 479 |
| ConocoPhillips Company |  |  |
| 5.30%, 05/15/53 | 270 | 257 |
| Energy Transfer LP |  |  |
| 6.40%, 12/01/30 | 510 | 553 |
| 5.70%, 04/01/35 | 250 | 258 |
| 5.80%, 06/15/38 | 320 | 326 |
| 5.00%, 05/15/50 | 600 | 513 |
| Enterprise Products Operating LLC |  |  |
| 5.70%, 02/15/42 | 800 | 823 |
| Equinor ASA |  |  |
| 5.13%, 06/03/35 | 500 | 515 |
| Exxon Mobil Corporation |  |  |
| 4.23%, 03/19/40 | 600 | 549 |
| MPLX LP |  |  |
| 5.50%, 06/01/34 | 380 | 387 |
| 5.40%, 09/15/35 | 820 | 823 |
| 6.20%, 09/15/55 | 550 | 555 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 350 | 360 |
| 6.25%, 07/15/33 | 140 | 148 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 410 | 368 |
| Repsol E&P Capital Markets US LLC |  |  |
| 5.20%, 09/16/30 (a) | 250 | 252 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 570 | 574 |
| 4.50%, 05/15/30 | 850 | 854 |
| Shell International Finance B.V. |  |  |
| 3.00%, 11/26/51 | 400 | 266 |
| Targa Resources Corp. |  |  |
| 6.15%, 03/01/29 | 850 | 896 |
| Targa Resources Partners LP |  |  |
| 4.00%, 01/15/32 | 610 | 579 |
| TotalEnergies SE |  |  |
| 5.64%, 04/05/64 | 300 | 299 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 - 08/15/52 | 840 | 827 |
|  |  | 11655 |
| **Communication Services 4.8%** | **Communication Services 4.8%** | **Communication Services 4.8%** |
| Alphabet Inc. |  |  |
| 4.50%, 05/15/35 | 760 | 761 |
| 1.90%, 08/15/40 | 320 | 219 |
| 5.25%, 05/15/55 | 90 | 90 |
| 5.30%, 05/15/65 | 132 | 131 |
| AT&T Inc. |  |  |
| 5.25%, 03/01/37 | 1050 | 1067 |
| 4.85%, 03/01/39 | 890 | 854 |
| 4.30%, 12/15/42 | 350 | 303 |
| 3.65%, 06/01/51 | 1380 | 998 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 - 03/01/42 | 810 | 588 |
| Comcast Corporation |  |  |
| 3.75%, 04/01/40 | 640 | 538 |
| 2.89%, 11/01/51 | 500 | 309 |
| Cox Communications, Inc. |  |  |
| 5.95%, 09/01/54 (a) | 450 | 419 |
| Meta Platforms, Inc. |  |  |
| 5.60%, 05/15/53 | 410 | 416 |
| 5.55%, 08/15/64 | 250 | 248 |
| SoftBank Corp. |  |  |
| 5.33%, 07/09/35 (a) | 628 | 633 |
| T-Mobile USA, Inc. |  |  |
| 4.95%, 03/15/28 | 800 | 815 |
| 2.25%, 11/15/31 | 400 | 352 |
| 5.75%, 01/15/34 | 850 | 901 |
| 5.65%, 01/15/53 | 240 | 237 |
| Verizon Communications Inc. |  |  |
| 4.40%, 11/01/34 | 1000 | 965 |
| Walt Disney Company, The |  |  |
| 6.65%, 11/15/37 | 280 | 324 |
|  |  | 11168 |
| **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 1060 | 975 |
| 2.50%, 06/03/50 | 200 | 124 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.88%, 06/04/31 (a) | 200 | 203 |
| General Motors Company |  |  |
| 5.63%, 04/15/30 | 600 | 622 |
| Honda Motor Co., Ltd. |  |  |
| 5.34%, 07/08/35 | 380 | 387 |
| Hyundai Capital America |  |  |
| 4.88%, 11/01/27 (a) | 550 | 556 |
| 4.50%, 09/18/30 (a) | 476 | 474 |
| Lowe`s Companies, Inc. |  |  |
| 3.00%, 10/15/50 | 450 | 291 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 250 | 253 |
| 5.25%, 10/15/35 | 700 | 706 |
| McDonald's Corporation |  |  |
| 5.45%, 08/14/53 | 260 | 257 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 329 | 331 |
| Southern California, University of |  |  |
| 3.84%, 10/01/47 | 450 | 362 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 150 | 157 |
| Trustees of Columbia University In The City of New York, The |  |  |
| 4.36%, 10/01/35 | 447 | 439 |
| University of Chicago, The |  |  |
| 2.76%, 04/01/45 | 350 | 276 |
|  |  | 6413 |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.50%, 03/17/35 | 300 | 309 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (a) | 417 | 425 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/55 (a) | 430 | 462 |
| Ecolab Inc. |  |  |
| 5.00%, 09/01/35 | 210 | 214 |
| Glencore Funding LLC |  |  |
| 5.19%, 04/01/30 (a) | 164 | 169 |
| 5.67%, 04/01/35 (a) | 367 | 382 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 1000 | 1043 |

---

516

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nutrien Ltd. |  |  |
| 5.40%, 06/21/34 | 600 | 618 |
| Packaging Corporation of America |  |  |
| 5.20%, 08/15/35 | 187 | 191 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 173 | 173 |
| 4.60%, 09/01/29 | 450 | 452 |
| | | 4438 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| American Tower Corporation |  |  |
| 1.45%, 09/15/26 | 1020 | 995 |
| 2.90%, 01/15/30 | 450 | 424 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (a) | 480 | 439 |
| ERP Operating Limited Partnership |  |  |
| 4.95%, 06/15/32 | 178 | 182 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 215 | 213 |
| ProLogis, L.P. |  |  |
| 5.25%, 06/15/53 | 200 | 193 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (a) | 540 | 521 |
|  |  | 2967 |
| Total Corporate Bonds And Notes (cost $200,591) | Total Corporate Bonds And Notes (cost $200,591) | 205718 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 6.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.8%** |
| **U.S. Treasury Bond 4.2%** | **U.S. Treasury Bond 4.2%** | **U.S. Treasury Bond 4.2%** |
| Treasury, United States Department of |  |  |
| 4.13%, 08/15/44 | 7000 | 6497 |
| 2.88%, 11/15/46 | 4150 | 3105 |
|  |  | 9602 |
| **Sovereign 2.1%** | **Sovereign 2.1%** | **Sovereign 2.1%** |
| CPPIB Capital Inc. |  |  |
| 3.75%, 10/08/27 (a) | 1050 | 1049 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.38%, 03/22/33 | 513 | 513 |
| 6.00%, 05/07/36 | 410 | 421 |
| 6.34%, 05/04/53 | 460 | 448 |
| Israel, State of |  |  |
| 5.50%, 03/12/34 | 520 | 533 |
| ROP Sukuk Trust |  |  |
| 5.05%, 06/06/29 (a) | 960 | 984 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.88%, 05/06/51 | 310 | 219 |
| The Philippines, Government of |  |  |
| 5.95%, 10/13/47 | 250 | 268 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 550 | 528 |
|  |  | 4963 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| Jobsohio Beverage System |  |  |
| 4.43%, 01/01/33 | 145 | 146 |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 160 | 178 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 290 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 250 | 260 |
| The University of Texas System |  |  |
| 4.79%, 08/15/46 | 230 | 219 |
|  |  | 1093 |
| Total Government And Agency Obligations (cost $15,379) | Total Government And Agency Obligations (cost $15,379) | 15658 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.7%** |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 243 | 235 |
| Series 2016-A-2, 3.65%, 06/15/28 | 200 | 191 |
| British Airways PLC |  |  |
| Series 2018-AA-1, 3.80%, 09/20/31 | 223 | 218 |
| Series 2019-1, 3.30%, 12/15/32 | 293 | 277 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 567 | 570 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 906 | 909 |
| OBX 2025-NQM13 Trust |  |  |
| Series 2025-A1-NQM13, REMIC, 5.44%, 05/25/65 (g) | 476 | 480 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 690 | 706 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (e) | 210 | 215 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 117 | 117 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 1353 | 1399 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 615 | 632 |
| United Airlines Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, 4.15%, 08/25/31 | 273 | 266 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,092) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,092) | 6215 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 4.14% (i) (j) | 1699 | 1699 |
| Total Short Term Investments (cost $1,699) | Total Short Term Investments (cost $1,699) | 1699 |
| **Total Investments 99.4% (cost $223,761)** | **Total Investments 99.4% (cost $223,761)** | **229290** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **8** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **1308** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **230606** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $27,039 and 11.7% of the Fund.

(b) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(c) Convertible security.

(d) All or a portion of the security was on loan as of September 30, 2025.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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 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 September 30, 2025.

(h) 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 September 30, 2025.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

517

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 925 | 98402 | 99327 | 108 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 2289 | 17147 | 17737 | 31 |  |  | 1699 | 0.7 |
|  | 3214 | 115549 | 117064 | 139 |  |  | 1699 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| U.S. Bank National Association, 4.73%, 05/15/28 | 05/12/25 | 830 | 837 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 38 | January 2026 | 7914 | 4 | 5 |
| United States 5 Year Note | 15 | January 2026 | 1643 | 1 | (5) |
|  |  |  |  | 5 |  |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (29) | December 2025 | (3346) | 2 | 9 |
| United States Long Bond | (2) | December 2025 | (234) |  |  |
| United States Ultra Bond | (1) | December 2025 | (120) | 1 |  |
|  |  |  |  | 3 | 9 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 205718 |  | 205718 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 15658 |  | 15658 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 6215 |  | 6215 |
| &nbsp;&nbsp;Short Term Investments | 1699 |  |  | 1699 |
|  | 1699 | 227591 |  | 229290 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 14 |  |  | 14 |
|  | 14 |  |  | 14 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (5) |  |  | (5) |
|  | (5) |  |  | (5) |

---

<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.

518

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** |
| **U.S. Treasury Note 22.2%** | **U.S. Treasury Note 22.2%** | **U.S. Treasury Note 22.2%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/27 - 05/15/28 | 73480 | 73667 |
| 4.63%, 04/30/29 - 09/30/30 | 11400 | 11797 |
| 4.13%, 11/30/29 - 05/31/32 | 56270 | 57123 |
| 3.50%, 04/30/30 - 02/15/33 | 17345 | 17045 |
| 3.88%, 06/30/30 - 08/15/33 | 67543 | 67730 |
| 4.88%, 10/31/30 | 3750 | 3942 |
| 1.38%, 11/15/31 | 14001 | 12119 |
| 2.88%, 05/15/32 | 45388 | 42670 |
| 4.50%, 11/15/33 | 3750 | 3877 |
| 4.38%, 05/15/34 | 23655 | 24204 |
|  |  | 314174 |
| **Mortgage-Backed Securities 21.4%** | **Mortgage-Backed Securities 21.4%** | **Mortgage-Backed Securities 21.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 08/01/31 - 11/01/51 | 4077 | 3517 |
| 3.00%, 05/01/34 - 06/01/52 | 13072 | 11704 |
| 2.00%, 04/01/36 - 06/01/52 | 24089 | 20510 |
| 3.50%, 08/01/37 - 05/01/48 | 8209 | 7711 |
| 4.00%, 10/01/37 - 06/01/48 | 6615 | 6401 |
| 5.00%, 02/01/38 - 03/01/55 | 28101 | 27930 |
| 4.50%, 07/01/38 - 09/01/52 | 15460 | 15170 |
| 5.50%, 10/01/53 - 09/01/54 | 24553 | 24783 |
| 6.00%, 11/01/53 - 03/01/54 | 10453 | 10702 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/31 - 01/01/52 | 16671 | 14695 |
| 3.00%, 04/01/31 - 05/01/53 | 24809 | 22377 |
| 5.00%, 06/01/35 - 04/01/53 | 10210 | 10198 |
| 2.00%, 10/01/35 - 05/01/52 | 38216 | 31247 |
| 4.00%, 10/01/37 - 09/01/49 | 9941 | 9570 |
| 4.50%, 05/01/38 - 10/01/52 | 9832 | 9669 |
| 3.50%, 11/01/42 - 08/01/49 | 7818 | 7313 |
| 5.50%, 02/01/53 | 2570 | 2607 |
| 6.00%, 10/01/53 | 2568 | 2629 |
| Government National Mortgage Association |  |  |
| 5.00%, 08/20/41 - 01/20/55 | 7510 | 7503 |
| 3.50%, 06/20/43 - 05/20/52 | 8457 | 7870 |
| 4.00%, 05/20/44 - 04/20/53 | 7451 | 7112 |
| 3.00%, 07/20/45 - 06/20/52 | 9538 | 8567 |
| 4.50%, 12/20/48 - 06/20/53 | 13677 | 13363 |
| 2.50%, 08/20/50 - 04/20/52 | 16918 | 14581 |
| 2.00%, 10/20/51 - 01/20/52 | 6153 | 5093 |
|  |  | 302822 |
| **U.S. Treasury Bond 11.1%** | **U.S. Treasury Bond 11.1%** | **U.S. Treasury Bond 11.1%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/41 - 11/15/43 | 18998 | 17067 |
| 3.13%, 11/15/41 | 11200 | 9324 |
| 4.13%, 08/15/44 | 19330 | 17941 |
| 2.50%, 02/15/45 - 02/15/46 | 51398 | 36580 |
| 4.75%, 02/15/45 - 05/15/55 | 19090 | 19195 |
| 3.00%, 02/15/48 | 16488 | 12446 |
| 2.88%, 05/15/49 | 20310 | 14811 |
| 2.25%, 08/15/49 | 23095 | 14733 |
| 4.00%, 11/15/52 | 16510 | 14607 |
|  |  | 156704 |
| **U.S. Government Agency Obligations 1.0%** | **U.S. Government Agency Obligations 1.0%** | **U.S. Government Agency Obligations 1.0%** |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 08/05/30 (a) (b) | 7104 | 6202 |
| Tennessee Valley Authority |  |  |
| 3.88%, 08/01/30 (b) | 4730 | 4725 |
| 4.88%, 05/15/35 (b) | 3530 | 3636 |
|  |  | 14563 |
| Total Government And Agency Obligations (cost $820,846) | Total Government And Agency Obligations (cost $820,846) | 788263 |
| **CORPORATE BONDS AND NOTES 29.6%** | **CORPORATE BONDS AND NOTES 29.6%** | **CORPORATE BONDS AND NOTES 29.6%** |
| **Financials 12.5%** | **Financials 12.5%** | **Financials 12.5%** |
| Ally Financial Inc. |  |  |
| 6.65%, 01/17/40 | 4801 | 4804 |
| American Express Company |  |  |
| 5.27%, 07/26/28 (c) | 2694 | 2714 |
| 5.67%, 04/25/36 | 3477 | 3673 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 2074 | 2219 |
| Bank of America Corporation |  |  |
| 2.97%, 02/04/33 | 2908 | 2647 |
| 5.52%, 10/25/35 | 4205 | 4306 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.47%, 10/25/34 | 2493 | 2774 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (a) (d) (e) | 1772 | 1876 |
| Blue Owl Technology Finance Corp. |  |  |
| 6.10%, 03/15/28 (f) | 1958 | 1984 |
| Brookfield Asset Management Ltd. |  |  |
| 6.08%, 09/15/55 | 879 | 913 |
| Brown & Brown, Inc. |  |  |
| 5.55%, 06/23/35 | 1002 | 1030 |
| 6.25%, 06/23/55 | 677 | 713 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 1732 | 1870 |
| 6.18%, 01/30/36 | 3287 | 3410 |
| Chubb Ina Holdings LLC |  |  |
| 4.90%, 08/15/35 | 1403 | 1411 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (f) (g) | 2402 | 2542 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (d) | 3550 | 3662 |
| 7.13%, (100, 08/15/29) (d) | 2750 | 2842 |
| 6.02%, 01/24/36 | 2776 | 2909 |
| 5.17%, 09/11/36 | 3476 | 3513 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| 6.50%, 10/01/30 (f) | 1732 | 1738 |
| Daimler Trucks Finance North America LLC |  |  |
| 5.11%, (SOFR + 0.96%), 09/25/27 (c) (f) | 3995 | 4010 |
| First Citizens BancShares, Inc. |  |  |
| 5.60%, 09/05/35 | 4035 | 4023 |
| Ford Motor Credit Company LLC |  |  |
| 4.13%, 08/17/27 | 632 | 621 |
| 7.35%, 11/04/27 | 3456 | 3604 |
| 6.05%, 03/05/31 | 1100 | 1126 |
| 6.05%, 11/05/31 | 1340 | 1369 |
| 6.13%, 03/08/34 | 2820 | 2832 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (f) | 793 | 836 |
| 8.38%, 04/01/32 (f) | 1859 | 1948 |
| General Motors Financial Company, Inc. |  |  |
| 5.69%, 05/08/27 (c) | 4700 | 4725 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (f) | 4874 | 5187 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.56%, 11/19/45 | 5384 | 5464 |
| 5.73%, 01/28/56 | 1681 | 1743 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (f) | 967 | 972 |
| 5.80%, 09/12/29 | 3890 | 3939 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 (f) | 2856 | 3049 |
| HPS Corporate Lending Fund |  |  |
| 4.90%, 09/11/28 (f) | 2174 | 2162 |
| ING Groep N.V. |  |  |
| 7.00%, (100, 11/16/32) (d) (e) | 3550 | 3661 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (f) | 2366 | 2459 |
| JPMorgan Chase & Co. |  |  |
| 4.60%, 10/22/30 | 2071 | 2095 |
| 5.57%, 04/22/36 | 4690 | 4949 |
| 5.58%, 07/23/36 | 2571 | 2665 |
| LPL Holdings, Inc. |  |  |
| 5.75%, 06/15/35 | 3500 | 3591 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (f) | 4199 | 4415 |
| MassMutual Global Funding II |  |  |
| 5.09%, (SOFR + 0.74%), 04/09/27 (c) (f) | 7690 | 7732 |
| Morgan Stanley |  |  |
| 5.36%, (SOFR + 1.02%), 04/13/28 (c) | 6000 | 6031 |
| 5.19%, 04/17/31 | 2532 | 2613 |
| 6.63%, 11/01/34 | 2880 | 3225 |

---

519

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.52%, 11/19/55 | 3769 | 3813 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.19%, (SOFR + 0.86%), 05/26/28 (c) (h) | 2005 | 2010 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 4993 | 5065 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 7.48%, (3 Month Term SOFR + 3.17%), 04/30/43 (c) | 803 | 802 |
| New York Life Global Funding |  |  |
| 5.00%, 01/09/34 (f) | 4628 | 4734 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (f) | 1211 | 1205 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (f) | 1752 | 1881 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (f) | 880 | 903 |
| 6.38%, 08/01/33 (f) | 880 | 909 |
| State Street Corporation |  |  |
| 6.12%, 11/21/34 | 1900 | 2058 |
| Synovus Financial Corp. |  |  |
| 6.17%, 11/01/30 | 1610 | 1671 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.58%, 01/29/36 | 2855 | 2981 |
| Wells Fargo & Company |  |  |
| 5.41%, (SOFR + 1.07%), 04/22/28 (c) | 3523 | 3545 |
| | | 176173 |
| **Utilities 3.6%** | **Utilities 3.6%** | **Utilities 3.6%** |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 1532 | 1535 |
| American Electric Power Company, Inc. |  |  |
| 6.05%, 03/15/56 | 1552 | 1555 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 3082 | 3135 |
| 5.55%, 03/15/55 | 3130 | 3143 |
| Edison International |  |  |
| 5.25%, 11/15/28 | 5746 | 5785 |
| Exelon Corporation |  |  |
| 6.50%, 03/15/55 | 2199 | 2305 |
| Interstate Power and Light Company |  |  |
| 5.60%, 10/01/55 | 1315 | 1296 |
| NRG Energy, Inc. |  |  |
| 5.41%, 10/15/35 (f) | 3876 | 3884 |
| PG&E Corporation |  |  |
| 3.25%, 06/01/31 | 1512 | 1390 |
| 5.90%, 06/15/32 | 3593 | 3766 |
| 6.75%, 01/15/53 | 1419 | 1529 |
| 6.10%, 10/15/55 | 3545 | 3540 |
| PPL Electric Utilities Corporation |  |  |
| 5.00%, 05/15/33 | 7236 | 7447 |
| RWE Finance US, LLC |  |  |
| 5.13%, 09/18/35 (f) | 2115 | 2086 |
| 5.88%, 09/18/55 (f) | 2032 | 2006 |
| Southern California Edison Company |  |  |
| 5.90%, 03/01/55 | 1940 | 1881 |
| Vistra Operations Company LLC |  |  |
| 6.95%, 10/15/33 (f) | 4162 | 4639 |
|  |  | 50922 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| B.A.T Capital Corporation |  |  |
| 5.35%, 08/15/32 | 3730 | 3859 |
| Grupo Nutresa S.A. |  |  |
| 9.00%, 05/12/35 (f) | 4042 | 4596 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.38%, 04/15/66 (f) | 1418 | 1459 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 5545 | 6354 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (f) | 3470 | 3184 |
| PepsiCo, Inc. |  |  |
| 5.00%, 07/23/35 | 4730 | 4813 |
| Philip Morris International Inc. |  |  |
| 4.88%, 04/30/35 | 7130 | 7138 |
| Walmart Inc. |  |  |
| 4.90%, 04/28/35 | 2891 | 2972 |
|  |  | 34375 |
| **Consumer Discretionary 2.0%** | **Consumer Discretionary 2.0%** | **Consumer Discretionary 2.0%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (f) | 1863 | 1919 |
| 7.38%, 08/01/33 (f) | 1863 | 1921 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (f) | 2003 | 2007 |
| 5.75%, 08/01/32 (f) | 3580 | 3645 |
| 6.13%, 02/15/33 (f) | 2983 | 3059 |
| Hyundai Capital America |  |  |
| 5.19%, (SOFR + 1.04%), 06/24/27 (c) (f) | 4450 | 4466 |
| Resorts World Las Vegas LLC |  |  |
| 8.45%, 07/27/30 (f) | 1410 | 1432 |
| 4.63%, 04/06/31 (f) | 1700 | 1454 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31 (f) | 1480 | 1508 |
| 5.38%, 01/15/36 | 2024 | 2036 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (f) | 26 | 26 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (f) | 3289 | 3478 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1595 | 1273 |
|  |  | 28224 |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| Chevron U.S.A. Inc. |  |  |
| 4.85%, 10/15/35 | 7130 | 7205 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (f) | 2220 | 2162 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (d) | 565 | 568 |
| 7.13%, (100, 05/15/30) (d) | 2573 | 2664 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 2575 | 2554 |
| 6.20%, 03/15/56 | 1932 | 1937 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (d) (f) | 1828 | 1861 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (d) (f) | 4195 | 4153 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (f) | 1314 | 1385 |
| 6.75%, 01/15/36 (f) | 1635 | 1738 |
|  |  | 26227 |
| **Health Care 1.7%** | **Health Care 1.7%** | **Health Care 1.7%** |
| Amgen Inc. |  |  |
| 5.15%, 11/15/41 | 1097 | 1066 |
| CVS Health Corporation |  |  |
| 7.00%, 03/10/55 | 2874 | 3018 |
| Eli Lilly and Company |  |  |
| 4.55%, 10/15/32 | 2534 | 2557 |
| 4.90%, 10/15/35 | 3057 | 3097 |
| 5.55%, 10/15/55 | 1568 | 1614 |
| EMD Finance LLC |  |  |
| 5.00%, 10/15/35 (f) | 4260 | 4262 |
| Mars, Incorporated |  |  |
| 3.74%, 10/11/27 (h) (i) | 1200 | 1185 |
| Royalty Pharma PLC |  |  |
| 5.20%, 09/25/35 | 3254 | 3250 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 01/15/32 | 2640 | 2296 |
| 5.05%, 10/15/34 | 1659 | 1620 |
|  |  | 23965 |
| **Industrials 1.6%** | **Industrials 1.6%** | **Industrials 1.6%** |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (g) | 1318 | 1526 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (f) | 439 | 446 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (f) | 2860 | 2881 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3012 | 3124 |

---

520

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 (g) | 2477 | 2487 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (f) | 2976 | 3144 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/34 | 1500 | 1502 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (f) | 2340 | 2337 |
| 4.63%, 04/15/29 (f) | 2842 | 2800 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (f) | 2506 | 2553 |
| | | 22800 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (f) | 306 | 312 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/55 (f) | 2637 | 2832 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (f) | 840 | 883 |
| 8.00%, 03/01/33 (f) | 340 | 359 |
| Glencore Funding LLC |  |  |
| 5.63%, 04/04/34 (f) | 5090 | 5296 |
| 5.67%, 04/01/35 (f) | 4597 | 4787 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (f) | 1168 | 1183 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (f) | 1860 | 1801 |
| 7.00%, 12/01/31 (f) | 1690 | 1780 |
| Packaging Corporation of America |  |  |
| 5.20%, 08/15/35 | 1158 | 1181 |
|  |  | 20414 |
| **Communication Services 1.1%** | **Communication Services 1.1%** | **Communication Services 1.1%** |
| Alphabet Inc. |  |  |
| 5.25%, 05/15/55 | 1358 | 1362 |
| 5.30%, 05/15/65 | 1267 | 1262 |
| Charter Communications Operating, LLC |  |  |
| 5.85%, 12/01/35 | 3100 | 3125 |
| Meta Platforms, Inc. |  |  |
| 5.40%, 08/15/54 | 2552 | 2519 |
| 5.55%, 08/15/64 | 1908 | 1896 |
| SoftBank Corp. |  |  |
| 5.33%, 07/09/35 (f) | 5810 | 5856 |
|  |  | 16020 |
| **Information Technology 1.1%** | **Information Technology 1.1%** | **Information Technology 1.1%** |
| Broadcom Inc. |  |  |
| 4.60%, 07/15/30 | 2920 | 2963 |
| 4.55%, 02/15/32 | 2000 | 2013 |
| 4.90%, 07/15/32 | 2920 | 2985 |
| Cisco Systems, Inc. |  |  |
| 5.05%, 02/26/34 | 3961 | 4098 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/34 (f) | 2810 | 2930 |
|  |  | 14989 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Broadstone Net Lease, LLC |  |  |
| 5.00%, 11/01/32 | 1490 | 1482 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 1758 | 1743 |
| VICI Properties Inc. |  |  |
| 3.75%, 02/15/27 (f) | 1679 | 1661 |
|  |  | 4886 |
| Total Corporate Bonds And Notes (cost $408,613) | Total Corporate Bonds And Notes (cost $408,613) | 418995 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.6%** |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.89%, (1 Month Term SOFR + 1.74%), 06/15/27 (c) | 1100 | 1106 |
| Series 2025-B-OANA, REMIC, 5.99%, (1 Month Term SOFR + 1.84%), 06/15/27 (c) | 1470 | 1479 |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 3512 | 3394 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.79%, (1 Month Term SOFR + 1.75%), 06/15/27 (c) | 2839 | 2844 |
| Bank 2017-Bnk5 |  |  |
| Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27 | 2286 | 2226 |
| Barings CLO Ltd.2025-III |  |  |
| Series 2025-B-3A, 5.93%, (3 Month Term SOFR + 1.65%), 03/31/38 (c) | 5000 | 5016 |
| Benefit Street Partners CLO 41 Ltd |  |  |
| Series 2025-B-41A, 5.96%, (3 Month Term SOFR + 1.65%), 07/26/38 (c) | 2150 | 2157 |
| BSTN Commercial Mortgage Trust 2025-HUB |  |  |
| Series 2025-A-HUB, REMIC, 0.00%, 04/15/41 (c) | 1427 | 1427 |
| CIM Trust 2021-J2 |  |  |
| Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (c) | 4596 | 3810 |
| CSMC 2017-HL1 Trust |  |  |
| Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (c) | 331 | 300 |
| DataBank Issuer II LLC |  |  |
| Series 2025-A2-1A, 5.18%, 10/25/28 | 1845 | 1842 |
| Dell Equipment Finance Trust 2023-2 |  |  |
| Series 2023-A3-2, 5.65%, 02/23/26 | 1843 | 1850 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-A3-1, 5.39%, 12/22/26 | 5448 | 5496 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 2481 | 2494 |
| Dryden 123 CLO Ltd |  |  |
| Series 2025-A1-123A, 7.04%, (3 Month Term SOFR + 1.15%), 04/15/38 (c) | 6500 | 6500 |
| Extended Stay America, Inc. |  |  |
| Series 2025-A-ESH, 0.00%, 10/15/30 (c) | 1175 | 1177 |
| Garnet CLO 2 Ltd |  |  |
| Series 2025-A-2A, 5.50%, (3 Month Term SOFR + 1.35%), 10/20/38 (c) | 3500 | 3512 |
| GM Financial Automobile Leasing Trust 2023-3 |  |  |
| Series 2023-A3-3, 5.38%, 11/20/26 | 474 | 474 |
| GM Financial Automobile Leasing Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.17%, 09/20/27 | 1731 | 1738 |
| GM Financial Consumer Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-B-4, 1.25%, 10/18/27 | 2900 | 2876 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-B-2, 3.77%, 04/17/28 | 3441 | 3431 |
| GM Financial Consumer Automobile Receivables Trust 2023-2 |  |  |
| Series 2023-A3-2, 4.47%, 02/16/28 | 1624 | 1627 |
| Grace Trust |  |  |
| Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30 | 5550 | 4925 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 2332 | 2339 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (c) | 3622 | 3617 |
| Hilton Grand Vacations Trust 2019-A |  |  |
| Series 2019-A-AA, 2.34%, 07/25/33 | 565 | 558 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 654 | 641 |
| Houston Galleria Mall Trust 2025-HGLR |  |  |
| Series 2025-A-HGLR, REMIC, 5.64%, 02/07/35 (c) | 3137 | 3234 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.43%, 11/22/27 | 2955 | 2966 |
| Hudson Yards 2019-30HY Mortgage Trust |  |  |
| Series 2019-A-30HY, REMIC, 3.23%, 07/12/29 | 2295 | 2181 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 1700 | 1712 |
| Hyundai Auto Receivables Trust 2021-C |  |  |
| Series 2021-B-C, 1.49%, 11/15/25 | 1815 | 1803 |
| J.P. Morgan Mortgage Acquisition Corp. |  |  |
| Series 2016-2A1-3, REMIC, 2.94%, 01/25/29 (c) | 260 | 245 |

---

521

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| J.P. Morgan Mortgage Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (c) | 4688 | 4055 |
| JPMorgan Chase & Co. |  |  |
| Series 2014-A1-5, REMIC, 2.80%, 10/25/26 (c) | 89 | 88 |
| KKR CLO 54 LTD |  |  |
| Series 2024-A-54A, 5.64%, (3 Month Term SOFR + 1.32%), 01/15/38 (c) | 6500 | 6519 |
| LEX 2024-BBG Mortgage Trust |  |  |
| Series 2024-A-BBG, REMIC, 4.87%, 10/13/33 (c) | 2500 | 2515 |
| M&T Equipment (2025-LEAF1), LLC |  |  |
| Series 2025-A2-1A, 4.70%, 12/16/27 | 4573 | 4607 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 3833 | 3652 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-2A, 5.40%, 08/20/30 | 1450 | 1472 |
| MVW 2024-2 LLC |  |  |
| Series 2024-A-2A, 4.43%, 03/20/42 | 5407 | 5403 |
| NRTH 2024-PARK Mortgage Trust |  |  |
| Series 2024-A-PARK, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 03/15/29 (c) | 2830 | 2824 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-A1-NQM11, REMIC, 5.42%, 05/25/65 (j) | 2353 | 2373 |
| OBX 2025-NQM13 Trust |  |  |
| Series 2025-A1-NQM13, REMIC, 5.44%, 05/25/65 (j) | 3435 | 3466 |
| PARK BLUE CLO 2023-III LTD |  |  |
| Series 2023-A1R-3A, 5.81%, (3 Month Term SOFR + 1.48%), 04/20/37 (c) | 7077 | 7112 |
| PK Alift Loan Funding 7 LP |  |  |
| Series 2025-A-2, 4.75%, 02/17/32 (i) | 1437 | 1437 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 2850 | 2916 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (c) | 1340 | 1373 |
| Series 2025-B-SHRE, REMIC, 6.02%, 02/14/30 (c) | 660 | 678 |
| SBNA Auto Lease Trust 2024-C |  |  |
| Series 2024-A3-C, 4.56%, 02/22/28 | 2039 | 2046 |
| Sequoia Mortgage Trust 2020-4 |  |  |
| Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (c) | 2346 | 1930 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 384 | 384 |
| Silver Point CLO 12 Ltd |  |  |
| Series 2025-A1-12A, 5.29%, (3 Month Term SOFR + 1.31%), 10/15/38 (c) | 5000 | 5002 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-A |  |  |
| Series 2025-A2-AA, 4.63%, 12/20/26 | 3767 | 3785 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A3-BA, 4.27%, 11/22/27 | 3625 | 3640 |
| VTR Commercial Mortgage Trust 2025-STEM |  |  |
| Series 2025-B-STEM, 5.50%, 10/15/29 (k) | 900 | 900 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (c) | 922 | 790 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $152,468) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $152,468) | 149964 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.0%** | **SENIOR FLOATING RATE INSTRUMENTS 3.0%** | **SENIOR FLOATING RATE INSTRUMENTS 3.0%** |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/17/28 (c) | 2501 | 2503 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (c) | 6843 | 6814 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 6.04%, (3 Month Term SOFR + 2.00%), 11/21/31 (c) | 1633 | 1635 |
|  |  | 10952 |
| **Industrials 0.8%** | **Industrials 0.8%** | **Industrials 0.8%** |
| Air Canada |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.00%), 03/14/31 (c) | 2446 | 2443 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 01/28/32 (c) | 1374 | 1373 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 05/30/31 (c) | 607 | 603 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 09/24/32 (c) (l) | 1826 | 1821 |
| Stonepeak Nile Parent LLC |  |  |
| Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 02/03/32 (c) | 2091 | 2089 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/27/31 (c) | 2605 | 2620 |
|  |  | 10949 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.07%, (1 Month Term SOFR + 1.75%), 09/23/30 (c) | 221 | 220 |
| First Brands Group, LLC |  |  |
| 2021 Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 03/22/27 (c) | 513 | 181 |
| 2022 Incremental Term Loan, 9.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (c) | 4996 | 1760 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/15/26 (c) | 2708 | 2701 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.05%, (3 Month Term SOFR + 5.75%), 08/22/29 (c) | 3391 | 3209 |
|  |  | 8071 |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Delos Aircraft Designated Activity Co |  |  |
| Term Loan, 6.05%, (3 Month Term SOFR + 1.75%), 10/14/27 (c) | 1527 | 1531 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 7.15%, (1 Month Term SOFR + 3.00%), 03/18/30 (c) | 2497 | 2501 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.20%, (3 Month Term SOFR + 2.00%), 12/10/31 (c) | 4056 | 4023 |
|  |  | 8055 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/20/31 (c) | 4102 | 4050 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Sandisk Corp |  |  |
| Term Loan B, 7.14%, (1 Month Term SOFR + 3.00%), 12/12/31 (c) | 894 | 894 |
| Total Senior Floating Rate Instruments (cost $46,553) | Total Senior Floating Rate Instruments (cost $46,553) | 42971 |
| **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** |
| **Investment Companies 2.3%** | **Investment Companies 2.3%** | **Investment Companies 2.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (m) (n) | 32737 | 32737 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (m) (n) | 922 | 922 |
| Total Short Term Investments (cost $33,659) | Total Short Term Investments (cost $33,659) | 33659 |
| **Total Investments 101.3% (cost $1,462,139)** | **Total Investments 101.3% (cost $1,462,139)** | **1433852** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **56** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(18319)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1415589** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025. 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

522

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

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) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Convertible security.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $154,837 and 10.9% of the Fund.

(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 September 30, 2025.

(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 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(j) 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 September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 23573 | 540229 | 531065 | 685 |  |  | 32737 | 2.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 7650 | 58525 | 65253 | 90 |  |  | 922 | 0.1 |
|  | 31223 | 598754 | 596318 | 775 |  |  | 33659 | 2.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1185 | 0.1 |
| Morgan Stanley Bank, N.A., 5.19%, 05/26/28 | 05/28/24 | 2005 | 2010 | 0.1 |
|  |  | 3205 | 3195 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 549 | January 2026 | 114366 | 48 | 44 |
| United States 5 Year Note | 837 | January 2026 | 91422 | 32 | (26) |
| United States Ultra Bond | 112 | December 2025 | 13386 | (80) | 61 |
|  |  |  |  |  | 79 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (122) | December 2025 | (13766) | 2 | 41 |
| United States 10 Year Ultra Bond | (465) | December 2025 | (53090) | 29 | (421) |
| United States Long Bond | (99) | December 2025 | (11433) | 25 | (109) |
|  |  |  |  | 56 | (489) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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;Government And Agency Obligations |  | 788263 |  | 788263 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 417810 | 1185 | 418995 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 148527 | 1437 | 149964 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 42971 |  | 42971 |
| &nbsp;&nbsp;Short Term Investments | 33659 |  |  | 33659 |
|  | 33659 | 1397571 | 2622 | 1433852 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 146 |  |  | 146 |
|  | 146 |  |  | 146 |

---

523

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Total Return Fund (continued)** | **JNL/PPM America Total Return Fund (continued)** | **JNL/PPM America Total Return Fund (continued)** | **JNL/PPM America Total Return Fund (continued)** | **JNL/PPM America Total Return Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (556) |  |  | (556) |
|  | (556) |  |  | (556) |

---

<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.

524

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 19.7%** | **Industrials 19.7%** | **Industrials 19.7%** |
| A. O. Smith Corporation | 11 | 838 |
| AAR Corp. (a) | 4 | 332 |
| ABM Industries Incorporated | 7 | 339 |
| ACCO Brands Corporation | 9 | 37 |
| Acuity Brands, Inc. | 3 | 1003 |
| Advanced Drainage Systems, Inc. | 4 | 520 |
| Air Lease Corporation - Class A | 13 | 808 |
| Alamo Group Inc. | 1 | 134 |
| Alaska Air Group, Inc. (a) | 14 | 688 |
| Albany International Corp. - Class A | 3 | 136 |
| Alight, Inc. - Class A | 72 | 236 |
| Allegiant Travel Company (a) | 3 | 192 |
| Allison Systems, Inc. | 8 | 694 |
| Amentum Holdings, Inc. (a) | 5 | 111 |
| American Airlines Group Inc. (a) | 23 | 258 |
| American Woodmark Corporation (a) | 2 | 137 |
| API Group Corporation (a) | 14 | 497 |
| Apogee Enterprises, Inc. | 3 | 140 |
| Applied Industrial Technologies, Inc. | 2 | 459 |
| Arcbest Corporation | 5 | 333 |
| Arcosa, Inc. | 4 | 390 |
| Armstrong World Industries, Inc. | 2 | 379 |
| Astec Industries, Inc. | 2 | 79 |
| ATI Inc. (a) | 5 | 410 |
| Atkore Inc. | 6 | 380 |
| Axon Enterprise, Inc. (a) |  | 184 |
| BlueLinx Holdings Inc. (a) | 1 | 75 |
| Boise Cascade Company | 5 | 404 |
| Booz Allen Hamilton Holding Corporation - Class A | 7 | 723 |
| Brady Corporation - Class A | 3 | 267 |
| BrightView Holdings, Inc. (a) | 7 | 93 |
| Brink's Company, The | 2 | 278 |
| Broadridge Financial Solutions, Inc. | 4 | 870 |
| BWXT Government Group, Inc. | 3 | 548 |
| Caci International Inc. - Class A (a) | 2 | 924 |
| CBIZ, Inc. (a) | 2 | 111 |
| Chart Industries, Inc. (a) | 2 | 344 |
| Clarivate PLC (a) | 66 | 254 |
| Clean Harbors, Inc. (a) | 2 | 484 |
| Comfort Systems USA, Inc. | 1 | 655 |
| Concentrix Corporation | 12 | 546 |
| Conduent Incorporated (a) | 15 | 43 |
| Copart, Inc. (a) | 16 | 708 |
| Core & Main, Inc. - Class A (a) | 8 | 433 |
| CoreCivic, Inc. (a) | 17 | 339 |
| Crane Company | 2 | 397 |
| CSG Systems International, Inc. | 4 | 242 |
| Curtiss-Wright Corporation | 2 | 862 |
| Dayforce, Inc. (a) | 3 | 235 |
| Deluxe Corporation | 4 | 80 |
| DNOW Inc. (a) | 16 | 248 |
| Donaldson Company, Inc. | 8 | 652 |
| Dycom Industries, Inc. (a) | 2 | 547 |
| EMCOR Group, Inc. | 2 | 1465 |
| EnerSys | 4 | 505 |
| Enpro Inc. | 1 | 196 |
| Equifax Inc. | 4 | 933 |
| ESAB Corporation | 3 | 322 |
| Everus Construction Group, Inc. (a) | 6 | 503 |
| ExlService Holdings, Inc. (a) | 4 | 194 |
| Federal Signal Corporation | 2 | 216 |
| Flowserve Corporation | 10 | 518 |
| Fluor Corporation (a) | 15 | 623 |
| Fortune Brands Innovations, Inc. | 16 | 857 |
| Forward Air Corporation (a) | 7 | 186 |
| Franklin Electric Co., Inc. | 3 | 290 |
| FTAI Aviation Ltd. | 1 | 221 |
| FTI Consulting, Inc. (a) | 3 | 473 |
| Gates Industrial Corporation PLC (a) | 24 | 583 |
| GATX Corporation | 3 | 470 |
| Generac Holdings Inc. (a) | 4 | 691 |
| Genpact Limited | 16 | 666 |
| GEO Group, Inc., The (a) | 15 | 299 |
| Gibraltar Industries, Inc. (a) | 2 | 153 |
| Global Industrial Company | 1 | 39 |
| Graco Inc. | 8 | 642 |
| GrafTech International Ltd. (a) | 2 | 23 |
| Granite Construction Incorporated | 4 | 404 |
| Greenbrier Companies, Inc., The | 6 | 284 |
| Griffon Corporation | 2 | 169 |
| GXO Logistics Inc. (a) | 15 | 780 |
| Hayward Holdings, Inc. (a) | 10 | 144 |
| Healthcare Services Group, Inc. (a) | 7 | 123 |
| HEICO Corporation | 2 | 573 |
| Herc Holdings Inc. | 3 | 329 |
| Hexcel Corporation | 7 | 442 |
| Hillenbrand, Inc. | 8 | 211 |
| HNI Corporation | 4 | 211 |
| Hub Group, Inc. - Class A | 8 | 293 |
| Hubbell Incorporated | 2 | 991 |
| Hyster-Yale, Inc. - Class A | 1 | 41 |
| ICF International, Inc. | 2 | 145 |
| IDEX Corporation | 5 | 736 |
| Ingersoll Rand Inc. | 3 | 276 |
| Insperity, Inc. | 3 | 164 |
| ITT Inc. | 5 | 849 |
| JBT Marel Corporation | 1 | 204 |
| JELD-WEN Holding, Inc. (a) | 19 | 93 |
| JetBlue Airways Corporation (a) (b) | 94 | 461 |
| KBR, Inc. | 11 | 517 |
| Kelly Services, Inc. - Class A | 4 | 51 |
| Kennametal Inc. | 14 | 291 |
| Kforce Inc. | 2 | 55 |
| Kirby Corporation (a) | 4 | 373 |
| Korn Ferry | 5 | 363 |
| Landstar System, Inc. | 5 | 621 |
| Lennox International Inc. | 1 | 508 |
| Leonardo DRS, Inc. | 3 | 135 |
| Lincoln Electric Holdings, Inc. | 3 | 774 |
| Lyft, Inc. - Class A (a) | 33 | 737 |
| Manitowoc Company, Inc., The (a) | 3 | 25 |
| Marten Transport, Ltd. | 5 | 58 |
| MasTec, Inc. (a) | 4 | 893 |
| Masterbrand, Inc. (a) | 15 | 192 |
| Matson Intermodal - Paragon, Inc. | 5 | 518 |
| Maximus, Inc. | 7 | 658 |
| Mercury Systems, Inc. (a) | 3 | 264 |
| Middleby Corporation, The (a) | 5 | 602 |
| Millerknoll, Inc. | 9 | 162 |
| Mine Safety Appliances Company, LLC | 2 | 312 |
| MOOG Inc. - Class A | 2 | 475 |
| MRC Global Inc. (a) | 9 | 131 |
| MSC Industrial Direct Co., Inc. - Class A | 7 | 638 |
| Mueller Industries, Inc. | 7 | 715 |
| Mueller Water Products, Inc. - Class A | 6 | 154 |
| MYR Group Inc. (a) | 1 | 236 |
| Nordson Corporation | 3 | 650 |
| Nvent Electric Public Limited Company | 10 | 977 |
| Openlane, Inc. (a) | 11 | 317 |
| Oshkosh Corporation | 10 | 1289 |
| Parsons Corporation (a) | 3 | 251 |
| Paycom Software, Inc. | 1 | 268 |
| Pentair Public Limited Company | 9 | 967 |
| Plug Power Inc. (a) | 176 | 409 |
| Primoris Services Corporation | 4 | 556 |
| RBC Bearings Incorporated (a) | 1 | 307 |
| Regal Rexnord Corporation | 8 | 1093 |
| Resideo Technologies, Inc. (a) | 16 | 684 |
| REV Group, Inc. | 4 | 212 |
| Rollins, Inc. | 7 | 413 |
| Rush Enterprises, Inc. - Class A | 7 | 400 |
| RXO Inc (a) | 19 | 292 |
| Ryder System, Inc. | 2 | 336 |
| Saia, Inc. (a) | 1 | 367 |
| Schneider National, Inc. - Class B | 8 | 167 |
| Science Applications International Corporation | 7 | 676 |

---

525

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sensata Technologies Holding PLC | 25 | 777 |
| Simpson Manufacturing Co., Inc. | 3 | 430 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 355 |
| SkyWest, Inc. (a) | 4 | 412 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 6 | 250 |
| SPX Technologies, Inc. (a) | 1 | 168 |
| SS&C Technologies Holdings, Inc. | 4 | 355 |
| StandardAero, Inc. (a) | 2 | 48 |
| Steelcase Inc. - Class A | 12 | 211 |
| Sunrun Inc. (a) | 39 | 669 |
| Terex Corporation | 10 | 520 |
| Tetra Tech, Inc. | 13 | 425 |
| Timken Company, The | 8 | 630 |
| Titan Machinery Inc. (a) | 3 | 44 |
| Toro Company, The | 9 | 690 |
| TransUnion | 7 | 602 |
| Trex Company, Inc. (a) | 5 | 266 |
| Trinet Group, Inc. | 5 | 317 |
| Trinity Industries, Inc. | 9 | 259 |
| TrueBlue, Inc. (a) | 1 | 4 |
| TTEC Holdings, Inc. (a) (b) | 1 | 5 |
| Tutor Perini Corporation (a) | 5 | 337 |
| UFP Industries, Inc. | 6 | 543 |
| U-Haul Holding Company - Series N | 7 | 339 |
| UL Solutions Inc. - Class A | 1 | 85 |
| Unifirst Corporation | 2 | 295 |
| V2X, Inc. (a) | 2 | 95 |
| Valmont Industries, Inc. | 1 | 576 |
| Veralto Corporation | 7 | 698 |
| Verisk Analytics, Inc. | 4 | 1069 |
| Vertiv Holdings Co - Class A | 3 | 476 |
| Vestis Corporation | 30 | 137 |
| Wabash National Corporation | 12 | 120 |
| Watsco, Inc. | 2 | 779 |
| Watts Water Technologies, Inc. - Class A | 1 | 399 |
| Werner Enterprises, Inc. | 14 | 360 |
| WESCO International, Inc. | 2 | 331 |
| Willscot Holdings Corporation - Class A | 18 | 387 |
| Woodward, Inc. | 3 | 759 |
| Worthington Industries, Inc. | 4 | 200 |
| XPO, Inc. (a) | 3 | 422 |
| Xylem Inc. | 2 | 328 |
| Zurn Elkay Water Solutions Corporation | 4 | 209 |
| | | 77537 |
| **Financials 16.4%** | **Financials 16.4%** | **Financials 16.4%** |
| Adamas Trust, Inc. | 10 | 67 |
| Affiliated Managers Group, Inc. | 4 | 846 |
| AGNC Investment Corp. (b) | 83 | 810 |
| Ameris Bancorp | 5 | 376 |
| Apollo Commercial Real Estate Finance, Inc. | 19 | 194 |
| Apollo Global Management, Inc. | 1 | 115 |
| Arbor Realty Trust, Inc. | 30 | 372 |
| Ares Management Corporation - Class A | 3 | 409 |
| Artisan Partners Asset Management Inc. - Class A | 7 | 308 |
| Associated Banc-Corp | 20 | 511 |
| Assurant, Inc. | 4 | 867 |
| Atlantic Union Bank | 10 | 358 |
| Axos Financial, Inc. (a) | 2 | 188 |
| B. Riley & Co., LLC (a) (b) | 11 | 67 |
| Bank of Hawaii Corporation | 4 | 239 |
| Bank OZK | 13 | 679 |
| BankUnited, Inc. | 14 | 522 |
| Banner Corporation | 3 | 219 |
| BGC Group, Inc. - Class A | 21 | 196 |
| Blackstone Mortgage Trust, Inc. - Class A | 26 | 477 |
| Blue Owl Capital Inc. - Class A | 3 | 57 |
| BOK Financial Corporation | 2 | 263 |
| Bread Financial Payments, Inc. | 13 | 712 |
| Brighthouse Financial, Inc. (a) | 7 | 352 |
| Brightsphere Investment Group Inc. | 3 | 132 |
| BrightSpire Capital, Inc - Class A | 8 | 44 |
| Brown & Brown, Inc. | 7 | 635 |
| Cadence Bank | 17 | 656 |
| Carlyle Group Inc., The | 4 | 262 |
| Cathay General Bancorp | 6 | 299 |
| Chimera Investment Corporation | 10 | 128 |
| Claros Mortgage Trust, Inc. | 12 | 39 |
| CNO Financial Group, Inc. | 12 | 483 |
| Cohen & Steers, Inc. | 2 | 98 |
| Coinbase Global, Inc. - Class A (a) | 3 | 871 |
| Columbia Banking System, Inc. | 30 | 784 |
| Columbia Financial, Inc. (a) | 1 | 17 |
| Commerce Bancshares, Inc. | 6 | 386 |
| Community Financial System, Inc. | 4 | 233 |
| Credit Acceptance Corporation (a) | 1 | 339 |
| Cullen/Frost Bankers, Inc. | 4 | 476 |
| CVB Financial Corp. | 13 | 239 |
| DigitalBridge Group, Inc. - Class A | 30 | 356 |
| Eagle Bancorp, Inc. | 4 | 88 |
| East West Bancorp, Inc. | 10 | 1029 |
| Eastern Bankshares, Inc. | 13 | 244 |
| Employers Holdings, Inc. | 2 | 77 |
| Enact Holdings, Inc. | 3 | 118 |
| Encore Capital Group, Inc. (a) | 4 | 157 |
| Enova International, Inc. (a) | 2 | 236 |
| Equitable Holdings, Inc. | 21 | 1069 |
| Erie Indemnity Company - Class A | 1 | 257 |
| Essent Group Ltd. | 10 | 609 |
| Euronet Worldwide, Inc. (a) | 4 | 388 |
| Evercore Inc. - Class A | 3 | 1055 |
| F&G Annuities & Life, Inc. | 1 | 34 |
| F.N.B. Corporation | 45 | 719 |
| FactSet Research Systems Inc. | 1 | 379 |
| Federated Hermes, Inc. - Class B | 10 | 501 |
| First Citizens BancShares, Inc. - Class A |  | 199 |
| First Financial Bancorp. | 7 | 184 |
| First Financial Bankshares, Inc. | 4 | 137 |
| First Hawaiian, Inc. | 13 | 325 |
| First Horizon Corporation | 50 | 1130 |
| First Interstate BancSystem, Inc. - Class A | 12 | 393 |
| First Merchants Corporation | 3 | 112 |
| FirstCash, Inc. | 4 | 574 |
| Flagstar Financial, Inc. | 75 | 867 |
| Fulton Financial Corporation | 18 | 343 |
| Genworth Financial, Inc. - Class A (a) | 84 | 746 |
| Glacier Bancorp, Inc. | 8 | 409 |
| Globe Life Inc. | 7 | 957 |
| Guild Holdings Company - Class A |  |  |
| Hancock Whitney Corporation | 8 | 526 |
| Hanover Insurance Group Inc, The | 4 | 689 |
| Hilltop Holdings Inc. | 7 | 220 |
| Home BancShares, Inc. | 15 | 427 |
| Hope Bancorp, Inc. | 15 | 158 |
| Houlihan Lokey, Inc. - Class A | 2 | 440 |
| Independent Bank Corp. | 5 | 316 |
| Interactive Brokers Group, Inc. - Class A | 3 | 216 |
| International Bancshares Corporation | 4 | 258 |
| Jack Henry & Associates, Inc. | 4 | 619 |
| Jackson Financial Inc. - Class A (c) | 10 | 1029 |
| Janus Henderson Group PLC | 15 | 682 |
| KKR Real Estate Finance Trust Inc. | 7 | 61 |
| Ladder Capital Corp - Class A | 12 | 132 |
| Loandepot, Inc. - Class A (a) | 12 | 36 |
| LPL Financial Holdings Inc. | 3 | 977 |
| MarketAxess Holdings Inc. | 1 | 260 |
| Mercury General Corporation | 3 | 270 |
| MFA Financial, Inc. | 19 | 172 |
| MGIC Investment Corporation | 31 | 892 |
| Moelis & Company - Class A | 6 | 415 |
| Morningstar, Inc. | 1 | 181 |
| Mr. Cooper Group Inc. | 5 | 1018 |
| MSCI Inc. - Class A | 1 | 836 |
| Navient Corporation | 14 | 182 |
| NCR Atleos Corporation (a) | 5 | 203 |
| Nelnet, Inc. - Class A | 1 | 130 |
| NMI Holdings, Inc. - Class A (a) | 4 | 155 |
| Northwest Bancshares, Inc. | 9 | 113 |
| OceanFirst Financial Corp. | 4 | 62 |
| Old National Bancorp | 28 | 605 |

---

526

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Paysafe Limited (a) | 3 | 45 |
| PennyMac Financial Services, Inc. | 4 | 539 |
| PennyMac Mortgage Investment Trust | 13 | 165 |
| Pinnacle Financial Partners, Inc. | 5 | 480 |
| Piper Sandler Companies | 1 | 247 |
| PRA Group, Inc. (a) | 3 | 53 |
| Primerica, Inc. | 2 | 624 |
| PROG Holdings, Inc. | 7 | 238 |
| Prosperity Bancshares, Inc. | 10 | 670 |
| Provident Financial Services, Inc. | 7 | 144 |
| Radian Group Inc. | 17 | 632 |
| Ready Capital Corporation (b) | 23 | 89 |
| Reinsurance Group of America, Incorporated | 1 | 225 |
| Renasant Corporation | 7 | 266 |
| RITHM Capital Corp. | 76 | 867 |
| RLI Corp. | 5 | 314 |
| Robinhood Markets, Inc. - Class A (a) | 10 | 1491 |
| Rocket Companies, Inc. - Class A (b) | 1 | 19 |
| SEI Investments Company | 10 | 842 |
| Selective Insurance Group, Inc. | 5 | 407 |
| Simmons First National Corporation - Class A | 11 | 214 |
| SLM Corporation | 32 | 875 |
| SoFi Technologies, Inc. (a) | 20 | 538 |
| Southstate Bank Corporation | 8 | 777 |
| Starwood Property Trust, Inc. | 43 | 829 |
| Stewart Information Services Corporation | 3 | 228 |
| Stifel Financial Corp. | 6 | 662 |
| StoneX Group Inc. (a) | 4 | 382 |
| Synovus Financial Corp. | 13 | 624 |
| Texas Capital Bancshares, Inc. (a) | 4 | 305 |
| TFS Financial Corporation | 3 | 37 |
| The Western Union Company | 103 | 827 |
| Toast, Inc. - Class A (a) | 4 | 157 |
| TowneBank | 3 | 97 |
| TPG Inc. - Class A | 3 | 150 |
| Tradeweb Markets Inc. - Class A | 2 | 249 |
| Trustmark Corporation | 5 | 205 |
| Two Harbors Investment Corp. | 16 | 158 |
| UMB Financial Corporation | 3 | 364 |
| United Bankshares, Inc. | 11 | 407 |
| United Community Banks, Inc. | 10 | 315 |
| UWM Holdings Corporation - Class A | 6 | 34 |
| Valley National Bancorp | 66 | 703 |
| Victory Capital Holdings, Inc. - Class A | 2 | 145 |
| Virtu Financial, Inc. - Class A | 10 | 366 |
| Voya Financial, Inc. | 8 | 635 |
| WAFD, Inc. | 9 | 266 |
| Walker & Dunlop, Inc. | 3 | 284 |
| Webster Financial Corporation | 17 | 999 |
| WesBanco, Inc. | 8 | 259 |
| Western Alliance Bancorporation | 8 | 677 |
| Wex, Inc. (a) | 2 | 388 |
| White Mountains Insurance Group Ltd |  | 440 |
| Wintrust Financial Corporation | 4 | 594 |
| World Acceptance Corporation (a) |  | 61 |
| WSFS Financial Corporation | 4 | 190 |
| Zurich American Corporation | 7 | 375 |
| | | 64470 |
| **Consumer Discretionary 15.1%** | **Consumer Discretionary 15.1%** | **Consumer Discretionary 15.1%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 9 | 40 |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 324 |
| Academy Sports & Outdoors, Inc. | 14 | 721 |
| Acushnet Holdings Corp. | 3 | 219 |
| Adient Public Limited Company (a) | 22 | 525 |
| ADT, Inc. | 63 | 553 |
| Adtalem Global Education Inc. (a) | 3 | 495 |
| A-Mark Precious Metals, Inc. | 3 | 77 |
| American Axle & Manufacturing Holdings, Inc. (a) | 30 | 181 |
| American Eagle Outfitters, Inc. | 38 | 650 |
| Aramark | 18 | 709 |
| Asbury Automotive Group, Inc. (a) | 3 | 729 |
| AutoZone, Inc. (a) |  | 1364 |
| Bath & Body Works, Inc. | 22 | 570 |
| Beazer Homes USA, Inc. (a) | 4 | 102 |
| Birkenstock Holding PLC (a) | 1 | 38 |
| Bloomin' Brands, Inc. | 21 | 152 |
| Boyd Gaming Corporation | 6 | 502 |
| Bright Horizons Family Solutions, Inc. (a) | 2 | 219 |
| Brightstar Lottery PLC (b) | 22 | 372 |
| Brunswick Corporation | 13 | 833 |
| Burlington Stores, Inc. (a) | 2 | 540 |
| Caesars Entertainment, Inc. (a) | 26 | 706 |
| Caleres, Inc. | 9 | 115 |
| Camping World Holdings, Inc. - Class A | 3 | 54 |
| Capri Holdings Limited (a) | 44 | 869 |
| Carter's, Inc. | 14 | 404 |
| Cavco Industries, Inc. (a) |  | 269 |
| Century Communities, Inc. | 6 | 368 |
| Chegg, Inc. (a) | 23 | 35 |
| Chipotle Mexican Grill, Inc. (a) | 5 | 199 |
| Choice Hotels International, Inc. | 1 | 89 |
| Churchill Downs Incorporated | 3 | 270 |
| Columbia Sportswear Company | 6 | 310 |
| Coupang, Inc. - Class A (a) | 16 | 512 |
| Cracker Barrel Old Country Store, Inc. (b) | 7 | 325 |
| Cricut, Inc. - Class A | 4 | 23 |
| Crocs, Inc. (a) | 6 | 482 |
| Dana Incorporated | 36 | 723 |
| Deckers Outdoor Corporation (a) | 6 | 635 |
| Designer Brands Inc. - Class A (b) | 18 | 63 |
| Dillard's, Inc. - Class A (b) | 1 | 312 |
| DK Crown Holdings Inc. - Class A (a) | 4 | 139 |
| Domino's Pizza, Inc. | 2 | 786 |
| DoorDash, Inc. - Class A (a) | 4 | 1106 |
| Dorman Products, Inc. (a) | 2 | 286 |
| ETSY, Inc. (a) | 10 | 677 |
| Five Below, Inc. (a) | 4 | 598 |
| Floor & Decor Holdings, Inc. - Class A (a) | 4 | 313 |
| Fox Factory Holding Corp. (a) | 7 | 168 |
| GameStop Corp. - Class A (a) | 14 | 390 |
| Genesco Inc. (a) | 3 | 78 |
| Gentex Corporation | 32 | 918 |
| Gentherm Incorporated (a) | 5 | 178 |
| G-III Apparel Group, Ltd. (a) | 8 | 220 |
| Gopro Inc. - Class A (a) (b) | 33 | 70 |
| Graham Holdings Co., Ltd. - Class B |  | 459 |
| Grand Canyon Education, Inc. (a) | 2 | 544 |
| Green Brick Partners, Inc. (a) | 2 | 166 |
| Group 1 Automotive, Inc. | 2 | 1041 |
| Guess?, Inc. | 4 | 59 |
| H & R Block, Inc. | 6 | 318 |
| Hanesbrands Inc. (a) | 82 | 541 |
| Harley-Davidson, Inc. | 26 | 721 |
| Hasbro, Inc. | 16 | 1217 |
| Helen of Troy Limited (a) | 9 | 228 |
| Hilton Grand Vacations Inc. (a) | 8 | 350 |
| Hyatt Hotels Corporation - Class A | 2 | 272 |
| Installed Building Products, Inc. | 1 | 210 |
| iRobot Corporation (a) (b) | 18 | 66 |
| Jack in the Box Inc. | 8 | 150 |
| KB Home | 12 | 746 |
| Kontoor Brands, Inc. | 3 | 255 |
| Laureate Education, Inc. - Class A (a) | 14 | 432 |
| La-Z-Boy Incorporated | 7 | 249 |
| LCI Industries | 5 | 435 |
| Leggett & Platt, Incorporated | 36 | 321 |
| Levi Strauss & Co. - Class A | 9 | 213 |
| LGI Homes, Inc. (a) | 4 | 219 |
| Life Time Group Holdings, Inc. (a) | 3 | 84 |
| Light & Wonder, Inc. (a) | 4 | 361 |
| Lucid Group, Inc. (a) (b) | 9 | 215 |
| M/I Homes, Inc. (a) | 4 | 555 |
| MarineMax, Inc. (a) | 4 | 92 |
| Marriott Vacations Worldwide Corporation | 7 | 486 |
| Mattel, Inc. (a) | 29 | 485 |
| Matthews International Corporation - Class A | 3 | 68 |
| Meritage Homes Corporation | 13 | 914 |
| Modine Manufacturing Company (a) | 2 | 220 |
| Monro, Inc. | 8 | 150 |

---

527

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Murphy USA Inc. | 2 | 896 |
| National Vision Holdings, Inc. (a) | 10 | 302 |
| Newell Brands Inc. | 31 | 161 |
| ODP Corporation, The (a) | 9 | 256 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 423 |
| Oxford Industries, Inc. | 3 | 121 |
| Patrick Industries, Inc. | 4 | 406 |
| PENN Entertainment, Inc. (a) | 32 | 617 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 26 | 100 |
| Phinia Inc. | 7 | 408 |
| Polaris Inc. | 20 | 1170 |
| Pool Corporation | 2 | 666 |
| Red Rock Resorts, Inc. - Class A | 3 | 203 |
| RH (a) | 2 | 346 |
| Royal Caribbean Cruises Ltd. | 3 | 945 |
| Sabre Corporation (a) | 21 | 38 |
| Sally Beauty Holdings, Inc. (a) | 23 | 375 |
| Service Corporation International | 9 | 735 |
| SharkNinja, Inc. (a) | 3 | 272 |
| Signet Jewelers Limited | 9 | 845 |
| Six Flags Entertainment Corporation (a) | 4 | 87 |
| Skyline Champion Corporation (a) | 4 | 286 |
| Sleep Number Corporation (a) (b) | 6 | 45 |
| Smith & Wesson Brands, Inc. | 7 | 67 |
| Somnigroup International Inc. | 9 | 768 |
| Sonic Automotive, Inc. - Class A | 4 | 280 |
| Sonos, Inc. (a) | 17 | 261 |
| Standard Motor Products, Inc. | 2 | 78 |
| Steven Madden, Ltd. | 13 | 426 |
| Strategic Education, Inc. | 3 | 237 |
| Stride, Inc. (a) | 1 | 160 |
| Sturm, Ruger & Company, Inc. | 2 | 79 |
| Taylor Morrison Home II Corporation - Class A (a) | 16 | 1079 |
| Texas Roadhouse, Inc. - Class A | 3 | 510 |
| The Buckle, Inc. | 5 | 284 |
| The Wendy's Company | 24 | 223 |
| Thor Industries, Inc. | 3 | 320 |
| TopBuild Corp. (a) | 2 | 677 |
| Topgolf Callaway Brands Corp. (a) | 41 | 386 |
| Travel + Leisure Co. | 9 | 549 |
| TRI Pointe Homes Holdings, Inc. (a) | 16 | 537 |
| Ulta Beauty, Inc. (a) | 2 | 1285 |
| Under Armour, Inc. - Class A (a) (b) | 67 | 333 |
| United Parks And Resorts Inc. (a) | 3 | 162 |
| Upbound Group, Inc. | 9 | 202 |
| Urban Outfitters, Inc. (a) | 9 | 611 |
| Vail Resorts, Inc. | 4 | 579 |
| Valvoline, Inc. (a) | 13 | 456 |
| Victoria's Secret & Co. (a) | 16 | 426 |
| Visteon Corporation | 4 | 479 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 5 |  |
| Wayfair Inc. - Class A (a) | 3 | 231 |
| Williams-Sonoma, Inc. | 6 | 1144 |
| Winnebago Industries, Inc. | 9 | 308 |
| Wolverine World Wide, Inc. | 9 | 239 |
| Wyndham Hotels & Resorts, Inc. | 6 | 442 |
| Wynn Resorts, Limited | 3 | 390 |
| YETI Holdings, Inc. (a) | 5 | 154 |
| Zumiez Inc. (a) | 3 | 59 |
| | | 59571 |
| **Information Technology 11.5%** | **Information Technology 11.5%** | **Information Technology 11.5%** |
| ACI Worldwide, Inc. (a) | 7 | 380 |
| Adtran Holdings, Inc. (a) | 11 | 103 |
| Advanced Energy Industries, Inc. | 3 | 468 |
| Alarm.Com Holdings, Inc. (a) | 3 | 140 |
| Allegro Microsystems Inc. (a) | 5 | 144 |
| Amkor Technology, Inc. | 20 | 582 |
| AppLovin Corporation - Class A (a) | 1 | 522 |
| ASGN Incorporated (a) | 7 | 333 |
| Aurora Innovations Inc. - Class A (a) | 26 | 142 |
| Autodesk, Inc. (a) | 1 | 372 |
| Axcelis Technologies, Inc. (a) | 2 | 244 |
| Belden Inc. | 3 | 325 |
| Benchmark Electronics, Inc. | 5 | 180 |
| Bentley Systems, Incorporated - Class B | 3 | 171 |
| Bill Holdings, Inc. (a) | 5 | 254 |
| Blackbaud, Inc. (a) | 2 | 144 |
| CCC Intelligent Solutions Holdings Inc. (a) | 18 | 160 |
| Ciena Corporation (a) | 13 | 1908 |
| Cirrus Logic, Inc. (a) | 6 | 792 |
| Cognex Corporation | 13 | 608 |
| Coherent Corp. (a) | 8 | 873 |
| CommVault Systems, Inc. (a) | 1 | 264 |
| Crane Nxt, Co. | 2 | 154 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 321 |
| Datadog, Inc. - Class A (a) | 2 | 324 |
| Diebold Nixdorf, Incorporated (a) | 2 | 98 |
| Diodes Incorporated (a) | 7 | 382 |
| DocuSign, Inc. (a) | 3 | 203 |
| Dolby Laboratories, Inc. - Class A | 6 | 432 |
| Dropbox, Inc. - Class A (a) | 25 | 743 |
| Dynatrace, Inc. (a) | 4 | 201 |
| Enphase Energy, Inc. (a) | 7 | 234 |
| Entegris, Inc. | 7 | 656 |
| EPAM Systems, Inc. (a) | 3 | 524 |
| ePlus inc. | 2 | 148 |
| F5, Inc. (a) | 3 | 1123 |
| Fair Isaac Corporation (a) |  | 465 |
| First Solar, Inc. (a) | 5 | 1052 |
| Flex Ltd. (a) | 7 | 433 |
| Formfactor, Inc. (a) | 5 | 188 |
| Fortinet, Inc. (a) | 3 | 242 |
| Gartner, Inc. (a) | 3 | 673 |
| Globant S.A. (a) | 2 | 103 |
| GoDaddy Inc. - Class A (a) | 7 | 919 |
| Guidewire Software, Inc. (a) | 1 | 337 |
| HubSpot, Inc. (a) |  | 180 |
| Informatica Inc. - Class A (a) | 6 | 145 |
| Insight Enterprises, Inc. (a) | 4 | 477 |
| InterDigital, Inc. (b) | 1 | 425 |
| IPG Photonics Corporation (a) | 4 | 339 |
| Itron, Inc. (a) | 3 | 374 |
| Knowles Corporation (a) | 11 | 251 |
| Lattice Semiconductor Corporation (a) | 3 | 205 |
| Littelfuse, Inc. | 2 | 552 |
| LiveRamp Holdings, Inc. (a) | 8 | 227 |
| Lumentum Holdings Inc. (a) | 7 | 1059 |
| Manhattan Associates, Inc. (a) | 1 | 266 |
| MaxLinear, Inc. (a) | 11 | 178 |
| Methode Electronics, Inc. | 3 | 23 |
| MKS Inc. | 7 | 867 |
| MongoDB, Inc. - Class A (a) | 1 | 249 |
| Monolithic Power Systems, Inc. | 1 | 651 |
| NCR Voyix Corporation (a) | 23 | 288 |
| NETGEAR, Inc. (a) | 5 | 147 |
| NetScout Systems, Inc. (a) | 9 | 223 |
| Nutanix, Inc. - Class A (a) | 2 | 181 |
| Okta, Inc. - Class A (a) | 6 | 589 |
| Onto Innovation Inc. (a) | 2 | 238 |
| OSI Systems, Inc. (a) | 1 | 274 |
| Palantir Technologies Inc. - Class A (a) | 4 | 787 |
| Palo Alto Networks, Inc. (a) | 2 | 308 |
| PC Connection, Inc. | 1 | 87 |
| Pegasystems Inc. | 3 | 173 |
| Photronics, Inc. (a) | 6 | 138 |
| Plexus Corp. (a) | 3 | 385 |
| Power Integrations, Inc. | 5 | 218 |
| Progress Software Corporation (a) | 3 | 135 |
| PTC Inc. (a) | 3 | 561 |
| Pure Storage, Inc. - Class A (a) | 8 | 680 |
| Qualys, Inc. (a) | 1 | 178 |
| Rackspace Technology, Inc. (a) (b) | 1 | 2 |
| Rambus Inc. (a) | 3 | 314 |
| Ribbon Communications Inc. (a) | 3 | 11 |
| RingCentral, Inc. - Class A (a) | 5 | 153 |
| Rogers Corporation (a) | 2 | 166 |
| Sanmina Corporation (a) | 7 | 849 |
| ScanSource, Inc. (a) | 2 | 108 |
| Semtech Corporation (a) | 5 | 323 |

---

528

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ServiceNow, Inc. (a) |  | 294 |
| Silicon Laboratories Inc. (a) | 4 | 537 |
| Snowflake Inc. - Class A (a) | 4 | 803 |
| Strategy Inc - Class A (a) |  | 120 |
| Super Micro Computer, Inc. (a) | 15 | 740 |
| Synaptics Incorporated (a) | 6 | 383 |
| Teledyne Technologies Incorporated (a) | 1 | 363 |
| Teradata Corporation (a) | 16 | 338 |
| Trimble Inc. (a) | 15 | 1226 |
| TTM Technologies, Inc. (a) | 11 | 625 |
| Twilio Inc. - Class A (a) | 3 | 322 |
| Tyler Technologies, Inc. (a) | 1 | 357 |
| Ubiquiti Inc. |  | 54 |
| Uipath, Inc. - Class A (a) | 13 | 168 |
| Ultra Clean Holdings, Inc. (a) | 5 | 145 |
| Unity Software Inc. (a) | 22 | 882 |
| Universal Display Corporation | 1 | 199 |
| VeriSign, Inc. | 2 | 600 |
| ViaSat, Inc. (a) | 46 | 1339 |
| Viavi Solutions Inc. (a) | 28 | 356 |
| Vishay Intertechnology, Inc. | 28 | 424 |
| Vontier Corporation | 11 | 463 |
| Zebra Technologies Corporation - Class A (a) | 4 | 1063 |
| Zoom Communications, Inc. - Class A (a) | 2 | 184 |
| | | 45033 |
| **Real Estate 9.2%** | **Real Estate 9.2%** | **Real Estate 9.2%** |
| Acadia Realty Trust | 9 | 185 |
| Agree Realty Corporation | 6 | 418 |
| Alexander & Baldwin, Inc. | 6 | 113 |
| American Assets Trust, Inc. | 4 | 88 |
| American Healthcare REIT, Inc. | 4 | 173 |
| American Homes 4 Rent - Class A | 18 | 614 |
| Americold Realty Trust, Inc. | 35 | 433 |
| Anywhere Real Estate Inc. (a) | 11 | 113 |
| Apple Hospitality REIT, Inc. | 34 | 408 |
| Brandywine Realty Trust | 28 | 119 |
| Brixmor Property Group Inc. | 24 | 664 |
| Broadstone Net Lease, Inc. | 19 | 342 |
| Camden Property Trust | 8 | 801 |
| Compass, Inc. - Class A (a) | 32 | 254 |
| COPT Defense Properties | 11 | 321 |
| CoStar Group, Inc. (a) | 10 | 876 |
| Cousins Properties Incorporated | 20 | 573 |
| Cubesmart, L.P. | 13 | 518 |
| Cushman & Wakefield PLC (a) | 31 | 493 |
| DiamondRock Alpharetta Tenant, LLC | 27 | 215 |
| Diversified Healthcare Trust | 13 | 57 |
| Douglas Emmett, Inc. | 25 | 396 |
| EastGroup Properties, Inc. | 2 | 343 |
| Empire State Realty Trust, Inc. - Class A | 15 | 119 |
| EPR Properties | 8 | 458 |
| Equity Lifestyle Properties, Inc. | 7 | 433 |
| Essential Properties Realty Trust, Inc. | 7 | 201 |
| Essex Property Trust, Inc. | 4 | 1022 |
| eXp World Holdings, Inc. (b) | 15 | 156 |
| Extra Space Storage Inc. | 2 | 220 |
| Federal Realty Investment Trust | 6 | 633 |
| First Industrial Realty Trust, Inc. | 8 | 387 |
| Forestar Group Inc. (a) | 2 | 59 |
| Gaming and Leisure Properties, Inc. | 16 | 746 |
| Global Net Lease, Inc. | 26 | 213 |
| Healthcare Realty Trust Incorporated - Class A | 47 | 849 |
| Healthpeak OP, LLC | 18 | 348 |
| Highwoods Properties, Inc. | 14 | 442 |
| Howard Hughes Holdings Inc. (a) | 3 | 219 |
| Hudson Pacific Properties, Inc. (a) | 58 | 159 |
| Independence Realty Trust, Inc. | 18 | 290 |
| Innovative Industrial Properties, Inc. | 2 | 128 |
| InvenTrust Properties Corp. | 4 | 127 |
| Invitation Homes Inc. | 10 | 290 |
| JBG Smith Properties | 14 | 319 |
| Kennedy-Wilson Holdings, Inc. | 13 | 109 |
| Kilroy Realty Corporation (b) | 20 | 837 |
| Kite Realty Naperville, LLC | 19 | 416 |
| Lamar Advertising Company - Class A | 5 | 611 |
| Lineage, Inc. (b) | 3 | 112 |
| LXP Industrial Trust | 37 | 332 |
| Macerich Company, The | 26 | 472 |
| Medical Properties Trust, Inc. | 164 | 834 |
| National Health Investors, Inc. | 3 | 227 |
| National Storage Affiliates Trust | 3 | 98 |
| Newmark Group, Inc. - Class A | 13 | 239 |
| NNN REIT, Inc. | 14 | 604 |
| Omega Healthcare Investors, Inc. | 16 | 694 |
| Open Doors Technology Inc. - Class A (a) (b) | 230 | 1832 |
| OUTFRONT Media Inc. | 16 | 284 |
| Paramount Group, Inc. (a) | 22 | 144 |
| Park Hotels & Resorts Inc. (b) | 56 | 624 |
| Peakstone Realty Trust - Class E | 2 | 23 |
| Pebblebrook Hotel Trust | 29 | 333 |
| Phillips Edison & Company, Inc. | 8 | 284 |
| Piedmont Realty Trust, Inc. - Class A | 10 | 90 |
| PotlatchDeltic Corporation | 9 | 348 |
| Rayonier Inc. | 15 | 392 |
| Regency Centers Corporation | 13 | 933 |
| Rexford Industrial Realty, Inc. | 17 | 696 |
| RLJ III-EM Columbus Lessee, LLC (b) | 34 | 247 |
| Ryman Hospitality Properties, Inc. | 2 | 144 |
| Sabra Health Care REIT, Inc. | 24 | 452 |
| SBA Communications Corporation - Class A | 4 | 678 |
| Service Properties Trust | 38 | 103 |
| SITE Centers Corp. | 1 | 9 |
| SL Green Realty Corp. | 10 | 612 |
| STAG Industrial, Inc. | 13 | 471 |
| Sun Communities, Inc. | 9 | 1168 |
| Sunstone Hotel Investors, Inc. | 31 | 289 |
| Terreno Realty Corporation | 4 | 210 |
| UDR, Inc. | 21 | 784 |
| Uniti Group Inc. (a) | 24 | 147 |
| Urban Edge Properties | 9 | 177 |
| Vornado Realty Trust | 20 | 806 |
| W.P. Carey Inc. | 18 | 1223 |
| Xenia Hotels & Resorts, Inc. | 14 | 194 |
| Zillow Group, Inc. - Class C (a) | 9 | 701 |
|  |  | 36318 |
| **Health Care 8.6%** | **Health Care 8.6%** | **Health Care 8.6%** |
| Acadia Healthcare Company, Inc. (a) | 15 | 375 |
| Acadia Pharmaceuticals Inc. (a) | 6 | 124 |
| AdaptHealth LLC - Class A (a) | 14 | 128 |
| Align Technology, Inc. (a) | 1 | 147 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 586 |
| AMN Healthcare Services, Inc. (a) | 14 | 270 |
| Ardent Health Partners, Inc. (a) | 3 | 39 |
| Avanos Medical, Inc. (a) | 6 | 67 |
| Avantor, Inc. (a) | 55 | 684 |
| Azenta, Inc. (a) | 7 | 202 |
| BioMarin Pharmaceutical Inc. (a) | 14 | 747 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 763 |
| Bio-Techne Corporation | 6 | 336 |
| Brightspring Health Services, Inc. (a) | 3 | 81 |
| Bruker Corporation | 9 | 309 |
| Charles River Laboratories International, Inc. (a) | 4 | 561 |
| Chemed Corporation | 1 | 437 |
| Claritev Corporation - Class A (a) | 1 | 75 |
| Community Health Systems, Inc. (a) | 28 | 90 |
| Concentra Group Holdings Parent, Inc. | 15 | 304 |
| Cooper Companies, Inc., The (a) | 12 | 837 |
| Corcept Therapeutics Incorporated (a) | 2 | 182 |
| Cross Country Healthcare, Inc. (a) | 5 | 71 |
| Denali Therapeutics Inc. (a) | 8 | 114 |
| Dentsply Sirona Inc. | 44 | 560 |
| DexCom, Inc. (a) | 9 | 603 |
| Elanco Animal Health Incorporated (a) (b) | 70 | 1402 |
| Embecta Corp. | 5 | 75 |
| Emergent BioSolutions Inc. (a) | 12 | 108 |
| Encompass Health Corporation | 5 | 584 |
| Enovis Corporation (a) | 11 | 332 |
| Ensign Group, Inc., The | 2 | 273 |

---

529

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Envista Holdings Corporation (a) | 31 | 628 |
| Exact Sciences Corporation (a) | 9 | 486 |
| Exelixis, Inc. (a) | 20 | 813 |
| Fortrea Holdings Inc. (a) | 21 | 176 |
| Fulgent Genetics, Inc. (a) | 4 | 80 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) | 23 | 332 |
| Globus Medical, Inc. - Class A (a) | 6 | 348 |
| Grail, Inc. (a) | 5 | 309 |
| Haemonetics Corporation (a) | 4 | 183 |
| Halozyme Therapeutics, Inc. (a) | 3 | 205 |
| HealthEquity, Inc. (a) | 2 | 207 |
| ICU Medical, Inc. (a) | 2 | 288 |
| IDEXX Laboratories, Inc. (a) | 2 | 1122 |
| Innoviva, Inc. (a) | 6 | 116 |
| Integer Holdings Corporation (a) | 2 | 203 |
| Integra LifeSciences Holdings Corporation (a) | 12 | 166 |
| Ionis Pharmaceuticals, Inc. (a) | 10 | 662 |
| Jazz Pharmaceuticals Public Limited Company (a) | 8 | 1016 |
| LivaNova PLC (a) | 5 | 265 |
| Masimo Corporation (a) | 3 | 388 |
| Merit Medical Systems, Inc. (a) | 2 | 146 |
| Mettler-Toledo International Inc. (a) | 1 | 1169 |
| National HealthCare Corporation | 1 | 84 |
| Neogen Corporation (a) | 33 | 186 |
| Neurocrine Biosciences, Inc. (a) | 4 | 545 |
| Novavax, Inc. (a) | 47 | 407 |
| Omnicell, Inc. (a) | 5 | 154 |
| OPKO Health, Inc. (a) | 40 | 63 |
| Option Care Health, Inc. (a) | 13 | 348 |
| Owens & Minor, Inc. (a) | 18 | 86 |
| Pediatrix Medical Group, Inc. (a) | 7 | 115 |
| Premier Healthcare Solutions, Inc. - Class A | 20 | 560 |
| Prestige Consumer Healthcare Inc. (a) | 2 | 152 |
| PTC Therapeutics, Inc. (a) | 4 | 232 |
| QuidelOrtho Corporation (a) | 17 | 496 |
| Repligen Corporation (a) | 1 | 164 |
| ResMed Inc. | 4 | 1169 |
| Revolution Medicines, Inc. (a) | 4 | 170 |
| Revvity, Inc. | 11 | 980 |
| Roivant Sciences Ltd. (a) | 27 | 412 |
| Royalty Pharma PLC - Class A | 20 | 708 |
| Sarepta Therapeutics, Inc. (a) | 10 | 191 |
| Select Medical Holdings Corporation | 11 | 137 |
| Steris Public Limited Company | 1 | 347 |
| Surgery Partners, Inc. (a) | 5 | 100 |
| Teladoc Health, Inc. (a) | 45 | 347 |
| Teleflex Incorporated | 5 | 630 |
| Tenet Healthcare Corporation (a) | 6 | 1203 |
| Ultragenyx Pharmaceutical Inc. (a) | 6 | 171 |
| United Therapeutics Corporation (a) | 3 | 1108 |
| Veeva Systems Inc. - Class A (a) | 3 | 775 |
| VIR Biotechnology, Inc. (a) | 22 | 124 |
| Waystar Holding Corp. (a) | 2 | 82 |
| West Pharmaceutical Services, Inc. | 3 | 812 |
| ZimVie Inc. (a) | 1 | 23 |
| | | 33855 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Antero Midstream Corporation | 21 | 406 |
| Antero Resources Corporation (a) | 9 | 293 |
| Apa Corp. | 16 | 400 |
| Archrock, Inc. | 11 | 282 |
| Berry Corporation (Bry) | 11 | 43 |
| BKV Corporation (a) | 1 | 28 |
| California Resources Corporation | 10 | 506 |
| Cheniere Energy, Inc. | 2 | 363 |
| Chord Energy Corporation | 9 | 881 |
| Civitas Resources, Inc. | 23 | 742 |
| CNX Resources Corporation (a) | 24 | 769 |
| Comstock Resources, Inc. (a) (b) | 7 | 146 |
| Core Natural Resources, Inc. | 4 | 327 |
| Crescent Energy Company - Class A | 19 | 172 |
| CVR Energy, Inc. | 11 | 418 |
| Delek US Holdings, Inc. | 23 | 754 |
| Dorian LPG Ltd. | 7 | 197 |
| DT Midstream, Inc. | 6 | 643 |
| EQT Corporation | 11 | 593 |
| Green Plains Inc. (a) | 24 | 207 |
| Gulfport Energy Operating Corporation (a) | 1 | 218 |
| Helix Energy Solutions Group, Inc. (a) | 19 | 125 |
| Helmerich & Payne, Inc. | 24 | 531 |
| Highpeak Energy, Inc. | 3 | 24 |
| International Seaways, Inc. | 6 | 255 |
| Kodiak Gas Services, LLC | 2 | 77 |
| Kosmos Energy Ltd. (a) | 104 | 172 |
| Liberty Energy Inc. - Class A | 32 | 400 |
| Magnolia Oil & Gas Corporation - Class A | 13 | 321 |
| Matador Resources Company | 11 | 483 |
| Murphy Oil Corporation | 36 | 1013 |
| Nabors Industries Ltd. (a) | 4 | 180 |
| New Fortress Energy Inc. - Class A (a) (b) | 33 | 72 |
| Noble Corporation 2022 Limited | 10 | 284 |
| Northern Oil and Gas Incorporated | 8 | 204 |
| NOV Inc. | 59 | 776 |
| Par Pacific Holdings, Inc. (a) | 11 | 393 |
| Patterson-UTI Energy, Inc. | 100 | 517 |
| Peabody Energy Corporation | 42 | 1118 |
| Permian Resources Corporation - Class A | 34 | 435 |
| ProFrac Holding Corp. - Class A (a) | 2 | 9 |
| Propetro Holding Corp. (a) | 19 | 99 |
| Range Resources Corporation | 19 | 713 |
| RPC, Inc. | 24 | 114 |
| Select Water Solutions, Inc. - Class A | 11 | 121 |
| SM Energy Company | 21 | 535 |
| Talos Energy Inc. (a) | 21 | 198 |
| TechnipFMC PLC | 26 | 1009 |
| Texas Pacific Land Corporation |  | 166 |
| Transocean Ltd. (a) (e) | 51 | 159 |
| Valaris Limited (a) | 4 | 187 |
| Vital Energy, Inc. (a) | 11 | 182 |
| Weatherford International Public Limited Company | 5 | 358 |
|  |  | 19618 |
| **Materials 4.6%** | **Materials 4.6%** | **Materials 4.6%** |
| AdvanSix Inc. | 2 | 39 |
| Albemarle Corporation | 3 | 276 |
| Alpha Metallurgical Resources, Inc. (a) | 3 | 516 |
| AptarGroup, Inc. | 4 | 553 |
| Ardagh Metal Packaging S.A. | 11 | 44 |
| Ashland Inc. | 9 | 439 |
| Avery Dennison Corporation | 6 | 1016 |
| Avient Corporation | 10 | 335 |
| Axalta Coating Systems Ltd. (a) | 17 | 484 |
| Balchem Corporation | 1 | 145 |
| Cabot Corporation | 5 | 388 |
| Carpenter Technology Corporation | 2 | 373 |
| Chemours Company, The | 40 | 628 |
| Clearwater Paper Corporation (a) | 3 | 72 |
| Commercial Metals Company | 16 | 928 |
| Compass Minerals International, Inc. (a) | 7 | 128 |
| Crown Holdings, Inc. | 10 | 997 |
| Eagle Materials Inc. | 3 | 591 |
| Ecovyst Inc. (a) | 12 | 106 |
| Element Solutions Inc. | 19 | 480 |
| FMC Corporation | 5 | 177 |
| Graphic Packaging Holding Company | 36 | 700 |
| Greif, Inc. - Class A | 3 | 191 |
| H.B. Fuller Company | 6 | 372 |
| Hecla Mining Company | 38 | 462 |
| Ingevity Corporation (a) | 3 | 154 |
| Innospec Inc. | 2 | 177 |
| Kaiser Aluminum Corporation | 2 | 192 |
| KRC Materials, Inc. (a) | 4 | 282 |
| Kronos Worldwide, Inc. | 4 | 22 |
| Louisiana-Pacific Corporation (W VA) | 6 | 519 |
| Materion Corporation | 1 | 159 |
| MATIV Holdings, Inc. | 6 | 66 |
| Metallus Inc. (a) | 4 | 60 |
| Minerals Technologies Inc. | 3 | 212 |
| NewMarket Corporation | 1 | 499 |

---

530

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| O-I Glass, Inc. (a) | 26 | 338 |
| Olin Corporation | 8 | 191 |
| Olympic Steel, Inc. | 1 | 36 |
| Quaker Chemical Corporation | 2 | 233 |
| Royal Gold, Inc. | 2 | 458 |
| RPM International Inc. | 8 | 921 |
| Ryerson Holding Corporation | 5 | 108 |
| Scotts Miracle-Gro Company, The | 6 | 323 |
| Sealed Air Corporation | 16 | 550 |
| Sensient Technologies Corporation | 3 | 275 |
| Silgan Holdings Inc. | 9 | 381 |
| Sonoco Products Company | 13 | 561 |
| Stepan Company | 2 | 90 |
| SunCoke Energy, Inc. | 11 | 86 |
| Sylvamo Corporation | 4 | 190 |
| Trinseo Public Limited Company (b) |  | 1 |
| Tronox Holdings PLC | 29 | 116 |
| Warrior Met Coal, Inc. | 8 | 501 |
| Worthington Steel, Inc. | 3 | 89 |
| | | 18230 |
| **Communication Services 3.7%** | **Communication Services 3.7%** | **Communication Services 3.7%** |
| Advantage Solutions, Inc. - Class A (a) (b) |  |  |
| AMC Networks, Inc. - Class A (a) | 5 | 41 |
| Angi Inc. - Class A (a) | 8 | 132 |
| Array Digital Infrastructure, Inc. (b) | 2 | 96 |
| Bumble Inc. - Class A (a) | 15 | 91 |
| Cable One, Inc. | 2 | 274 |
| CarGurus, Inc. - Class A (a) | 5 | 175 |
| Cogent Communications Holdings, Inc. | 3 | 123 |
| CommScope Holding Company, Inc. (a) | 43 | 659 |
| E.W. Scripps Company, The - Class A (a) | 4 | 10 |
| EchoStar Corporation - Class A (a) | 3 | 207 |
| Frontier Communications Parent, Inc. (a) | 26 | 970 |
| Gray Media, Inc. | 15 | 86 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 34 |
| IAC Inc. (a) | 13 | 439 |
| iHeartMedia, Inc. - Class A (a) | 10 | 28 |
| IHS Holding Limited (a) | 6 | 40 |
| Iridium Communications Inc. | 7 | 126 |
| John Wiley & Sons, Inc. - Class A | 6 | 223 |
| Liberty Broadband Corporation - Series C (a) | 8 | 533 |
| Liberty Latin America Ltd. - Class C (a) | 21 | 178 |
| Liberty Media Corporation - Series C (a) | 7 | 701 |
| Lionsgate Studios Corp. (a) | 4 | 30 |
| Match Group, Inc. | 14 | 492 |
| Nexstar Media Group, Inc. - Class A | 6 | 1099 |
| Pinterest, Inc. - Class A (a) | 22 | 703 |
| Roblox Corporation - Class A (a) | 2 | 323 |
| Roku, Inc. - Class A (a) | 7 | 652 |
| Scholastic Corporation | 5 | 135 |
| Sinclair, Inc. - Class A | 4 | 68 |
| Snap Inc. - Class A (a) | 75 | 576 |
| Take-Two Interactive Software, Inc. (a) | 6 | 1450 |
| TEGNA Inc. | 25 | 504 |
| Telephone and Data Systems, Inc. | 17 | 681 |
| The Interpublic Group of Companies, Inc. | 11 | 311 |
| The New York Times Company - Class A | 8 | 487 |
| TKO Group Holdings Inc. - Class A | 1 | 174 |
| Trade Desk, Inc., The - Class A (a) | 5 | 228 |
| TripAdvisor, Inc. (a) | 15 | 239 |
| Warner Music Group Corp. - Class A | 3 | 95 |
| Yelp Inc. (a) | 12 | 360 |
| Ziff Davis, Inc. (a) | 7 | 283 |
| ZoomInfo Technologies Inc. - Class A (a) | 25 | 277 |
|  |  | 14333 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| Andersons, Inc., The | 4 | 161 |
| B&G Foods, Inc. (b) | 24 | 107 |
| BJ's Wholesale Club Holdings, Inc. (a) | 6 | 553 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 207 |
| Brown-Forman Corporation - Class B | 25 | 680 |
| Cal-Maine Foods, Inc. | 4 | 379 |
| Casey's General Stores, Inc. | 3 | 1477 |
| Central Garden & Pet Company - Class A (a) | 8 | 235 |
| Clorox Company, The | 7 | 862 |
| Coca-Cola Consolidated, Inc. | 2 | 238 |
| Coty Inc. - Class A (a) | 55 | 224 |
| Darling Ingredients Inc. (a) | 24 | 728 |
| Del Monte Fresh Produce Company | 6 | 197 |
| Edgewell Personal Care Colombia S A S | 9 | 174 |
| Energizer Holdings, Inc. | 7 | 172 |
| Flowers Foods, Inc. | 30 | 391 |
| Grocery Outlet Holding Corp. (a) | 13 | 202 |
| Hain Celestial Group, Inc., The (a) | 15 | 24 |
| Ingles Markets, Incorporated - Class A | 3 | 181 |
| Ingredion Incorporated | 8 | 921 |
| J&J Snack Foods Corp. | 1 | 122 |
| Lamb Weston Holdings, Inc. | 11 | 632 |
| Maplebear Inc. (a) | 6 | 223 |
| McCormick & Company, Incorporated | 4 | 277 |
| Medifast, Inc. (a) (b) | 2 | 33 |
| National Beverage Corp. (a) | 2 | 65 |
| Nomad Foods Limited | 10 | 127 |
| Nu Skin Enterprises, Inc. - Class A | 7 | 86 |
| Oil-Dri Corporation of America |  | 23 |
| Pilgrim's Pride Corporation | 4 | 159 |
| Post Holdings, Inc. (a) | 6 | 606 |
| PriceSmart, Inc. | 3 | 399 |
| Reynolds Consumer Products Inc. | 6 | 146 |
| Seaboard Corporation |  | 58 |
| Seneca Foods Corporation - Class A (a) |  | 25 |
| Simply Good Foods Company, The (a) | 4 | 109 |
| Spectrum Brands Holdings, Inc. | 7 | 381 |
| Sprouts Farmers Market, Inc. (a) | 4 | 421 |
| The Marzetti Company | 1 | 234 |
| Treehouse Foods, Inc. (a) | 10 | 204 |
| United Natural Foods, Inc. (a) | 9 | 321 |
| Universal Corporation | 3 | 164 |
| USANA Health Sciences, Inc. (a) | 2 | 63 |
| Village Super Market, Inc. - Class A | 1 | 27 |
| Weis Markets, Inc. | 2 | 121 |
|  |  | 13139 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| ALLETE, Inc. | 6 | 416 |
| Avista Corporation | 9 | 353 |
| Black Hills Corporation | 8 | 504 |
| California Water Service Group | 3 | 152 |
| Clearway Energy, Inc. - Class C | 9 | 261 |
| Essential Utilities, Inc. | 21 | 856 |
| Hawaiian Electric Industries, Inc. (a) | 39 | 432 |
| IDACORP, Inc. | 4 | 569 |
| MDU Resources Group, Inc. | 15 | 267 |
| National Fuel Gas Company | 8 | 747 |
| New Jersey Resources Corporation | 9 | 450 |
| Northwest Natural Holding Company | 3 | 133 |
| NorthWestern Corporation | 7 | 409 |
| OGE Energy Corp. | 18 | 824 |
| One Gas, Inc. | 7 | 536 |
| Ormat Technologies, Inc. | 3 | 336 |
| Otter Tail Corporation | 2 | 201 |
| Portland General Electric Company | 14 | 624 |
| Southwest Gas Holdings, Inc. | 6 | 497 |
| Spire Inc. | 7 | 548 |
| Talen Energy Corporation (a) | 1 | 351 |
| TXNM Energy, Inc. | 9 | 495 |
|  |  | 9961 |
| Total Common Stocks (cost $335,814) | Total Common Stocks (cost $335,814) | 392065 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (f) | 4763 | 4763 |

---

531

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (f) | 1290 | 1290 |
| Total Short Term Investments (cost $6,053) | Total Short Term Investments (cost $6,053) | 6053 |
| **Total Investments 101.1% (cost $341,867)** | **Total Investments 101.1% (cost $341,867)** | **398118** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **3** |
| **Other Assets and Liabilities, Net (1.1)%** | **Other Assets and Liabilities, Net (1.1)%** | **(4427)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **393694** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(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) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 1213 | 34 | 373 | 29 | 234 | (79) | 1029 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 480 | 33986 | 29703 | 47 |  |  | 4763 | 1.2 |
| JNL Government Money Market Fund, 4.04% - Class I | 3120 | 39662 | 41492 | 46 |  |  | 1290 | 0.3 |
|  | 4813 | 73682 | 71568 | 122 | 234 | (79) | 7082 | 1.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 03/15/24 | 211 | 159 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 5 | December 2025 | 614 | 1 |  |
| S&P Midcap 400 Index | 4 | December 2025 | 1318 | 2 | (4) |
|  |  |  |  | 3 | (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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 392065 |  |  | 392065 |
| &nbsp;&nbsp;Short Term Investments | 6053 |  |  | 6053 |
|  | 398118 |  |  | 398118 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (4) |  |  | (4) |
|  | (4) |  |  | (4) |

---

<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.

532

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 17.3%** | **Information Technology 17.3%** | **Information Technology 17.3%** |
| Accenture Public Limited Company - Class A | 19 | 4663 |
| Adobe Inc. (a) | 2 | 765 |
| Advanced Energy Industries, Inc. | 2 | 296 |
| Akamai Technologies, Inc. (a) | 6 | 456 |
| Amdocs Limited | 9 | 773 |
| Amkor Technology, Inc. | 24 | 682 |
| Amphenol Corporation - Class A | 26 | 3241 |
| Apple Inc. | 92 | 23509 |
| Applied Materials, Inc. | 31 | 6286 |
| AppLovin Corporation - Class A (a) | 12 | 8385 |
| Arista Networks, Inc. (a) | 21 | 3101 |
| Arrow Electronics, Inc. (a) | 11 | 1374 |
| Aurora Innovations Inc. - Class A (a) | 45 | 244 |
| Autodesk, Inc. (a) | 5 | 1461 |
| Avnet, Inc. | 18 | 939 |
| Belden Inc. | 5 | 579 |
| Broadcom Inc. | 144 | 47381 |
| Cadence Design Systems, Inc. (a) | 6 | 2051 |
| CDW Corp. | 2 | 250 |
| Ciena Corporation (a) | 7 | 958 |
| Cirrus Logic, Inc. (a) | 4 | 506 |
| Cisco Systems, Inc. | 347 | 23753 |
| Coherent Corp. (a) | 7 | 775 |
| CommVault Systems, Inc. (a) | 7 | 1370 |
| Corning Incorporated | 118 | 9655 |
| CrowdStrike Holdings, Inc. - Class A (a) | 11 | 5194 |
| Dell Technologies Inc. - Class C | 8 | 1072 |
| DocuSign, Inc. (a) | 9 | 679 |
| Dolby Laboratories, Inc. - Class A | 7 | 485 |
| Dropbox, Inc. - Class A (a) | 33 | 1005 |
| DXC Technology Company (a) | 40 | 551 |
| F5, Inc. (a) | 9 | 2987 |
| Fair Isaac Corporation (a) | 1 | 1621 |
| Flex Ltd. (a) | 8 | 463 |
| Fortinet, Inc. (a) | 6 | 535 |
| Gartner, Inc. (a) | 3 | 701 |
| Gen Digital Inc. | 55 | 1569 |
| GoDaddy Inc. - Class A (a) | 11 | 1573 |
| Guidewire Software, Inc. (a) | 4 | 905 |
| Hewlett Packard Enterprise Company | 185 | 4539 |
| HP, Inc. | 184 | 4998 |
| Insight Enterprises, Inc. (a) | 6 | 686 |
| Intel Corporation (a) | 474 | 15887 |
| InterDigital, Inc. (b) | 3 | 1117 |
| International Business Machines Corporation | 91 | 25614 |
| Intuit Inc. | 6 | 4021 |
| Jabil Inc. | 11 | 2330 |
| Keysight Technologies, Inc. (a) | 4 | 646 |
| KLA Corporation | 3 | 3766 |
| Knowles Corporation (a) | 12 | 284 |
| Kyndryl Holdings, Inc. (a) | 44 | 1331 |
| Lam Research Corporation | 79 | 10550 |
| Lattice Semiconductor Corporation (a) | 9 | 661 |
| Lumentum Holdings Inc. (a) | 3 | 512 |
| Manhattan Associates, Inc. (a) | 2 | 365 |
| Motorola Solutions, Inc. | 4 | 1846 |
| NCR Voyix Corporation (a) | 24 | 304 |
| NetApp, Inc. | 10 | 1199 |
| NetScout Systems, Inc. (a) | 14 | 350 |
| Nutanix, Inc. - Class A (a) | 12 | 903 |
| NVIDIA Corporation | 118 | 22024 |
| Okta, Inc. - Class A (a) | 8 | 692 |
| Oracle Corporation | 173 | 48622 |
| OSI Systems, Inc. (a) | 3 | 783 |
| Palantir Technologies Inc. - Class A (a) | 37 | 6839 |
| Plexus Corp. (a) | 4 | 575 |
| Qorvo, Inc. (a) | 3 | 282 |
| Qualcomm Incorporated | 44 | 7350 |
| Rambus Inc. (a) | 5 | 519 |
| Roper Technologies, Inc. | 2 | 1093 |
| Sanmina Corporation (a) | 14 | 1566 |
| Seagate Technology Holdings Public Limited Company | 16 | 3870 |
| Silicon Laboratories Inc. (a) | 4 | 495 |
| Snowflake Inc. - Class A (a) | 14 | 3063 |
| Strategy Inc - Class A (a) | 12 | 3979 |
| TD SYNNEX Corporation | 2 | 342 |
| TE Connectivity Public Limited Company | 6 | 1392 |
| Teledyne Technologies Incorporated (a) | 1 | 585 |
| Teradata Corporation (a) | 17 | 369 |
| Teradyne, Inc. | 8 | 1157 |
| Texas Instruments Incorporated | 36 | 6569 |
| Trimble Inc. (a) | 11 | 912 |
| TTM Technologies, Inc. (a) | 26 | 1488 |
| Twilio Inc. - Class A (a) | 3 | 311 |
| Tyler Technologies, Inc. (a) | 1 | 561 |
| Unity Software Inc. (a) | 14 | 549 |
| VeriSign, Inc. | 9 | 2574 |
| ViaSat, Inc. (a) | 24 | 706 |
| Vishay Intertechnology, Inc. | 32 | 492 |
| Vontier Corporation | 16 | 679 |
| Western Digital Corporation | 48 | 5759 |
| Xerox Holdings Corporation (b) | 40 | 151 |
| Zoom Communications, Inc. - Class A (a) | 5 | 416 |
|  |  | 371466 |
| **Financials 16.3%** | **Financials 16.3%** | **Financials 16.3%** |
| Affiliated Managers Group, Inc. | 4 | 1005 |
| AFLAC Incorporated | 33 | 3720 |
| AGNC Investment Corp. (b) | 112 | 1093 |
| Allstate Corporation, The | 24 | 5231 |
| Ally Financial Inc. | 45 | 1749 |
| American Express Company | 11 | 3588 |
| American International Group, Inc. | 83 | 6515 |
| Ameriprise Financial, Inc. | 6 | 2862 |
| Annaly Capital Management, Inc. | 13 | 269 |
| AON Public Limited Company - Class A | 17 | 5956 |
| Ares Management Corporation - Class A | 13 | 2074 |
| Arthur J. Gallagher & Co. | 4 | 1254 |
| Artisan Partners Asset Management Inc. - Class A | 9 | 390 |
| Assurant, Inc. | 6 | 1204 |
| Bank of New York Mellon Corporation, The (c) | 68 | 7365 |
| Bank OZK | 5 | 252 |
| BankUnited, Inc. | 17 | 638 |
| Berkshire Hathaway Inc. - Class B (a) | 44 | 22299 |
| BlackRock, Inc. | 3 | 3769 |
| Blackstone Inc. - Class A | 30 | 5152 |
| Blackstone Mortgage Trust, Inc. - Class A | 18 | 340 |
| Bread Financial Payments, Inc. | 15 | 812 |
| Brighthouse Financial, Inc. (a) | 15 | 789 |
| Brown & Brown, Inc. | 14 | 1283 |
| Cadence Bank | 8 | 292 |
| Capital One Financial Corporation | 64 | 13568 |
| Carlyle Group Inc., The | 5 | 333 |
| Charles Schwab Corporation, The | 54 | 5149 |
| Cincinnati Financial Corporation | 3 | 521 |
| Citigroup Inc. | 289 | 29360 |
| Citizens Financial Group, Inc. | 23 | 1234 |
| CME Group Inc. - Class A | 18 | 4884 |
| CNO Financial Group, Inc. | 15 | 578 |
| Coinbase Global, Inc. - Class A (a) | 10 | 3221 |
| Comerica Incorporated | 16 | 1085 |
| Corebridge Financial, Inc. | 38 | 1218 |
| Corpay Inc (a) | 1 | 271 |
| Credit Acceptance Corporation (a) (b) |  | 206 |
| Cullen/Frost Bankers, Inc. | 2 | 312 |
| DigitalBridge Group, Inc. - Class A | 42 | 486 |
| East West Bancorp, Inc. | 6 | 648 |
| Encore Capital Group, Inc. (a) | 6 | 270 |
| Equitable Holdings, Inc. | 48 | 2421 |
| Erie Indemnity Company - Class A | 2 | 720 |
| Evercore Inc. - Class A | 6 | 2107 |
| FactSet Research Systems Inc. | 2 | 514 |
| Federated Hermes, Inc. - Class B | 15 | 762 |
| First American Financial Corporation | 9 | 571 |
| First Horizon Corporation | 22 | 490 |
| FirstCash, Inc. | 6 | 887 |

---

533

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flagstar Financial, Inc. | 69 | 798 |
| Franklin Resources, Inc. | 41 | 939 |
| Genworth Financial, Inc. - Class A (a) | 143 | 1271 |
| Globe Life Inc. | 4 | 517 |
| Goldman Sachs Group, Inc., The | 15 | 12210 |
| Hanover Insurance Group Inc, The | 5 | 935 |
| Hartford Insurance Group, Inc., The | 6 | 791 |
| Hilltop Holdings Inc. | 7 | 222 |
| Houlihan Lokey, Inc. - Class A | 7 | 1466 |
| Huntington Bancshares Incorporated | 32 | 546 |
| Independence Holdings, LLC | 19 | 1054 |
| Interactive Brokers Group, Inc. - Class A | 28 | 1897 |
| Intercontinental Exchange, Inc. | 30 | 5117 |
| Invesco Ltd. | 52 | 1203 |
| Jack Henry & Associates, Inc. | 11 | 1586 |
| Jackson Financial Inc. - Class A (c) | 13 | 1285 |
| Janus Henderson Group PLC | 25 | 1116 |
| Jefferies Financial Group Inc. | 10 | 659 |
| JPMorgan Chase & Co. | 59 | 18464 |
| KeyCorp | 24 | 455 |
| Lincoln National Corporation | 29 | 1164 |
| Loews Corporation | 15 | 1501 |
| LPL Financial Holdings Inc. | 9 | 2858 |
| M&T Bank Corporation | 3 | 664 |
| Markel Group Inc. (a) |  | 489 |
| MarketAxess Holdings Inc. | 4 | 685 |
| Marsh & Mclennan Companies, Inc. | 17 | 3397 |
| MasterCard Incorporated - Class A | 27 | 15157 |
| Mercury General Corporation | 6 | 508 |
| MetLife, Inc. | 48 | 3962 |
| MFA Financial, Inc. | 31 | 287 |
| MGIC Investment Corporation | 13 | 379 |
| Moelis & Company - Class A | 9 | 643 |
| Moody's Corporation | 1 | 538 |
| Morgan Stanley | 26 | 4164 |
| Morningstar, Inc. | 1 | 287 |
| Mr. Cooper Group Inc. | 12 | 2486 |
| MSCI Inc. - Class A | 2 | 1143 |
| Nasdaq, Inc. | 12 | 1106 |
| Navient Corporation | 15 | 192 |
| NCR Atleos Corporation (a) | 12 | 473 |
| Nelnet, Inc. - Class A | 2 | 198 |
| Northern Trust Corporation | 4 | 528 |
| Old National Bancorp | 16 | 359 |
| PennyMac Financial Services, Inc. | 6 | 742 |
| PennyMac Mortgage Investment Trust | 18 | 216 |
| Piper Sandler Companies | 1 | 267 |
| PROG Holdings, Inc. | 9 | 281 |
| Progressive Corporation, The | 25 | 6170 |
| Prudential Financial, Inc. | 37 | 3883 |
| Raymond James Financial, Inc. | 4 | 667 |
| Regions Financial Corporation | 20 | 519 |
| RITHM Capital Corp. | 34 | 386 |
| RLI Corp. | 6 | 413 |
| Robinhood Markets, Inc. - Class A (a) | 35 | 5034 |
| S&P Global Inc. | 9 | 4279 |
| SEI Investments Company | 18 | 1514 |
| Selective Insurance Group, Inc. | 5 | 371 |
| SLM Corporation | 40 | 1116 |
| SoFi Technologies, Inc. (a) | 53 | 1402 |
| State Street Corporation | 6 | 671 |
| Stewart Information Services Corporation | 4 | 287 |
| Stifel Financial Corp. | 5 | 521 |
| Synchrony Financial | 84 | 5992 |
| T. Rowe Price Group, Inc. | 20 | 2069 |
| The Western Union Company (b) | 176 | 1406 |
| Toast, Inc. - Class A (a) | 22 | 789 |
| TPG Inc. - Class A | 4 | 225 |
| Tradeweb Markets Inc. - Class A | 10 | 1070 |
| Travelers Companies, Inc., The | 22 | 6038 |
| Unum Group | 31 | 2392 |
| Virtu Financial, Inc. - Class A | 19 | 662 |
| Visa Inc. - Class A | 59 | 20076 |
| W. R. Berkley Corporation | 6 | 456 |
| Webster Financial Corporation | 8 | 496 |
| Wells Fargo & Company | 349 | 29239 |
| White Mountains Insurance Group Ltd |  | 787 |
| Willis Towers Watson Public Limited Company | 5 | 1872 |
| Wintrust Financial Corporation | 4 | 473 |
| Zions Bancorporation, National Association | 13 | 737 |
| Zurich American Corporation | 5 | 269 |
| | | 351203 |
| **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** |
| Abercrombie & Fitch Co. - Class A (a) | 18 | 1530 |
| Academy Sports & Outdoors, Inc. | 15 | 727 |
| Acushnet Holdings Corp. | 7 | 541 |
| Adient Public Limited Company (a) | 25 | 606 |
| Adtalem Global Education Inc. (a) | 9 | 1332 |
| Advance Auto Parts, Inc. | 8 | 518 |
| American Eagle Outfitters, Inc. | 84 | 1443 |
| Asbury Automotive Group, Inc. (a) | 4 | 929 |
| AutoNation, Inc. (a) | 9 | 2074 |
| AutoZone, Inc. (a) | 2 | 8134 |
| Bath & Body Works, Inc. | 19 | 496 |
| Best Buy Co., Inc. | 62 | 4711 |
| Booking Holdings Inc. | 3 | 14772 |
| BorgWarner Inc. | 34 | 1507 |
| Boyd Gaming Corporation | 9 | 768 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 305 |
| Brightstar Lottery PLC (b) | 28 | 478 |
| Brunswick Corporation | 17 | 1048 |
| Carnival Corporation (a) | 69 | 1998 |
| Carter's, Inc. | 27 | 753 |
| Choice Hotels International, Inc. | 2 | 238 |
| Coupang, Inc. - Class A (a) | 54 | 1731 |
| Cracker Barrel Old Country Store, Inc. (b) | 10 | 441 |
| Dana Incorporated | 46 | 916 |
| Darden Restaurants, Inc. | 9 | 1725 |
| Deckers Outdoor Corporation (a) | 13 | 1305 |
| Dick's Sporting Goods, Inc. | 8 | 1680 |
| Dillard's, Inc. - Class A (b) | 1 | 780 |
| Domino's Pizza, Inc. | 5 | 2209 |
| DoorDash, Inc. - Class A (a) | 16 | 4405 |
| Dorman Products, Inc. (a) | 4 | 577 |
| eBay Inc. | 126 | 11452 |
| Expedia Group, Inc. | 7 | 1420 |
| Five Below, Inc. (a) | 3 | 392 |
| Flutter Entertainment Public Limited Company (a) | 4 | 957 |
| Ford Motor Company | 788 | 9428 |
| Gap, Inc., The | 34 | 733 |
| General Motors Company | 218 | 13267 |
| Gentex Corporation | 50 | 1424 |
| Genuine Parts Company | 2 | 292 |
| G-III Apparel Group, Ltd. (a) | 11 | 286 |
| Graham Holdings Co., Ltd. - Class B | 1 | 849 |
| Grand Canyon Education, Inc. (a) | 5 | 1021 |
| Group 1 Automotive, Inc. | 3 | 1285 |
| H & R Block, Inc. | 16 | 799 |
| Hanesbrands Inc. (a) | 104 | 683 |
| Harley-Davidson, Inc. | 14 | 380 |
| Hasbro, Inc. | 23 | 1730 |
| Hilton Worldwide Holdings Inc. | 5 | 1307 |
| Home Depot, Inc., The | 52 | 20927 |
| KB Home | 4 | 252 |
| Kohl's Corporation | 59 | 913 |
| Kontoor Brands, Inc. | 9 | 753 |
| Las Vegas Sands Corp. | 7 | 375 |
| Laureate Education, Inc. - Class A (a) | 23 | 723 |
| La-Z-Boy Incorporated | 8 | 283 |
| Lear Corporation | 8 | 770 |
| Leggett & Platt, Incorporated | 42 | 375 |
| Light & Wonder, Inc. (a) | 3 | 236 |
| Lithia Motors, Inc. - Class A | 2 | 530 |
| Lowe`s Companies, Inc. | 44 | 10958 |
| M/I Homes, Inc. (a) | 4 | 516 |
| Macy's, Inc. | 67 | 1201 |
| Marriott International, Inc. - Class A | 8 | 2128 |
| McDonald's Corporation | 52 | 15723 |
| Meritage Homes Corporation | 13 | 966 |

---

534

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mohawk Industries, Inc. (a) | 4 | 471 |
| Murphy USA Inc. | 6 | 2269 |
| Newell Brands Inc. | 20 | 103 |
| Nike, Inc. - Class B | 34 | 2379 |
| NVR, Inc. (a) |  | 1414 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 7 | 924 |
| O'Reilly Automotive, Inc. (a) | 64 | 6923 |
| Penske Automotive Group, Inc. | 2 | 360 |
| Phinia Inc. | 9 | 505 |
| Pool Corporation | 6 | 1793 |
| PulteGroup, Inc. | 13 | 1656 |
| PVH Corp. | 10 | 817 |
| Ralph Lauren Corporation - Class A | 5 | 1614 |
| Red Rock Resorts, Inc. - Class A | 5 | 280 |
| RH (a) | 2 | 357 |
| Rivian Automotive, Inc. - Class A (a) (b) | 20 | 292 |
| Royal Caribbean Cruises Ltd. | 11 | 3589 |
| Sally Beauty Holdings, Inc. (a) | 35 | 576 |
| Service Corporation International | 20 | 1655 |
| Signet Jewelers Limited | 10 | 957 |
| Somnigroup International Inc. | 25 | 2147 |
| Sonic Automotive, Inc. - Class A | 5 | 401 |
| Starbucks Corporation | 54 | 4585 |
| Steven Madden, Ltd. | 14 | 460 |
| Strategic Education, Inc. | 4 | 317 |
| Stride, Inc. (a) | 4 | 526 |
| Tapestry, Inc. | 21 | 2426 |
| Taylor Morrison Home II Corporation - Class A (a) | 24 | 1615 |
| Tesla Inc. (a) | 60 | 26903 |
| Texas Roadhouse, Inc. - Class A | 2 | 406 |
| The Buckle, Inc. | 9 | 539 |
| The Goodyear Tire & Rubber Company (a) | 89 | 664 |
| The Wendy's Company | 69 | 629 |
| Thor Industries, Inc. | 4 | 400 |
| TJX Companies, Inc., The | 54 | 7838 |
| Toll Brothers, Inc. | 5 | 753 |
| Tractor Supply Company | 28 | 1607 |
| TRI Pointe Homes Holdings, Inc. (a) | 25 | 848 |
| Ulta Beauty, Inc. (a) | 5 | 2670 |
| Upbound Group, Inc. | 11 | 264 |
| Urban Outfitters, Inc. (a) | 23 | 1653 |
| V.F. Corporation | 71 | 1025 |
| Vail Resorts, Inc. | 8 | 1254 |
| Valvoline, Inc. (a) | 29 | 1048 |
| Victoria's Secret & Co. (a) | 31 | 836 |
| Visteon Corporation | 5 | 554 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 6 |  |
| Wayfair Inc. - Class A (a) | 5 | 411 |
| Whirlpool Corporation (b) | 13 | 995 |
| Williams-Sonoma, Inc. | 24 | 4704 |
| Winnebago Industries, Inc. | 10 | 346 |
| Wyndham Hotels & Resorts, Inc. | 12 | 941 |
| Wynn Resorts, Limited | 4 | 481 |
| Yum! Brands, Inc. | 22 | 3396 |
| | | 268587 |
| **Health Care 12.3%** | **Health Care 12.3%** | **Health Care 12.3%** |
| Abbott Laboratories | 37 | 4956 |
| AbbVie Inc. | 101 | 23504 |
| Alnylam Pharmaceuticals, Inc. (a) | 8 | 3524 |
| Amgen Inc. | 38 | 10779 |
| Baxter International Inc. | 35 | 791 |
| Becton, Dickinson and Company | 11 | 2016 |
| Biogen Inc. (a) | 3 | 456 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 347 |
| Boston Scientific Corporation (a) | 42 | 4066 |
| Bristol-Myers Squibb Company | 265 | 11970 |
| Cardinal Health, Inc. | 38 | 6014 |
| Cencora, Inc. | 11 | 3343 |
| Centene Corporation (a) | 21 | 748 |
| Chemed Corporation | 2 | 1106 |
| Cigna Group, The | 18 | 5135 |
| Cooper Companies, Inc., The (a) | 15 | 1028 |
| Corcept Therapeutics Incorporated (a) | 9 | 782 |
| CVS Health Corporation | 189 | 14222 |
| Davita Inc. (a) | 17 | 2228 |
| Dentsply Sirona Inc. | 27 | 343 |
| Elevance Health, Inc. | 3 | 1073 |
| Eli Lilly and Company | 15 | 11783 |
| Encompass Health Corporation | 18 | 2265 |
| Exelixis, Inc. (a) | 54 | 2215 |
| GE HealthCare Technologies Inc. | 14 | 1022 |
| Gilead Sciences, Inc. | 180 | 20010 |
| Globus Medical, Inc. - Class A (a) | 7 | 391 |
| Haemonetics Corporation (a) | 5 | 231 |
| Halozyme Therapeutics, Inc. (a) | 5 | 395 |
| HCA Healthcare, Inc. | 8 | 3414 |
| Henry Schein, Inc. (a) | 11 | 730 |
| Hologic, Inc. (a) | 10 | 667 |
| ICU Medical, Inc. (a) | 3 | 387 |
| IDEXX Laboratories, Inc. (a) | 6 | 3849 |
| Incyte Corporation (a) | 10 | 860 |
| Jazz Pharmaceuticals Public Limited Company (a) | 8 | 1065 |
| Johnson & Johnson | 196 | 36311 |
| Labcorp Holdings Inc. | 5 | 1448 |
| Masimo Corporation (a) | 6 | 948 |
| McKesson Corporation | 10 | 7576 |
| Merck & Co., Inc. | 182 | 15240 |
| Mettler-Toledo International Inc. (a) | 1 | 1519 |
| Neurocrine Biosciences, Inc. (a) | 5 | 661 |
| Organon & Co. | 97 | 1035 |
| Pfizer Inc. | 712 | 18147 |
| Premier Healthcare Solutions, Inc. - Class A (b) | 28 | 766 |
| Quest Diagnostics Incorporated | 9 | 1790 |
| Regeneron Pharmaceuticals, Inc. | 6 | 3616 |
| ResMed Inc. | 7 | 2031 |
| Revvity, Inc. | 7 | 649 |
| Royalty Pharma PLC - Class A | 56 | 1973 |
| Select Medical Holdings Corporation | 24 | 304 |
| Stryker Corporation | 7 | 2763 |
| Teladoc Health, Inc. (a) | 37 | 287 |
| Teleflex Incorporated | 4 | 521 |
| Tenet Healthcare Corporation (a) | 23 | 4612 |
| United Therapeutics Corporation (a) | 9 | 3834 |
| Universal Health Services, Inc. - Class B | 7 | 1413 |
| Veeva Systems Inc. - Class A (a) | 7 | 2085 |
| Vertex Pharmaceuticals Incorporated (a) | 5 | 1860 |
| Viatris Inc. | 268 | 2657 |
| Waters Corporation (a) |  | 119 |
| West Pharmaceutical Services, Inc. | 3 | 661 |
| Zimmer Biomet Holdings, Inc. | 3 | 308 |
| Zoetis Inc. - Class A | 7 | 1073 |
|  |  | 263922 |
| **Industrials 12.2%** | **Industrials 12.2%** | **Industrials 12.2%** |
| 3M Company | 89 | 13783 |
| A. O. Smith Corporation | 29 | 2146 |
| AAR Corp. (a) | 6 | 521 |
| ABM Industries Incorporated | 10 | 470 |
| Acuity Brands, Inc. | 4 | 1236 |
| Advanced Drainage Systems, Inc. | 4 | 542 |
| AECOM | 11 | 1483 |
| AGCO Corporation | 7 | 742 |
| Alaska Air Group, Inc. (a) | 6 | 297 |
| Allison Systems, Inc. | 18 | 1513 |
| API Group Corporation (a) | 17 | 595 |
| Applied Industrial Technologies, Inc. | 3 | 679 |
| Arcosa, Inc. | 4 | 397 |
| Armstrong World Industries, Inc. | 6 | 1214 |
| ATI Inc. (a) | 9 | 693 |
| Automatic Data Processing, Inc. | 18 | 5280 |
| Avis Budget Group, Inc. (a) (b) | 4 | 633 |
| Axon Enterprise, Inc. (a) | 4 | 2525 |
| Boeing Company, The (a) | 16 | 3535 |
| Boise Cascade Company | 7 | 510 |
| Booz Allen Hamilton Holding Corporation - Class A | 22 | 2155 |
| Brady Corporation - Class A | 3 | 268 |
| Brink's Company, The | 3 | 376 |
| Broadridge Financial Solutions, Inc. | 11 | 2524 |
| Builders FirstSource, Inc. (a) | 9 | 1037 |

---

535

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BWXT Government Group, Inc. | 20 | 3621 |
| C.H. Robinson Worldwide, Inc. | 24 | 3124 |
| Caci International Inc. - Class A (a) | 4 | 2167 |
| Carlisle Companies Incorporated | 1 | 313 |
| Carrier Global Corporation | 10 | 579 |
| Caterpillar Inc. | 11 | 5040 |
| Chart Industries, Inc. (a) | 2 | 426 |
| Cintas Corporation | 15 | 3167 |
| Comfort Systems USA, Inc. | 2 | 1357 |
| Copart, Inc. (a) | 38 | 1696 |
| Core & Main, Inc. - Class A (a) | 17 | 895 |
| CoreCivic, Inc. (a) | 20 | 399 |
| Crane Company | 4 | 814 |
| CSG Systems International, Inc. | 4 | 278 |
| CSX Corporation | 91 | 3221 |
| Cummins Inc. | 7 | 2777 |
| Curtiss-Wright Corporation | 6 | 3259 |
| Deere & Company | 5 | 2486 |
| DNOW Inc. (a) | 28 | 427 |
| Donaldson Company, Inc. | 10 | 835 |
| Dycom Industries, Inc. (a) | 3 | 768 |
| EMCOR Group, Inc. | 2 | 1346 |
| Emerson Electric Co. | 21 | 2781 |
| Equifax Inc. | 3 | 675 |
| ESAB Corporation | 2 | 238 |
| Everus Construction Group, Inc. (a) | 4 | 354 |
| ExlService Holdings, Inc. (a) | 7 | 322 |
| Expeditors International of Washington, Inc. - Class A | 21 | 2637 |
| Fastenal Company | 58 | 2869 |
| Federal Signal Corporation | 3 | 332 |
| Ferguson Enterprises Inc. | 4 | 877 |
| Franklin Electric Co., Inc. | 3 | 293 |
| FTI Consulting, Inc. (a) | 5 | 882 |
| Gates Industrial Corporation PLC (a) | 11 | 269 |
| GATX Corporation | 3 | 612 |
| GE Vernova Inc. | 6 | 3565 |
| Generac Holdings Inc. (a) | 7 | 1093 |
| General Dynamics Corporation | 11 | 3897 |
| General Electric Company | 70 | 20962 |
| Genpact Limited | 27 | 1144 |
| GEO Group, Inc., The (a) | 58 | 1184 |
| Graco Inc. | 10 | 868 |
| Granite Construction Incorporated | 11 | 1165 |
| Greenbrier Companies, Inc., The | 10 | 467 |
| Healthcare Services Group, Inc. (a) | 17 | 281 |
| HEICO Corporation | 5 | 1539 |
| Hertz Global Holdings, Inc. (a) (b) | 24 | 167 |
| Hexcel Corporation | 10 | 622 |
| HNI Corporation | 6 | 280 |
| Howmet Aerospace Inc. | 34 | 6738 |
| Hub Group, Inc. - Class A | 11 | 397 |
| Hubbell Incorporated | 1 | 333 |
| Huntington Ingalls Industries, Inc. | 1 | 375 |
| IDEX Corporation | 10 | 1681 |
| Illinois Tool Works Inc. | 16 | 4066 |
| ITT Inc. | 5 | 959 |
| J.B. Hunt Transport Services, Inc. | 3 | 403 |
| JBT Marel Corporation | 2 | 302 |
| JetBlue Airways Corporation (a) (b) | 108 | 533 |
| Johnson Controls International Public Limited Company | 14 | 1555 |
| KBR, Inc. | 7 | 351 |
| Kennametal Inc. | 11 | 239 |
| Knight-Swift Transportation Holdings Inc. - Class A | 7 | 288 |
| L3Harris Technologies, Inc. | 13 | 4112 |
| Landstar System, Inc. | 8 | 1036 |
| Leidos Holdings, Inc. | 7 | 1350 |
| Lennox International Inc. | 4 | 1993 |
| Lincoln Electric Holdings, Inc. | 7 | 1582 |
| Lockheed Martin Corporation | 26 | 13104 |
| ManpowerGroup Inc. | 14 | 536 |
| Masco Corporation | 11 | 801 |
| MasTec, Inc. (a) | 3 | 623 |
| Matson Intermodal - Paragon, Inc. | 5 | 526 |
| Maximus, Inc. | 9 | 784 |
| Mercury Systems, Inc. (a) | 5 | 420 |
| Mine Safety Appliances Company, LLC | 3 | 504 |
| MOOG Inc. - Class A | 4 | 766 |
| MSC Industrial Direct Co., Inc. - Class A | 13 | 1205 |
| Mueller Industries, Inc. | 21 | 2114 |
| Northrop Grumman Corporation | 12 | 7179 |
| Nvent Electric Public Limited Company | 8 | 743 |
| Old Dominion Freight Line, Inc. | 4 | 499 |
| Openlane, Inc. (a) | 15 | 420 |
| Oshkosh Corporation | 7 | 909 |
| Otis Worldwide Corporation | 18 | 1625 |
| Owens Corning | 3 | 493 |
| Parker-Hannifin Corporation | 3 | 2090 |
| Parsons Corporation (a) | 4 | 362 |
| Paychex, Inc. | 15 | 1911 |
| Paycom Software, Inc. | 2 | 448 |
| Pentair Public Limited Company | 13 | 1419 |
| Primoris Services Corporation | 17 | 2382 |
| Quanta Services, Inc. | 10 | 4189 |
| RBC Bearings Incorporated (a) | 1 | 578 |
| Republic Services, Inc. | 10 | 2381 |
| Resideo Technologies, Inc. (a) | 22 | 948 |
| Robert Half Inc. | 9 | 289 |
| Rockwell Automation, Inc. | 2 | 852 |
| Rollins, Inc. | 33 | 1938 |
| RTX Corporation | 29 | 4786 |
| Rush Enterprises, Inc. - Class A | 10 | 547 |
| Ryder System, Inc. | 1 | 238 |
| Schneider National, Inc. - Class B | 14 | 307 |
| Science Applications International Corporation | 10 | 972 |
| SkyWest, Inc. (a) | 7 | 681 |
| Snap-on Incorporated | 1 | 389 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 10 | 371 |
| SS&C Technologies Holdings, Inc. | 5 | 402 |
| Steelcase Inc. - Class A | 19 | 333 |
| Terex Corporation | 17 | 890 |
| Timken Company, The | 11 | 822 |
| Toro Company, The | 14 | 1105 |
| Trinity Industries, Inc. | 14 | 380 |
| Uber Technologies, Inc. (a) | 43 | 4255 |
| UFP Industries, Inc. | 8 | 789 |
| UL Solutions Inc. - Class A | 5 | 331 |
| Unifirst Corporation | 3 | 446 |
| Union Pacific Corporation | 30 | 7144 |
| United Airlines Holdings, Inc. (a) | 6 | 561 |
| United Parcel Service, Inc. - Class B | 43 | 3563 |
| Valmont Industries, Inc. | 2 | 606 |
| Veralto Corporation | 8 | 835 |
| Verisk Analytics, Inc. | 12 | 2923 |
| Vertiv Holdings Co - Class A | 18 | 2667 |
| W.W. Grainger, Inc. | 2 | 1541 |
| Waste Management, Inc. | 18 | 4046 |
| Watsco, Inc. | 5 | 2090 |
| Watts Water Technologies, Inc. - Class A | 1 | 390 |
| Werner Enterprises, Inc. | 19 | 501 |
| Westinghouse Air Brake Technologies Corporation | 4 | 738 |
| Woodward, Inc. | 3 | 705 |
| Worthington Industries, Inc. | 6 | 311 |
| Zurn Elkay Water Solutions Corporation | 6 | 301 |
| | | 262821 |
| **Consumer Staples 10.4%** | **Consumer Staples 10.4%** | **Consumer Staples 10.4%** |
| Albertsons Companies, Inc. - Class A | 72 | 1261 |
| Altria Group, Inc. | 200 | 13196 |
| Andersons, Inc., The | 7 | 271 |
| Archer-Daniels-Midland Company | 76 | 4544 |
| BJ's Wholesale Club Holdings, Inc. (a) | 15 | 1376 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 305 |
| Brown-Forman Corporation - Class B | 33 | 889 |
| Bunge Global SA | 19 | 1548 |
| Cal-Maine Foods, Inc. | 18 | 1679 |
| Campbell's Company, The | 14 | 436 |
| Casey's General Stores, Inc. | 7 | 3904 |
| Central Garden & Pet Company - Class A (a) | 10 | 300 |

---

536

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Church & Dwight Co., Inc. | 15 | 1335 |
| Clorox Company, The | 19 | 2316 |
| Coca-Cola Company, The | 188 | 12445 |
| Coca-Cola Consolidated, Inc. | 3 | 339 |
| Colgate-Palmolive Company | 48 | 3817 |
| Conagra Brands, Inc. | 35 | 641 |
| Constellation Brands, Inc. - Class A | 6 | 786 |
| Costco Wholesale Corporation | 13 | 11603 |
| Del Monte Fresh Produce Company | 9 | 297 |
| Dollar General Corporation | 26 | 2716 |
| Dollar Tree, Inc. (a) | 16 | 1492 |
| Edgewell Personal Care Colombia S A S | 15 | 297 |
| Energizer Holdings, Inc. | 12 | 290 |
| Flowers Foods, Inc. | 35 | 460 |
| General Mills, Inc. | 45 | 2288 |
| Hershey Company, The | 8 | 1549 |
| Hormel Foods Corporation | 19 | 460 |
| Ingredion Incorporated | 8 | 1025 |
| J. M. Smucker Company, The | 12 | 1330 |
| Kellanova | 30 | 2436 |
| Kenvue Inc. | 22 | 358 |
| Keurig Dr Pepper Inc. | 58 | 1478 |
| Kimberly-Clark Corporation | 26 | 3193 |
| Kraft Heinz Company, The | 155 | 4036 |
| Kroger Co., The | 157 | 10560 |
| Lamb Weston Holdings, Inc. | 10 | 579 |
| Maplebear Inc. (a) | 7 | 273 |
| McCormick & Company, Incorporated | 2 | 166 |
| Molson Coors Beverage Company - Class B | 36 | 1640 |
| Mondelez International, Inc. - Class A | 68 | 4226 |
| Monster Beverage 1990 Corporation (a) | 43 | 2898 |
| Nomad Foods Limited | 15 | 199 |
| PepsiCo, Inc. | 100 | 14025 |
| Performance Food Group Company (a) | 3 | 341 |
| Philip Morris International Inc. | 134 | 21772 |
| Pilgrim's Pride Corporation | 8 | 338 |
| Post Holdings, Inc. (a) | 8 | 835 |
| PriceSmart, Inc. | 5 | 555 |
| Procter & Gamble Company, The | 114 | 17574 |
| Seaboard Corporation |  | 109 |
| Spectrum Brands Holdings, Inc. | 10 | 535 |
| Sprouts Farmers Market, Inc. (a) | 31 | 3386 |
| Sysco Corporation | 22 | 1806 |
| Target Corporation | 92 | 8294 |
| The Marzetti Company | 3 | 516 |
| Treehouse Foods, Inc. (a) | 13 | 266 |
| Tyson Foods, Inc. - Class A | 63 | 3406 |
| United Natural Foods, Inc. (a) | 22 | 812 |
| Universal Corporation | 5 | 289 |
| US Foods Holding Corp. (a) | 28 | 2125 |
| Walmart Inc. | 376 | 38781 |
| | | 223002 |
| **Communication Services 7.2%** | **Communication Services 7.2%** | **Communication Services 7.2%** |
| Altice USA, Inc. - Class A (a) (b) | 98 | 236 |
| Array Digital Infrastructure, Inc. (b) | 4 | 201 |
| AT&T Inc. | 796 | 22491 |
| Comcast Corporation - Class A | 144 | 4518 |
| CommScope Holding Company, Inc. (a) | 77 | 1191 |
| EchoStar Corporation - Class A (a) | 13 | 1010 |
| Electronic Arts Inc. | 19 | 3807 |
| Former Charter Communications Parent, Inc. - Class A (a) | 37 | 10072 |
| Fox Corporation - Class A | 57 | 3618 |
| Iridium Communications Inc. | 14 | 248 |
| John Wiley & Sons, Inc. - Class A | 10 | 423 |
| Liberty Broadband Corporation - Series C (a) | 18 | 1157 |
| Liberty Global Ltd. - Class C (a) | 72 | 843 |
| Liberty Latin America Ltd. - Class C (a) | 39 | 326 |
| Liberty Media Corporation - Series C (a) | 10 | 1067 |
| Lumen Technologies, Inc. (a) | 243 | 1490 |
| Match Group, Inc. | 13 | 456 |
| Meta Platforms, Inc. - Class A | 44 | 32158 |
| Netflix, Inc. (a) | 13 | 15140 |
| News Corporation - Class A | 23 | 722 |
| Nexstar Media Group, Inc. - Class A | 6 | 1237 |
| Omnicom Group Inc. | 13 | 1097 |
| Roblox Corporation - Class A (a) | 28 | 3864 |
| Roku, Inc. - Class A (a) | 6 | 611 |
| Sirius XM Holdings Inc. | 20 | 461 |
| Take-Two Interactive Software, Inc. (a) | 20 | 5212 |
| TEGNA Inc. | 26 | 535 |
| Telephone and Data Systems, Inc. | 27 | 1063 |
| The New York Times Company - Class A | 12 | 676 |
| TKO Group Holdings Inc. - Class A | 4 | 723 |
| T-Mobile US, Inc. | 33 | 7786 |
| Verizon Communications Inc. | 442 | 19427 |
| Walt Disney Company, The | 38 | 4392 |
| Warner Bros. Discovery, Inc. - Series A (a) | 322 | 6295 |
| Yelp Inc. (a) | 15 | 472 |
|  |  | 155025 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Antero Midstream Corporation | 16 | 306 |
| Archrock, Inc. | 33 | 865 |
| Baker Hughes Company - Class A | 85 | 4147 |
| Cheniere Energy, Inc. | 10 | 2351 |
| Chevron Corporation | 139 | 21555 |
| CNX Resources Corporation (a) | 45 | 1453 |
| ConocoPhillips | 24 | 2234 |
| Core Natural Resources, Inc. | 3 | 283 |
| CVR Energy, Inc. | 19 | 691 |
| Delek US Holdings, Inc. | 32 | 1049 |
| DT Midstream, Inc. | 10 | 1123 |
| EQT Corporation | 13 | 732 |
| Expand Energy Corporation | 12 | 1309 |
| Exxon Mobil Corporation | 190 | 21416 |
| Helmerich & Payne, Inc. | 17 | 375 |
| HF Sinclair Corporation | 26 | 1346 |
| Kinder Morgan, Inc. | 73 | 2070 |
| Marathon Petroleum Corporation | 55 | 10628 |
| Murphy Oil Corporation | 29 | 823 |
| Ovintiv Canada ULC | 21 | 838 |
| Patterson-UTI Energy, Inc. | 56 | 290 |
| PBF Energy Inc. - Class A | 34 | 1025 |
| Peabody Energy Corporation | 52 | 1381 |
| Permian Resources Corporation - Class A | 28 | 355 |
| Phillips 66 | 65 | 8846 |
| Schlumberger Limited | 21 | 707 |
| SM Energy Company | 16 | 391 |
| Targa Resources Corp. | 16 | 2673 |
| TechnipFMC PLC | 61 | 2412 |
| Valero Energy Corporation | 65 | 11091 |
| Williams Companies, Inc., The | 26 | 1672 |
| World Kinect Corporation | 15 | 385 |
|  |  | 106822 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Alcoa Corporation | 22 | 737 |
| Amcor Pty Ltd | 80 | 654 |
| AptarGroup, Inc. | 7 | 939 |
| Avery Dennison Corporation | 8 | 1307 |
| Ball Corporation | 17 | 863 |
| Cabot Corporation | 7 | 536 |
| Carpenter Technology Corporation | 15 | 3663 |
| Celanese Corporation - Class A | 5 | 221 |
| CF Industries Holdings, Inc. | 4 | 320 |
| Chemours Company, The | 35 | 560 |
| Cleveland-Cliffs Inc. (a) | 21 | 257 |
| Commercial Metals Company | 17 | 988 |
| Corteva, Inc. | 31 | 2065 |
| CRH Public Limited Company | 15 | 1748 |
| Crown Holdings, Inc. | 20 | 1970 |
| Dow Inc. | 28 | 636 |
| DuPont de Nemours, Inc. | 56 | 4343 |
| Eagle Materials Inc. | 4 | 878 |
| Eastman Chemical Company | 11 | 705 |
| Graphic Packaging Holding Company | 63 | 1233 |
| Greif, Inc. - Class A | 4 | 262 |
| Huntsman Corporation | 9 | 81 |
| International Paper Company | 45 | 2072 |
| Louisiana-Pacific Corporation (W VA) | 10 | 922 |

---

537

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LyondellBasell Industries N.V. - Class A | 64 | 3145 |
| Mosaic Company, The | 61 | 2130 |
| NewMarket Corporation | 2 | 1343 |
| Newmont Corporation | 62 | 5249 |
| Nucor Corporation | 26 | 3590 |
| O-I Glass, Inc. (a) | 30 | 390 |
| Packaging Corporation of America | 5 | 1032 |
| PPG Industries, Inc. | 10 | 1064 |
| Reliance, Inc. | 5 | 1505 |
| Royal Gold, Inc. | 7 | 1429 |
| RPM International Inc. | 16 | 1918 |
| Sealed Air Corporation | 27 | 967 |
| Sensient Technologies Corporation | 8 | 744 |
| Sherwin-Williams Company, The | 3 | 1188 |
| Silgan Holdings Inc. | 14 | 604 |
| Sonoco Products Company | 18 | 791 |
| Southern Copper Corporation | 3 | 369 |
| Steel Dynamics, Inc. | 4 | 559 |
| Sylvamo Corporation | 7 | 289 |
| Vulcan Materials Company | 3 | 873 |
| Warrior Met Coal, Inc. | 23 | 1441 |
| | | 58580 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corporation, The | 12 | 153 |
| ALLETE, Inc. | 4 | 289 |
| Alliant Energy Corporation | 6 | 383 |
| Ameren Corporation | 6 | 615 |
| American Electric Power Company, Inc. | 12 | 1300 |
| American Water Works Company, Inc. | 4 | 612 |
| Atmos Energy Corporation | 3 | 592 |
| Avista Corporation | 11 | 429 |
| CenterPoint Energy, Inc. | 14 | 550 |
| Clearway Energy, Inc. - Class C | 16 | 464 |
| CMS Energy Corporation | 7 | 483 |
| Consolidated Edison, Inc. | 8 | 789 |
| Constellation Energy Group, Inc. | 7 | 2244 |
| Dominion Energy, Inc. | 19 | 1136 |
| DTE Energy Company | 4 | 563 |
| Duke Energy Corporation | 17 | 2080 |
| Entergy Corporation | 10 | 902 |
| Essential Utilities, Inc. | 8 | 305 |
| Evergy, Inc. | 10 | 750 |
| Eversource Energy | 8 | 574 |
| Exelon Corporation | 78 | 3524 |
| Hawaiian Electric Industries, Inc. (a) | 33 | 366 |
| IDACORP, Inc. | 5 | 704 |
| MDU Resources Group, Inc. | 27 | 485 |
| National Fuel Gas Company | 13 | 1228 |
| New Jersey Resources Corporation | 10 | 495 |
| NiSource Inc. | 10 | 453 |
| NorthWestern Corporation | 8 | 451 |
| NRG Energy, Inc. | 16 | 2634 |
| OGE Energy Corp. | 9 | 410 |
| One Gas, Inc. | 7 | 553 |
| Ormat Technologies, Inc. | 5 | 479 |
| Portland General Electric Company | 9 | 387 |
| PPL Corporation | 15 | 576 |
| Public Service Enterprise Group Incorporated | 11 | 905 |
| Southwest Gas Holdings, Inc. | 8 | 624 |
| Spire Inc. | 8 | 644 |
| Talen Energy Corporation (a) | 3 | 1413 |
| The Southern Company | 23 | 2182 |
| TXNM Energy, Inc. | 19 | 1065 |
| UGI Corporation | 20 | 676 |
| Vistra Corp. | 68 | 13415 |
| WEC Energy Group Inc. | 7 | 799 |
| XCEL Energy Inc. | 13 | 1034 |
|  |  | 50715 |
| **Real Estate 1.5%** | **Real Estate 1.5%** | **Real Estate 1.5%** |
| Agree Realty Corporation | 8 | 563 |
| American Healthcare REIT, Inc. | 7 | 288 |
| American Homes 4 Rent - Class A | 25 | 842 |
| American Tower Corporation | 2 | 465 |
| Americold Realty Trust, Inc. | 28 | 342 |
| Apple Hospitality REIT, Inc. | 45 | 544 |
| Brandywine Realty Trust | 51 | 214 |
| Camden Property Trust | 10 | 1085 |
| CBRE Group, Inc. - Class A (a) | 6 | 995 |
| COPT Defense Properties | 13 | 380 |
| Cubesmart, L.P. | 13 | 518 |
| DiamondRock Alpharetta Tenant, LLC | 44 | 349 |
| Digital Realty Trust, Inc. | 7 | 1276 |
| Douglas Emmett, Inc. (b) | 26 | 399 |
| Equity Lifestyle Properties, Inc. | 9 | 531 |
| First Industrial Realty Trust, Inc. | 4 | 222 |
| Gaming and Leisure Properties, Inc. | 27 | 1282 |
| Healthcare Realty Trust Incorporated - Class A | 68 | 1234 |
| Host Hotels & Resorts, Inc. | 14 | 232 |
| Iron Mountain Incorporated | 9 | 939 |
| JBG Smith Properties (b) | 23 | 514 |
| Jones Lang LaSalle Incorporated (a) | 4 | 1134 |
| Lamar Advertising Company - Class A | 7 | 813 |
| LXP Industrial Trust | 37 | 328 |
| Macerich Company, The | 34 | 627 |
| Medical Properties Trust, Inc. (b) | 168 | 850 |
| Omega Healthcare Investors, Inc. | 11 | 472 |
| Paramount Group, Inc. (a) | 43 | 281 |
| Park Hotels & Resorts Inc. (b) | 79 | 873 |
| Phillips Edison & Company, Inc. | 12 | 425 |
| Public Storage Operating Company | 2 | 507 |
| Rayonier Inc. | 19 | 497 |
| RLJ III-EM Columbus Lessee, LLC (b) | 41 | 292 |
| SBA Communications Corporation - Class A | 6 | 1107 |
| Simon Property Group, Inc. | 9 | 1783 |
| SL Green Realty Corp. (b) | 15 | 908 |
| Sun Communities, Inc. | 6 | 795 |
| Sunstone Hotel Investors, Inc. | 33 | 305 |
| Uniti Group Inc. (a) | 34 | 209 |
| Ventas, Inc. | 10 | 689 |
| VICI Properties Inc. | 24 | 768 |
| Vornado Realty Trust | 27 | 1081 |
| W.P. Carey Inc. | 10 | 652 |
| Welltower Inc. | 14 | 2581 |
| Xenia Hotels & Resorts, Inc. | 19 | 264 |
| Zillow Group, Inc. - Class C (a) | 10 | 735 |
|  |  | 32190 |
| Total Common Stocks (cost $1,717,143) | Total Common Stocks (cost $1,717,143) | 2144333 |
| **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 Government Money Market Fund - Class SL, 4.14% (c) (e) | 7922 | 7922 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (e) | 4696 | 4696 |
| Total Short Term Investments (cost $12,618) | Total Short Term Investments (cost $12,618) | 12618 |
| **Total Investments 100.3% (cost $1,729,761)** | **Total Investments 100.3% (cost $1,729,761)** | **2156951** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **21** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(7448)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2149524** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

538

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5233 | 828 | 748 | 96 | 384 | 1668 | 7365 | 0.3 |
| Jackson Financial Inc. - Class A | 1945 | 88 | 974 | 43 | 616 | (390) | 1285 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 4 | 47189 | 39271 | 40 |  |  | 7922 | 0.4 |
| JNL Government Money Market Fund, 4.04% - Class I | 10679 | 256287 | 262270 | 255 |  |  | 4696 | 0.2 |
|  | 17861 | 304392 | 303263 | 434 | 1000 | 1278 | 21268 | 1.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 17 | December 2025 | 5705 | 20 | 23 |
| S&P Midcap 400 Index | 6 | December 2025 | 1982 | 1 | (10) |
|  |  |  |  | 21 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2144333 |  |  | 2144333 |
| &nbsp;&nbsp;Short Term Investments | 12618 |  |  | 12618 |
|  | 2156951 |  |  | 2156951 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 23 |  |  | 23 |
|  | 23 |  |  | 23 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (10) |  |  | (10) |
|  | (10) |  |  | (10) |

---

<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.

539

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 65.3%** | **COMMON STOCKS 65.3%** | **COMMON STOCKS 65.3%** |
| **Information Technology 15.1%** | **Information Technology 15.1%** | **Information Technology 15.1%** |
| Accenture Public Limited Company - Class A | 1 | 224 |
| Adobe Inc. (a) | 1 | 182 |
| Advanced Micro Devices, Inc. (a) | 2 | 285 |
| Amphenol Corporation - Class A | 2 | 294 |
| Analog Devices, Inc. | 4 | 970 |
| Apple Inc. | 49 | 12575 |
| AppLovin Corporation - Class A (a) |  | 287 |
| Arista Networks, Inc. (a) | 2 | 268 |
| ASML Holding N.V. - ADR | 1 | 611 |
| ASML Holding N.V. | 3 | 2473 |
| Autodesk, Inc. (a) |  | 99 |
| BE Semiconductor Industries N.V. | 3 | 383 |
| Broadcom Inc. | 22 | 7128 |
| Cadence Design Systems, Inc. (a) | 1 | 169 |
| CDW Corp. |  | 37 |
| Cisco Systems, Inc. | 5 | 312 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 484 |
| Datadog, Inc. - Class A (a) | 2 | 280 |
| Dell Technologies Inc. - Class C |  | 50 |
| Descartes Systems Group Inc., The (a) | 1 | 111 |
| Fair Isaac Corporation (a) |  | 82 |
| First Solar, Inc. (a) | 1 | 118 |
| Fortinet, Inc. (a) | 2 | 139 |
| Hamamatsu Photonics K.K. | 21 | 226 |
| Intel Corporation (a) | 20 | 674 |
| International Business Machines Corporation | 1 | 193 |
| Intuit Inc. |  | 309 |
| Jabil Inc. |  | 12 |
| Keysight Technologies, Inc. (a) | 12 | 2082 |
| KLA Corporation | 1 | 752 |
| Marvell Technology, Inc. | 1 | 94 |
| Microchip Technology Incorporated | 1 | 71 |
| Micron Technology, Inc. | 2 | 335 |
| Microsoft Corporation | 33 | 17054 |
| Monday.Com Ltd. (a) |  | 24 |
| Monolithic Power Systems, Inc. | 1 | 645 |
| Motorola Solutions, Inc. |  | 114 |
| Nec Corporation | 25 | 792 |
| Nomura Research Institute, Ltd. (b) | 12 | 457 |
| NVIDIA Corporation | 102 | 18968 |
| NXP Semiconductors N.V. | 3 | 762 |
| Oracle Corporation | 7 | 1825 |
| Palantir Technologies Inc. - Class A (a) | 4 | 770 |
| Palo Alto Networks, Inc. (a) | 1 | 285 |
| PTC Inc. (a) |  | 75 |
| Qualcomm Incorporated | 2 | 297 |
| Renesas Electronics Corporation | 28 | 317 |
| Roper Technologies, Inc. | 1 | 422 |
| Salesforce, Inc. | 1 | 216 |
| Samsung Electronics Co., Ltd. | 14 | 820 |
| SAP SE | 7 | 1872 |
| ServiceNow, Inc. (a) | 2 | 1639 |
| Shopify Inc. - Class A (a) | 5 | 717 |
| Synopsys, Inc. (a) | 1 | 461 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 444 |
| Taiwan Semiconductor Manufacturing Company Limited | 53 | 2290 |
| TE Connectivity Public Limited Company | 5 | 1034 |
| Teledyne Technologies Incorporated (a) |  | 186 |
| Telefonaktiebolaget LM Ericsson - Class B | 74 | 618 |
| Texas Instruments Incorporated | 10 | 1842 |
| Tokyo Electron Limited | 4 | 791 |
| Workday, Inc. - Class A (a) |  | 58 |
| Zebra Technologies Corporation - Class A (a) |  | 21 |
|  |  | 88125 |
| **Financials 11.5%** | **Financials 11.5%** | **Financials 11.5%** |
| ABN AMRO Bank N.V. - DUTCHCERT (c) | 12 | 371 |
| Admiral Group PLC | 12 | 531 |
| Adyen N.V. (a) (c) |  | 449 |
| AIA Group Limited | 74 | 707 |
| Allstate Corporation, The | 8 | 1817 |
| American Express Company | 4 | 1294 |
| American International Group, Inc. | 2 | 194 |
| Annaly Capital Management, Inc. | 22 | 444 |
| ANZ Group Holdings Limited | 29 | 629 |
| Apollo Global Management, Inc. | 4 | 511 |
| Ares Management Corporation - Class A | 1 | 90 |
| Assicurazioni Generali Societa' Per Azioni | 9 | 362 |
| Aviva PLC | 66 | 607 |
| AXA | 22 | 1058 |
| AXIS Capital Holdings Limited |  | 42 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 40 | 767 |
| Banco Santander, S.A. | 120 | 1255 |
| Bank of America Corporation | 36 | 1878 |
| Bank of New York Mellon Corporation, The | 2 | 162 |
| Banque Nationale Du Canada (b) | 5 | 582 |
| Barclays PLC | 137 | 702 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 3632 |
| BlackRock, Inc. |  | 245 |
| Blackstone Inc. - Class A |  | 78 |
| Block, Inc. - Class A (a) | 3 | 230 |
| Bridgepoint Group PLC (c) | 82 | 337 |
| Brookfield Corporation - Class A | 11 | 728 |
| Capital One Financial Corporation | 2 | 426 |
| CBOE Global Markets, Inc. |  | 30 |
| Charles Schwab Corporation, The | 23 | 2154 |
| Chubb Limited | 4 | 1036 |
| Citigroup Inc. | 11 | 1087 |
| CME Group Inc. - Class A | 2 | 650 |
| Corebridge Financial, Inc. | 22 | 717 |
| Corpay Inc (a) | 2 | 615 |
| CVC Capital Partners PLC | 21 | 366 |
| DBS Group Holdings Ltd | 24 | 946 |
| Definity Financial Corporation | 13 | 658 |
| DNB Bank ASA | 43 | 1165 |
| Edenred | 7 | 170 |
| Equitable Holdings, Inc. | 1 | 66 |
| Erste Group Bank AG | 6 | 589 |
| Fifth Third Bancorp | 9 | 405 |
| Fiserv, Inc. (a) | 1 | 90 |
| Global Payments Inc. |  | 11 |
| Goldman Sachs Group, Inc., The | 2 | 1202 |
| Great-West Lifeco Inc. | 15 | 624 |
| Hartford Insurance Group, Inc., The | 1 | 126 |
| HDFC Bank Limited | 59 | 630 |
| Huntington Bancshares Incorporated | 5 | 87 |
| ING Groep N.V. | 43 | 1119 |
| Intercontinental Exchange, Inc. | 8 | 1268 |
| Intesa Sanpaolo S.p.A. | 115 | 764 |
| JPMorgan Chase & Co. | 14 | 4514 |
| Julius Bar Gruppe AG - Class N | 6 | 387 |
| KeyCorp | 46 | 851 |
| KKR & Co. Inc. - Class A | 1 | 156 |
| Klarna Group PLC (a) | 1 | 53 |
| Lloyds Banking Group PLC | 817 | 923 |
| Macquarie Group Limited | 5 | 674 |
| Mandatum Holding Oy | 58 | 391 |
| Marsh & Mclennan Companies, Inc. | 2 | 460 |
| MasterCard Incorporated - Class A | 5 | 2592 |
| Melrose Industries PLC | 103 | 844 |
| MetLife, Inc. | 5 | 405 |
| Mitsubishi UFJ Financial Group, Inc. | 92 | 1481 |
| Moody's Corporation |  | 163 |
| Morgan Stanley | 3 | 548 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1263 |
| ORIX Corporation | 11 | 280 |
| Popular, Inc. |  | 44 |
| Progressive Corporation, The | 1 | 247 |
| RenaissanceRe Holdings Ltd | 1 | 126 |
| Robinhood Markets, Inc. - Class A (a) | 1 | 86 |
| S&P Global Inc. | 1 | 433 |
| Sampo Oyj - Class A | 81 | 927 |
| Skandinaviska Enskilda Banken AB - Class A | 41 | 799 |
| Societe Generale | 16 | 1031 |

---

540

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sony Financial Group Inc. | 58 | 64 |
| Standard Chartered PLC | 52 | 998 |
| State Street Corporation | 1 | 70 |
| Storebrand ASA | 31 | 476 |
| Sumitomo Mitsui Trust Group, Inc. | 20 | 589 |
| Talon Capital Corp. (a) | 2 | 16 |
| Tokio Marine Holdings, Inc. | 28 | 1191 |
| TPG Inc. - Class A | 2 | 89 |
| Tradeweb Markets Inc. - Class A | 1 | 114 |
| Travelers Companies, Inc., The | 4 | 1132 |
| Truist Financial Corporation | 1 | 24 |
| U.S. Bancorp | 4 | 175 |
| UBS Group AG | 22 | 904 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 14 | 1088 |
| Visa Inc. - Class A | 11 | 3629 |
| Voya Financial, Inc. | 1 | 109 |
| Wells Fargo & Company | 2 | 156 |
| Western Alliance Bancorporation |  | 36 |
| | | 67241 |
| **Industrials 7.5%** | **Industrials 7.5%** | **Industrials 7.5%** |
| ABB Ltd - Class N | 19 | 1396 |
| AerCap Holdings N.V. | 5 | 630 |
| AMETEK, Inc. | 8 | 1456 |
| API Group Corporation (a) | 2 | 61 |
| Ashtead Group Public Limited Company | 3 | 208 |
| Automatic Data Processing, Inc. |  | 33 |
| Boeing Company, The (a) | 1 | 319 |
| Booz Allen Hamilton Holding Corporation - Class A |  | 29 |
| Bunzl Public Limited Company | 16 | 512 |
| Canadian National Railway Company | 1 | 76 |
| Carrier Global Corporation | 1 | 72 |
| Caterpillar Inc. | 3 | 1508 |
| Cintas Corporation | 1 | 291 |
| CSX Corporation | 9 | 333 |
| Cummins Inc. |  | 155 |
| Dayforce, Inc. (a) | 1 | 58 |
| DCC Public Limited Company (b) | 5 | 351 |
| Deere & Company | 5 | 2135 |
| Dover Corporation | 1 | 118 |
| Element Fleet Management Corp. (b) | 35 | 916 |
| EMCOR Group, Inc. |  | 45 |
| Emerson Electric Co. |  | 49 |
| Equifax Inc. | 2 | 511 |
| ESAB Corporation |  | 36 |
| Firefly Aerospace Inc. (a) |  | 4 |
| Fortive Corporation | 2 | 76 |
| GE Vernova Inc. | 1 | 708 |
| General Electric Company | 10 | 2986 |
| Hitachi, Ltd. | 37 | 987 |
| Honeywell International Inc. | 1 | 130 |
| Howmet Aerospace Inc. | 1 | 154 |
| Hubbell Incorporated |  | 145 |
| Ingersoll Rand Inc. | 2 | 133 |
| Interpump Group S.p.A. | 1 | 47 |
| Johnson Controls International Public Limited Company | 1 | 107 |
| Kajima Corporation | 1 | 26 |
| Kingspan Group Public Limited Company | 3 | 276 |
| Kion Group AG | 9 | 603 |
| Kyushu Railway Company | 2 | 50 |
| L3Harris Technologies, Inc. | 1 | 430 |
| Legrand | 5 | 840 |
| Middleby Corporation, The (a) |  | 54 |
| Mitsubishi Corporation | 22 | 528 |
| Mitsubishi Electric Corporation | 52 | 1340 |
| Norfolk Southern Corporation | 3 | 774 |
| Northrop Grumman Corporation | 2 | 910 |
| Old Dominion Freight Line, Inc. | 7 | 984 |
| Owens Corning | 2 | 347 |
| PACCAR Inc |  | 16 |
| Parker-Hannifin Corporation | 2 | 1431 |
| Pentair Public Limited Company | 4 | 448 |
| Prysmian S.p.A. | 15 | 1500 |
| Recruit Holdings Co., Ltd. | 11 | 563 |
| Republic Services, Inc. | 5 | 1050 |
| Rheinmetall Aktiengesellschaft |  | 857 |
| Rockwell Automation, Inc. |  | 132 |
| Rolls-Royce Holdings PLC | 54 | 862 |
| RTX Corporation | 1 | 112 |
| Ryanair Holdings Public Limited Company - ADR | 8 | 483 |
| Safran | 4 | 1327 |
| Saia, Inc. (a) |  | 106 |
| Sandvik Aktiebolag | 30 | 836 |
| Shimizu Corporation | 31 | 436 |
| Siemens Aktiengesellschaft - Class N | 12 | 3254 |
| SiteOne Landscape Supply, Inc. (a) |  | 35 |
| SK Square Co., Ltd. (a) | 3 | 418 |
| Spie S.A. | 1 | 33 |
| SS&C Technologies Holdings, Inc. |  | 30 |
| Stanley Black & Decker, Inc. | 1 | 42 |
| Sumitomo Corporation | 33 | 947 |
| TechnoPro Holdings, Inc. | 12 | 402 |
| Teleperformance SE | 2 | 174 |
| Thales | 1 | 463 |
| Trane Technologies Public Limited Company |  | 125 |
| TransDigm Group Incorporated |  | 297 |
| Uber Technologies, Inc. (a) |  | 35 |
| Union Pacific Corporation |  | 105 |
| United Airlines Holdings, Inc. (a) | 1 | 66 |
| Veralto Corporation |  | 41 |
| Verisk Analytics, Inc. |  | 78 |
| Vertiv Holdings Co - Class A | 1 | 121 |
| VINCI | 4 | 596 |
| W.W. Grainger, Inc. | 1 | 505 |
| Waste Connections, Inc. |  | 64 |
| Waste Management, Inc. |  | 85 |
| Westinghouse Air Brake Technologies Corporation | 7 | 1341 |
| Xylem Inc. | 1 | 73 |
|  |  | 43426 |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| Alibaba Group Holding Limited (c) | 16 | 366 |
| Amadeus IT Holding, S.A. (c) | 9 | 708 |
| Amazon.com, Inc. (a) | 42 | 9301 |
| ASICS Corporation | 24 | 628 |
| Autoliv, Inc. - SWEDDR | 6 | 753 |
| AutoZone, Inc. (a) |  | 1506 |
| Bath & Body Works, Inc. |  | 11 |
| Booking Holdings Inc. |  | 1096 |
| Carvana Co. - Class A (a) | 7 | 2641 |
| Chipotle Mexican Grill, Inc. (a) | 13 | 523 |
| Compass Group PLC | 40 | 1348 |
| Darden Restaurants, Inc. |  | 34 |
| Domino's Pizza, Inc. |  | 34 |
| DoorDash, Inc. - Class A (a) | 2 | 658 |
| Dowlais Group PLC | 134 | 145 |
| eBay Inc. | 1 | 79 |
| General Motors Company | 1 | 49 |
| Hilton Worldwide Holdings Inc. | 1 | 198 |
| Home Depot, Inc., The | 4 | 1815 |
| Isetan Mitsukoshi Holdings Ltd. (b) | 42 | 773 |
| Kering | 2 | 695 |
| Kingfisher PLC | 175 | 730 |
| Las Vegas Sands Corp. | 2 | 86 |
| Lowe`s Companies, Inc. | 1 | 188 |
| Marriott International, Inc. - Class A |  | 24 |
| McDonald's Corporation | 5 | 1578 |
| Moncler S.p.A. | 9 | 530 |
| Next PLC | 5 | 862 |
| Nike, Inc. - Class B | 1 | 63 |
| NVR, Inc. (a) |  | 129 |
| Open House Group Co., Ltd. | 1 | 62 |
| O'Reilly Automotive, Inc. (a) | 2 | 188 |
| Panasonic Holdings Corporation | 45 | 490 |
| Persimmon Public Limited Company | 22 | 340 |
| Pool Corporation |  | 37 |
| Ross Stores, Inc. | 3 | 434 |
| Royal Caribbean Cruises Ltd. |  | 154 |
| Samsonite Group S.A. (c) | 121 | 258 |

---

541

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sea Limited - Class A - ADR (a) | 6 | 1090 |
| Sony Group Corporation | 58 | 1657 |
| Subaru Corporation. (b) | 20 | 411 |
| Suzuki Motor Corporation | 43 | 621 |
| Tapestry, Inc. |  | 34 |
| Tesla Inc. (a) | 10 | 4277 |
| TJX Companies, Inc., The | 4 | 560 |
| Toyota Motor Corporation | 67 | 1275 |
| Ulta Beauty, Inc. (a) |  | 59 |
| Wingstop Inc. |  | 34 |
| | | 39532 |
| **Health Care 5.3%** | **Health Care 5.3%** | **Health Care 5.3%** |
| Abbott Laboratories | 9 | 1244 |
| AbbVie Inc. | 3 | 625 |
| Alcon AG | 11 | 815 |
| Alcon AG | 5 | 406 |
| Amgen Inc. |  | 52 |
| argenx SE - ADR (a) | 1 | 638 |
| AstraZeneca PLC - ADR | 32 | 2433 |
| BeOne Medicines AG - ADR (a) |  | 102 |
| Boston Scientific Corporation (a) | 2 | 211 |
| Bristol-Myers Squibb Company | 1 | 54 |
| Cardinal Health, Inc. |  | 74 |
| Cencora, Inc. | 4 | 1320 |
| Chugai Pharmaceutical Co., Ltd. - ADR | 2 | 42 |
| Chugai Pharmaceutical Co., Ltd. | 18 | 766 |
| Cigna Group, The | 3 | 886 |
| CVS Health Corporation | 3 | 200 |
| Danaher Corporation | 5 | 947 |
| Elevance Health, Inc. | 2 | 659 |
| Eli Lilly and Company | 4 | 2706 |
| EssilorLuxottica | 2 | 787 |
| Gilead Sciences, Inc. | 12 | 1376 |
| Humana Inc. |  | 16 |
| Intuitive Surgical, Inc. (a) | 3 | 1261 |
| IQVIA Holdings Inc (a) |  | 38 |
| Johnson & Johnson | 3 | 501 |
| Koninklijke Philips N.V. | 32 | 858 |
| McKesson Corporation |  | 104 |
| Medtronic, Inc. | 1 | 83 |
| Merck & Co., Inc. | 3 | 284 |
| Mettler-Toledo International Inc. (a) |  | 91 |
| Molina Healthcare, Inc. (a) | 1 | 210 |
| Novartis AG - Class N | 10 | 1322 |
| Novo Nordisk A/S - Class B | 15 | 837 |
| Pfizer Inc. | 3 | 76 |
| Quest Diagnostics Incorporated | 3 | 531 |
| Regeneron Pharmaceuticals, Inc. |  | 111 |
| ResMed Inc. |  | 99 |
| Revvity, Inc. | 8 | 694 |
| Sanofi | 12 | 1166 |
| Siemens Healthineers AG (c) | 16 | 877 |
| Sonova Holding AG | 1 | 247 |
| Stryker Corporation | 2 | 623 |
| Sysmex Corporation | 16 | 200 |
| Tenet Healthcare Corporation (a) | 6 | 1246 |
| Thermo Fisher Scientific Inc. | 2 | 720 |
| UnitedHealth Group Incorporated | 5 | 1879 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 245 |
| Viatris Inc. | 14 | 135 |
| Zimmer Biomet Holdings, Inc. | 1 | 97 |
| Zoetis Inc. - Class A |  | 44 |
|  |  | 30938 |
| **Communication Services 4.7%** | **Communication Services 4.7%** | **Communication Services 4.7%** |
| Alphabet Inc. - Class A | 16 | 3769 |
| Alphabet Inc. - Class C | 29 | 7003 |
| AT&T Inc. | 6 | 169 |
| BT Group PLC | 324 | 833 |
| Cellnex Telecom, S.A. (c) | 1 | 37 |
| Comcast Corporation - Class A | 7 | 216 |
| Electronic Arts Inc. | 1 | 129 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 41 |
| KDDI Corporation | 46 | 738 |
| KT Corporation | 16 | 575 |
| Meta Platforms, Inc. - Class A | 10 | 7525 |
| Netflix, Inc. (a) | 2 | 2911 |
| Pinterest, Inc. - Class A (a) | 10 | 325 |
| Spotify Technology S.A. (a) |  | 84 |
| Take-Two Interactive Software, Inc. (a) |  | 18 |
| Telstra Corporation Limited | 142 | 453 |
| Tencent Holdings Limited | 5 | 383 |
| TKO Group Holdings Inc. - Class A |  | 76 |
| T-Mobile US, Inc. | 8 | 2019 |
| Trade Desk, Inc., The - Class A (a) | 1 | 35 |
| Walt Disney Company, The | 1 | 151 |
|  |  | 27490 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Agnico Eagle Mines Limited | 1 | 89 |
| Agnico Eagle Mines Limited | 3 | 499 |
| Akzo Nobel N.V. | 5 | 328 |
| Alamos Gold Inc - Class A | 6 | 194 |
| Alamos Gold Inc - Class A | 1 | 36 |
| Alcoa Corporation | 1 | 31 |
| Aluminium Bahrain B.S.C | 9 | 21 |
| Anglo American PLC | 5 | 194 |
| AngloGold Ashanti PLC | 4 | 291 |
| Antofagasta PLC | 32 | 1190 |
| ArcelorMittal | 2 | 74 |
| Artemis Gold Inc. (a) | 5 | 132 |
| Ausgold Limited (a) | 18 | 12 |
| B2Gold Corp. (b) | 13 | 65 |
| Ball Corporation | 11 | 539 |
| Barrick Mining Corporation | 12 | 406 |
| BASF SE - Class N | 9 | 448 |
| Benz Mining Corp. - CHESS (a) | 12 | 13 |
| BHP Group Limited | 38 | 1054 |
| BHP Group Limited (b) | 14 | 397 |
| BlueScope Steel Limited | 1 | 17 |
| Boliden AB (a) |  | 15 |
| Capricorn Metals Limited (a) | 13 | 113 |
| Capstone Copper Corp. (a) | 9 | 75 |
| Carpenter Technology Corporation |  | 44 |
| CF Industries Holdings, Inc. |  | 35 |
| Champion Iron Limited | 12 | 36 |
| China Hongqiao Group Limited | 15 | 49 |
| China Steel Corporation | 36 | 23 |
| CMOC Group Limited - Class H | 27 | 55 |
| Coeur Mining, Inc. (a) | 3 | 49 |
| Corteva, Inc. | 2 | 120 |
| Covestro AG (a) | 6 | 414 |
| Discovery Silver Corp. (a) | 15 | 57 |
| Dow Inc. | 1 | 14 |
| DPM Metals Inc. | 1 | 13 |
| DuPont de Nemours, Inc. | 1 | 67 |
| Ecolab Inc. |  | 101 |
| Emerald Resources NL (a) | 29 | 98 |
| Equinox Gold Corp. (a) | 1 | 16 |
| ERO Copper Corp. (a) (b) | 4 | 86 |
| Evolution Mining Limited | 4 | 32 |
| First Quantum Minerals Ltd (a) | 7 | 147 |
| Fortescue Ltd | 4 | 54 |
| Franco-Nevada Corporation | 2 | 490 |
| Franco-Nevada Corporation | 1 | 286 |
| Freeport-McMoRan Inc. | 12 | 464 |
| G Mining Ventures Corp. (a) | 5 | 105 |
| Genesis Minerals Limited (a) | 8 | 32 |
| Glencore PLC | 64 | 296 |
| Gold Fields Limited | 7 | 284 |
| Grupo Mexico, S.A.B. de C.V. - Class B (b) | 9 | 80 |
| Harmony Gold Mining Company | 3 | 57 |
| Heidelberg Materials AG |  | 80 |
| Hindalco Industries Limited | 5 | 40 |
| Holcim AG | 7 | 559 |
| Iluka Resources Limited | 5 | 20 |
| Impala Platinum Holdings Limited | 14 | 179 |
| Industrias Penoles, S.A.B. de C.V. (a) (b) | 3 | 120 |
| International Paper Company | 36 | 1679 |

---

542

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ivanhoe Electric Inc. (a) | 4 | 44 |
| Ivanhoe Mines Ltd - Class A (a) (b) | 4 | 43 |
| JFE Holdings, Inc. (b) | 1 | 16 |
| Jindal Stainless Limited | 2 | 15 |
| Jindal Steel Limited | 2 | 28 |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (c) (d) | 40 |  |
| JSW Steel Limited | 3 | 44 |
| Kinross Gold Corporation | 10 | 250 |
| KRC Materials, Inc. (a) | 1 | 40 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1213 |
| Linde Public Limited Company | 4 | 2004 |
| Louisiana-Pacific Corporation (W VA) |  | 38 |
| Lundin Gold Inc. (c) | 1 | 75 |
| Lundin Mining Corporation | 1 | 16 |
| Meridian Mining UK Societas (a) | 12 | 11 |
| Montage Gold Corp. (a) | 2 | 9 |
| Mosaic Company, The | 1 | 31 |
| MP Materials Corp. - Class A (a) (b) |  | 30 |
| Newmont Corporation - CHESS | 1 | 70 |
| Newmont Corporation | 5 | 410 |
| NGEx Minerals Ltd. (a) | 3 | 60 |
| Nippon Sanso Holdings Corporation | 1 | 32 |
| Nippon Steel Corporation (b) | 24 | 99 |
| Norsk Hydro ASA | 2 | 14 |
| Northam Platinum Limited | 3 | 53 |
| Northern Star Resources Ltd | 10 | 166 |
| NovaGold Resources Inc. (a) | 3 | 29 |
| Nucor Corporation | 1 | 131 |
| Omai Gold Mines Corp. (a) | 4 | 4 |
| Oramelius Resources Limited | 9 | 23 |
| Orla Mining Ltd. (a) | 1 | 15 |
| Orogen Royalties Inc. | 6 | 220 |
| Packaging Corporation of America |  | 94 |
| POSCO Holdings Inc. |  | 58 |
| PPG Industries, Inc. | 3 | 357 |
| Predictive Discovery Limited (a) | 131 | 38 |
| Public Joint Stock Company Polyus (a) (c) (d) |  |  |
| Reliance, Inc. |  | 127 |
| Rio Tinto Limited | 1 | 107 |
| Rio Tinto PLC | 5 | 316 |
| Robex Resources Inc. (a) | 1 | 4 |
| Robex Resources Inc. - CHESS (a) | 2 | 6 |
| Royal Gold, Inc. |  | 13 |
| RPM International Inc. | 1 | 62 |
| Sherwin-Williams Company, The | 6 | 1961 |
| Shin-Etsu Chemical Co., Ltd. | 22 | 729 |
| Sibanye Stillwater (a) (b) | 28 | 81 |
| Skeena Resources Limited (a) | 5 | 98 |
| Snowline Gold Corp. (a) | 9 | 68 |
| Southern Copper Corporation | 1 | 125 |
| Sovereign Metals Limited (a) | 17 | 8 |
| Steel Dynamics, Inc. | 2 | 293 |
| Stora Enso Oyj - Class R (b) | 38 | 413 |
| Syensqo |  | 29 |
| Tata Steel Limited | 37 | 71 |
| Teck Resources Limited - Class B | 4 | 168 |
| Thyssenkrupp AG | 3 | 39 |
| Torex Gold Resources Inc. (a) |  | 11 |
| Turaco Gold Limited (a) | 18 | 5 |
| UPM-Kymmene Oyj | 2 | 41 |
| Vale S.A. | 17 | 179 |
| Valterra Platinum | 4 | 259 |
| Vulcan Materials Company |  | 101 |
| Warrior Met Coal, Inc. | 1 | 52 |
| West Fraser Timber Co. Ltd. | 1 | 56 |
| West Fraser Timber Co. Ltd. (b) | 1 | 49 |
| Wheaton Precious Metals Corp. | 2 | 257 |
| Zijin Gold International Company Limited (a) | 3 | 52 |
| Zijin Mining Group Co., Ltd. - Class H | 62 | 261 |
| | | 24335 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| Advantage Energy Ltd. (a) | 3 | 26 |
| Baker Hughes Company - Class A | 2 | 91 |
| BP P.L.C. | 13 | 74 |
| Cameco Corporation | 2 | 135 |
| Canadian Natural Resources Limited (b) | 5 | 155 |
| Chevron Corporation | 13 | 2068 |
| ConocoPhillips | 21 | 1979 |
| Diamondback Energy, Inc. | 1 | 187 |
| Enbridge Inc. | 4 | 194 |
| Energy Fuels Inc. (a) (b) | 3 | 52 |
| EOG Resources, Inc. | 1 | 153 |
| EQT Corporation | 3 | 167 |
| Equinor ASA | 36 | 871 |
| Expand Energy Corporation | 1 | 137 |
| Expro Group Holdings N.V. (a) | 4 | 42 |
| Exxon Mobil Corporation | 13 | 1479 |
| Galp Energia, SGPS, S.A. - Class B | 4 | 67 |
| HF Sinclair Corporation | 1 | 66 |
| Kelt Exploration Ltd. (a) | 6 | 27 |
| Kinder Morgan, Inc. | 4 | 114 |
| Kodiak Gas Services, LLC | 1 | 38 |
| Marathon Petroleum Corporation | 1 | 172 |
| NAC Kazatomprom JSC - GDR (c) | 1 | 46 |
| Neste Oyj | 3 | 48 |
| NuVista Energy Ltd. (a) (c) | 4 | 43 |
| ONEOK, Inc. | 2 | 130 |
| Ovintiv Canada ULC | 2 | 64 |
| Permian Resources Corporation - Class A | 4 | 51 |
| Phillips 66 | 1 | 148 |
| Precision Drilling Corporation (a) (b) | 1 | 33 |
| Range Resources Corporation | 27 | 999 |
| Schlumberger Limited | 28 | 973 |
| Shell PLC - Class A | 10 | 356 |
| Shell PLC - Class A - ADR | 20 | 1438 |
| South Bow Corporation (b) | 2 | 54 |
| Suncor Energy Inc. | 3 | 138 |
| Tamarack Valley Energy Ltd. (b) | 3 | 14 |
| Targa Resources Corp. | 1 | 224 |
| TechnipFMC PLC | 18 | 712 |
| Tenaris S.A. - ADR | 1 | 40 |
| TotalEnergies SE | 29 | 1763 |
| Tourmaline Oil Corp (b) | 1 | 63 |
| Uranium Energy Corp. (a) | 16 | 207 |
| Valero Energy Corporation | 8 | 1358 |
| Var Energi ASA | 6 | 19 |
| Viper Energy, Inc. - Class A | 1 | 49 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) (b) | 1 | 22 |
| Weatherford International Public Limited Company | 1 | 57 |
| Williams Companies, Inc., The | 6 | 374 |
| Woodside Energy Group Ltd | 5 | 70 |
|  |  | 17787 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Ajinomoto Co., Inc. | 22 | 620 |
| Altria Group, Inc. | 2 | 145 |
| Coca-Cola Company, The | 7 | 448 |
| Colgate-Palmolive Company | 12 | 955 |
| Costco Wholesale Corporation | 1 | 578 |
| Diageo PLC | 20 | 472 |
| Dollar Tree, Inc. (a) | 8 | 707 |
| e.l.f. Beauty, Inc. (a) |  | 40 |
| Estee Lauder Companies Inc., The - Class A | 1 | 73 |
| Heineken N.V. | 8 | 642 |
| Kenvue Inc. | 47 | 759 |
| Keurig Dr Pepper Inc. | 5 | 114 |
| Kimberly-Clark Corporation | 1 | 99 |
| Lamb Weston Holdings, Inc. |  | 12 |
| L'Oreal | 2 | 813 |
| Mondelez International, Inc. - Class A | 22 | 1364 |
| Monster Beverage 1990 Corporation (a) | 1 | 86 |
| Nestle S.A. - Class N | 23 | 2137 |
| PepsiCo, Inc. | 1 | 192 |
| Philip Morris International Inc. | 3 | 430 |
| Procter & Gamble Company, The | 14 | 2105 |
| Puig Brands S.A. - Class B | 16 | 258 |
| Seven & I Holdings Co., Ltd. | 44 | 592 |
| Tyson Foods, Inc. - Class A |  | 16 |

---

543

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Unilever PLC | 39 | 2321 |
| Unilever PLC - ADR | 1 | 53 |
| Walmart Inc. | 14 | 1403 |
| | | 17434 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Acadia Realty Trust | 8 | 161 |
| Aedifica |  | 32 |
| Agree Realty Corporation |  | 12 |
| Alexandria Real Estate Equities, Inc. |  | 34 |
| American Homes 4 Rent - Class A | 5 | 174 |
| American Tower Corporation | 3 | 567 |
| Apple Hospitality REIT, Inc. | 3 | 41 |
| AvalonBay Communities, Inc. | 2 | 356 |
| Big Yellow Group PLC | 4 | 51 |
| Broadstone Net Lease, Inc. |  | 5 |
| BXP, Inc. | 1 | 37 |
| Camden Property Trust | 1 | 58 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 41 |
| Capitaland Group Pte. Ltd. | 33 | 59 |
| CBRE Group, Inc. - Class A (a) | 1 | 138 |
| Colliers International Group Inc. | 1 | 76 |
| CoStar Group, Inc. (a) |  | 21 |
| Crown Castle Inc. | 2 | 188 |
| Cubesmart, L.P. | 6 | 245 |
| Cushman & Wakefield PLC (a) | 2 | 36 |
| Digital Core REIT Management Pte. Ltd. (c) | 30 | 14 |
| Digital Realty Trust, Inc. | 1 | 196 |
| Douglas Emmett, Inc. | 6 | 88 |
| EastGroup Properties, Inc. | 1 | 232 |
| EPR Properties |  | 6 |
| Equinix, Inc. | 1 | 874 |
| Equity Lifestyle Properties, Inc. | 3 | 171 |
| Equity Residential | 4 | 262 |
| Essential Properties Realty Trust, Inc. |  | 11 |
| Essex Property Trust, Inc. | 3 | 898 |
| Federal Realty Investment Trust | 1 | 51 |
| Gaming and Leisure Properties, Inc. | 1 | 51 |
| Goodman Funding Pty Ltd | 9 | 205 |
| Healthcare Realty Trust Incorporated - Class A | 4 | 79 |
| Invincible Investment Corporation |  | 37 |
| Japan Prime Realty Investment Corporation |  | 42 |
| Japan Real Estate Investment Corporation |  | 40 |
| Keppel DC REIT Management Pte. Ltd. | 28 | 52 |
| Kerry Properties Limited | 16 | 41 |
| Kilroy Realty Corporation (b) | 1 | 51 |
| Kimco Realty OP, LLC | 3 | 72 |
| Kojamo Oyj (a) (b) (c) | 7 | 92 |
| LEG Immobilien SE | 1 | 56 |
| Lineage, Inc. (b) | 1 | 25 |
| Mirvac Limited | 31 | 47 |
| Mitsubishi Estate Co., Ltd. (b) | 7 | 159 |
| Mitsui Fudosan Co., Ltd. | 80 | 875 |
| Nexus Select Trust | 19 | 35 |
| Nippon Prologis REIT, Inc. |  | 35 |
| NNN REIT, Inc. |  | 16 |
| Nomura Real Estate Holdings, Inc. | 4 | 28 |
| NTT DC REIT Manager Pte. Ltd. (a) | 46 | 46 |
| Pebblebrook Hotel Trust | 4 | 43 |
| ProLogis Inc. | 7 | 762 |
| Public Storage Operating Company | 3 | 792 |
| Rayonier Inc. | 2 | 64 |
| Realty Income Corporation | 1 | 89 |
| Regency Centers Corporation | 4 | 326 |
| Rexford Industrial Realty, Inc. | 10 | 408 |
| SBA Communications Corporation - Class A |  | 48 |
| Scentre Group Limited | 289 | 781 |
| SEGRO Public Limited Company | 44 | 387 |
| Shurgard Self Storage Limited | 1 | 50 |
| Simon Property Group, Inc. | 3 | 498 |
| SmartStop Self Storage REIT, Inc. | 4 | 137 |
| Sun Communities, Inc. | 2 | 301 |
| Sun Hung Kai Properties Limited | 6 | 66 |
| Swire Properties Limited | 22 | 62 |
| Terreno Realty Corporation | 3 | 180 |
| The Unite Group PLC | 4 | 38 |
| Ventas, Inc. | 5 | 367 |
| VICI Properties Inc. | 18 | 601 |
| Vornado Realty Trust | 2 | 84 |
| W.P. Carey Inc. |  | 29 |
| Warehouses De Pauw | 4 | 88 |
| Welltower Inc. | 10 | 1793 |
| Weyerhaeuser Company | 2 | 39 |
|  |  | 15252 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Alliant Energy Corporation |  | 27 |
| Ameren Corporation | 11 | 1108 |
| American Water Works Company, Inc. | 3 | 393 |
| Atmos Energy Corporation | 4 | 621 |
| CMS Energy Corporation | 1 | 71 |
| Consolidated Edison, Inc. | 1 | 143 |
| Constellation Energy Group, Inc. | 2 | 635 |
| DTE Energy Company | 1 | 83 |
| Engie | 39 | 846 |
| Exelon Corporation | 1 | 54 |
| National Grid PLC | 75 | 1079 |
| NextEra Energy, Inc. | 5 | 392 |
| NRG Energy, Inc. |  | 40 |
| PG&E Corporation | 10 | 157 |
| Sempra | 2 | 191 |
| The Southern Company | 12 | 1121 |
| Vistra Corp. | 1 | 139 |
| XCEL Energy Inc. | 19 | 1562 |
|  |  | 8662 |
| Total Common Stocks (cost $273,661) | Total Common Stocks (cost $273,661) | 380222 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 18.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.1%** |
| **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 06/01/33 - 12/01/47 | 100 | 96 |
| 3.00%, 11/01/34 - 01/01/52 | 625 | 561 |
| 1.50%, 02/01/36 | 161 | 145 |
| 2.00%, 08/01/36 - 05/01/52 | 2850 | 2343 |
| 2.50%, 04/01/37 - 05/01/52 | 2556 | 2182 |
| 4.00%, 06/01/37 - 02/01/50 | 287 | 275 |
| 5.00%, 12/01/41 - 07/01/54 | 415 | 416 |
| 5.50%, 05/01/44 - 07/01/55 | 1156 | 1173 |
| 4.50%, 05/01/50 | 22 | 22 |
| 7.00%, 06/01/54 | 43 | 45 |
| 6.00%, 08/01/54 - 12/01/54 | 797 | 816 |
| 6.50%, 08/01/54 - 01/01/55 | 488 | 509 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/32 - 05/01/52 | 3840 | 3309 |
| 3.00%, 11/01/33 - 07/01/50 | 2773 | 2543 |
| 3.50%, 12/01/33 - 01/01/52 | 2162 | 2025 |
| 2.00%, 09/01/36 - 04/01/52 | 6090 | 5071 |
| 1.50%, 05/01/37 - 01/01/42 | 652 | 572 |
| 4.00%, 06/01/37 - 09/01/52 | 1440 | 1380 |
| 5.00%, 06/01/40 - 10/01/53 | 1114 | 1114 |
| 4.50%, 04/01/41 - 07/01/53 | 1358 | 1336 |
| 6.00%, 07/01/41 - 08/01/55 | 1957 | 2012 |
| 5.50%, 05/01/44 - 09/01/55 | 1522 | 1548 |
| 6.50%, 03/01/54 - 06/01/55 | 657 | 682 |
| TBA, 4.50%, 10/15/55 (e) | 205 | 199 |
| TBA, 5.00%, 10/15/55 (e) | 765 | 759 |
| TBA, 6.00%, 10/15/55 (e) | 45 | 46 |
| Government National Mortgage Association |  |  |
| 1.50%, 05/20/37 | 115 | 104 |
| 3.50%, 08/20/42 - 01/20/49 | 1021 | 952 |
| 3.00%, 05/15/43 - 06/20/52 | 1458 | 1309 |
| 4.50%, 07/20/45 - 06/20/53 | 653 | 641 |
| 4.00%, 09/20/45 - 10/20/52 | 859 | 820 |
| 5.50%, 03/20/48 - 09/20/54 | 252 | 257 |
| 5.00%, 05/20/48 - 07/20/53 | 608 | 613 |
| 2.50%, 08/20/50 - 01/20/52 | 1699 | 1465 |
| 2.00%, 01/20/51 - 03/20/52 | 1731 | 1434 |
| 6.00%, 09/20/52 - 11/20/52 | 156 | 160 |
| TBA, 5.00%, 10/15/55 (e) | 180 | 179 |
| TBA, 5.50%, 10/15/55 (e) | 700 | 705 |

---

544

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TBA, 6.00%, 10/15/55 (e) | 90 | 92 |
| | | 39910 |
| **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** |
| Treasury, United States Department of |  |  |
| 4.13%, 10/31/27 - 03/31/32 | 1540 | 1556 |
| 3.63%, 05/31/28 - 08/31/30 | 5390 | 5384 |
| 4.00%, 06/30/28 - 02/15/34 | 11505 | 11624 |
| 4.38%, 11/30/28 - 12/31/29 | 2155 | 2208 |
| 4.25%, 02/28/29 - 05/15/35 | 3305 | 3362 |
| 4.50%, 05/31/29 | 2120 | 2179 |
| 4.13%, 11/30/29 (f) | 3505 | 3561 |
| 0.63%, 05/15/30 | 700 | 608 |
| 3.88%, 07/31/30 - 08/15/34 | 1995 | 1995 |
| 1.25%, 08/15/31 | 760 | 657 |
| 4.63%, 02/15/35 | 1740 | 1809 |
|  |  | 34943 |
| **U.S. Treasury Bond 3.0%** | **U.S. Treasury Bond 3.0%** | **U.S. Treasury Bond 3.0%** |
| Treasury, United States Department of |  |  |
| 4.50%, 05/15/38 (f) | 2320 | 2368 |
| 1.13%, 05/15/40 | 790 | 503 |
| 1.88%, 02/15/41 - 02/15/51 | 2195 | 1378 |
| 1.75%, 08/15/41 | 615 | 417 |
| 3.13%, 11/15/41 | 485 | 404 |
| 3.88%, 02/15/43 - 05/15/43 | 880 | 798 |
| 4.75%, 11/15/43 - 05/15/55 | 1920 | 1928 |
| 4.63%, 05/15/44 - 02/15/55 | 1235 | 1216 |
| 4.13%, 08/15/44 | 350 | 325 |
| 5.00%, 05/15/45 | 350 | 364 |
| 3.00%, 08/15/48 | 4675 | 3513 |
| 2.00%, 02/15/50 - 08/15/51 | 2360 | 1394 |
| 1.38%, 08/15/50 | 380 | 191 |
| 2.38%, 05/15/51 | 125 | 80 |
| 4.00%, 11/15/52 | 585 | 518 |
| 3.63%, 02/15/53 - 05/15/53 | 2025 | 1672 |
| 4.25%, 02/15/54 - 08/15/54 | 555 | 512 |
|  |  | 17581 |
| **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** |
| Treasury, United States Department of |  |  |
| 0.63%, 01/15/26 - 07/15/32 (g) | 148 | 148 |
| 0.13%, 10/15/26 - 07/15/30 (g) | 626 | 611 |
| 1.63%, 10/15/27 - 04/15/30 (g) | 1910 | 1942 |
| 1.25%, 04/15/28 (g) | 490 | 492 |
| 0.75%, 07/15/28 - 02/15/45 (g) | 339 | 279 |
| 2.38%, 10/15/28 - 02/15/55 (g) | 240 | 249 |
| 0.88%, 01/15/29 (g) | 64 | 63 |
| 2.50%, 01/15/29 (g) | 90 | 94 |
| 2.13%, 04/15/29 - 02/15/54 (g) | 361 | 354 |
| 3.88%, 04/15/29 (g) | 177 | 193 |
| 0.25%, 07/15/29 (g) | 76 | 73 |
| 1.13%, 01/15/33 (g) | 22 | 21 |
| 1.38%, 07/15/33 - 02/15/44 (g) | 168 | 155 |
| 1.75%, 01/15/34 (g) | 352 | 354 |
| 1.88%, 07/15/34 - 07/15/35 (g) | 55 | 57 |
| 1.50%, 02/15/53 (g) | 10 | 8 |
|  |  | 5093 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| American Municipal Power, Inc. |  |  |
| 6.45%, 02/15/44 | 250 | 267 |
| Bay Area Toll Authority |  |  |
| 6.91%, 10/01/50 | 235 | 268 |
| Bayhealth Medical Center, Inc. |  |  |
| 3.41%, 07/01/51 | 320 | 226 |
| California, State of |  |  |
| 7.55%, 04/01/39 | 240 | 293 |
| Central Texas Regional Mobility Authority |  |  |
| 3.17%, 01/01/41 | 300 | 246 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 2.99%, 11/01/38 | 160 | 138 |
| 3.09%, 11/01/40 | 260 | 213 |
| Fulton, County of |  |  |
| 5.15%, 07/01/39 | 325 | 331 |
| Municipal Electric Authority of Georgia |  |  |
| 6.66%, 04/01/57 | 324 | 353 |
| Oregon Department of Transportation |  |  |
| 1.76%, 11/15/32 | 190 | 162 |
| Texas A&M University |  |  |
| 3.33%, 05/15/39 | 250 | 216 |
| Trustees of the California State University |  |  |
| 2.80%, 11/01/41 | 350 | 264 |
|  |  | 2977 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K753, REMIC, 4.40%, 10/25/30 | 730 | 740 |
| Series A2-K137, REMIC, 2.35%, 11/25/31 (h) | 1195 | 1080 |
| Series K-A2-150, REMIC, 3.71%, 09/25/32 (h) | 515 | 496 |
| Series K-A2-156, REMIC, 4.43%, 02/25/33 (h) | 410 | 410 |
|  |  | 2726 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.38%, 02/08/35 | 80 | 82 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 200 | 178 |
| 3.50%, 02/12/34 | 360 | 313 |
| Government of the Province of Alberta |  |  |
| 4.50%, 01/24/34 | 330 | 334 |
| Government of the Province of British Columbia |  |  |
| 4.20%, 07/06/33 | 303 | 301 |
| Government of the Province of Manitoba |  |  |
| 4.30%, 07/27/33 | 155 | 153 |
| Government of the Republic of Panama |  |  |
| 3.30%, 01/19/33 | 350 | 301 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 180 | 173 |
|  |  | 1835 |
| **Collateralized Mortgage Obligations 0.1%** | **Collateralized Mortgage Obligations 0.1%** | **Collateralized Mortgage Obligations 0.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M1-DNA7, REMIC, 5.21%, (SOFR 30-Day Average + 0.85%), 11/25/41 (h) | 39 | 39 |
| Series 2025-A1-HQA1, REMIC, 5.31%, (SOFR 30-Day Average + 0.95%), 02/27/45 (h) | 42 | 42 |
| Series 2025-M1-DNA3, REMIC, 5.47%, (SOFR 30-Day Average + 1.10%), 09/25/45 (h) | 210 | 210 |
| Government National Mortgage Association |  |  |
| Series 2022-LM-63, REMIC, 3.50%, 10/20/50 | 110 | 94 |
|  |  | 385 |
| Total Government And Agency Obligations (cost $111,741) | Total Government And Agency Obligations (cost $111,741) | 105450 |
| **CORPORATE BONDS AND NOTES 10.3%** | **CORPORATE BONDS AND NOTES 10.3%** | **CORPORATE BONDS AND NOTES 10.3%** |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (i) | 200 | 212 |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (i) | 195 | 202 |
| American Express Company |  |  |
| 4.92%, 07/20/33 | 45 | 46 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 275 | 277 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (i) | 200 | 209 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (i) | 372 | 406 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 40 | 41 |
| Athene Global Funding |  |  |
| 4.86%, 08/27/26 (i) | 335 | 337 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 | 200 | 192 |
| 5.44%, 07/15/31 | 400 | 420 |
| Bank of America Corporation |  |  |
| 2.65%, 03/11/32 | 250 | 228 |
| 2.68%, 06/19/41 | 340 | 251 |
| 4.33%, 03/15/50 | 175 | 149 |

---

545

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank of New York Mellon Corporation, The |  |  |
| 6.47%, 10/25/34 | 225 | 250 |
| Banque Nationale Du Canada |  |  |
| 5.60%, 12/18/28 | 385 | 402 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 200 | 196 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (i) | 190 | 200 |
| Block, Inc. |  |  |
| 6.00%, 08/15/33 (i) | 215 | 220 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (i) | 220 | 226 |
| CaixaBank, S.A. |  |  |
| 6.84%, 09/13/34 (i) | 230 | 256 |
| Capital One Financial Corporation |  |  |
| 3.65%, 05/11/27 | 240 | 238 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 385 | 392 |
| Chubb Ina Holdings LLC |  |  |
| 4.35%, 11/03/45 | 100 | 88 |
| Citigroup Inc. |  |  |
| 6.17%, 05/25/34 | 135 | 144 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (i) | 445 | 421 |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/52 | 415 | 344 |
| Daimler Trucks Finance North America LLC |  |  |
| 3.65%, 04/07/27 (i) | 230 | 228 |
| Danske Bank A/S |  |  |
| 5.71%, 03/01/30 (i) | 200 | 208 |
| Enact Holdings, Inc. |  |  |
| 6.25%, 05/28/29 | 43 | 45 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (i) | 220 | 219 |
| Enel Finance International N.V. |  |  |
| 2.13%, 07/12/28 (i) (j) | 200 | 189 |
| Equitable Financial Life Global Funding |  |  |
| 4.70%, 09/15/32 (i) | 65 | 65 |
| Fifth Third Bancorp |  |  |
| 6.34%, 07/27/29 | 55 | 58 |
| 4.90%, 09/06/30 | 70 | 71 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (i) | 74 | 77 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 110 | 109 |
| 5.45%, 03/15/34 | 245 | 253 |
| 5.25%, 08/11/35 | 155 | 157 |
| Ford Motor Credit Company LLC |  |  |
| 7.12%, 11/07/33 | 200 | 214 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 325 | 310 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 550 | 548 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29 (k) | 200 | 189 |
| 7.40%, 11/13/34 | 200 | 228 |
| Intercontinental Exchange, Inc. |  |  |
| 5.25%, 06/15/31 | 175 | 183 |
| John Deere Capital Corporation |  |  |
| 4.50%, 01/08/27 | 395 | 398 |
| JPMorgan Chase & Co. |  |  |
| 3.63%, 12/01/27 | 300 | 298 |
| 5.30%, 07/24/29 | 355 | 366 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 250 | 252 |
| MassMutual Global Funding II |  |  |
| 5.10%, 04/09/27 (i) | 330 | 335 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.80%, 03/30/26 (i) | 170 | 170 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 275 | 274 |
| 5.66%, 04/18/30 | 330 | 344 |
| 3.22%, 04/22/42 | 300 | 235 |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26 (i) | 380 | 370 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (i) | 190 | 206 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 195 | 206 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (i) | 85 | 88 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 350 | 355 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (i) | 245 | 251 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (i) | 80 | 80 |
| 5.45%, 05/24/29 (i) | 190 | 197 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (i) | 225 | 73 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 | 190 | 185 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 (k) | 200 | 195 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.13%, 03/05/27 (i) | 335 | 341 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28 (i) | 200 | 196 |
| State Street Corporation |  |  |
| 5.16%, 05/18/34 | 205 | 212 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.46%, 01/13/26 | 200 | 201 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.27%, 05/15/47 (i) | 400 | 333 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 30 | 31 |
| Toronto-Dominion Bank, The |  |  |
| 4.99%, 04/05/29 (k) | 330 | 339 |
| Toyota Motor Credit Corporation |  |  |
| 4.80%, 01/05/26 | 350 | 350 |
| 4.05%, 09/05/28 | 230 | 230 |
| Volkswagen Group of America Finance, LLC |  |  |
| 6.45%, 11/16/30 (i) | 400 | 430 |
| Wells Fargo & Company |  |  |
| 2.39%, 06/02/28 | 155 | 151 |
| 6.30%, 10/23/29 | 210 | 222 |
| 3.07%, 04/30/41 | 535 | 415 |
| Westpac New Zealand Limited |  |  |
| 5.20%, 02/28/29 (i) | 225 | 232 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 195 | 197 |
| | | 18456 |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (i) | 200 | 209 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (i) | 210 | 213 |
| Chevron U.S.A. Inc. |  |  |
| 4.30%, 10/15/30 | 190 | 191 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (i) | 205 | 208 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (i) | 154 | 156 |
| Enbridge Inc. |  |  |
| 4.25%, 12/01/26 | 275 | 275 |
| 6.20%, 11/15/30 | 40 | 43 |
| 5.63%, 04/05/34 | 90 | 94 |
| 8.25%, 01/15/84 (k) | 300 | 322 |
| Energy Transfer LP |  |  |
| 6.55%, 12/01/33 | 100 | 109 |
| 8.00%, 05/15/54 | 192 | 205 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 | 510 | 514 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (i) | 205 | 218 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 69 | 71 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (i) | 230 | 241 |

---

546

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (i) | 95 | 97 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 180 | 181 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (i) | 213 | 218 |
| Occidental Petroleum Corporation |  |  |
| 5.38%, 01/01/32 | 150 | 153 |
| ONEOK, Inc. |  |  |
| 5.40%, 10/15/35 | 330 | 331 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (i) | 25 | 26 |
| 7.88%, 09/15/30 (b) (i) | 205 | 202 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (i) | 195 | 203 |
| Pioneer Natural Resources Company |  |  |
| 1.13%, 01/15/26 | 115 | 114 |
| 5.10%, 03/29/26 | 55 | 55 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 55 | 55 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 300 | 318 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29 | 50 | 51 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (i) | 190 | 197 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 85 | 87 |
| Targa Resources Partners LP |  |  |
| 5.00%, 01/15/28 | 136 | 136 |
| TotalEnergies Capital International |  |  |
| 2.99%, 06/29/41 | 265 | 201 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (i) | 157 | 158 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (i) (l) | 280 | 277 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (i) | 35 | 37 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (i) | 210 | 210 |
| Williams Companies, Inc., The |  |  |
| 4.63%, 06/30/30 | 110 | 111 |
| 5.15%, 03/15/34 | 55 | 56 |
| Williams Partners L.P. |  |  |
| 5.10%, 09/15/45 | 175 | 162 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (i) | 475 | 472 |
| | | 7177 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (i) | 200 | 205 |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 300 | 299 |
| 4.70%, 05/14/45 | 100 | 92 |
| 4.25%, 11/21/49 | 195 | 164 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (i) | 265 | 245 |
| Amneal Pharmaceuticals, Inc. |  |  |
| 6.88%, 08/01/32 (i) | 265 | 274 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | 70 | 62 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (i) | 200 | 214 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 260 | 239 |
| Cigna Group, The |  |  |
| 4.90%, 12/15/48 | 285 | 256 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | 75 | 69 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (i) | 195 | 207 |
| CVS Health Corporation |  |  |
| 5.40%, 06/01/29 | 85 | 88 |
| 5.00%, 09/15/32 | 35 | 35 |
| 5.05%, 03/25/48 | 475 | 423 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.45%, 06/15/34 (i) | 120 | 123 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (i) | 78 | 82 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (i) | 289 | 315 |
| Humana Inc. |  |  |
| 5.95%, 03/15/34 | 165 | 174 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.85%, 05/08/29 | 200 | 209 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 90 | 95 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 175 | 139 |
| Providence St. Joseph Health |  |  |
| 3.93%, 10/01/48 | 550 | 426 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 210 | 196 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 78 | 80 |
| Stanford Health Care |  |  |
| 3.80%, 11/15/48 | 150 | 118 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | 155 | 115 |
| UnitedHealth Group Incorporated |  |  |
| 4.70%, 04/15/29 | 190 | 193 |
| 2.90%, 05/15/50 | 270 | 174 |
| West Virginia Hospital Finance Authority |  |  |
| 4.92%, 06/01/48 | 300 | 262 |
| Zoetis Inc. |  |  |
| 4.15%, 08/17/28 | 315 | 316 |
|  |  | 5889 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (i) | 240 | 235 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 315 | 317 |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 - 06/01/31 (i) (j) (m) | 112 | 124 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (i) | 188 | 200 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (i) | 230 | 253 |
| Expedia Group, Inc. |  |  |
| 5.00%, 02/15/26 | 73 | 73 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 09/15/33 (i) | 115 | 117 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 (i) | 245 | 239 |
| 6.50%, 01/16/29 (i) | 70 | 74 |
| 5.35%, 03/19/29 (i) | 30 | 31 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (i) | 140 | 144 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (i) | 190 | 201 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (i) | 195 | 205 |
| Lowe`s Companies, Inc. |  |  |
| 4.45%, 04/01/62 | 165 | 132 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 305 | 309 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (i) | 210 | 217 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 60 | 61 |
| 3.60%, 09/01/27 | 150 | 149 |
| 5.00%, 08/19/34 | 250 | 252 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (b) (i) | 470 | 470 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 425 | 442 |
| TJX Companies, Inc., The |  |  |
| 1.60%, 05/15/31 | 155 | 136 |

---

547

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (i) | 155 | 164 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (i) | 225 | 238 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 134 | 107 |
| | | 4890 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 35 | 35 |
| 4.55%, 11/01/32 | 140 | 139 |
| 3.50%, 06/01/41 | 230 | 184 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (i) | 200 | 203 |
| 7.38%, 03/01/31 (i) | 195 | 201 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 75 | 79 |
| Comcast Corporation |  |  |
| 2.65%, 02/01/30 | 70 | 66 |
| 3.90%, 03/01/38 | 200 | 176 |
| 5.50%, 05/15/64 | 150 | 141 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/01/34 (i) | 100 | 100 |
| 2.95%, 10/01/50 (i) | 295 | 173 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (i) | 210 | 216 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (i) | 284 | 281 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 205 | 226 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (i) | 171 | 185 |
| 7.25%, 08/15/33 (i) | 85 | 84 |
| Iliad Holding |  |  |
| 7.00%, 04/15/32 (i) | 250 | 255 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (i) | 255 | 260 |
| 7.00%, 03/31/34 (i) | 126 | 129 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (i) | 197 | 203 |
| NTT Finance Corporation |  |  |
| 4.88%, 07/16/30 (i) | 200 | 203 |
| Rogers Communications Inc. |  |  |
| 5.00%, 02/15/29 | 85 | 87 |
| 4.50%, 03/15/42 | 315 | 274 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (i) | 135 | 139 |
| T-Mobile USA, Inc. |  |  |
| 5.75%, 01/15/34 | 220 | 233 |
| Verizon Communications Inc. |  |  |
| 4.00%, 03/22/50 | 150 | 118 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (i) | 145 | 150 |
| 7.50%, 10/15/33 (i) | 141 | 141 |
|  |  | 4681 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (i) | 234 | 237 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 275 | 274 |
| 4.85%, 02/15/33 | 35 | 35 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (i) | 154 | 151 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 65 | 67 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | 185 | 165 |
| 2.10%, 04/01/31 | 255 | 223 |
| Essex Portfolio, L.P. |  |  |
| 3.38%, 04/15/26 | 525 | 522 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 65 | 65 |
| Healthpeak OP, LLC |  |  |
| 2.13%, 12/01/28 | 85 | 80 |
| ProLogis, L.P. |  |  |
| 4.00%, 09/15/28 | 410 | 410 |
| Public Storage Operating Company |  |  |
| 1.95%, 11/09/28 | 125 | 118 |
| Realty Income Corporation |  |  |
| 2.20%, 06/15/28 | 75 | 71 |
| Regency Centers, L.P. |  |  |
| 3.60%, 02/01/27 | 100 | 99 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 02/01/32 | 350 | 314 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (i) | 116 | 122 |
| 8.63%, 06/15/32 (b) (i) | 207 | 198 |
| Ventas Realty, Limited Partnership |  |  |
| 3.25%, 10/15/26 | 170 | 168 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 430 | 409 |
| W.P. Carey Inc. |  |  |
| 3.85%, 07/15/29 | 150 | 148 |
|  |  | 3876 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Amphenol Corporation |  |  |
| 4.75%, 03/30/26 | 25 | 25 |
| 5.05%, 04/05/29 | 105 | 108 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 70 | 72 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 400 | 412 |
| Cadence Design Systems, Inc. |  |  |
| 4.30%, 09/10/29 | 110 | 111 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (i) | 200 | 207 |
| 8.25%, 06/30/32 (i) | 190 | 202 |
| Dell International L.L.C. |  |  |
| 8.35%, 07/15/46 (n) | 141 | 184 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (i) | 200 | 214 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (i) | 110 | 113 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (i) | 125 | 116 |
| Microsoft Corporation |  |  |
| 2.92%, 03/17/52 | 100 | 68 |
| Motorola Solutions, Inc. |  |  |
| 5.00%, 04/15/29 | 95 | 97 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 35 | 34 |
| 4.30%, 08/19/28 | 50 | 50 |
| Oracle Corporation |  |  |
| 5.38%, 07/15/40 | 255 | 250 |
| 6.90%, 11/09/52 | 120 | 134 |
| Qorvo, Inc. |  |  |
| 4.38%, 10/15/29 | 46 | 45 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 375 | 374 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 350 | 258 |
| Texas Instruments Incorporated |  |  |
| 5.05%, 05/18/63 | 185 | 172 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | 320 | 313 |
|  |  | 3559 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (i) | 195 | 201 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (i) | 195 | 207 |
| Canadian National Railway Company |  |  |
| 5.85%, 11/01/33 | 215 | 234 |
| Canadian Pacific Kansas City Limited |  |  |
| 1.75%, 12/02/26 | 105 | 102 |
| 2.88%, 11/15/29 | 210 | 199 |
| 3.50%, 05/01/50 | 180 | 132 |

---

548

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CRH America Finance, Inc. |  |  |
| 5.50%, 01/09/35 | 350 | 366 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (i) | 200 | 209 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (i) | 230 | 233 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (i) | 250 | 261 |
| 7.63%, 01/07/31 (i) | 70 | 73 |
| Lockheed Martin Corporation |  |  |
| 3.55%, 01/15/26 | 125 | 125 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (i) | 195 | 206 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 115 | 121 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (i) | 200 | 208 |
| TransDigm Inc. |  |  |
| 6.25%, 01/31/34 (b) (i) | 21 | 22 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/35 | 130 | 129 |
| 5.35%, 09/15/54 | 60 | 58 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 75 | 75 |
| Waste Connections, Inc. |  |  |
| 2.20%, 01/15/32 | 145 | 128 |
| Waste Management, Inc. |  |  |
| 4.88%, 02/15/34 | 250 | 256 |
| | | 3545 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| Ameren Corporation |  |  |
| 5.70%, 12/01/26 | 215 | 218 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 310 | 320 |
| Boston Gas Company |  |  |
| 5.84%, 01/10/35 (i) | 30 | 32 |
| Cameron LNG, LLC |  |  |
| 2.90%, 07/15/31 (i) | 55 | 50 |
| 3.70%, 01/15/39 (i) | 50 | 43 |
| CMS Energy Corporation |  |  |
| 3.00%, 05/15/26 | 100 | 99 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 60 | 61 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 90 | 89 |
| Edison International |  |  |
| 8.13%, 06/15/53 (b) | 160 | 164 |
| 7.88%, 06/15/54 (b) | 150 | 153 |
| FirstEnergy Transmission, LLC |  |  |
| 5.00%, 01/15/35 | 95 | 95 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (i) | 125 | 126 |
| Jersey Central Power & Light Company |  |  |
| 5.15%, 01/15/36 (i) | 100 | 101 |
| New York State Electric & Gas Corporation |  |  |
| 5.30%, 08/15/34 (i) | 120 | 123 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (j) | 25 | 25 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (i) | 100 | 100 |
| NiSource Finance Corp. |  |  |
| 3.95%, 03/30/48 | 150 | 119 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (i) (l) | 169 | 185 |
| PG&E Corporation |  |  |
| 2.10%, 08/01/27 | 135 | 130 |
| Southern California Edison Company |  |  |
| 5.15%, 06/01/29 | 240 | 244 |
| Southern Company Gas Capital Corporation |  |  |
| 4.95%, 09/15/34 | 265 | 266 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (i) | 180 | 191 |
| The Southern Company |  |  |
| 5.70%, 03/15/34 | 165 | 174 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (i) (l) | 197 | 202 |
|  |  | 3310 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Altria Group, Inc. |  |  |
| 5.80%, 02/14/39 | 200 | 207 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 275 | 284 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (b) (i) | 300 | 311 |
| B.A.T Capital Corporation |  |  |
| 5.83%, 02/20/31 | 65 | 69 |
| 4.39%, 08/15/37 | 295 | 270 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (i) | 105 | 111 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 70 | 71 |
| Mondelez International, Inc. |  |  |
| 4.75%, 02/20/29 | 365 | 373 |
| Nestle Holdings, Inc. |  |  |
| 4.85%, 03/14/33 (i) | 250 | 257 |
| RB Global Holdings Inc. |  |  |
| 7.75%, 03/15/31 (i) | 95 | 99 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | 95 | 90 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (i) | 145 | 131 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (i) | 297 | 309 |
|  |  | 2582 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Air Products and Chemicals, Inc. |  |  |
| 1.50%, 10/15/25 | 15 | 15 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (c) | 200 | 204 |
| Celanese US Holdings LLC |  |  |
| 6.75%, 04/15/33 (b) | 235 | 234 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (i) | 305 | 288 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (i) | 249 | 262 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 36 | 35 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (i) | 250 | 259 |
| Martin Marietta Materials, Inc. |  |  |
| 5.50%, 12/01/54 | 350 | 347 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 140 | 140 |
|  |  | 1784 |
| Total Corporate Bonds And Notes (cost $60,800) | Total Corporate Bonds And Notes (cost $60,800) | 59749 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.1%** |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 270 | 272 |
| AGL CLO 13 Ltd |  |  |
| Series 2021-A1R-13A, 5.33%, (3 Month Term SOFR + 1.10%), 10/20/34 (h) | 380 | 381 |
| Ally Bank |  |  |
| Series 2025-A2-A, 4.45%, 06/15/29 | 232 | 233 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 274 | 256 |
| Angel Oak Mortgage Trust 2020-2 |  |  |
| Series 2021-A1-2, REMIC, 0.98%, 04/25/66 (h) | 1 |  |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (h) | 72 | 64 |
| Series 2021-A2-1, REMIC, 1.11%, 01/25/66 (h) | 21 | 19 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2025-A-3A, 4.17%, 02/20/29 | 100 | 100 |
| Bank 2024-BNK47 |  |  |
| Series 2024-A5-BNK47, REMIC, 5.72%, 05/17/34 | 125 | 133 |

---

549

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank5 2024-5YR12 |  |  |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (h) | 220 | 231 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-AS-5YR8, REMIC, 6.38%, 07/17/29 (h) | 90 | 95 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A3-NQM1, REMIC, 2.19%, 09/25/51 | 75 | 68 |
| Barings CLO Ltd.2021-III |  |  |
| Series 2021-B1R-3A, 5.96%, (3 Month Term SOFR + 1.63%), 01/18/35 (h) | 250 | 250 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.46%, (SOFR 30-Day Average + 1.10%), 12/26/31 (h) | 116 | 116 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Series 2024-A3-5C27, REMIC, 6.01%, 06/15/29 | 45 | 47 |
| BBCMS Mortgage Trust 2025-C35 |  |  |
| Series 2025-A5-C35, REMIC, 5.59%, 07/17/35 | 235 | 247 |
| Benchmark 2023-B39 Mortgage Trust |  |  |
| Series 2023-A5-B39, REMIC, 5.75%, 06/15/33 | 265 | 281 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (h) | 145 | 153 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A5-B41, REMIC, 5.41%, 08/17/35 | 100 | 104 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 375 | 389 |
| BIG Commercial Mortgage Trust 2022-BIG |  |  |
| Series 2022-A-BIG, REMIC, 5.49%, (1 Month Term SOFR + 1.34%), 02/15/39 (h) | 297 | 294 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 14 | 14 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-C-LGCY, 5.27%, (1 Month Term SOFR + 1.12%), 10/15/36 (h) | 295 | 294 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-B-3, 5.47%, 02/15/29 | 80 | 82 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-B-1, 5.17%, 12/15/27 | 15 | 15 |
| Carvana Auto Receivables Trust 2021-P4 |  |  |
| Series 2021-C-P4, 2.33%, 04/10/27 | 200 | 193 |
| Carvana Auto Receivables Trust 2024-N1 |  |  |
| Series 2024-B-N1, 5.63%, 01/11/27 | 30 | 30 |
| Carvana Auto Receivables Trust 2024-P4 |  |  |
| Series 2024-A3-P4, 4.64%, 04/10/28 | 65 | 65 |
| Series 2024-A4-P4, 4.74%, 09/10/29 | 110 | 111 |
| Carvana Auto Receivables Trust 2025-P2 |  |  |
| Series 2025-A4-P2, 4.75%, 11/10/29 | 120 | 121 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 5.09%, (1 Month Term SOFR + 5.09%), 07/12/30 (h) | 320 | 322 |
| Clarus Capital Funding 2024-1 LLC |  |  |
| Series 2024-A2-1A, 4.71%, 05/20/27 | 128 | 128 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 2 | 2 |
| COLT 2025-8 Mortgage Loan Trust |  |  |
| Series 2025-A1-8, REMIC, 5.48%, 08/25/70 (j) | 168 | 169 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 285 | 280 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-A3-2, 4.59%, 08/22/30 | 100 | 101 |
| Driven Brands Funding, LLC |  |  |
| Series 2020-A2-1A, 3.79%, 07/20/50 | 79 | 77 |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV1, REMIC, 5.63%, 03/25/70 (j) | 93 | 94 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-B-A, 6.53%, 11/25/30 | 53 | 54 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (h) | 9 | 9 |
| Ellington Financial Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.18%, 10/25/65 (h) | 52 | 48 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (h) | 48 | 40 |
| Elmwood CLO 20 Ltd |  |  |
| Series 2022-AR-7A, 5.82%, (3 Month Term SOFR + 1.50%), 01/21/37 (h) | 250 | 250 |
| Enterprise Fleet Financing 2024-4, LLC |  |  |
| Series 2024-A2-4, 4.69%, 01/20/27 | 49 | 49 |
| Series 2024-A4-4, 4.70%, 08/20/29 | 75 | 76 |
| Enterprise Fleet Financing 2025-3, LLC |  |  |
| Series 2025-A3-3, 4.46%, 04/20/29 | 145 | 146 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-B-4A, 4.40%, 02/15/28 | 115 | 115 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-A3-2, 4.43%, 06/15/28 | 75 | 76 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-B-ESH, REMIC, 5.64%, (1 Month Term SOFR + 1.49%), 07/15/38 (h) | 110 | 110 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 170 | 170 |
| Ford Credit Auto Owner Trust 2023-REV1 |  |  |
| Series 2023-A-1, 4.85%, 02/15/28 | 285 | 290 |
| Fortress Credit BSL XIX Ltd |  |  |
| Series 2023-A1R-2A, 5.58%, (3 Month Term SOFR + 1.35%), 07/24/36 (h) | 420 | 420 |
| GCAT 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 0.00%, 06/25/70 (j) (o) | 226 | 228 |
| Grace Trust |  |  |
| Series 2020-C-GRCE, REMIC, 2.68%, 12/12/30 (h) | 150 | 132 |
| GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
| Series 2020-A14-INV1, REMIC, 2.91%, 11/25/41 (h) (o) | 63 | 54 |
| GS Mortgage-Backed Securities Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.14%, 08/25/29 (j) | 183 | 184 |
| Halseypoint CLO 6 Ltd |  |  |
| Series 2022-A1R-6A, 5.68%, (3 Month Term SOFR + 1.35%), 01/20/38 (h) | 250 | 251 |
| Highbridge Loan Management 5-2015 Ltd |  |  |
| Series 5A-A1R3-2015, 5.38%, (3 Month Term SOFR + 1.06%), 10/15/30 (h) | 106 | 105 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (j) | 239 | 240 |
| Huntington National Bank, The |  |  |
| Series 2025-B-1, 4.96%, 04/20/29 | 202 | 203 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
| Series 2016-A-NINE, REMIC, 2.95%, 09/09/26 (h) (o) | 155 | 152 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-B-OPO, REMIC, 3.38%, 01/08/27 (h) | 100 | 88 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2019-B4-HYB1, REMIC, 4.99%, 12/25/28 (h) | 115 | 114 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 10/25/65 (h) | 124 | 124 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.50%, 07/25/29 (h) (j) | 363 | 367 |
| Jamestown CLO Ltd |  |  |
| Series 2020-A1R-15A, 5.69%, (3 Month Term SOFR + 1.37%), 07/15/35 (h) | 250 | 250 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26 | 435 | 417 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-A-11MD, REMIC, 4.75%, 10/11/42 | 100 | 100 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-A-HOU, REMIC, 5.96%, (1 Month Term SOFR + 1.59%), 06/15/26 (h) | 100 | 100 |
| Metlife Securitization Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 3.75%, 09/25/29 (h) | 90 | 88 |

---

550

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-B-MHC, REMIC, 5.37%, (1 Month Term SOFR + 1.22%), 04/15/26 (h) | 288 | 288 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| Series 2025-A5-C35, REMIC, 5.63%, 07/17/35 | 135 | 142 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/13/32 | 220 | 194 |
| Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |  |
| Series 2021-A9-2, REMIC, 2.50%, 01/25/43 | 66 | 54 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.44%, 07/25/70 (j) | 99 | 100 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.44%, 07/25/70 (j) | 98 | 99 |
| MVW 2019-2 LLC |  |  |
| Series 2019-A-2A, REMIC, 2.22%, 10/20/38 | 12 | 12 |
| Navient Private Education REFI Loan Trust 2019-C |  |  |
| Series 2019-A2-CA, 3.13%, 07/15/28 | 28 | 27 |
| Nelnet Student Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 5.01%, (1 Month Term SOFR + 0.85%), 03/26/68 (h) | 35 | 35 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 130 | 121 |
| Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. |  |  |
| Series 2022-A1R-48A, 5.32%, (3 Month Term SOFR + 1.09%), 04/25/36 (h) | 390 | 390 |
| New Residential Mortgage Loan Trust 2022-INV1 |  |  |
| Series 2022-A4-INV1, REMIC, 3.00%, 07/25/43 (h) | 170 | 146 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 08/25/30 (j) | 92 | 93 |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (h) (j) | 293 | 296 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-1A9-EXP3, REMIC, 3.50%, 09/25/59 (h) | 11 | 10 |
| Series 2019-2A2-EXP3, REMIC, 5.37%, (1 Month Term SOFR + 1.21%), 09/25/59 (h) | 3 | 3 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (h) | 49 | 44 |
| Series 2020-2A2-EXP1, REMIC, 5.37%, (1 Month Term SOFR + 1.06%), 01/26/60 (h) (o) | 9 | 9 |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (j) | 99 | 99 |
| Series 2025-A1F-NQM15, REMIC, 5.50%, (SOFR 30-Day Average + 1.15%), 07/25/65 (h) (j) (o) | 99 | 99 |
| Octane Receivables Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.87%, 05/21/29 | 6 | 6 |
| Octane Receivables Trust 2024-RVM1 |  |  |
| Series 2024-A-RVM1, 5.01%, 01/22/49 | 72 | 73 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-A-P11, REMIC, 5.52%, 08/12/30 (h) | 235 | 238 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-AR1-2A, 5.57%, (3 Month Term SOFR + 1.25%), 04/15/38 (h) | 255 | 255 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 225 | 226 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 44 | 45 |
| Post Road Equipment Finance 2025-1, LLC |  |  |
| Series 2025-A2-1A, 4.90%, 05/15/31 | 190 | 191 |
| Progress Residential 2025-SFR5 Trust |  |  |
| Series 2025-A-SFR5, 3.85%, 10/17/42 | 100 | 96 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (h) | 156 | 141 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (j) | 86 | 87 |
| Rockford Tower CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.48%, (3 Month Term SOFR + 1.20%), 07/20/35 (h) | 390 | 390 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.74%, 02/16/27 | 130 | 131 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 79 | 79 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 115 | 117 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 165 | 169 |
| Servicemaster Brands L.L.C. |  |  |
| Series 2021-A2I-1, 2.87%, 07/30/28 | 166 | 155 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-A-2A, 4.72%, 04/20/44 | 89 | 90 |
| Signal Peak CLO 10 Ltd |  |  |
| Series 2021-A1R-10A, 5.51%, (3 Month Term SOFR + 1.19%), 01/25/38 (h) | 310 | 310 |
| SMB Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.23%, 09/15/37 | 30 | 29 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.07%, 01/15/53 | 124 | 114 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (h) | 31 | 31 |
| Starwood Mortgage Residential Trust 2020-INV1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.03%, 11/25/55 (h) | 16 | 15 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A4-BA, 4.29%, 06/20/29 | 95 | 95 |
| Series 2025-B-BA, 4.47%, 07/20/29 | 50 | 50 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (h) | 43 | 42 |
| Towd Point Mortgage Trust 2024-2 |  |  |
| Series 2024-A1B-2, REMIC, 4.86%, 09/25/41 (h) | 432 | 435 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 70 | 71 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 52 | 53 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.37%, 05/12/33 | 100 | 101 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (h) | 32 | 29 |
| Verus Securitization Trust 2023-INV1 |  |  |
| Series 2023-A1-INV1, REMIC, 6.00%, 02/25/68 (h) (j) | 78 | 78 |
| Verus Securitization Trust 2024-INV1 |  |  |
| Series 2024-A2-INV1, REMIC, 6.32%, 03/25/69 (h) (j) | 137 | 139 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 08/25/70 (h) | 178 | 178 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Series 2019-A4-C54, REMIC, 3.15%, 11/19/29 | 100 | 95 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-A3-5C6, REMIC, 5.19%, 09/17/30 | 190 | 195 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2025-A1-2A, 4.41%, 04/18/29 | 360 | 362 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $18,202) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $18,202) | 18053 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Roche Holding AG | 5 | 1734 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 7 | 143 |
| Total Preferred Stocks (cost $1,801) | Total Preferred Stocks (cost $1,801) | 1877 |

---

551

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SENIOR FLOATING RATE INSTRUMENTS 0.2%** | **SENIOR FLOATING RATE INSTRUMENTS 0.2%** | **SENIOR FLOATING RATE INSTRUMENTS 0.2%** |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 11/14/32 (h) | 205 | 209 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 0.00%, (6 Month Term SOFR + 5.00%), 09/10/32 (h) (p) | 10 | 10 |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (h) | 200 | 202 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 7.89%, (1 Month Term SOFR + 3.75%), 03/29/29 (h) | 211 | 211 |
|  |  | 632 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (h) | 218 | 218 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Varsity Brands, Inc. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 08/26/31 (h) | 215 | 214 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/23/31 (h) | 213 | 213 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (h) | 109 | 108 |
| Total Senior Floating Rate Instruments (cost $1,375) | Total Senior Floating Rate Instruments (cost $1,375) | 1385 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Ivanhoe Electric Inc. (a) (q) | 2 | 12 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 12 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Keppel DC REIT Management Pte. Ltd. (a) (q) | 2 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.04% (r) (s) | 1463 | 1463 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (r) (s) | 14882 | 14882 |
|  |  | 16345 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.14% (r) (s) | 2900 | 2900 |
| Total Short Term Investments (cost $19,245) | Total Short Term Investments (cost $19,245) | 19245 |
| **Total Investments 100.6% (cost $486,825)** | **Total Investments 100.6% (cost $486,825)** | **585993** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **2** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(3767)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **582228** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $1,969.

(f) All or a portion of the security is pledged or segregated as collateral.

(g) Treasury inflation indexed note, par amount is adjusted for inflation.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $24,179 and 4.2% of the Fund.

(j) 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 September 30, 2025.

(k) Convertible security.

(l) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(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) 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 September 30, 2025.

(o) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(p) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 1293 | 52449 | 52279 | 61 |  |  | 1463 | 0.2 |
| JNL Government Money Market Fund, 4.14% - Class SL | 2894 | 21567 | 21561 | 84 |  |  | 2900 | 0.5 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 5693 | 52820 | 43631 | 434 |  |  | 14882 | 2.6 |
|  | 9880 | 126836 | 117471 | 579 |  |  | 19245 | 3.3 |

---

552

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| ABN AMRO Bank N.V. | 07/01/25 | 321 | 371 | 0.1 |
| Adyen N.V. | 03/08/22 | 442 | 449 | 0.1 |
| Alibaba Group Holding Limited | 05/16/24 | 291 | 366 | 0.1 |
| Amadeus IT Holding, S.A. | 04/03/20 | 538 | 708 | 0.1 |
| Antofagasta PLC, 5.63%, 09/09/35 | 09/02/25 | 199 | 204 |  |
| Bridgepoint Group PLC | 07/21/21 | 311 | 337 | 0.1 |
| Cellnex Telecom, S.A. | 08/02/24 | 38 | 37 |  |
| Digital Core REIT Management Pte. Ltd. | 02/09/24 | 19 | 14 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 10/08/19 | 65 |  |  |
| Kojamo Oyj | 11/11/24 | 74 | 92 |  |
| Lundin Gold Inc. | 09/25/23 | 15 | 75 |  |
| NAC Kazatomprom JSC | 08/30/23 | 32 | 46 |  |
| NuVista Energy Ltd. | 06/30/25 | 39 | 43 |  |
| Public Joint Stock Company Polyus | 06/10/20 | 27 |  |  |
| Samsonite Group S.A. | 08/06/19 | 247 | 258 |  |
| Siemens Healthineers AG | 01/30/19 | 782 | 877 | 0.2 |
|  |  | 3440 | 3877 | 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 11 | January 2026 | 2291 | 1 | 1 |
| United States 5 Year Note | 46 | January 2026 | 5025 | 2 | (1) |
| United States Ultra Bond | 2 | December 2025 | 234 | (1) | 6 |
|  |  |  |  | 2 | 6 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (4) | December 2025 | (456) |  | (5) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced 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.IG.44 (Q) | 0.47 | 1.00 | 06/20/30 | (500) | 11 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | SSB | 10/02/25<br> HKD | 89 | 11 |  |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 271180 | 109042 |  | 380222 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 105450 |  | 105450 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 59749 |  | 59749 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 18053 |  | 18053 |
| &nbsp;&nbsp;Preferred Stocks | 143 | 1734 |  | 1877 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1385 |  | 1385 |
| &nbsp;&nbsp;Warrants |  | 12 |  | 12 |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 19245 |  |  | 19245 |
|  | 290568 | 295425 |  | 585993 |

---

553

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Balanced Fund (continued)** | **JNL/T. Rowe Price Balanced Fund (continued)** | **JNL/T. Rowe Price Balanced Fund (continued)** | **JNL/T. Rowe Price Balanced Fund (continued)** | **JNL/T. Rowe Price Balanced Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 7 |  |  | 7 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  |  |  |  |
|  | 7 |  |  | 7 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (6) |  |  | (6) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | (6) |  |  | (6) |

---

<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.

554

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 36.9%** | **Information Technology 36.9%** | **Information Technology 36.9%** |
| Advanced Micro Devices, Inc. (a) | 127 | 20523 |
| Amphenol Corporation - Class A | 92 | 11344 |
| Apple Inc. | 254 | 64760 |
| Aurora Innovations Inc. - Class A (a) | 933 | 5028 |
| Autodesk, Inc. (a) | 4 | 1325 |
| Bentley Systems, Incorporated - Class B | 9 | 454 |
| Broadcom Inc. | 43 | 14340 |
| Cadence Design Systems, Inc. (a) | 1 | 465 |
| Intuit Inc. | 5 | 3279 |
| KLA Corporation | 1 | 623 |
| Microsoft Corporation | 173 | 89354 |
| NVIDIA Corporation | 408 | 76189 |
| PTC Inc. (a) | 116 | 23514 |
| Roper Technologies, Inc. | 37 | 18580 |
| Salesforce, Inc. | 10 | 2485 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 13 | 3707 |
| Teledyne Technologies Incorporated (a) | 1 | 490 |
| Workday, Inc. - Class A (a) | 51 | 12201 |
|  |  | 348661 |
| **Health Care 18.4%** | **Health Care 18.4%** | **Health Care 18.4%** |
| Abbott Laboratories | 153 | 20507 |
| Arcellx Inc. (a) | 30 | 2465 |
| Ascendis Pharma A/S - ADR (a) | 9 | 1722 |
| Becton, Dickinson and Company | 137 | 25580 |
| BioNTech SE - ADR (a) | 29 | 2821 |
| Cencora, Inc. | 28 | 8833 |
| Cigna Group, The | 35 | 10230 |
| Cytokinetics, Incorporated (a) | 197 | 10835 |
| Danaher Corporation | 100 | 19782 |
| Eli Lilly and Company | 18 | 13571 |
| GE HealthCare Technologies Inc. | 23 | 1693 |
| Gilead Sciences, Inc. | 32 | 3502 |
| Hologic, Inc. (a) | 4 | 282 |
| Humana Inc. | 9 | 2243 |
| Icon Public Limited Company (a) | 8 | 1485 |
| Ionis Pharmaceuticals, Inc. (a) | 22 | 1448 |
| McKesson Corporation | 18 | 14124 |
| Revvity, Inc. | 158 | 13881 |
| Thermo Fisher Scientific Inc. | 7 | 3523 |
| UnitedHealth Group Incorporated | 29 | 10176 |
| Vaxcyte, Inc. (a) | 57 | 2062 |
| Waters Corporation (a) | 12 | 3750 |
|  |  | 174515 |
| **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** |
| Amazon.com, Inc. (a) | 283 | 62180 |
| Chipotle Mexican Grill, Inc. (a) | 253 | 9915 |
| Hilton Worldwide Holdings Inc. | 16 | 4138 |
| Marriott International, Inc. - Class A | 8 | 2121 |
| Nike, Inc. - Class B | 31 | 2148 |
| Service Corporation International | 39 | 3239 |
| Starbucks Corporation | 137 | 11604 |
| Yum! Brands, Inc. | 95 | 14376 |
|  |  | 109721 |
| **Utilities 10.6%** | **Utilities 10.6%** | **Utilities 10.6%** |
| Alliant Energy Corporation | 18 | 1239 |
| Ameren Corporation | 195 | 20364 |
| CenterPoint Energy, Inc. | 607 | 23535 |
| CMS Energy Corporation | 7 | 500 |
| DTE Energy Company | 85 | 12044 |
| Evergy, Inc. | 32 | 2458 |
| NiSource Inc. | 518 | 22414 |
| PPL Corporation | 455 | 16910 |
| WEC Energy Group Inc. | 5 | 537 |
|  |  | 100001 |
| **Financials 8.3%** | **Financials 8.3%** | **Financials 8.3%** |
| Arthur J. Gallagher & Co. | 45 | 14081 |
| Brown & Brown, Inc. | 15 | 1397 |
| CME Group Inc. - Class A | 6 | 1581 |
| Intercontinental Exchange, Inc. | 11 | 1873 |
| JPMorgan Chase & Co. | 32 | 10005 |
| KKR & Co. Inc. - Class A | 11 | 1407 |
| MasterCard Incorporated - Class A | 20 | 11411 |
| MSCI Inc. - Class A | 2 | 1035 |
| S&P Global Inc. | 8 | 3718 |
| The PNC Financial Services Group, Inc. | 8 | 1637 |
| Visa Inc. - Class A | 46 | 15604 |
| Willis Towers Watson Public Limited Company (b) | 43 | 14768 |
|  |  | 78517 |
| **Communication Services 6.5%** | **Communication Services 6.5%** | **Communication Services 6.5%** |
| Alphabet Inc. - Class A | 116 | 28161 |
| Alphabet Inc. - Class C | 3 | 685 |
| Meta Platforms, Inc. - Class A | 39 | 28852 |
| Walt Disney Company, The | 31 | 3499 |
|  |  | 61197 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| AMETEK, Inc. | 11 | 2090 |
| Booz Allen Hamilton Holding Corporation - Class A | 3 | 348 |
| Equifax Inc. | 6 | 1608 |
| Ferguson Enterprises Inc. | 3 | 567 |
| Fortive Corporation | 7 | 346 |
| Ingersoll Rand Inc. | 117 | 9686 |
| ITT Inc. | 14 | 2568 |
| Lockheed Martin Corporation | 14 | 6778 |
| Otis Worldwide Corporation | 7 | 667 |
| SPX Technologies, Inc. (a) | 13 | 2399 |
| Veralto Corporation | 74 | 7907 |
| Waste Connections, Inc. | 10 | 1710 |
|  |  | 36674 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Canadian Natural Resources Limited | 524 | 16743 |
| Expand Energy Corporation | 7 | 758 |
|  |  | 17501 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| American Tower Corporation | 25 | 4841 |
| SBA Communications Corporation - Class A | 19 | 3734 |
|  |  | 8575 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| Vulcan Materials Company | 26 | 8115 |
| Total Common Stocks (cost $871,284) | Total Common Stocks (cost $871,284) | 943477 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 12740 | 12740 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 2471 | 2471 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (c) (d) | 1 | 1 |
|  |  | 2472 |
| Total Short Term Investments (cost $15,212) | Total Short Term Investments (cost $15,212) | 15212 |
| **Total Investments 101.4% (cost $886,496)** | **Total Investments 101.4% (cost $886,496)** | **958689** |
| **Other Assets and Liabilities, Net (1.4)%** | **Other Assets and Liabilities, Net (1.4)%** | **(12817)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **945872** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

555

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 1630 | 111153 | 110312 | 75 |  |  | 2471 | 0.3 |
| JNL Government Money Market Fund, 4.14% - Class SL | 10171 | 32669 | 30100 | 9 |  |  | 12740 | 1.3 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 3 | 205721 | 205723 | 27 |  |  | 1 |  |
|  | 11804 | 349543 | 346135 | 111 |  |  | 15212 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 943477 |  |  | 943477 |
| &nbsp;&nbsp;Short Term Investments | 15212 |  |  | 15212 |
|  | 958689 |  |  | 958689 |

---

556

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 63.5%** | **COMMON STOCKS 63.5%** | **COMMON STOCKS 63.5%** |
| **Information Technology 24.5%** | **Information Technology 24.5%** | **Information Technology 24.5%** |
| Advanced Micro Devices, Inc. (a) (b) | 1378 | 222993 |
| Amphenol Corporation - Class A (b) | 897 | 111065 |
| Apple Inc. (b) (c) | 2588 | 659000 |
| Aurora Innovations Inc. - Class A (a) | 33614 | 181178 |
| Broadcom Inc. | 431 | 142236 |
| Intuit Inc. (b) | 59 | 40395 |
| Microsoft Corporation (b) | 1618 | 838206 |
| NVIDIA Corporation (b) (c) | 4037 | 753305 |
| PTC Inc. (a) | 1519 | 308397 |
| Roper Technologies, Inc. (c) | 395 | 196800 |
| Salesforce, Inc. (b) (c) | 202 | 47803 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 109 | 30501 |
| Workday, Inc. - Class A (a) (b) | 558 | 134391 |
|  |  | 3666270 |
| **Health Care 13.3%** | **Health Care 13.3%** | **Health Care 13.3%** |
| Abbott Laboratories (b) | 2474 | 331396 |
| Arcellx Inc. (a) | 281 | 23078 |
| Becton, Dickinson and Company (c) | 2262 | 423456 |
| BioNTech SE - ADR (a) | 367 | 36211 |
| Cencora, Inc. (b) | 350 | 109258 |
| Cigna Group, The (b) | 528 | 152098 |
| Cytokinetics, Incorporated (a) | 530 | 29110 |
| Danaher Corporation (b) (c) | 873 | 173024 |
| Eli Lilly and Company (b) | 146 | 111551 |
| GE HealthCare Technologies Inc. (b) | 160 | 11993 |
| Hologic, Inc. (a) | 424 | 28620 |
| Ionis Pharmaceuticals, Inc. (a) | 175 | 11463 |
| McKesson Corporation (b) | 222 | 171303 |
| Revvity, Inc. | 3124 | 273841 |
| UnitedHealth Group Incorporated | 231 | 79659 |
| Vaxcyte, Inc. (a) | 344 | 12409 |
|  |  | 1978470 |
| **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** |
| Amazon.com, Inc. (a) (b) (c) | 2835 | 622570 |
| Chipotle Mexican Grill, Inc. (a) (c) | 2725 | 106783 |
| Starbucks Corporation (b) | 1595 | 134940 |
| Yum! Brands, Inc. (b) (c) | 1245 | 189181 |
|  |  | 1053474 |
| **Utilities 7.0%** | **Utilities 7.0%** | **Utilities 7.0%** |
| Ameren Corporation | 2120 | 221280 |
| CenterPoint Energy, Inc. (b) | 7036 | 273015 |
| DTE Energy Company (b) | 841 | 118985 |
| NiSource Inc. | 5921 | 256371 |
| PPL Corporation | 4888 | 181641 |
|  |  | 1051292 |
| **Communication Services 4.3%** | **Communication Services 4.3%** | **Communication Services 4.3%** |
| Alphabet Inc. - Class A (b) (c) | 1277 | 310419 |
| Meta Platforms, Inc. - Class A (b) | 458 | 336585 |
|  |  | 647004 |
| **Financials 3.9%** | **Financials 3.9%** | **Financials 3.9%** |
| Arthur J. Gallagher & Co. | 337 | 104376 |
| MasterCard Incorporated - Class A (b) | 266 | 151406 |
| Visa Inc. - Class A (b) (c) | 492 | 167981 |
| Willis Towers Watson Public Limited Company (b) | 455 | 157205 |
|  |  | 580968 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| Ingersoll Rand Inc. (b) | 1247 | 103005 |
| Lockheed Martin Corporation (b) | 121 | 60349 |
| Otis Worldwide Corporation | 472 | 43116 |
| Veralto Corporation (b) (c) | 485 | 51659 |
|  |  | 258129 |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Canadian Natural Resources Limited (b) | 5672 | 181287 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Vulcan Materials Company (b) | 235 | 72365 |
| Total Common Stocks (cost $8,233,757) | Total Common Stocks (cost $8,233,757) | 9489259 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 16.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 16.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 16.6%** |
| **U.S. Treasury Note 16.6%** | **U.S. Treasury Note 16.6%** | **U.S. Treasury Note 16.6%** |
| Treasury, United States Department of |  |  |
| 3.88%, 04/30/30 - 07/31/30 | 1220382 | 1227894 |
| 4.00%, 05/31/30 - 07/31/32 | 994180 | 1002808 |
| 3.63%, 08/31/30 | 244098 | 242849 |
| Total Government And Agency Obligations (cost $2,453,913) | Total Government And Agency Obligations (cost $2,453,913) | 2473551 |
| **SENIOR FLOATING RATE INSTRUMENTS 9.5%** | **SENIOR FLOATING RATE INSTRUMENTS 9.5%** | **SENIOR FLOATING RATE INSTRUMENTS 9.5%** |
| **Information Technology 3.6%** | **Information Technology 3.6%** | **Information Technology 3.6%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.45%, (3 Month Term SOFR + 2.25%), 02/07/31 (d) | 191131 | 191184 |
| 2024 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/32 (d) (e) | 1488 | 1520 |
| 2024 2nd Lien Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/32 (d) | 23061 | 23556 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 12/11/28 (d) (e) | 22460 | 22427 |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 12/11/28 (d) | 13041 | 13022 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 01/27/29 (d) | 34316 | 34230 |
| CCC Intelligent Solutions Inc. |  |  |
| Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 09/16/28 (d) | 12454 | 12434 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 10/29/29 (d) | 30028 | 30009 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.82%, (1 Month Term SOFR + 2.50%), 05/23/31 (d) | 38566 | 38596 |
| Informatica LLC |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 10/30/28 (d) | 12097 | 12112 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/13/31 (d) (e) | 1329 | 1327 |
| 2025 Repriced Term Loan, 6.75%, (3 Month Term SOFR + 2.75%), 11/13/31 (d) | 52110 | 52021 |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (d) | 12817 | 12957 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 06/28/30 (d) | 8395 | 8357 |
| Storable Intermediate Holdings, LLC |  |  |
| 2025 Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 04/17/31 (d) | 25982 | 26031 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 01/30/31 (d) | 58251 | 58176 |
|  |  | 537959 |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 01/23/32 (d) | 101073 | 101007 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.07%, (1 Month Term SOFR + 2.75%), 05/10/31 (d) | 100322 | 100401 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 06/20/30 (d) (e) | 1806 | 1808 |
| 2025 Term Loan B, 6.58%, (3 Month Term SOFR + 2.50%), 06/20/30 (d) | 191867 | 192101 |
| Press Ganey Holdings, Inc. |  |  |
| 2025 Repriced Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 05/30/31 (d) | 4412 | 4398 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 09/11/31 (d) | 1762 | 1761 |
| Trans Union, LLC |  |  |
| 2019 Term Loan B5, 6.17%, (1 Month Term SOFR + 1.75%), 11/13/26 (d) | 2444 | 2445 |

---

557

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| USI, Inc. |  |  |
| 2024 Term Loan D, 6.55%, (3 Month Term SOFR + 2.25%), 11/23/29 (d) | 36555 | 36507 |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (d) | 36838 | 36779 |
| | | 477207 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 05/10/31 (d) | 38752 | 38704 |
| Filtration Group Corporation |  |  |
| 2025 EUR Term Loan B, 5.37%, (1 Month EURIBOR + 3.50%), 10/21/28, EUR (d) | 13832 | 16372 |
| 2025 USD Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 10/21/28 (d) | 76111 | 76396 |
| Mariner Wealth Advisors LLC |  |  |
| 2025 Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 12/31/30 (d) | 21119 | 21154 |
| TransDigm, Inc. |  |  |
| 2024 Term Loan I, 0.00%, (3 Month Term SOFR + 2.75%), 08/24/28 (d) (e) | 2101 | 2098 |
| 2024 Term Loan K, 0.00%, (3 Month Term SOFR + 2.75%), 02/22/30 (d) (e) | 2237 | 2234 |
| 2025 Term Loan K, 6.39%, (1 Month Term SOFR + 2.25%), 03/22/30 (d) | 59299 | 59228 |
|  |  | 216186 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2023 Term Loan B4, 5.91%, (1 Month Term SOFR + 1.75%), 11/09/30 (d) | 49665 | 49697 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 03/21/31 (d) | 6739 | 6745 |
| Varsity Brands, Inc. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 08/26/31 (d) | 38356 | 38337 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 6.07%, (1 Month Term SOFR + 1.75%), 05/28/30 (d) | 8028 | 8051 |
|  |  | 102830 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Loire Finco Luxembourg S.a. r.l. |  |  |
| 2025 USD Term Loan B, 8.31%, (3 Month Term SOFR + 4.00%), 01/31/30 (d) | 44422 | 44444 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 01/20/31 (d) | 43885 | 44014 |
| Total Senior Floating Rate Instruments (cost $1,420,341) | Total Senior Floating Rate Instruments (cost $1,420,341) | 1422640 |
| **CORPORATE BONDS AND NOTES 7.7%** | **CORPORATE BONDS AND NOTES 7.7%** | **CORPORATE BONDS AND NOTES 7.7%** |
| **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 05/01/28 - 09/15/33 (f) | 42798 | 43073 |
| 5.88%, 04/01/29 (f) | 10445 | 10658 |
| 3.75%, 05/01/29 (f) | 21619 | 20797 |
| 4.88%, 01/15/30 | 19559 | 19443 |
| 4.00%, 05/01/31 (f) | 32112 | 30390 |
| 3.63%, 02/15/32 (f) | 26573 | 24315 |
| Hilton Worldwide Holdings Inc. |  |  |
| 4.88%, 04/01/27 | 8951 | 8942 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 (f) | 33740 | 33666 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (f) | 6950 | 7062 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 24148 | 24088 |
| 6.50%, 10/01/28 | 12855 | 12912 |
| 5.25%, 07/15/29 | 7175 | 6942 |
| Service Corporation International |  |  |
| 4.63%, 12/15/27 | 1245 | 1239 |
| 3.38%, 08/15/30 | 5988 | 5553 |
| 5.75%, 10/15/32 | 7722 | 7835 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (f) | 20984 | 20942 |
| 7.25%, 05/15/31 (f) (g) | 7372 | 7372 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 07/15/30 (f) | 4408 | 4437 |
| 6.50%, 05/15/32 (f) | 9363 | 9690 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (f) | 10271 | 10204 |
| 3.63%, 03/15/31 | 14549 | 13597 |
| 4.63%, 01/31/32 | 24731 | 24034 |
| 5.38%, 04/01/32 | 29015 | 29128 |
| 6.88%, 11/15/37 | 5461 | 6071 |
| 5.35%, 11/01/43 | 15610 | 15085 |
|  |  | 397475 |
| **Financials 2.2%** | **Financials 2.2%** | **Financials 2.2%** |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (f) | 8902 | 9077 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (f) | 21881 | 21828 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (f) | 11598 | 11594 |
| 7.25%, 06/15/30 (f) | 126919 | 132400 |
| 7.38%, 01/31/32 (f) | 77140 | 80508 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 19385 | 19550 |
| Ryan Specialty, LLC |  |  |
| 4.38%, 02/01/30 (f) | 5592 | 5424 |
| 5.88%, 08/01/32 (f) | 14494 | 14666 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (f) | 30789 | 32300 |
|  |  | 327347 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Korn Ferry |  |  |
| 4.63%, 12/15/27 (f) | 7012 | 6967 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (f) | 29515 | 30436 |
| 4.63%, 01/15/29 | 10449 | 10236 |
| 6.38%, 03/01/29 - 05/31/33 (f) | 75996 | 77441 |
| 7.13%, 12/01/31 (f) | 24266 | 25324 |
| 6.63%, 03/01/32 (f) | 53870 | 55496 |
| 6.25%, 01/31/34 (f) (g) | 2522 | 2596 |
|  |  | 208496 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (f) | 15464 | 15214 |
| 3.88%, 11/01/29 (f) | 20476 | 19483 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (f) | 6671 | 6441 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (f) | 10348 | 10325 |
| 6.50%, 05/15/30 (f) | 6498 | 6720 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (f) | 6089 | 6260 |
|  |  | 64443 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (f) (g) | 5511 | 5364 |
| 5.95%, 08/04/33 (g) | 7932 | 8338 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (f) | 6562 | 6868 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 1455 | 1386 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (f) | 9841 | 10025 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (f) | 10101 | 10264 |
| PTC Inc. |  |  |
| 4.00%, 02/15/28 (f) | 9445 | 9253 |
|  |  | 51498 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 25781 | 25388 |
| 3.13%, 02/01/29 | 27063 | 25338 |
|  |  | 50726 |

---

558

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (f) | 24986 | 24830 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 7806 | 7602 |
| 4.88%, 01/15/29 | 1249 | 1238 |
| 3.63%, 01/15/31 | 1290 | 1201 |
|  |  | 34871 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| CenterPoint Energy, Inc. |  |  |
| 5.95%, 04/01/56 | 14727 | 14727 |
| Total Corporate Bonds And Notes (cost $1,119,912) | Total Corporate Bonds And Notes (cost $1,119,912) | 1149583 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 2060 | 2043 |
| Series 2019-A2-1A, 3.67%, 10/25/29 (f) | 2822 | 2696 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 602 | 616 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | 5355 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| CMS Energy Corporation, 5.88%, 10/15/78 | 24 | 565 |
| Total Preferred Stocks (cost $661) | Total Preferred Stocks (cost $661) | 565 |
| **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.04% (h) (i) | 14141 | 14141 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (h) (i) | 403982 | 403982 |
|  |  | 418123 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (h) (i) | 13500 | 13500 |
| Total Short Term Investments (cost $431,623) | Total Short Term Investments (cost $431,623) | 431623 |
| **Total Investments 100.2% (cost $13,665,690)** | **Total Investments 100.2% (cost $13,665,690)** | **14972576** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(45307)** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **9806** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **14937075** |

---

(a) Non-income producing security.

(b) All or a portion of the security is subject to a written call option.

(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 September 30, 2025. 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) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $862,406 and 5.8% of the Fund.

(g) All or a portion of the security was on loan as of September 30, 2025.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 7195 | 695371 | 688425 | 311 |  |  | 14141 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 17825 | 1732386 | 1736711 | 1230 |  |  | 13500 | 0.1 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 760348 | 3384453 | 3740819 | 27490 |  |  | 403982 | 2.7 |
| T. Rowe Price Institutional Floating Rate Fund | 1647 | 30 | 1669 | 21 | (96) | 88 |  |  |
|  | 787015 | 5812240 | 6167624 | 29052 | (96) | 88 | 431623 | 2.9 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Abbott Laboratories | BOA<br> Call | 145.00 | 01/16/26 | 680 | 9860 | (166) |
| Abbott Laboratories | BOA<br> Call | 140.00 | 01/16/26 | 737 | 10318 | (306) |
| Abbott Laboratories | BOA<br> Call | 130.00 | 01/16/26 | 1372 | 17836 | (1270) |
| Advanced Micro Devices, Inc. | BCL<br> Call | 180.00 | 01/16/26 | 737 | 13266 | (796) |
| Advanced Micro Devices, Inc. | BCL<br> Call | 175.00 | 01/16/26 | 737 | 12898 | (909) |
| Alphabet Inc. | UBS<br> Call | 215.00 | 01/16/26 | 737 | 15846 | (2721) |
| Alphabet Inc. | UBS<br> Call | 205.00 | 01/16/26 | 737 | 15109 | (3281) |
| Amazon.com, Inc. | CIT<br> Call | 260.00 | 01/16/26 | 737 | 19162 | (291) |
| Amazon.com, Inc. | CIT<br> Call | 250.00 | 01/16/26 | 737 | 18425 | (424) |
| Amphenol Corporation | UBS<br> Call | 120.00 | 01/16/26 | 426 | 5112 | (528) |
| Amphenol Corporation | UBS<br> Call | 115.00 | 01/16/26 | 426 | 4899 | (667) |
| Apple Inc. | BCL<br> Call | 245.00 | 01/16/26 | 737 | 18057 | (1537) |

---

559

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Apple Inc. | BCL<br> Call | 235.00 | 01/16/26 | 737 | 17320 | (2056) |
| Canadian Natural Resources Limited | BCL<br> Call | 35.00 | 01/16/26 | 2211 | 7739 | (188) |
| Canadian Natural Resources Limited | BCL<br> Call | 32.50 | 01/16/26 | 2211 | 7186 | (392) |
| Cencora, Inc. | UBS<br> Call | 270.00 | 01/16/26 | 353 | 9531 | (1721) |
| Cencora, Inc. | UBS<br> Call | 260.00 | 01/16/26 | 457 | 11882 | (2628) |
| CenterPoint Energy, Inc. | BOA<br> Call | 35.00 | 12/19/25 | 3631 | 12709 | (1579) |
| Cigna Group, The | WFI<br> Call | 330.00 | 01/16/26 | 295 | 9735 | (162) |
| Danaher Corporation | UBS<br> Call | 330.00 | 01/16/26 | 786 | 25938 | (2) |
| Danaher Corporation | UBS<br> Call | 220.00 | 01/16/26 | 590 | 12980 | (336) |
| DTE Energy Company | WFI<br> Call | 145.00 | 01/16/26 | 1192 | 17284 | (447) |
| Eli Lilly and Company | CIT<br> Call | 890.00 | 01/16/26 | 58 | 5162 | (114) |
| Eli Lilly and Company | CIT<br> Call | 850.00 | 01/16/26 | 58 | 4930 | (168) |
| GE HealthCare Technologies Inc. | WFI<br> Call | 97.50 | 01/16/26 | 835 | 8141 | (23) |
| GE HealthCare Technologies Inc. | WFI<br> Call | 100.00 | 01/16/26 | 762 | 7620 | (40) |
| Ingersoll Rand Inc. | WFI<br> Call | 95.00 | 01/16/26 | 1032 | 9804 | (155) |
| Ingersoll Rand Inc. | WFI<br> Call | 100.00 | 01/16/26 | 1032 | 10320 | (132) |
| Intuit Inc. | UBS<br> Call | 860.00 | 01/16/26 | 148 | 12728 | (56) |
| Intuit Inc. | UBS<br> Call | 840.00 | 01/16/26 | 148 | 12432 | (70) |
| Lockheed Martin Corporation | BOA<br> Call | 520.00 | 01/16/26 | 275 | 14300 | (463) |
| Lockheed Martin Corporation | BOA<br> Call | 500.00 | 01/16/26 | 181 | 9050 | (467) |
| Lockheed Martin Corporation | BOA<br> Call | 480.00 | 06/18/26 | 311 | 14928 | (1627) |
| Lockheed Martin Corporation | BOA<br> Call | 500.00 | 06/18/26 | 311 | 15550 | (1289) |
| MasterCard Incorporated | BCL<br> Call | 620.00 | 01/16/26 | 151 | 9362 | (157) |
| MasterCard Incorporated | BCL<br> Call | 640.00 | 01/16/26 | 295 | 18880 | (181) |
| MasterCard Incorporated | BCL<br> Call | 610.00 | 01/16/26 | 295 | 17995 | (391) |
| MasterCard Incorporated | BCL<br> Call | 580.00 | 01/16/26 | 305 | 17690 | (774) |
| MasterCard Incorporated | BCL<br> Call | 585.00 | 01/16/26 | 295 | 17258 | (675) |
| MasterCard Incorporated | BCL<br> Call | 670.00 | 06/18/26 | 295 | 19765 | (403) |
| McKesson Corporation | GSC<br> Call | 760.00 | 01/16/26 | 148 | 11248 | (753) |
| McKesson Corporation | GSC<br> Call | 780.00 | 01/16/26 | 148 | 11544 | (603) |
| McKesson Corporation | GSC<br> Call | 660.00 | 01/16/26 | 114 | 7524 | (1443) |
| McKesson Corporation | GSC<br> Call | 680.00 | 01/16/26 | 113 | 7684 | (1236) |
| Meta Platforms, Inc. | JPM<br> Call | 810.00 | 01/16/26 | 295 | 23895 | (830) |
| Meta Platforms, Inc. | JPM<br> Call | 775.00 | 01/16/26 | 295 | 22863 | (1181) |
| Microsoft Corporation | JPM<br> Call | 590.00 | 01/16/26 | 295 | 17405 | (165) |
| Microsoft Corporation | JPM<br> Call | 565.00 | 01/16/26 | 295 | 16668 | (312) |
| NVIDIA Corporation | GSC<br> Call | 200.00 | 01/16/26 | 811 | 16220 | (941) |
| NVIDIA Corporation | GSC<br> Call | 190.00 | 01/16/26 | 811 | 15409 | (1281) |
| Salesforce, Inc. | GSC<br> Call | 300.00 | 01/16/26 | 168 | 5040 | (60) |
| Salesforce, Inc. | GSC<br> Call | 290.00 | 01/16/26 | 168 | 4872 | (78) |
| Starbucks Corporation | WFI<br> Call | 125.00 | 01/16/26 | 654 | 8175 | (18) |
| Starbucks Corporation | WFI<br> Call | 105.00 | 01/16/26 | 2798 | 29379 | (280) |
| Starbucks Corporation | WFI<br> Call | 100.00 | 01/16/26 | 1180 | 11800 | (187) |
| Veralto Corporation | UBS<br> Call | 110.00 | 01/16/26 | 443 | 4873 | (138) |
| Visa Inc. | GSC<br> Call | 390.00 | 01/16/26 | 497 | 19383 | (154) |
| Visa Inc. | GSC<br> Call | 400.00 | 01/16/26 | 443 | 17720 | (89) |
| Visa Inc. | GSC<br> Call | 380.00 | 01/16/26 | 442 | 16796 | (203) |
| Visa Inc. | GSC<br> Call | 360.00 | 01/16/26 | 457 | 16452 | (473) |
| Visa Inc. | GSC<br> Call | 370.00 | 01/16/26 | 443 | 16391 | (312) |
| Visa Inc. | GSC<br> Call | 395.00 | 06/18/26 | 442 | 17459 | (430) |
| Vulcan Materials Company | JPM<br> Call | 300.00 | 12/19/25 | 369 | 11070 | (662) |
| Vulcan Materials Company | JPM<br> Call | 290.00 | 12/19/25 | 369 | 10701 | (963) |
| Willis Towers Watson Public Limited Company | BOA<br> Call | 340.00 | 01/16/26 | 143 | 4862 | (315) |
| Willis Towers Watson Public Limited Company | BOA<br> Call | 330.00 | 01/16/26 | 143 | 4719 | (412) |
| Workday, Inc. | WFI<br> Call | 270.00 | 01/16/26 | 590 | 15930 | (463) |
| Workday, Inc. | WFI<br> Call | 260.00 | 01/16/26 | 590 | 15340 | (637) |
| Yum! Brands, Inc. | WFI<br> Call | 165.00 | 01/16/26 | 296 | 4884 | (68) |
| Yum! Brands, Inc. | WFI<br> Call | 160.00 | 01/16/26 | 990 | 15840 | (367) |
| Yum! Brands, Inc. | WFI<br> Call | 145.00 | 01/16/26 | 533 | 7729 | (661) |
|  |  |  |  |  |  | (45307) |

---

560

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 9489259 |  |  | 9489259 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2473551 |  | 2473551 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1422640 |  | 1422640 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 1149583 |  | 1149583 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 5355 |  | 5355 |
| &nbsp;&nbsp;Preferred Stocks | 565 |  |  | 565 |
| &nbsp;&nbsp;Short Term Investments | 431623 |  |  | 431623 |
|  | 9921447 | 5051129 |  | 14972576 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Written Options |  | (45307) |  | (45307) |
|  |  | (45307) |  | (45307) |

---

<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.

561

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Information Technology 55.7%** | **Information Technology 55.7%** | **Information Technology 55.7%** |
| Advanced Micro Devices, Inc. (a) | 173 | 27924 |
| Amphenol Corporation - Class A | 840 | 104006 |
| Apple Inc. | 4507 | 1147582 |
| AppLovin Corporation - Class A (a) | 133 | 95670 |
| Arista Networks, Inc. (a) | 803 | 117047 |
| ASML Holding N.V. - ADR | 26 | 25191 |
| Broadcom Inc. | 1568 | 517277 |
| CrowdStrike Holdings, Inc. - Class A (a) | 107 | 52589 |
| HubSpot, Inc. (a) | 76 | 35685 |
| Intuit Inc. | 106 | 72258 |
| Microsoft Corporation | 2557 | 1324237 |
| Monday.Com Ltd. (a) | 20 | 3828 |
| NVIDIA Corporation | 7981 | 1489166 |
| Oracle Corporation | 495 | 139298 |
| Palantir Technologies Inc. - Class A (a) | 219 | 40041 |
| Roper Technologies, Inc. | 74 | 36910 |
| Samsara Inc. - Class A (a) | 808 | 30102 |
| ServiceNow, Inc. (a) | 136 | 124842 |
| Shopify Inc. - Class A (a) | 396 | 58919 |
| Snowflake Inc. - Class A (a) | 202 | 45621 |
| Synopsys, Inc. (a) | 57 | 28232 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 278 | 77699 |
| Teledyne Technologies Incorporated (a) | 46 | 26778 |
|  |  | 5620902 |
| **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** |
| Amazon.com, Inc. (a) | 2434 | 534325 |
| Booking Holdings Inc. | 10 | 56104 |
| Carvana Co. - Class A (a) | 282 | 106220 |
| Chipotle Mexican Grill, Inc. (a) | 1195 | 46839 |
| Coupang, Inc. - Class A (a) | 2106 | 67800 |
| DoorDash, Inc. - Class A (a) | 274 | 74579 |
| Duolingo, Inc. - Class A (a) | 24 | 7771 |
| Ferrari N.V. | 152 | 73707 |
| Floor & Decor Holdings, Inc. - Class A (a) | 294 | 21648 |
| Hilton Worldwide Holdings Inc. | 109 | 28263 |
| MercadoLibre, Inc. (a) | 35 | 80758 |
| Sea Limited - Class A - ADR (a) | 260 | 46522 |
| Tesla Inc. (a) | 729 | 324146 |
| Wingstop Inc. | 82 | 20638 |
|  |  | 1489320 |
| **Communication Services 14.7%** | **Communication Services 14.7%** | **Communication Services 14.7%** |
| Alphabet Inc. - Class A | 2428 | 590303 |
| Meta Platforms, Inc. - Class A | 678 | 497706 |
| Netflix, Inc. (a) | 221 | 264404 |
| Spotify Technology S.A. (a) | 121 | 84318 |
| T-Mobile US, Inc. | 181 | 43407 |
|  |  | 1480138 |
| **Financials 5.5%** | **Financials 5.5%** | **Financials 5.5%** |
| Adyen N.V. (a) (b) | 11 | 18215 |
| Ares Management Corporation - Class A | 298 | 47599 |
| Charles Schwab Corporation, The | 415 | 39613 |
| MasterCard Incorporated - Class A | 367 | 208682 |
| Visa Inc. - Class A | 720 | 245759 |
|  |  | 559868 |
| **Health Care 5.5%** | **Health Care 5.5%** | **Health Care 5.5%** |
| argenx SE - ADR (a) | 43 | 32077 |
| Cigna Group, The | 112 | 32192 |
| Danaher Corporation | 139 | 27652 |
| Eli Lilly and Company | 268 | 204294 |
| Intuitive Surgical, Inc. (a) | 237 | 105856 |
| Natera, Inc. (a) | 188 | 30266 |
| Stryker Corporation | 155 | 57392 |
| Thermo Fisher Scientific Inc. | 80 | 38643 |
| UnitedHealth Group Incorporated | 79 | 27171 |
|  |  | 555543 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| Boeing Company, The (a) | 220 | 47451 |
| GE Vernova Inc. | 31 | 19308 |
| General Electric Company | 595 | 179128 |
| Rockwell Automation, Inc. | 70 | 24559 |
| TransDigm Group Incorporated | 32 | 41764 |
|  |  | 312210 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Linde Public Limited Company | 104 | 49283 |
| Sherwin-Williams Company, The | 56 | 19529 |
|  |  | 68812 |
| Total Common Stocks (cost $5,812,717) | Total Common Stocks (cost $5,812,717) | 10086793 |
| **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 - Class I, 4.04% (c) (d) | 3666 | 3666 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (c) (d) | 7688 | 7688 |
| Total Short Term Investments (cost $11,354) | Total Short Term Investments (cost $11,354) | 11354 |
| **Total Investments 100.1% (cost $5,824,071)** | **Total Investments 100.1% (cost $5,824,071)** | **10098147** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(8139)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **10090008** |

---

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4600 | 197507 | 198441 | 123 |  |  | 3666 |  |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 35243 | 35243 | 9 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 38079 | 938694 | 969085 | 1408 |  |  | 7688 | 0.1 |
|  | 42679 | 1171444 | 1202769 | 1540 |  |  | 11354 | 0.1 |

---

562

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 04/24/25 | 20008 | 18215 | 0.2 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 10068578 | 18215 |  | 10086793 |
| &nbsp;&nbsp;Short Term Investments | 11354 |  |  | 11354 |
|  | 10079932 | 18215 |  | 10098147 |

---

563

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 97.1%** | **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** |
| **Health Care 20.4%** | **Health Care 20.4%** | **Health Care 20.4%** |
| Agilent Technologies, Inc. | 673 | 86392 |
| Alcon AG | 418 | 31115 |
| Align Technology, Inc. (a) | 180 | 22527 |
| Alnylam Pharmaceuticals, Inc. (a) | 181 | 82677 |
| Arcellx Inc. (a) | 138 | 11346 |
| Ascendis Pharma A/S - ADR (a) | 176 | 34911 |
| Avantor, Inc. (a) | 2797 | 34907 |
| Biogen Inc. (a) | 88 | 12257 |
| BioNTech SE - ADR (a) | 173 | 17101 |
| Bruker Corporation | 490 | 15933 |
| Caris Life Sciences, Inc. (a) | 397 | 12005 |
| Cooper Companies, Inc., The (a) | 819 | 56171 |
| CRISPR Therapeutics AG (a) (b) | 197 | 12759 |
| Cytokinetics, Incorporated (a) | 464 | 25501 |
| Elanco Animal Health Incorporated (a) (b) | 894 | 17997 |
| Encompass Health Corporation | 171 | 21695 |
| Hologic, Inc. (a) | 1564 | 105534 |
| Ionis Pharmaceuticals, Inc. (a) | 953 | 62362 |
| Masimo Corporation (a) | 70 | 10329 |
| Mettler-Toledo International Inc. (a) | 58 | 71201 |
| Molina Healthcare, Inc. (a) | 111 | 21145 |
| QuidelOrtho Corporation (a) | 433 | 12758 |
| Revolution Medicines, Inc. (a) | 257 | 11997 |
| Teleflex Incorporated | 389 | 47574 |
| Vaxcyte, Inc. (a) | 306 | 11040 |
| Veeva Systems Inc. - Class A (a) | 326 | 97089 |
| West Pharmaceutical Services, Inc. | 54 | 14035 |
|  |  | 960358 |
| **Information Technology 20.1%** | **Information Technology 20.1%** | **Information Technology 20.1%** |
| Amphenol Corporation - Class A | 473 | 58534 |
| Atlassian Corporation - Class A (a) | 176 | 28089 |
| Aurora Innovations Inc. - Class A (a) | 1195 | 6442 |
| CCC Intelligent Solutions Holdings Inc. (a) | 4858 | 44258 |
| Corning Incorporated | 372 | 30474 |
| HubSpot, Inc. (a) | 36 | 16794 |
| Keysight Technologies, Inc. (a) | 283 | 49520 |
| Lattice Semiconductor Corporation (a) | 1226 | 89883 |
| MACOM Technology Solutions Holdings, Inc. (a) | 267 | 33226 |
| Manhattan Associates, Inc. (a) | 159 | 32674 |
| McGraw-Hill Education, Inc. (a) | 550 | 6904 |
| Microchip Technology Incorporated | 796 | 51151 |
| Monday.Com Ltd. (a) | 93 | 17916 |
| MongoDB, Inc. - Class A (a) | 48 | 14960 |
| Monolithic Power Systems, Inc. | 64 | 58737 |
| Netskope, Inc. - Class A (a) | 255 | 5802 |
| NXP Semiconductors N.V. | 147 | 33408 |
| OneStream, Inc. - Class A (a) | 480 | 8855 |
| PTC Inc. (a) | 520 | 105659 |
| Pure Storage, Inc. - Class A (a) | 568 | 47621 |
| Ralliant Corporation | 244 | 10650 |
| Teradyne, Inc. | 125 | 17219 |
| Tyler Technologies, Inc. (a) | 154 | 80410 |
| Unity Software Inc. (a) | 273 | 10950 |
| Zoom Communications, Inc. - Class A (a) | 353 | 29147 |
| Zscaler, Inc. (a) | 188 | 56306 |
|  |  | 945589 |
| **Consumer Discretionary 16.6%** | **Consumer Discretionary 16.6%** | **Consumer Discretionary 16.6%** |
| Birkenstock Holding PLC (a) | 672 | 30426 |
| Bright Horizons Family Solutions, Inc. (a) | 144 | 15656 |
| Burlington Stores, Inc. (a) | 182 | 46355 |
| DK Crown Holdings Inc. - Class A (a) | 1590 | 59485 |
| Domino's Pizza, Inc. | 163 | 70299 |
| Duolingo, Inc. - Class A (a) | 96 | 30768 |
| Hilton Worldwide Holdings Inc. | 372 | 96538 |
| On Holding AG - Class A (a) | 407 | 17228 |
| Planet Fitness, Inc. - Class A (a) | 552 | 57277 |
| Ross Stores, Inc. | 342 | 52178 |
| Service Corporation International | 156 | 12957 |
| Sportradar Group AG - Class A (a) | 573 | 15408 |
| Texas Roadhouse, Inc. - Class A | 179 | 29724 |
| TopBuild Corp. (a) | 48 | 18761 |
| Ulta Beauty, Inc. (a) | 79 | 43328 |
| Viking Holdings Ltd (a) | 1047 | 65053 |
| Wingstop Inc. | 59 | 14799 |
| Wyndham Hotels & Resorts, Inc. | 254 | 20327 |
| Yum! Brands, Inc. | 561 | 85298 |
|  |  | 781865 |
| **Industrials 14.8%** | **Industrials 14.8%** | **Industrials 14.8%** |
| Booz Allen Hamilton Holding Corporation - Class A | 356 | 35612 |
| Broadridge Financial Solutions, Inc. | 78 | 18625 |
| BWXT Government Group, Inc. | 251 | 46332 |
| Equifax Inc. | 147 | 37582 |
| ESAB Corporation | 438 | 48948 |
| Ferguson Enterprises Inc. | 228 | 51137 |
| Firefly Aerospace Inc. (a) | 70 | 2051 |
| Fortive Corporation | 320 | 15680 |
| IDEX Corporation | 51 | 8285 |
| Ingersoll Rand Inc. | 748 | 61816 |
| ITT Inc. | 163 | 29174 |
| J.B. Hunt Transport Services, Inc. | 85 | 11442 |
| Old Dominion Freight Line, Inc. | 276 | 38896 |
| Paylocity Holding Corporation (a) | 307 | 48892 |
| Quanta Services, Inc. | 69 | 28429 |
| StandardAero, Inc. (a) | 736 | 20092 |
| Textron Inc. | 682 | 57664 |
| TransUnion | 555 | 46540 |
| UL Solutions Inc. - Class A | 334 | 23655 |
| Veralto Corporation | 276 | 29456 |
| Waste Connections, Inc. | 42 | 7384 |
| XPO, Inc. (a) | 247 | 31943 |
|  |  | 699635 |
| **Financials 8.5%** | **Financials 8.5%** | **Financials 8.5%** |
| Assurant, Inc. | 322 | 69767 |
| AXIS Capital Holdings Limited | 156 | 14916 |
| Bullish (a) | 55 | 3475 |
| CBOE Global Markets, Inc. | 158 | 38676 |
| Corpay Inc (a) | 108 | 31046 |
| Klarna Group PLC (a) | 125 | 4597 |
| Markel Group Inc. (a) | 13 | 24657 |
| MarketAxess Holdings Inc. | 104 | 18035 |
| MSCI Inc. - Class A | 106 | 60316 |
| Raymond James Financial, Inc. | 310 | 53437 |
| Ryan Specialty Group Holdings, Inc. - Class A | 225 | 12670 |
| Toast, Inc. - Class A (a) | 912 | 33283 |
| TPG Inc. - Class A | 284 | 16323 |
| Tradeweb Markets Inc. - Class A | 188 | 20875 |
|  |  | 402073 |
| **Communication Services 4.9%** | **Communication Services 4.9%** | **Communication Services 4.9%** |
| Liberty Media Corporation - Series C (a) | 716 | 74786 |
| Liberty Media Corporation - Series C (a) | 309 | 29964 |
| Live Nation Entertainment, Inc. (a) | 58 | 9494 |
| Match Group, Inc. | 407 | 14384 |
| Reddit, Inc. - Class A (a) | 170 | 39142 |
| The New York Times Company - Class A | 704 | 40415 |
| Trade Desk, Inc., The - Class A (a) | 434 | 21260 |
|  |  | 229445 |
| **Energy 4.6%** | **Energy 4.6%** | **Energy 4.6%** |
| Cheniere Energy, Inc. | 292 | 68497 |
| DT Midstream, Inc. | 44 | 4986 |
| EQT Corporation | 785 | 42744 |
| Expand Energy Corporation | 292 | 30980 |
| TechnipFMC PLC | 1750 | 69040 |
|  |  | 216247 |
| **Consumer Staples 3.4%** | **Consumer Staples 3.4%** | **Consumer Staples 3.4%** |
| Casey's General Stores, Inc. | 81 | 45521 |
| Dollar Tree, Inc. (a) | 664 | 62662 |
| Maplebear Inc. (a) | 477 | 17538 |
| McCormick & Company, Incorporated | 507 | 33910 |
|  |  | 159631 |
| **Materials 3.3%** | **Materials 3.3%** | **Materials 3.3%** |
| Avery Dennison Corporation | 275 | 44564 |
| Ball Corporation | 575 | 28986 |
| Martin Marietta Materials, Inc. | 90 | 56788 |

---

564

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sealed Air Corporation | 669 | 23660 |
| | | 153998 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| CoStar Group, Inc. (a) | 290 | 24425 |
| Total Common Stocks (cost $3,652,292) | Total Common Stocks (cost $3,652,292) | 4573266 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 4190 | 4190 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (c) (d) | 136180 | 136180 |
|  |  | 140370 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 7595 | 7595 |
| Total Short Term Investments (cost $147,965) | Total Short Term Investments (cost $147,965) | 147965 |
| **Total Investments 100.2% (cost $3,800,257)** | **Total Investments 100.2% (cost $3,800,257)** | **4721231** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(9569)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4711662** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4545 | 166230 | 166585 | 121 |  |  | 4190 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL | 1715 | 179725 | 173845 | 136 |  |  | 7595 | 0.1 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 119773 | 606421 | 590014 | 4614 |  |  | 136180 | 2.9 |
|  | 126033 | 952376 | 930444 | 4871 |  |  | 147965 | 3.1 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4573266 |  |  | 4573266 |
| &nbsp;&nbsp;Short Term Investments | 147965 |  |  | 147965 |
|  | 4721231 |  |  | 4721231 |

---

565

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 42.9%** | **CORPORATE BONDS AND NOTES 42.9%** | **CORPORATE BONDS AND NOTES 42.9%** |
| **Financials 14.1%** | **Financials 14.1%** | **Financials 14.1%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.10%, 01/15/27 | 545 | 557 |
| 6.45%, 04/15/27 | 2574 | 2655 |
| AIG Global Funding |  |  |
| 4.65%, 08/20/27 (a) | 605 | 612 |
| 4.25%, 08/21/28 (a) | 1110 | 1111 |
| 5.20%, 01/12/29 (a) | 585 | 602 |
| American Express Company |  |  |
| 5.10%, 02/16/28 | 665 | 674 |
| 5.04%, 07/26/28 | 1045 | 1063 |
| 4.73%, 04/25/29 | 1295 | 1315 |
| 5.53%, 04/25/30 | 1280 | 1337 |
| American Honda Finance Corporation |  |  |
| 5.65%, 11/15/28 | 1895 | 1976 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 710 | 743 |
| Athene Global Funding |  |  |
| 5.68%, 02/23/26 (a) | 1715 | 1726 |
| 4.86%, 08/27/26 (a) | 1290 | 1298 |
| 5.35%, 07/09/27 (a) | 1260 | 1284 |
| Avolon Holdings Funding Limited |  |  |
| 2.13%, 02/21/26 (a) | 935 | 926 |
| 6.38%, 05/04/28 (a) | 740 | 772 |
| 5.75%, 03/01/29 (a) | 1215 | 1257 |
| Banco Santander, S.A. |  |  |
| 5.55%, 03/14/28 (b) | 1000 | 1018 |
| Bank of America Corporation |  |  |
| 5.08%, 01/20/27 | 1650 | 1653 |
| 1.73%, 07/22/27 | 1290 | 1264 |
| 4.62%, 05/09/29 | 2175 | 2199 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.73%, 04/20/29 | 1600 | 1626 |
| Banque Federative du Credit Mutuel |  |  |
| 4.94%, 01/26/26 (a) | 1495 | 1498 |
| Barclays PLC |  |  |
| 7.33%, 11/02/26 | 1380 | 1383 |
| 5.09%, 02/25/29 (b) | 1260 | 1284 |
| 4.48%, 11/11/29 | 665 | 666 |
| BNP Paribas |  |  |
| 4.79%, 05/09/29 (a) | 2680 | 2705 |
| Brighthouse Financial, Inc. |  |  |
| 1.55%, 05/24/26 (a) | 460 | 452 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 605 | 611 |
| CaixaBank, S.A. |  |  |
| 6.68%, 09/13/27 (a) | 1565 | 1598 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 760 | 782 |
| 6.31%, 06/08/29 | 995 | 1044 |
| Citigroup Inc. |  |  |
| 5.17%, 02/13/30 | 1170 | 1200 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (a) | 2065 | 2016 |
| 4.88%, 12/10/27 (a) | 613 | 621 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (a) | 1655 | 1686 |
| Daimler Trucks Finance North America LLC |  |  |
| 5.00%, 01/15/27 (a) | 630 | 637 |
| 4.30%, 08/12/27 (a) | 1135 | 1138 |
| 5.13%, 09/25/27 (a) | 1025 | 1042 |
| Danske Bank A/S |  |  |
| 5.43%, 03/01/28 (a) | 1210 | 1231 |
| 4.61%, 10/02/30 (a) | 1115 | 1121 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (a) | 1890 | 1920 |
| Enel Finance International N.V. |  |  |
| 7.05%, 10/14/25 (a) (c) (d) | 625 | 625 |
| 1.63%, 07/12/26 (a) (d) | 2250 | 2205 |
| 4.13%, 09/30/28 (a) | 560 | 559 |
| Equitable Financial Life Global Funding |  |  |
| 1.70%, 11/12/26 (a) | 1255 | 1223 |
| 3.95%, 09/15/27 (a) | 430 | 429 |
| 4.65%, 06/09/28 (a) | 1310 | 1325 |
| First Abu Dhabi Bank P.J.S.C. |  |  |
| 5.13%, 10/13/27 (e) | 2800 | 2853 |
| Fiserv, Inc. |  |  |
| 5.15%, 03/15/27 | 1495 | 1515 |
| 4.20%, 10/01/28 (f) | 1035 | 1035 |
| 4.55%, 02/15/31 | 775 | 777 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 11/05/26 | 1135 | 1138 |
| 5.80%, 03/05/27 | 1485 | 1501 |
| 5.92%, 03/20/28 | 840 | 854 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/28 (a) | 1080 | 1081 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (a) | 1775 | 1843 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 1715 | 1719 |
| 5.40%, 01/13/30 (a) | 1530 | 1585 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 2169 | 2194 |
| 5.35%, 07/15/27 | 1831 | 1865 |
| 5.05%, 04/04/28 | 2200 | 2236 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 04/23/28 | 3035 | 3070 |
| 4.48%, 08/23/28 | 1225 | 1233 |
| 5.22%, 04/23/31 | 1695 | 1750 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 1280 | 1307 |
| 5.13%, 11/19/28 (b) | 1645 | 1673 |
| 4.90%, 03/03/29 (b) | 1410 | 1428 |
| ING Groep N.V. |  |  |
| 4.86%, 03/25/29 (b) | 1610 | 1632 |
| Intercontinental Exchange, Inc. |  |  |
| 3.63%, 09/01/28 | 1168 | 1154 |
| JPMorgan Chase & Co. |  |  |
| 5.23%, (SOFR + 0.89%), 04/22/27 (c) | 1265 | 1268 |
| 5.04%, 01/23/28 | 1170 | 1183 |
| 4.98%, 07/22/28 | 1175 | 1193 |
| 5.10%, 04/22/31 | 1280 | 1322 |
| Lloyds Banking Group PLC |  |  |
| 5.46%, 01/05/28 (b) | 1175 | 1191 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 1940 | 1977 |
| 4.63%, 11/15/27 (a) | 315 | 314 |
| 4.90%, 04/03/28 | 695 | 703 |
| 6.75%, 11/17/28 | 600 | 640 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 1235 | 1247 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.80%, 01/11/27 (a) | 3660 | 3694 |
| Morgan Stanley |  |  |
| 6.14%, 10/16/26 | 1925 | 1926 |
| 4.99%, 04/12/29 | 1635 | 1667 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/28 (f) | 573 | 591 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 5.10%, 05/06/27 | 884 | 898 |
| Northern Trust Corporation |  |  |
| 3.95%, 10/30/25 | 1085 | 1085 |
| PT Bank Mandiri (Persero) Tbk |  |  |
| 5.50%, 04/04/26 (e) | 1710 | 1723 |
| Reinsurance Group of America, Incorporated |  |  |
| 3.95%, 09/15/26 | 1264 | 1263 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (a) | 1775 | 1777 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 795 | 808 |
| Santander Holdings USA, Inc. |  |  |
| 6.12%, 05/31/27 | 240 | 243 |
| 2.49%, 01/06/28 | 1360 | 1327 |

---

566

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Santander UK Group Holdings PLC |  |  |
| 1.67%, 06/14/27 (b) | 615 | 603 |
| 4.32%, 09/22/29 | 790 | 788 |
| Societe Generale |  |  |
| 5.52%, 01/19/28 (a) | 1250 | 1267 |
| 5.25%, 05/22/29 (a) | 1260 | 1277 |
| Standard Chartered PLC |  |  |
| 4.30%, 02/19/27 (a) (b) | 788 | 787 |
| 5.69%, 05/14/28 (a) | 1180 | 1205 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.76%, 01/26/27 | 1860 | 1862 |
| The Western Union Company |  |  |
| 1.35%, 03/15/26 (f) | 3993 | 3940 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 1935 | 1939 |
| U.S. Bancorp |  |  |
| 5.73%, 10/21/26 | 1140 | 1141 |
| 4.55%, 07/22/28 | 1815 | 1829 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (a) (b) | 905 | 882 |
| 6.33%, 12/22/27 (a) | 1305 | 1338 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.70%, 09/12/26 (a) | 1355 | 1373 |
| 6.00%, 11/16/26 (a) | 1195 | 1216 |
| 4.85%, 08/15/27 (a) | 2020 | 2038 |
| 4.45%, 09/11/27 (a) | 325 | 326 |
| 5.05%, 03/27/28 (a) | 885 | 896 |
| Wells Fargo & Company |  |  |
| 4.90%, 01/24/28 | 2090 | 2109 |
| 4.97%, 04/23/29 | 4465 | 4549 |
| | | 153517 |
| **Health Care 4.2%** | **Health Care 4.2%** | **Health Care 4.2%** |
| Becton, Dickinson and Company |  |  |
| 4.69%, 02/13/28 | 3035 | 3073 |
| Cardinal Health, Inc. |  |  |
| 4.50%, 09/15/30 | 865 | 868 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 342 | 337 |
| 4.63%, 12/15/27 | 955 | 966 |
| 4.85%, 12/15/29 | 510 | 520 |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4155 | 4049 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 3079 | 3087 |
| 2.88%, 06/01/26 | 1201 | 1191 |
| 3.00%, 08/15/26 | 890 | 881 |
| 1.30%, 08/21/27 | 3190 | 3021 |
| 4.30%, 03/25/28 | 980 | 980 |
| EMD Finance LLC |  |  |
| 4.13%, 08/15/28 (a) | 2855 | 2855 |
| HCA Inc. |  |  |
| 5.88%, 02/15/26 | 1230 | 1238 |
| 3.13%, 03/15/27 | 2280 | 2248 |
| 5.63%, 09/01/28 | 1840 | 1898 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 875 | 899 |
| Humana Inc. |  |  |
| 5.75%, 03/01/28 - 12/01/28 | 2202 | 2286 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 2440 | 2491 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 810 | 853 |
| Mars, Incorporated |  |  |
| 4.60%, 03/01/28 (a) | 1565 | 1584 |
| 4.55%, 04/20/28 (a) | 2555 | 2587 |
| Mylan II B.V. |  |  |
| 3.95%, 06/15/26 | 2258 | 2248 |
| PeaceHealth |  |  |
| 1.38%, 11/15/25 | 470 | 468 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 897 | 912 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | 1100 | 1030 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | 1353 | 1302 |
| Zoetis Inc. |  |  |
| 3.00%, 09/12/27 | 1769 | 1737 |
|  |  | 45609 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| BP Capital Markets America Inc. |  |  |
| 4.23%, 11/06/28 | 892 | 896 |
| BP Capital Markets P.L.C. |  |  |
| 3.72%, 11/28/28 | 1305 | 1292 |
| Canadian Natural Resources Limited |  |  |
| 3.85%, 06/01/27 | 1243 | 1236 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1518 | 1535 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 46 | 46 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 290 | 294 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/27 | 1270 | 1289 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 730 | 743 |
| 4.60%, 06/20/28 | 505 | 511 |
| 6.00%, 11/15/28 | 600 | 631 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 2770 | 2822 |
| 5.25%, 07/01/29 | 960 | 988 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 480 | 475 |
| Gray Oak Pipeline, LLC |  |  |
| 2.60%, 10/15/25 (a) | 940 | 939 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 1270 | 1315 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/30 | 1330 | 1372 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 4155 | 4177 |
| Occidental Petroleum Corporation |  |  |
| 5.00%, 08/01/27 | 494 | 500 |
| 5.20%, 08/01/29 | 680 | 691 |
| ONEOK, Inc. |  |  |
| 4.85%, 07/15/26 | 2657 | 2666 |
| 5.55%, 11/01/26 | 1325 | 1342 |
| 4.25%, 09/24/27 | 2280 | 2285 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 924 | 926 |
| 4.20%, 03/15/28 | 468 | 467 |
| Schlumberger Holdings Corporation |  |  |
| 3.90%, 05/17/28 (a) | 2067 | 2058 |
| Schlumberger Investment S.A. |  |  |
| 4.50%, 05/15/28 | 1135 | 1143 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 1595 | 1610 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 510 | 518 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 4.00%, 08/15/26 (e) | 2240 | 2227 |
| Valero Energy Corporation |  |  |
| 5.15%, 02/15/30 | 515 | 530 |
| Williams Companies, Inc., The |  |  |
| 5.40%, 03/02/26 | 3205 | 3219 |
| 4.80%, 11/15/29 | 980 | 997 |
| 4.63%, 06/30/30 | 1550 | 1563 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (a) | 657 | 653 |
|  |  | 43956 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| Amrize Finance US LLC |  |  |
| 4.70%, 04/07/28 (a) | 1540 | 1558 |
| 4.95%, 04/07/30 (a) | 565 | 577 |
| BAE Systems PLC |  |  |
| 5.00%, 03/26/27 (a) | 1380 | 1396 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (f) | 955 | 948 |

---

567

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.26%, 05/01/27 (f) | 2378 | 2446 |
| 3.20%, 03/01/29 | 1195 | 1153 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 1005 | 1017 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/27 (a) | 1090 | 1111 |
| 5.04%, 03/25/30 (a) | 1045 | 1066 |
| FedEx Corporation |  |  |
| 3.25%, 04/01/26 | 2666 | 2653 |
| Fortive Corporation |  |  |
| 3.15%, 06/15/26 | 1538 | 1526 |
| GATX Corporation |  |  |
| 3.25%, 09/15/26 | 820 | 814 |
| 5.40%, 03/15/27 | 774 | 785 |
| 3.85%, 03/30/27 | 867 | 862 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 445 | 459 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 325 | 320 |
| Owens Corning |  |  |
| 3.40%, 08/15/26 | 748 | 742 |
| 5.50%, 06/15/27 | 1035 | 1057 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.75%, 05/24/26 (a) | 3035 | 3058 |
| 1.70%, 06/15/26 (a) | 268 | 263 |
| 3.40%, 11/15/26 (a) | 470 | 465 |
| 5.35%, 01/12/27 (a) | 690 | 698 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (f) | 4869 | 4937 |
| Republic Services, Inc. |  |  |
| 0.88%, 11/15/25 | 863 | 860 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (a) | 1435 | 1474 |
| RTX Corporation |  |  |
| 6.70%, 08/01/28 | 981 | 1047 |
| 7.00%, 11/01/28 | 927 | 990 |
| Sydney Airport Finance Company Pty Limited |  |  |
| 3.63%, 04/28/26 (a) | 326 | 324 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 2690 | 2679 |
| 4.15%, 01/15/31 | 1525 | 1510 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 1560 | 1565 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/29 | 2290 | 2284 |
| | | 42644 |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| AES Corporation, The |  |  |
| 1.38%, 01/15/26 | 2302 | 2284 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2110 | 2175 |
| Appalachian Power Company |  |  |
| 3.30%, 06/01/27 | 2528 | 2492 |
| Constellation Energy Generation, LLC |  |  |
| 5.60%, 03/01/28 | 1185 | 1225 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 880 | 891 |
| 4.88%, 06/01/28 | 1200 | 1221 |
| 5.20%, 04/01/30 | 1155 | 1191 |
| Duke Energy Corporation |  |  |
| 4.30%, 03/15/28 | 789 | 793 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 625 | 643 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/27 (d) (f) | 1896 | 1885 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 450 | 452 |
| Korea Electric Power Corp |  |  |
| 5.38%, 04/06/26 (a) | 2400 | 2415 |
| Korea Hydro & Nuclear Power Co., Ltd |  |  |
| 1.25%, 04/27/26 (a) | 1419 | 1395 |
| 4.25%, 07/27/27 (a) | 1120 | 1123 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 1.88%, 01/15/27 | 2270 | 2208 |
| 4.69%, 09/01/27 (d) | 370 | 374 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 970 | 975 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 515 | 528 |
| NRG Energy, Inc. |  |  |
| 2.00%, 12/02/25 (a) | 755 | 752 |
| PG&E Corporation |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 837 | 821 |
| 5.45%, 06/15/27 | 195 | 198 |
| 5.00%, 06/04/28 | 995 | 1008 |
| Public Service Enterprise Group Incorporated |  |  |
| 4.90%, 03/15/30 | 1930 | 1973 |
| Sempra |  |  |
| 5.40%, 08/01/26 | 1090 | 1100 |
| Southern California Gas Company |  |  |
| 2.95%, 04/15/27 | 1625 | 1600 |
| Southern Company Gas Capital Corporation |  |  |
| 4.05%, 09/15/28 | 1000 | 999 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 500 | 497 |
| Tenaga Nasional Berhad |  |  |
| 7.50%, 11/01/25 (e) | 2800 | 2807 |
| The Southern Company |  |  |
| 5.11%, 08/01/27 (d) | 1035 | 1054 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (a) | 290 | 297 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 908 | 915 |
|  |  | 38291 |
| **Information Technology 3.0%** | **Information Technology 3.0%** | **Information Technology 3.0%** |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 645 | 663 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 2780 | 2726 |
| 4.00%, 07/01/29 (a) | 300 | 292 |
| Dell International L.L.C. |  |  |
| 4.75%, 04/01/28 | 1515 | 1537 |
| Fortinet, Inc. |  |  |
| 1.00%, 03/15/26 | 1965 | 1934 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 505 | 532 |
| 5.50%, 01/25/31 (a) | 535 | 556 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 525 | 517 |
| 3.75%, 08/05/27 | 950 | 943 |
| 4.88%, 02/10/28 | 324 | 329 |
| 4.00%, 08/05/29 | 1045 | 1034 |
| International Business Machines Corporation |  |  |
| 4.65%, 02/10/28 | 3859 | 3915 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 1080 | 1123 |
| Marvell Technology, Inc. |  |  |
| 1.65%, 04/15/26 | 725 | 714 |
| 4.88%, 06/22/28 | 2200 | 2234 |
| 4.75%, 07/15/30 | 450 | 456 |
| Micron Technology, Inc. |  |  |
| 5.38%, 04/15/28 | 3020 | 3113 |
| NXP B.V. |  |  |
| 3.88%, 06/18/26 | 1345 | 1343 |
| 3.15%, 05/01/27 | 305 | 300 |
| 4.40%, 06/01/27 | 295 | 296 |
| 4.30%, 08/19/28 - 06/18/29 | 1845 | 1844 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 1990 | 1989 |
| Synopsys, Inc. |  |  |
| 4.65%, 04/01/28 | 2900 | 2932 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 975 | 966 |
|  |  | 32288 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Altria Group, Inc. |  |  |
| 2.63%, 09/16/26 | 1251 | 1235 |

---

568

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 1775 | 1753 |
| 4.45%, 03/16/28 | 3255 | 3274 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 2022 | 2038 |
| Bunge Limited Finance Corp. |  |  |
| 2.00%, 04/21/26 | 375 | 371 |
| 4.90%, 04/21/27 | 2015 | 2034 |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.50%, 01/15/27 (a) | 290 | 280 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27 (a) | 730 | 727 |
| Dollar General Corporation |  |  |
| 4.63%, 11/01/27 | 910 | 917 |
| 4.13%, 05/01/28 | 1874 | 1867 |
| 5.20%, 07/05/28 | 1088 | 1114 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/28 (a) | 2440 | 2471 |
| 5.00%, 02/15/29 (a) | 875 | 897 |
| Heineken N.V. |  |  |
| 3.50%, 01/29/28 (a) | 5862 | 5794 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (a) | 1540 | 1589 |
| 4.50%, 06/30/28 (a) | 1195 | 1203 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28 (a) | 2490 | 2533 |
| Kroger Co., The |  |  |
| 3.70%, 08/01/27 | 293 | 291 |
| KT&G Corporation |  |  |
| 5.00%, 05/02/28 (e) | 1260 | 1282 |
| Philip Morris International Inc. |  |  |
| 5.13%, 11/17/27 | 457 | 467 |
| | | 32137 |
| **Consumer Discretionary 2.6%** | **Consumer Discretionary 2.6%** | **Consumer Discretionary 2.6%** |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1230 | 1270 |
| BMW US Capital, LLC |  |  |
| 4.60%, 08/13/27 (a) | 2875 | 2901 |
| Ck Hutchison International 25 Ltd. |  |  |
| 4.25%, 09/26/30 (a) | 1610 | 1605 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 1620 | 1626 |
| Hyundai Capital America |  |  |
| 6.25%, 11/03/25 (a) | 820 | 822 |
| 5.50%, 03/30/26 (a) | 885 | 891 |
| 5.25%, 01/08/27 (a) | 620 | 627 |
| 4.85%, 03/25/27 (a) | 1080 | 1088 |
| 4.88%, 06/23/27 (a) | 1130 | 1140 |
| 5.00%, 01/07/28 (a) | 1340 | 1359 |
| 5.60%, 03/30/28 (a) | 1180 | 1214 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 680 | 673 |
| 4.00%, 10/15/28 | 680 | 679 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 2125 | 2109 |
| Mattel, Inc. |  |  |
| 3.38%, 04/01/26 (a) | 1914 | 1903 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 3362 | 3420 |
| 4.35%, 06/01/28 | 1102 | 1109 |
| Ross Stores, Inc. |  |  |
| 0.88%, 04/15/26 | 2130 | 2091 |
| Starbucks Corporation |  |  |
| 2.00%, 03/12/27 | 450 | 437 |
| 4.00%, 11/15/28 | 1168 | 1166 |
|  |  | 28130 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| AT&T Inc. |  |  |
| 4.10%, 02/15/28 | 780 | 779 |
| Comcast Corporation |  |  |
| 4.15%, 10/15/28 | 660 | 662 |
| Cox Communications, Inc. |  |  |
| 3.35%, 09/15/26 (a) | 665 | 660 |
| 3.50%, 08/15/27 (a) | 860 | 849 |
| KT Corporation |  |  |
| 4.13%, 02/02/28 (a) | 350 | 350 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (a) | 3665 | 3607 |
| NTT Finance Corporation |  |  |
| 4.62%, 07/16/28 (a) | 1035 | 1045 |
| Omnicom Group Inc. |  |  |
| 3.60%, 04/15/26 | 495 | 493 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | 2250 | 2218 |
| 5.00%, 02/15/29 | 2780 | 2833 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.00%, 03/28/26 | 1910 | 1917 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 955 | 947 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28 | 2398 | 2288 |
|  |  | 18648 |
| **Materials 1.5%** | **Materials 1.5%** | **Materials 1.5%** |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/26 | 1260 | 1220 |
| 6.67%, 07/15/27 (d) (f) | 785 | 805 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (e) | 421 | 415 |
| 3.00%, 09/30/29 (e) | 2570 | 2430 |
| EQUATE Petrochemical |  |  |
| 2.63%, 04/28/28 (e) | 2350 | 2242 |
| FMC Corporation |  |  |
| 3.45%, 10/01/29 | 1217 | 1150 |
| Freeport-McMoRan Inc. |  |  |
| 5.25%, 09/01/29 | 327 | 331 |
| LYB International Finance III, LLC |  |  |
| 1.25%, 10/01/25 | 1417 | 1417 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 980 | 997 |
| POSCO Holdings Inc. |  |  |
| 5.63%, 01/17/26 (a) | 1315 | 1320 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (e) | 615 | 635 |
| 5.25%, 02/13/30 (a) | 2000 | 2068 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 1305 | 1318 |
|  |  | 16348 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| American Tower Corporation |  |  |
| 1.60%, 04/15/26 | 2927 | 2895 |
| 3.55%, 07/15/27 | 1188 | 1177 |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 595 | 604 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | 2800 | 2731 |
| 2.90%, 03/15/27 | 2205 | 2162 |
| 5.00%, 01/11/28 | 850 | 862 |
| 4.80%, 09/01/28 | 1125 | 1141 |
| 4.30%, 02/15/29 | 230 | 229 |
| 5.60%, 06/01/29 | 930 | 966 |
| Extra Space Storage LP |  |  |
| 3.88%, 12/15/27 | 710 | 705 |
| ProLogis, L.P. |  |  |
| 3.88%, 09/15/28 | 535 | 533 |
| Realty Income Corporation |  |  |
| 5.05%, 01/13/26 | 645 | 646 |
|  |  | 14651 |
| Total Corporate Bonds And Notes (cost $461,386) | Total Corporate Bonds And Notes (cost $461,386) | 466219 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.0%** |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 940 | 947 |
| Series 2025-B-2A, REMIC, 5.06%, 07/15/33 | 990 | 998 |
| ALEN 2021-ACEN Mortgage Trust |  |  |
| Series 2021-A-ACEN, REMIC, 5.42%, (1 Month Term SOFR + 1.26%), 04/15/26 (c) | 685 | 664 |
| Alinea CLO 2018-1 Ltd |  |  |
| Series 2018-AR-1A, 5.17%, (3 Month Term SOFR + 0.90%), 07/21/31 (c) | 275 | 275 |

---

569

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2018-BR-1A, 5.42%, (3 Month Term SOFR + 1.15%), 07/21/31 (c) | 250 | 249 |
| Ally Auto Receivables Trust 2023-A |  |  |
| Series 2023-B-A, 6.01%, 12/15/25 | 63 | 63 |
| Series 2023-C-A, 6.08%, 12/15/26 | 519 | 526 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 152 | 153 |
| Series 2024-A2-B, 4.97%, 09/15/32 | 247 | 249 |
| Series 2024-C-B, 5.22%, 09/15/32 | 270 | 271 |
| American Airlines, Inc. |  |  |
| Series 2017-B-2B, 3.70%, 10/15/25 | 598 | 596 |
| AmeriCredit Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1, 3.23%, 02/18/28 | 1465 | 1450 |
| Americredit Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.80%, 12/18/28 | 1195 | 1218 |
| Amur Equipment Finance Receivables X LLC |  |  |
| Series 2022-C-1A, 2.37%, 04/20/28 | 550 | 549 |
| Series 2022-E-1A, 5.02%, 12/20/28 | 770 | 770 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (c) | 921 | 819 |
| Angel Oak Mortgage Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.57%, 04/25/70 (d) | 2885 | 2915 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, REMIC, 5.81%, (3 Month Term SOFR + 1.50%), 07/21/36 (c) | 1650 | 1652 |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 (d) | 2955 | 2856 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 857 | 865 |
| Auxilior Term Funding 2023-1, LLC |  |  |
| Series 2023-A2-1A, 6.18%, 12/16/30 | 684 | 687 |
| Series 2023-D-1A, 7.27%, 12/16/30 | 1040 | 1089 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A3-1A, 5.49%, 07/15/31 | 715 | 726 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-C-5A, 6.24%, 04/20/26 | 525 | 527 |
| Series 2023-C-2A, 6.18%, 10/20/26 | 370 | 374 |
| Series 2025-B-3A, 4.46%, 02/20/29 | 260 | 260 |
| Series 2025-C-3A, 4.95%, 02/20/29 | 100 | 100 |
| Balboa Bay Loan Funding 2023-1 Ltd |  |  |
| Series 2023-ARR-1A, 5.49%, (3 Month Term SOFR + 1.16%), 04/21/36 (c) | 545 | 547 |
| Bank 2024-BNK47 |  |  |
| Series 2024-A1-BNK47, REMIC, 5.52%, 05/17/29 | 240 | 244 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-AS-5YR11, REMIC, 6.14%, 11/19/29 | 925 | 962 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-AS-5YR12, REMIC, 6.12%, 12/15/29 (c) | 650 | 676 |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (c) | 1535 | 1613 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A1-5YR9, REMIC, 4.89%, 06/15/29 | 1106 | 1120 |
| Battalion CLO XII Ltd |  |  |
| Series 2018-BRR-12A, 5.39%, (3 Month Term SOFR + 1.20%), 05/19/31 (c) | 1335 | 1330 |
| Series 2018-CRR-12A, 5.74%, (3 Month Term SOFR + 1.55%), 05/19/31 (c) | 1445 | 1443 |
| Battalion CLO XV Ltd |  |  |
| Series 2020-A1RR-15A, 5.30%, (3 Month Term SOFR + 0.98%), 01/17/33 (c) | 4102 | 4102 |
| Series 2020-CR-15A, 6.22%, (3 Month Term SOFR + 1.90%), 01/17/33 (c) | 965 | 961 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-BR-21A, REMIC, 6.02%, (3 Month Term SOFR + 1.70%), 07/17/34 (c) | 830 | 830 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.46%, (SOFR 30-Day Average + 1.10%), 12/26/31 (c) | 373 | 374 |
| Bayview Opportunity Master Fund VII 2025-EDU1 LLC |  |  |
| Series 2025-A-EDU1, REMIC, 5.63%, (SOFR 30-Day Average + 1.30%), 07/27/48 (c) (g) | 505 | 505 |
| Series 2025-B-EDU1, REMIC, 6.03%, (SOFR 30-Day Average + 1.70%), 07/27/48 (c) (g) | 1320 | 1320 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-AM-V11, REMIC, 6.20%, 11/19/29 | 785 | 821 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A1-V8, REMIC, 5.51%, 04/16/29 (c) | 558 | 567 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A1-B41, REMIC, 4.40%, 08/16/30 | 214 | 214 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-C-5MW, REMIC, 5.45%, 10/10/30 (c) | 425 | 423 |
| BINOM Securitization Trust 2021-INV1 |  |  |
| Series 2021-A2-INV1, REMIC, 2.37%, 06/25/56 (c) | 499 | 456 |
| Series 2021-A3-INV1, REMIC, 2.63%, 06/25/56 (c) | 512 | 469 |
| Blue Owl Asset Leasing Trust 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.05%, 03/15/29 | 794 | 795 |
| Series 2024-B-1A, 5.41%, 03/15/30 | 325 | 328 |
| BlueMountain CLO 2016-3 Ltd |  |  |
| Series 2016-A1R2-3A, 5.15%, (3 Month Term SOFR + 0.94%), 11/15/30 (c) | 1124 | 1125 |
| BlueMountain CLO 2018-3 Ltd |  |  |
| Series 2018-A1R-3A, 5.51%, (3 Month Term SOFR + 1.19%), 10/25/30 (c) | 783 | 784 |
| BMO 2024-5C4 Mortgage Trust |  |  |
| Series 2024-A3-5C4, REMIC, 6.53%, 04/17/29 | 1540 | 1639 |
| BPR Trust 2021-TY |  |  |
| Series 2021-B-TY, REMIC, 5.42%, (1 Month Term SOFR + 1.26%), 09/15/38 (c) | 1855 | 1848 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 362 | 358 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 12/15/26 (c) | 829 | 831 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.79%, (1 Month Term SOFR + 1.64%), 05/15/29 (c) | 1179 | 1180 |
| Series 2024-B-MDHS, REMIC, 5.99%, (1 Month Term SOFR + 1.84%), 05/15/29 (c) | 1152 | 1153 |
| BX Commercial Mortgage Trust 2024-SLCT |  |  |
| Series 2024-B-SLCT, REMIC, 5.94%, (1 Month Term SOFR + 1.79%), 01/15/27 (c) | 545 | 545 |
| Series 2024-C-SLCT, REMIC, 6.54%, (1 Month Term SOFR + 2.39%), 01/15/27 (c) | 1430 | 1431 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-C-2, 5.57%, 11/15/28 | 2330 | 2365 |
| Series 2023-D-2, 6.55%, 10/15/29 | 1570 | 1616 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-C-3, 5.61%, 02/15/29 | 1505 | 1534 |
| Series 2023-D-3, 6.44%, 12/16/30 | 820 | 843 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-C-1, 5.47%, 12/15/27 | 905 | 918 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-D-2, 6.42%, 10/15/30 | 100 | 103 |
| CarMax Auto Owner Trust 2024-3 |  |  |
| Series 2024-D-3, 5.67%, 01/15/31 | 375 | 378 |
| CarMax Select Receivables Trust 2024-A |  |  |
| Series 2024-B-A, 5.35%, 08/16/27 | 405 | 412 |
| Series 2024-C-A, 5.62%, 03/15/28 | 1700 | 1726 |
| Carvana Auto Receivables Trust 2022-N1 |  |  |
| Series 2022-C-N1, 3.32%, 02/10/27 | 51 | 50 |
| Carvana Auto Receivables Trust 2024-N2 |  |  |
| Series 2024-B-N2, 5.67%, 03/10/27 | 1215 | 1233 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 5.09%, (1 Month Term SOFR + 5.09%), 07/12/30 (c) | 1275 | 1284 |
| Chenango Park CLO Ltd |  |  |
| Series 2018-A2R-1A, 5.77%, (3 Month Term SOFR + 1.45%), 04/15/30 (c) | 870 | 870 |
| Series 2018-BR-1A, 6.12%, (3 Month Term SOFR + 1.80%), 04/15/30 (c) | 1825 | 1827 |
| CIFC Funding 2016-I, Ltd. |  |  |
| Series 2016-AR3-1A, 5.33%, (3 Month Term SOFR + 1.00%), 10/21/31 (c) | 2144 | 2140 |

---

570

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2016-D1R3-1A, 6.63%, (3 Month Term SOFR + 2.30%), 10/21/31 (c) | 895 | 896 |
| CIM Trust 2022-R3 |  |  |
| Series 2022-A1-R3, REMIC, 4.50%, 03/25/62 | 2645 | 2604 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 11/25/38 | 977 | 825 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 5.33%, (3 Month Term SOFR + 1.00%), 04/18/35 (c) | 2300 | 2303 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 20 | 20 |
| Series 2020-B2-3, REMIC, 5.67%, 04/27/65 (c) | 1595 | 1591 |
| COLT 2024-6 Mortgage Loan Trust |  |  |
| Series 2024-A2-6, REMIC, 5.64%, 11/25/69 (d) | 1505 | 1513 |
| COLT 2024-INV4 Mortgage Loan Trust |  |  |
| Series 2024-A3-INV4, REMIC, 6.11%, 11/25/69 (d) | 1460 | 1475 |
| COLT 2025-10 Mortgage Loan Trust |  |  |
| Series 2025-A1F-10, 0.00%, (1 Month Term SOFR + 1.20%), 10/25/70 (c) | 1715 | 1715 |
| COLT 2025-4 Mortgage Loan Trust |  |  |
| Series 2025-A1-4, REMIC, 5.79%, 04/25/70 (d) | 676 | 687 |
| COLT 2025-INV2 Mortgage Loan Trust |  |  |
| Series 2025-A1-INV2, REMIC, 5.60%, 02/25/70 (d) | 1152 | 1167 |
| COLT Funding LLC |  |  |
| Series 2021-A2-1, REMIC, 1.17%, 06/25/66 (c) | 774 | 690 |
| COMM 2014-CCRE15 Mortgage Trust |  |  |
| Series 2014-B-CR15, REMIC, 3.91%, 02/12/47 (c) | 963 | 927 |
| COMM 2014-CCRE19 Mortgage Trust |  |  |
| Series 2014-D-CR19, REMIC, 4.42%, 08/12/47 (c) | 24 | 23 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 690 | 682 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2080 | 2044 |
| Deephaven Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.97%, 05/25/65 | 132 | 127 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A3-2, REMIC, 1.26%, 04/25/66 (c) | 365 | 327 |
| Dell Equipment Finance Trust 2023-3 |  |  |
| Series 2023-D-3, 6.75%, 06/22/26 | 180 | 182 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 300 | 304 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-B-2, 4.82%, 08/22/30 | 155 | 156 |
| Series 2024-D-2, 5.29%, 02/24/31 | 360 | 362 |
| Dell Equipment Finance Trust 2025-1 |  |  |
| Series 2025-C-1, 5.25%, 12/22/27 | 110 | 111 |
| DLLST 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.05%, 10/21/26 | 412 | 413 |
| Series 2024-A4-1A, 4.93%, 03/22/27 | 120 | 121 |
| Driven Brands Funding, LLC |  |  |
| Series 2019-A2-1A, 4.64%, 04/22/26 | 1063 | 1063 |
| Series 2019-A2-2A, 3.98%, 10/20/26 | 598 | 594 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R2-86A, 5.45%, (3 Month Term SOFR + 1.13%), 07/17/34 (c) | 2755 | 2762 |
| EFMT 2024-INV2 |  |  |
| Series 2024-A1-INV2, REMIC, 5.03%, 10/25/69 (c) | 1258 | 1260 |
| Series 2024-A2-INV2, REMIC, 5.29%, 10/25/69 (c) | 710 | 710 |
| EFMT 2025-INV2 |  |  |
| Series 2025-A1-INV2, REMIC, 5.39%, 05/25/70 (d) | 553 | 557 |
| EFMT 2025-INV4 |  |  |
| Series 2025-A1F-INV4, REMIC, 5.53%, 10/25/70 (c) | 540 | 540 |
| Elara HGV Timeshare Issuer 2019-A, LLC |  |  |
| Series 2019-A-A, 2.61%, 01/25/34 | 249 | 246 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-A-A, 6.16%, 11/25/30 | 322 | 333 |
| Series 2023-C-A, 7.30%, 11/25/30 | 439 | 454 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (c) | 109 | 105 |
| Ellington Financial Mortgage Trust 2021-3 |  |  |
| Series 2021-A3-3, REMIC, 1.55%, 09/25/66 | 502 | 420 |
| Enterprise Fleet Financing 2024-3, LLC |  |  |
| Series 2024-A4-3, 5.06%, 04/20/29 | 300 | 307 |
| Exeter Automobile Receivables Trust 2022-4 |  |  |
| Series 2022-D-4A, 5.98%, 12/15/25 | 1365 | 1376 |
| Exeter Automobile Receivables Trust 2022-5 |  |  |
| Series 2022-C-5A, 6.51%, 12/15/27 | 887 | 888 |
| Exeter Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.69%, 06/15/29 | 180 | 183 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-B-4A, 4.40%, 02/15/28 | 375 | 376 |
| Series 2025-C-4A, 4.57%, 10/16/28 | 1320 | 1325 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.87%, 08/15/28 | 775 | 782 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 795 | 800 |
| Series 2025-B-2, 4.63%, 11/17/31 | 385 | 387 |
| Extended Stay America, Inc. |  |  |
| Series 2025-C-ESH, 0.00%, 10/15/30 (c) | 630 | 632 |
| Finance of America HECM Buyout 2024-HB1 |  |  |
| Series 2024-A1A-HB1, 4.00%, 10/25/34 | 1268 | 1264 |
| Flagstar Mortgage Trust 2019-1INV |  |  |
| Series 2019-A13-1INV, REMIC, 3.50%, 01/25/40 (c) | 224 | 201 |
| Flagstar Mortgage Trust 2020-1INV |  |  |
| Series 2020-A11-1INV, REMIC, 5.29%, (1 Month Term SOFR + 0.96%), 08/25/41 (c) | 338 | 326 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 1405 | 1403 |
| Ford Credit Auto Owner Trust 2023-B |  |  |
| Series 2023-C-B, 6.43%, 05/15/26 | 895 | 903 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2023-B-1, 5.31%, 05/15/26 | 435 | 437 |
| Series 2023-C-1, 5.75%, 05/15/26 | 995 | 1001 |
| Series 2023-D-1, 6.62%, 05/15/26 | 1200 | 1212 |
| Series 2024-B-1, 5.48%, 04/15/27 | 840 | 859 |
| Fortress Credit Bsl VII Ltd |  |  |
| Series 2019-A2R-1A, 5.72%, (3 Month Term SOFR + 1.40%), 07/23/32 (c) | 1320 | 1318 |
| Series 2019-BR-1A, 5.97%, (3 Month Term SOFR + 1.65%), 07/23/32 (c) | 1690 | 1690 |
| Fortress Credit BSL VIII Ltd |  |  |
| Series 2019-A1AR-2A, 5.38%, (3 Month Term SOFR + 1.05%), 10/20/32 (c) | 1372 | 1371 |
| Series 2019-A2R-2A, 5.73%, (3 Month Term SOFR + 1.40%), 10/20/32 (c) | 3275 | 3269 |
| Fortress Credit BSL XV Limited |  |  |
| Series 2022-AR-2A, 5.73%, (3 Month Term SOFR + 1.40%), 10/18/33 (c) | 2195 | 2195 |
| Fortress Credit BSL XVIII Ltd |  |  |
| Series 2023-A1R-1A, 5.89%, (3 Month Term SOFR + 1.57%), 04/23/36 (c) | 395 | 396 |
| Frontier Issuer LLC |  |  |
| Series 2024-A2-1, 6.19%, 05/20/31 | 285 | 292 |
| Galton Funding Mortgage Trust 2018-1 |  |  |
| Series 2018-A33-1, REMIC, 3.50%, 02/25/33 (c) | 92 | 84 |
| Galton Funding Mortgage Trust 2019-1 |  |  |
| Series 2019-A32-1, REMIC, 4.00%, 12/25/32 (c) | 45 | 43 |
| Series 2019-A21-1, REMIC, 4.50%, 12/25/32 (c) | 90 | 88 |
| Galton Funding Mortgage Trust 2019-H1 |  |  |
| Series 2019-M1-H1, REMIC, 3.34%, 10/25/59 | 805 | 773 |
| Galton Funding Mortgage Trust 2020-H1 |  |  |
| Series 2020-M1-H1, REMIC, 2.83%, 01/25/60 (c) | 1170 | 1000 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (d) | 881 | 889 |
| GM Financial Consumer Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-B-1, 5.03%, 09/18/28 | 805 | 812 |

---

571

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Golub Capital Partners Static 2024-1 Ltd |  |  |
| Series 2024-BR-1A, 5.83%, (3 Month Term SOFR + 1.50%), 07/20/35 (c) | 4300 | 4300 |
| GoTo Foods Funding LLC |  |  |
| Series 2017-A2II-1A, 5.09%, 04/30/27 | 2753 | 2742 |
| GS Mortgage-Backed Securities Trust 2014-EB1 |  |  |
| Series 2014-2A1-EB1A, REMIC, 6.04%, 07/25/44 (c) | 11 | 11 |
| Hardee's Funding LLC |  |  |
| Series 2020-A2-1A, 3.98%, 12/20/27 | 1957 | 1885 |
| Series 2021-A2-1A, 2.87%, 06/20/28 | 857 | 795 |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 916 | 913 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-B-ORL, REMIC, 6.09%, (1 Month Term SOFR + 1.94%), 05/15/26 (c) | 1470 | 1472 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 313 | 307 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-A-1D, 3.61%, 06/20/34 | 200 | 198 |
| Hilton Grand Vacations Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.88%, 10/25/31 | 567 | 571 |
| Series 2025-B-1A, 5.18%, 05/27/42 | 970 | 985 |
| Homes 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.43%, 02/25/70 (d) | 726 | 733 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (d) | 985 | 990 |
| HPEFS Equipment Trust 2023-1 |  |  |
| Series 2023-B-1A, 5.73%, 04/20/28 | 571 | 572 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-C-2A, 6.48%, 03/20/26 | 400 | 402 |
| Series 2023-D-2A, 6.97%, 07/20/26 | 405 | 410 |
| HPEFS Equipment Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.33%, 05/20/31 | 2145 | 2155 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-B-2A, 5.35%, 10/20/31 | 250 | 253 |
| Series 2024-D-2A, 5.82%, 04/20/32 | 620 | 634 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 1012 | 1027 |
| Series 2025-B-1, 4.96%, 04/20/29 | 1467 | 1476 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 1152 | 1164 |
| HYT Commercial Mortgage Trust 2024-RGCY |  |  |
| Series 2024-A-RGCY, REMIC, 5.99%, (1 Month Term SOFR + 1.84%), 09/15/26 (c) | 1395 | 1397 |
| Hyundai Auto Lease Securitization Trust 2025-B |  |  |
| Series 2025-A3-B, 4.53%, 08/15/27 | 595 | 600 |
| Series 2025-B-B, 4.94%, 10/15/27 | 1235 | 1247 |
| Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
| Series 2021-A3-NQM2, REMIC, 1.52%, 09/25/56 (c) | 776 | 671 |
| Imperial Fund Mortgage Trust 2022-NQM4 |  |  |
| Series 2022-A1-NQM4, REMIC, 4.77%, 06/25/67 (c) | 2469 | 2519 |
| Invesco CLO 2021-3 Ltd |  |  |
| Series 2021-A1R-3A, 5.07%, (3 Month Term SOFR + 0.00%), 10/22/34 (c) | 710 | 712 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2020-A13-INV2, REMIC, 3.00%, 03/25/42 | 352 | 304 |
| J.P. Morgan Mortgage Trust 2020-INV1 |  |  |
| Series 2020-A15-INV1, REMIC, 3.50%, 03/25/43 (c) | 231 | 204 |
| Series 2020-A11-INV1, REMIC, 5.27%, (1 Month Term SOFR + 0.94%), 03/25/43 (c) (h) | 153 | 148 |
| J.P. Morgan Mortgage Trust 2025-DSC1 |  |  |
| Series 2025-A1-DSC1, REMIC, 5.58%, 04/25/29 (c) | 1577 | 1598 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 10/25/65 (c) | 516 | 518 |
| Jack in the Box Funding, LLC |  |  |
| Series 2022-A2I-1A, 3.45%, 02/25/27 | 1130 | 1098 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2021-A2I-1A, 2.89%, 02/15/27 | 49 | 49 |
| JPMorgan Chase Bank, National Association |  |  |
| Series 2025-B-1, 4.75%, 04/25/29 | 900 | 905 |
| KKR CLO 18 Ltd |  |  |
| Series A1R2-18, 5.07%, (3 Month Term SOFR + 1.05%), 10/18/35 (c) | 4385 | 4391 |
| KKR CLO 34 Ltd |  |  |
| Series AR-34A, 5.12%, (3 Month Term SOFR + 1.10%), 07/17/34 (c) | 920 | 920 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Series 2017-AS-5, REMIC, 4.02%, 01/12/27 | 1410 | 1361 |
| Madison Park Funding XL, Ltd. |  |  |
| Series AR-13A, 5.47%, (3 Month Term SOFR + 1.15%), 11/21/30 (c) | 1570 | 1570 |
| Madison Park Funding XXIII, Ltd |  |  |
| Series 2017-AR-23A, 5.55%, (3 Month Term SOFR + 1.23%), 07/28/31 (c) | 1695 | 1697 |
| Series 2017-BR-23A, 6.13%, (3 Month Term SOFR + 1.81%), 07/28/31 (c) | 2005 | 2009 |
| Madison Park Funding XXIV Ltd |  |  |
| Series 2016-CR2-24A, 6.38%, (3 Month Term SOFR + 2.05%), 10/20/29 (c) | 1300 | 1301 |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2019-AR-33A, 5.61%, (3 Month Term SOFR + 1.29%), 10/15/32 (c) | 4123 | 4126 |
| Marble Point CLO XIV Ltd |  |  |
| Series 2018-A12R-2A, 5.53%, (3 Month Term SOFR + 1.20%), 01/20/32 (c) | 2898 | 2896 |
| Marble Point CLO XV Ltd |  |  |
| Series 2019-A1R2-1A, REMIC, 5.36%, (3 Month Term SOFR + 1.04%), 07/23/32 (c) | 1819 | 1816 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-B-HOU, REMIC, 6.46%, (1 Month Term SOFR + 2.09%), 06/15/26 (c) | 1600 | 1596 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-A-MOB, REMIC, 5.74%, (1 Month Term SOFR + 1.59%), 04/15/26 (c) | 1520 | 1517 |
| MFA 2025-NQM4 Trust |  |  |
| Series 2025-A1F-NQM4, REMIC, 5.54%, (1 Month Term SOFR + 1.20%), 08/25/70 (c) | 2760 | 2760 |
| MFA Trust |  |  |
| Series 2021-A1-INV1, REMIC, 0.85%, 01/25/56 (c) | 162 | 158 |
| MMAF Equipment Finance LLC 2021-A |  |  |
| Series 2021-A5-A, 1.19%, 11/13/43 | 365 | 355 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| Series 2025-A1-C35, REMIC, 4.61%, 08/16/30 | 178 | 179 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/13/32 | 2710 | 2392 |
| MVW 2019-2 LLC |  |  |
| Series 2019-B-2A, REMIC, 2.44%, 10/20/38 | 129 | 127 |
| MVW 2020-1 LLC |  |  |
| Series 2020-A-1A, 1.74%, 10/20/37 | 202 | 193 |
| Series 2020-B-1A, 2.73%, 10/20/37 | 359 | 348 |
| MVW 2023-1 LLC |  |  |
| Series 2023-A-1A, 4.93%, 10/22/40 | 1390 | 1402 |
| MVW 2023-2 LLC |  |  |
| Series 2023-A-2A, 6.18%, 11/20/40 | 271 | 277 |
| Series 2023-B-2A, 6.33%, 11/20/40 | 182 | 186 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.46%, 11/15/68 | 552 | 534 |
| Navient Private Education Loan Trust 2020-C |  |  |
| Series 2020-A2A-CA, 2.15%, 03/15/29 | 2155 | 2071 |
| Navient Private Education Refi Loan Trust 2019-A |  |  |
| Series 2019-A2A-A, 3.42%, 04/17/28 | 168 | 167 |
| Navient Private Education Refi Loan Trust 2019-E |  |  |
| Series 2019-A2A-EA, 2.64%, 09/15/28 | 452 | 442 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 02/15/29 | 626 | 606 |
| Navient Private Education Refi Loan Trust 2020-D |  |  |
| Series 2020-A-DA, 1.69%, 05/15/69 | 383 | 363 |
| Navient Private Education Refi Loan Trust 2020-G |  |  |
| Series 2020-A-GA, 1.17%, 09/15/69 | 256 | 239 |
| Navient Private Education Refi Loan Trust 2020-H |  |  |
| Series 2020-A-HA, 1.31%, 11/15/27 | 222 | 210 |

---

572

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-B-1, 5.79%, 04/27/26 | 150 | 151 |
| Series 2024-C-1, 6.13%, 04/27/26 | 235 | 236 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 892 | 833 |
| Nelnet, Inc. |  |  |
| Series 2005-A4-4, 4.82%, (SOFR 90-Day Average + 0.44%), 03/22/32 (c) | 458 | 445 |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-AR-43A, 5.37%, (3 Month Term SOFR + 1.05%), 07/17/36 (c) | 3975 | 3980 |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (c) (d) | 1596 | 1613 |
| Series 2025-A2-NQM4, REMIC, 5.60%, 07/25/65 (d) | 789 | 797 |
| NMEF Funding 2025-A LLC |  |  |
| Series 2025-A2-A, 4.72%, 07/15/32 | 530 | 532 |
| OBX 2019-EXP2 Trust |  |  |
| Series 2019-2A2-EXP2, REMIC, 5.47%, (1 Month Term SOFR + 1.31%), 06/25/59 (c) | 133 | 133 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-2A1-EXP3, REMIC, 5.17%, (1 Month Term SOFR + 1.01%), 09/25/59 (c) | 197 | 196 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-2A1-EXP1, REMIC, 5.19%, (1 Month Term SOFR + 0.86%), 02/25/27 (c) (h) | 171 | 169 |
| Series 2020-2A2-EXP1, REMIC, 5.37%, (1 Month Term SOFR + 1.06%), 01/26/60 (c) (h) | 191 | 189 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A9-EXP2, REMIC, 3.00%, 07/25/36 (c) | 152 | 133 |
| OBX 2020-EXP3 Trust |  |  |
| Series 2020-2A1-EXP3, REMIC, 5.34%, (1 Month Term SOFR + 11.00%), 01/25/60 (c) | 416 | 413 |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (d) | 692 | 695 |
| Series 2025-A1F-NQM15, REMIC, 5.50%, (SOFR 30-Day Average + 1.15%), 07/25/65 (c) (d) (h) | 484 | 484 |
| Octagon Investment Partners 39 Ltd |  |  |
| Series 2018-AR-3A, 5.48%, (3 Month Term SOFR + 1.15%), 10/21/30 (c) | 887 | 887 |
| Octagon Investment Partners XXI Ltd |  |  |
| Series 2014-AAR4-1A, 4.78%, (3 Month Term SOFR + 0.55%), 02/14/31 (c) | 710 | 710 |
| Series 2014-A2R4-1A, 5.12%, (3 Month Term SOFR + 0.89%), 02/14/31 (c) | 2710 | 2709 |
| Series 2014-BR4-1A, 5.32%, (3 Month Term SOFR + 1.09%), 02/14/31 (c) | 1065 | 1064 |
| Octane Receivables Trust 2021-1 |  |  |
| Series 2022-B-1A, 4.90%, 05/22/28 | 460 | 460 |
| Octane Receivables Trust 2023-3 |  |  |
| Series 2023-B-3A, 6.48%, 11/20/26 | 435 | 442 |
| Series 2023-C-3A, 6.74%, 05/20/27 | 145 | 147 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 390 | 391 |
| Series 2024-C-3A, REMIC, 5.51%, 10/20/28 | 405 | 412 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-B-PARK, REMIC, 5.21%, (1 Month Term SOFR + 1.06%), 03/17/36 (c) | 3445 | 3344 |
| Series 2021-C-PARK, REMIC, 5.36%, (1 Month Term SOFR + 1.21%), 03/17/36 (c) | 1840 | 1752 |
| OZLM Funding II, Ltd. |  |  |
| Series 2012-AR4-2A, 5.53%, (3 Month Term SOFR + 1.20%), 07/30/37 (c) | 2600 | 2601 |
| Series 2012-BR4-2A, 6.08%, (3 Month Term SOFR + 1.75%), 07/30/37 (c) | 1755 | 1755 |
| OZLM XXI Ltd |  |  |
| Series 2017-A1R-21A, 5.48%, (3 Month Term SOFR + 1.15%), 01/21/31 (c) | 472 | 472 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 840 | 843 |
| Series 2025-A3-1A, 5.04%, 07/20/32 | 680 | 693 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 78 | 78 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-C-SFR8, REMIC, 1.93%, 10/19/26 | 1330 | 1300 |
| RCKT Mortgage Trust 2024-CES8 |  |  |
| Series 2024-A1A-CES8, REMIC, 5.49%, 10/25/44 (d) | 1569 | 1579 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (d) | 310 | 312 |
| Rockford Tower CLO 2019-2 Ltd |  |  |
| Series 2019-AR2-2A, 5.33%, (3 Month Term SOFR + 1.13%), 08/20/32 (c) | 2725 | 2728 |
| Romark CLO II Ltd |  |  |
| Series 2018-A2R-2A, 5.97%, (3 Month Term SOFR + 1.65%), 07/25/31 (c) | 3225 | 3226 |
| Santander Bank, N.A. |  |  |
| Series 2024-B-A, 5.62%, 07/15/28 | 379 | 382 |
| Series 2024-C-A, 5.82%, 07/15/28 | 464 | 470 |
| Series 2024-B-B, 4.97%, 01/18/33 | 320 | 322 |
| Series 2024-C-B, 5.14%, 01/18/33 | 445 | 448 |
| Series 2023-A2-B, 5.64%, 12/15/33 | 188 | 190 |
| Series 2023-D-B, 6.66%, 12/15/33 | 612 | 620 |
| Santander Consumer Auto Receivables Trust 2021-B |  |  |
| Series 2021-C-BA, 3.09%, 03/15/29 | 561 | 557 |
| Santander Drive Auto Receivables Trust 2020-4 |  |  |
| Series 2020-E-4, 2.85%, 04/17/28 | 1498 | 1496 |
| Santander Drive Auto Receivables Trust 2021-1 |  |  |
| Series 2021-E-1, 2.51%, 11/15/25 | 2353 | 2344 |
| Santander Drive Auto Receivables Trust 2021-4 |  |  |
| Series 2021-E-4, 4.03%, 07/15/26 | 3500 | 3492 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1370 | 1380 |
| Santander Drive Auto Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.39%, 10/16/28 | 600 | 598 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 730 | 725 |
| Series 2022-C-1, 6.60%, 01/15/28 | 1930 | 1976 |
| Series 2024-C-1, 4.83%, 10/15/29 | 3270 | 3249 |
| Series 2021-C-211, 1.63%, 05/15/51 | 1240 | 1200 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 593 | 594 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 840 | 858 |
| SDR Commercial Mortgage Trust 2024-DSNY |  |  |
| Series 2024-B-DSNY, REMIC, 5.89%, (1 Month Term SOFR + 1.80%), 05/18/26 (c) | 1210 | 1205 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 1512 | 1547 |
| Securitized Term Auto Receivables Trust |  |  |
| Series 2025-B-A, 5.04%, 04/25/28 | 393 | 395 |
| Securitized Term Auto Receivables Trust 2025-B |  |  |
| Series 2025-B-B, 4.93%, 09/25/28 | 309 | 311 |
| Series 2025-C-B, 5.12%, 09/25/28 | 125 | 125 |
| Sequoia Mortgage Capital, Inc. |  |  |
| Series 2018-A19-CH3, REMIC, 4.50%, 08/25/48 (c) | 4 | 4 |
| Sequoia Mortgage Trust 2018-CH2 |  |  |
| Series 2018-A21-CH2, REMIC, 4.00%, 09/25/35 (c) | 83 | 77 |
| Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (c) | 166 | 154 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 459 | 462 |
| Series 2024-C-1A, 5.51%, 01/20/32 | 170 | 173 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 586 | 587 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.98%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (c) | 628 | 626 |
| SMB Private Education Loan Trust 2019-B |  |  |
| Series 2020-A2A-PTB, REMIC, 1.60%, 09/15/54 | 1870 | 1770 |
| SMB Private Education Loan Trust 2020-B |  |  |
| Series 2020-A1A-BA, REMIC, 1.29%, 07/15/53 | 272 | 259 |

---

573

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 1373 | 1291 |
| SMB Private Education Loan Trust 2025-A |  |  |
| Series 2025-A1A-A, 5.13%, 09/15/36 | 884 | 899 |
| Sound Point CLO XXI Ltd |  |  |
| Series 2019-BRR-1A, 5.98%, (3 Month Term SOFR + 1.65%), 01/20/32 (c) | 325 | 326 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (c) | 176 | 174 |
| Starwood Mortgage Residential Trust 2020-1 |  |  |
| Series 2020-A2-1, REMIC, 2.41%, 02/25/50 (c) | 518 | 497 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/65 | 321 | 307 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-A1-4, REMIC, 1.16%, 08/25/56 (c) (h) | 1792 | 1599 |
| Stratus Funding CLO 2025-1 Ltd |  |  |
| Series 2025-B-1A, 5.75%, (3 Month Term SOFR + 1.45%), 07/15/33 (c) | 905 | 905 |
| Symphony CLO XXIII, Ltd. |  |  |
| Series 2020-AR2-23A, 5.22%, (3 Month Term SOFR + 0.90%), 01/17/34 (c) | 1910 | 1909 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.67%, (3 Month Term SOFR + 1.34%), 04/20/33 (c) | 974 | 974 |
| THL Credit Wind River 2015-1 CLO Ltd |  |  |
| Series 2015-A1R3-1A, 5.53%, (3 Month Term SOFR + 1.20%), 10/21/30 (c) | 289 | 289 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (c) | 48 | 47 |
| Tricon Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 4.75%, 06/20/28 | 833 | 839 |
| Series 2024-D-SFR2, REMIC, 6.00%, 06/20/28 | 1530 | 1558 |
| Trinitas CLO VI Ltd |  |  |
| Series 2017-AR4-6A, 0.00%, (3 Month Term SOFR + 0.00%), 01/25/34 (c) | 2185 | 2185 |
| Trinitas CLO VI, Ltd. |  |  |
| Series 2017-ARRR-6A, 5.65%, (3 Month Term SOFR + 1.33%), 01/25/34 (c) | 2195 | 2194 |
| Trinitas CLO VII Ltd |  |  |
| Series 2017-A1R2-7A, 5.34%, (3 Month Term SOFR + 1.06%), 01/25/35 (c) | 2760 | 2757 |
| TRK 2021-INV1 Trust |  |  |
| Series 2021-A2-INV1, REMIC, 1.41%, 07/25/56 (c) | 315 | 287 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 165 | 167 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 757 | 770 |
| Verdant Receivables 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.68%, 08/14/28 | 292 | 297 |
| Verizon Master Trust |  |  |
| Series 2024-B-6, 4.42%, 08/20/27 | 1975 | 1983 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A2-1, REMIC, 1.05%, 01/25/66 (c) | 349 | 319 |
| Series 2021-A3-1, REMIC, 1.15%, 01/25/66 (c) | 208 | 191 |
| Verus Securitization Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.03%, 02/25/66 | 302 | 274 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 487 | 451 |
| Verus Securitization Trust 2023-7 |  |  |
| Series 2023-A2-7, REMIC, 7.27%, 10/25/68 (d) | 641 | 652 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-A1-3, REMIC, 5.62%, 05/25/70 (d) | 608 | 616 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 5.56%, (SOFR 30-Day Average + 1.20%), 08/25/70 (c) | 1248 | 1249 |
| Vista Point Securitization Trust 2020-2 |  |  |
| Series 2020-A3-2, REMIC, 2.50%, 04/25/65 | 114 | 110 |
| Wellfleet CLO 2021-1 Ltd |  |  |
| Series 2021-BR-1A, 5.98%, (3 Month Term SOFR + 1.65%), 04/20/34 (c) | 2180 | 2183 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-A1-5C6, REMIC, 4.31%, 06/15/30 | 373 | 372 |
| Wind River 2019-3 CLO Ltd. |  |  |
| Series 2019-BR2-3A, 5.87%, (3 Month Term SOFR + 1.55%), 04/15/31 (c) | 1520 | 1522 |
| Series 2019-CR2-3A, 6.32%, (3 Month Term SOFR + 2.00%), 04/15/31 (c) | 655 | 655 |
| Wingspire Equipment Finance 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.33%, 03/20/28 | 100 | 100 |
| Series 2025-C-1A, 4.76%, 08/20/28 | 100 | 100 |
| World Omni Auto Receivables Trust 2022-A |  |  |
| Series 2022-C-A, 2.55%, 09/15/28 | 1280 | 1267 |
| World Omni Select Auto Trust 2021-A |  |  |
| Series 2021-D-A, 1.44%, 11/15/27 | 815 | 814 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $305,010) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $305,010) | 304135 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 26.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.2%** |
| **U.S. Treasury Note 17.2%** | **U.S. Treasury Note 17.2%** | **U.S. Treasury Note 17.2%** |
| Treasury, United States Department of |  |  |
| 3.88%, 03/31/27 - 07/31/27 | 83415 | 83701 |
| 3.75%, 04/30/27 | 2750 | 2754 |
| 3.63%, 08/31/27 | 68400 | 68400 |
| 3.88%, 07/15/28 (i) | 32495 | 32707 |
|  |  | 187562 |
| **Mortgage-Backed Securities 7.0%** | **Mortgage-Backed Securities 7.0%** | **Mortgage-Backed Securities 7.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.91%, (1 Year Treasury + 2.25%), 09/01/33 (c) | 5 | 6 |
| 7.25%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 09/01/33 (c) | 2 | 2 |
| 6.00%, 09/01/34 - 05/01/55 | 5985 | 6161 |
| 6.71%, (1 Year Treasury + 2.11%), 10/01/34 (c) | 4 | 4 |
| 3.00%, 11/01/34 - 06/01/52 | 1329 | 1181 |
| 6.40%, (1 Year Treasury + 2.25%), 11/01/34 (c) | 7 | 7 |
| 6.53%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (c) | 1 | 1 |
| 6.95%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.89%), 11/01/34 (c) | 4 | 4 |
| 7.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (c) | 1 | 1 |
| 6.55%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 01/01/35 (c) | 3 | 3 |
| 6.34%, (1 Year Treasury + 2.11%), 02/01/35 (c) | 7 | 8 |
| 6.50%, (1 Year Treasury + 2.25%), 02/01/35 (c) | 5 | 5 |
| 6.54%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 02/01/35 (c) | 5 | 5 |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (c) | 2 | 2 |
| 6.66%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 02/01/35 (c) | 3 | 3 |
| 6.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 02/01/35 (c) | 4 | 4 |
| 6.45%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 06/01/35 (c) | 54 | 55 |
| 7.37%, (1 Year Treasury + 2.37%), 09/01/35 (c) | 152 | 155 |
| 6.53%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.66%), 10/01/35 (c) | 14 | 14 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 03/01/36 (c) | 28 | 29 |
| 7.50%, 06/01/38 | 97 | 102 |
| 7.00%, 03/01/39 | 111 | 117 |
| 5.00%, 12/01/41 | 248 | 252 |
| 4.00%, 12/01/49 | 412 | 395 |
| 2.50%, 01/01/52 | 2265 | 1938 |
| 4.50%, 09/01/52 - 02/01/53 | 4605 | 4491 |
| 5.50%, 08/01/53 - 07/01/55 | 5614 | 5686 |
| 6.50%, 09/01/54 - 01/01/55 | 577 | 597 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 11/01/26 - 01/01/52 | 2053 | 1914 |
| 3.00%, 09/01/28 - 02/01/35 | 976 | 952 |
| 6.50%, 07/01/32 - 06/01/55 | 1476 | 1533 |
| 6.49%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 03/01/33 (c) | 1 | 1 |
| 6.06%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.41%), 06/01/33 (c) | 2 | 2 |
| 6.27%, (1 Year Treasury + 2.16%), 06/01/33 (c) | 26 | 26 |
| 6.21%, (1 Year Treasury + 2.02%), 07/01/33 (c) | 1 | 1 |
| 5.00%, 10/01/33 - 08/01/54 | 11605 | 11621 |
| 5.50%, 10/01/33 - 09/01/55 | 13732 | 13970 |

---

574

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.36%, (1 Year Treasury + 2.21%), 12/01/33 (c) | 42 | 42 |
| 6.00%, 03/01/34 - 02/01/49 | 1550 | 1626 |
| 6.51%, (1 Year Treasury + 2.30%), 04/01/34 (c) | 1 | 1 |
| 6.71%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.59%), 10/01/34 (c) | 2 | 2 |
| 6.35%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 11/01/34 (c) | 1 | 1 |
| 6.53%, (1 Year Treasury + 2.36%), 11/01/34 (c) | 33 | 34 |
| 6.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.67%), 11/01/34 (c) | 6 | 6 |
| 6.48%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.64%), 12/01/34 (c) | 3 | 3 |
| 6.43%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.59%), 01/01/35 (c) | 5 | 5 |
| 6.44%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 01/01/35 (c) | 2 | 2 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.56%), 01/01/35 (c) | 3 | 3 |
| 6.52%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.54%), 01/01/35 (c) | 7 | 7 |
| 6.43%, (1 Year Treasury + 2.19%), 02/01/35 (c) | 8 | 8 |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (c) | 2 | 2 |
| 6.33%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 03/01/35 (c) | 5 | 5 |
| 6.07%, (1 Year Treasury + 1.82%), 04/01/35 (c) | 49 | 50 |
| 6.81%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 04/01/35 (c) | 9 | 9 |
| 6.99%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.99%), 04/01/35 (c) | 24 | 25 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.43%), 05/01/35 (c) | 15 | 15 |
| 6.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.42%), 05/01/35 (c) | 19 | 19 |
| 6.63%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 05/01/35 (c) | 5 | 5 |
| 6.32%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 06/01/35 (c) | 39 | 40 |
| 6.48%, (1 Year Treasury + 2.30%), 06/01/35 (c) | 48 | 50 |
| 6.62%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.84%), 07/01/35 (c) | 9 | 9 |
| 6.35%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 08/01/35 (c) | 24 | 25 |
| 6.31%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 11/01/35 (c) | 5 | 5 |
| 6.30%, (1 Year Treasury + 2.05%), 02/01/36 (c) | 19 | 20 |
| 6.56%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 02/01/36 (c) | 25 | 26 |
| 6.74%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.74%), 03/01/36 (c) | 28 | 29 |
| 4.50%, 09/01/39 - 11/01/52 | 4054 | 4002 |
| 4.00%, 08/01/43 - 09/01/52 | 3368 | 3197 |
| 2.00%, 10/01/50 | 531 | 433 |
| 2.50%, 01/01/52 | 2251 | 1916 |
| Government National Mortgage Association |  |  |
| 5.00%, 12/20/34 - 02/20/48 | 759 | 772 |
| 6.00%, 07/15/36 | 275 | 285 |
| 4.50%, 09/20/40 | 172 | 172 |
| 3.50%, 03/20/43 - 07/20/52 | 3654 | 3371 |
| 5.50%, 09/15/45 - 12/20/48 | 809 | 833 |
| 4.00%, 09/20/45 - 10/20/52 | 1606 | 1532 |
| 3.00%, 09/20/47 - 09/20/49 | 1366 | 1233 |
| TBA, 5.00%, 10/15/55 (j) | 5465 | 5436 |
| | | 76504 |
| **U.S. Treasury Inflation Indexed Securities 0.8%** | **U.S. Treasury Inflation Indexed Securities 0.8%** | **U.S. Treasury Inflation Indexed Securities 0.8%** |
| Treasury, United States Department of |  |  |
| 1.63%, 04/15/30 (k) | 8352 | 8480 |
| **Collateralized Mortgage Obligations 0.6%** | **Collateralized Mortgage Obligations 0.6%** | **Collateralized Mortgage Obligations 0.6%** |
| Connecticut Avenue Securities Trust 2025-R03 |  |  |
| Series 2025-2A1-R03, REMIC, 5.81%, (SOFR 30-Day Average + 1.45%), 03/27/45 (c) | 511 | 515 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M2-DNA7, REMIC, 6.16%, (SOFR 30-Day Average + 1.80%), 11/25/41 (c) | 895 | 903 |
| Series 2022-M1A-HQA2, REMIC, 7.01%, (SOFR 30-Day Average + 2.65%), 07/25/42 (c) | 515 | 526 |
| Series 2023-A1-HQA3, REMIC, 6.21%, (SOFR 30-Day Average + 1.85%), 11/25/43 (c) | 470 | 475 |
| Series 2024-A1-HQA1, REMIC, 5.59%, (SOFR 30-Day Average + 1.25%), 03/25/44 (c) | 1909 | 1917 |
| Series 2025-A1-DNA1, REMIC, 5.31%, (SOFR 30-Day Average + 0.95%), 01/25/45 (c) | 341 | 342 |
| Series 2025-M1-DNA3, REMIC, 5.47%, (SOFR 30-Day Average + 1.10%), 09/25/45 (c) | 1420 | 1421 |
| Series 2017-M1-SC02, REMIC, 3.89%, 05/25/47 (c) | 11 | 11 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-KA-90, REMIC, 3.00%, 11/25/47 | 999 | 951 |
|  |  | 7061 |
| **Sovereign 0.4%** | **Sovereign 0.4%** | **Sovereign 0.4%** |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (a) | 1270 | 1296 |
| Korea Housing Finance Corporation |  |  |
| 4.63%, 02/24/28 (a) | 2500 | 2534 |
|  |  | 3830 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A1-K753, REMIC, 4.60%, 06/25/30 | 1004 | 1009 |
| Freddie Mac Multifamily Securities 2020-K737 Mortgage Trust |  |  |
| Series 2020-B-K737, REMIC, 3.32%, 11/25/26 (c) | 900 | 890 |
|  |  | 1899 |
| Total Government And Agency Obligations (cost $286,062) | Total Government And Agency Obligations (cost $286,062) | 285336 |
| **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** |
| **Commercial Paper 2.4%** | **Commercial Paper 2.4%** | **Commercial Paper 2.4%** |
| Bacardi-Martini B.V. |  |  |
| 4.56%, 11/13/25 | 2345 | 2332 |
| Brunswick Corporation |  |  |
| 4.77%, 10/02/25 | 2990 | 2989 |
| Crown Castle Inc. |  |  |
| 4.92%, 10/02/25 | 2935 | 2934 |
| 4.68%, 10/23/25 | 3005 | 2996 |
| CVS Health Corporation |  |  |
| 4.71%, 10/10/25 | 2960 | 2956 |
| FMC Corporation |  |  |
| 5.07%, 10/20/25 | 3000 | 2992 |
| Harley-Davidson Motor Company, Inc. |  |  |
| 5.02%, 10/17/25 | 2970 | 2964 |
| HCA Inc. |  |  |
| 4.77%, 10/16/25 | 2985 | 2979 |
| International Flavors & Fragrances Inc. |  |  |
| 4.46%, 10/30/25 | 3435 | 3422 |
|  |  | 26564 |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (l) (m) | 8467 | 8467 |
| Total Short Term Investments (cost $35,035) | Total Short Term Investments (cost $35,035) | 35031 |
| **Total Investments 100.3% (cost $1,087,493)** | **Total Investments 100.3% (cost $1,087,493)** | **1090721** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **186** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(3160)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1087747** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $144,500 and 13.3% of the Fund.

(b) Convertible security.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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

575

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

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 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 September 30, 2025.

(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) 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 September 30, 2025.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(h) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(i) All or a portion of the security is pledged or segregated as collateral.

(j) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $5,459.

(k) Treasury inflation indexed note, par amount is adjusted for inflation.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4336 | 258607 | 262943 | 95 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 746 | 8702 | 9448 | 13 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 10451 | 274844 | 276828 | 230 |  |  | 8467 | 0.8 |
|  | 15533 | 542153 | 549219 | 338 |  |  | 8467 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 01/22/25 | 410 | 415 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/12/25 | 2348 | 2430 | 0.2 |
| EQUATE Petrochemical, 2.63%, 04/28/28 | 05/20/25 | 2240 | 2242 | 0.2 |
| First Abu Dhabi Bank P.J.S.C., 5.13%, 10/13/27 | 04/15/25 | 2832 | 2853 | 0.3 |
| KT&G Corporation, 5.00%, 05/02/28 | 04/24/25 | 1260 | 1282 | 0.1 |
| PT Bank Mandiri (Persero) Tbk, 5.50%, 04/04/26 | 09/27/24 | 1717 | 1723 | 0.2 |
| Saudi Arabian Mining Company, 5.25%, 02/13/30 | 09/24/25 | 636 | 635 | 0.1 |
| Tenaga Nasional Berhad, 7.50%, 11/01/25 | 01/04/21 | 2814 | 2807 | 0.2 |
| Tengizchevroil Finance Company S.a r.l., 4.00%, 08/15/26 | 01/28/25 | 2211 | 2227 | 0.2 |
|  |  | 16468 | 16614 | 1.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1500 | January 2026 | 312441 | 158 | 157 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (190) | December 2025 | (21278) | 3 | (97) |
| United States 10 Year Ultra Bond | (123) | December 2025 | (14029) | 8 | (126) |
| United States 5 Year Note | (564) | January 2026 | (61586) | (22) | (1) |
| United States Ultra Bond | (70) | December 2025 | (8197) | 39 | (207) |
|  |  |  |  | 28 | (431) |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

576

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 469198 |  | 469198 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 304135 |  | 304135 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 285336 |  | 285336 |
| &nbsp;&nbsp;Short Term Investments | 8467 | 23585 |  | 32052 |
|  | 8467 | 1082254 |  | 1090721 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 157 |  |  | 157 |
|  | 157 |  |  | 157 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (431) |  |  | (431) |
|  | (431) |  |  | (431) |

---

<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.

577

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 88.5%** | **CORPORATE BONDS AND NOTES 88.5%** | **CORPORATE BONDS AND NOTES 88.5%** |
| **Energy 17.6%** | **Energy 17.6%** | **Energy 17.6%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4170 | 4348 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (a) | 4090 | 4158 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (a) | 4275 | 4330 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 3017 | 3065 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 (b) | 5850 | 6281 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 4188 | 4473 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 4185 | 4456 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (a) | 3920 | 4109 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (a) | 1804 | 1836 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 4064 | 4167 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (a) | 510 | 534 |
| 7.88%, 09/15/30 (a) (c) | 3995 | 3945 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 4180 | 4343 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 5820 | 6176 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (a) | 3855 | 3992 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (a) | 3055 | 3067 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (d) | 5790 | 5733 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (a) | 725 | 771 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (a) | 4070 | 4074 |
|  |  | 73858 |
| **Communication Services 13.1%** | **Communication Services 13.1%** | **Communication Services 13.1%** |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (a) | 4285 | 4347 |
| 7.38%, 03/01/31 (a) | 4095 | 4227 |
| CSC Holdings, LLC |  |  |
| 11.25%, 05/15/28 (a) | 4320 | 3997 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (a) | 4098 | 4215 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (a) | 5258 | 5203 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 4335 | 4770 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (a) | 2878 | 3113 |
| 7.25%, 08/15/33 (a) | 1645 | 1632 |
| Iliad Holding |  |  |
| 7.00%, 04/15/32 (a) | 3990 | 4072 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 4415 | 4501 |
| 7.00%, 03/31/34 (a) | 2453 | 2496 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (a) | 4161 | 4286 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (a) | 2125 | 2187 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (a) | 3120 | 3234 |
| 7.50%, 10/15/33 (a) | 2709 | 2708 |
|  |  | 54988 |
| **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (a) | 5819 | 5694 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (a) | 2440 | 2416 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (a) | 3884 | 4133 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 5580 | 6139 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 09/15/33 (a) | 2225 | 2256 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (a) | 2750 | 2820 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (a) | 4100 | 4335 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (a) | 3935 | 4129 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) | 4019 | 4160 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (a) (c) | 7643 | 7643 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (a) | 3010 | 3193 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 3860 | 4082 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 2613 | 2085 |
|  |  | 53085 |
| **Financials 11.8%** | **Financials 11.8%** | **Financials 11.8%** |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (a) | 4170 | 4310 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (a) | 4270 | 4455 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 7059 | 7702 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (a) | 3925 | 4142 |
| Block, Inc. |  |  |
| 6.00%, 08/15/33 (a) | 4195 | 4298 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (a) | 4140 | 4248 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (a) | 3880 | 3867 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (a) | 1130 | 1169 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (a) | 3260 | 3530 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 3840 | 4062 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 1645 | 1697 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (a) | 4305 | 4416 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (a) (c) | 4760 | 1546 |
|  |  | 49442 |
| **Industrials 7.8%** | **Industrials 7.8%** | **Industrials 7.8%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (a) | 4225 | 4357 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (a) | 4105 | 4352 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (a) | 3885 | 4058 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (a) | 4105 | 4166 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (a) | 4560 | 4759 |
| 7.63%, 01/07/31 (a) | 1550 | 1609 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 4218 | 4461 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (a) | 4230 | 4396 |
| TransDigm Inc. |  |  |
| 6.25%, 01/31/34 (a) (c) | 407 | 419 |
|  |  | 32577 |

---

578

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (a) | 4669 | 4725 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (a) | 3574 | 3513 |
| Uniti Group LP |  |  |
| 10.50%, 02/15/28 (a) | 2441 | 2569 |
| 8.63%, 06/15/32 (a) (c) | 4004 | 3825 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 8184 | 7792 |
|  |  | 22424 |
| **Utilities 4.9%** | **Utilities 4.9%** | **Utilities 4.9%** |
| Edison International |  |  |
| 8.13%, 06/15/53 (c) | 3425 | 3500 |
| 7.88%, 06/15/54 (c) | 2630 | 2680 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (a) | 2450 | 2469 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (a) (d) | 3113 | 3399 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (a) | 3870 | 4110 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (d) | 4464 | 4567 |
|  |  | 20725 |
| **Health Care 4.9%** | **Health Care 4.9%** | **Health Care 4.9%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 4045 | 4154 |
| Amneal Pharmaceuticals, Inc. |  |  |
| 6.88%, 08/01/32 (a) | 4130 | 4275 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (a) | 4005 | 4243 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (a) | 1458 | 1536 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (a) | 5956 | 6492 |
|  |  | 20700 |
| **Consumer Staples 3.8%** | **Consumer Staples 3.8%** | **Consumer Staples 3.8%** |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (a) (c) | 5955 | 6176 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (a) (c) | 2215 | 2348 |
| RB Global Holdings Inc. |  |  |
| 7.75%, 03/15/31 (a) | 1135 | 1188 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (a) | 5766 | 6008 |
|  |  | 15720 |
| **Materials 3.6%** | **Materials 3.6%** | **Materials 3.6%** |
| Celanese US Holdings LLC |  |  |
| 6.75%, 04/15/33 (c) | 4020 | 4002 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (a) | 4039 | 4246 |
| 8.00%, 03/01/33 (a) | 1945 | 2053 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (a) | 4640 | 4805 |
|  |  | 15106 |
| **Information Technology 3.0%** | **Information Technology 3.0%** | **Information Technology 3.0%** |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (a) | 3915 | 4057 |
| 8.25%, 06/30/32 (a) | 3900 | 4140 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (a) | 2090 | 2144 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (a) | 2526 | 2347 |
|  |  | 12688 |
| Total Corporate Bonds And Notes (cost $364,917) | Total Corporate Bonds And Notes (cost $364,917) | 371313 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.8%** | **SENIOR FLOATING RATE INSTRUMENTS 6.8%** | **SENIOR FLOATING RATE INSTRUMENTS 6.8%** |
| **Information Technology 3.1%** | **Information Technology 3.1%** | **Information Technology 3.1%** |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 11/14/32 (e) | 4190 | 4277 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (e) | 4360 | 4408 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 7.89%, (1 Month Term SOFR + 3.75%), 03/29/29 (e) | 4253 | 4256 |
|  |  | 12941 |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 04/23/31 (e) | 4589 | 4595 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Varsity Brands, Inc. |  |  |
| Term Loan, 7.03%, (SOFR + 3.00%), 08/26/31 (e) | 4424 | 4422 |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 06/22/29 (e) | 4341 | 4342 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (e) | 2441 | 2423 |
| Total Senior Floating Rate Instruments (cost $28,457) | Total Senior Floating Rate Instruments (cost $28,457) | 28723 |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 198 | 4367 |
| Total Preferred Stocks (cost $3,793) | Total Preferred Stocks (cost $3,793) | 4367 |
| **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 | 5 | 7 |
| Total Common Stocks (cost $16) | Total Common Stocks (cost $16) | 7 |
| **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** |
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| JNL Government Money Market Fund - Class SL, 4.14% (f) (g) | 18120 | 18120 |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (f) (g) | 12858 | 12858 |
| Total Short Term Investments (cost $30,978) | Total Short Term Investments (cost $30,978) | 30978 |
| **Total Investments 103.7% (cost $428,161)** | **Total Investments 103.7% (cost $428,161)** | **435388** |
| **Other Assets and Liabilities, Net (3.7)%** | **Other Assets and Liabilities, Net (3.7)%** | **(15650)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **419738** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $325,492 and 77.5% of the Fund.

(b) Convertible security.

(c) All or a portion of the security was on loan as of September 30, 2025.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

579

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 390 | 47069 | 47459 | 21 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 19673 | 160422 | 161975 | 916 |  |  | 18120 | 4.3 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 17798 | 180960 | 185900 | 502 |  |  | 12858 | 3.1 |
|  | 37861 | 388451 | 395334 | 1439 |  |  | 30978 | 7.4 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 371313 |  | 371313 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 28723 |  | 28723 |
| &nbsp;&nbsp;Preferred Stocks | 4367 |  |  | 4367 |
| &nbsp;&nbsp;Common Stocks | 7 |  |  | 7 |
| &nbsp;&nbsp;Short Term Investments | 30978 |  |  | 30978 |
|  | 35352 | 400036 |  | 435388 |

---

580

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Financials 23.9%** | **Financials 23.9%** | **Financials 23.9%** |
| Allstate Corporation, The | 385 | 82649 |
| American Express Company | 169 | 56023 |
| Annaly Capital Management, Inc. | 1205 | 24352 |
| Apollo Global Management, Inc. | 151 | 20177 |
| Bank of America Corporation | 1202 | 61998 |
| Berkshire Hathaway Inc. - Class B (a) | 293 | 147146 |
| Capital One Financial Corporation | 70 | 14881 |
| Charles Schwab Corporation, The | 879 | 83925 |
| Citigroup Inc. | 322 | 32692 |
| CME Group Inc. - Class A | 82 | 22186 |
| Corebridge Financial, Inc. | 1077 | 34504 |
| Corpay Inc (a) | 80 | 23157 |
| Fifth Third Bancorp | 391 | 17401 |
| Goldman Sachs Group, Inc., The | 42 | 33404 |
| Intercontinental Exchange, Inc. | 400 | 67394 |
| JPMorgan Chase & Co. | 572 | 180400 |
| KeyCorp | 2267 | 42375 |
| MetLife, Inc. | 143 | 11784 |
| Progressive Corporation, The | 27 | 6564 |
| Travelers Companies, Inc., The | 219 | 61074 |
| Visa Inc. - Class A | 60 | 20584 |
|  |  | 1044670 |
| **Industrials 16.3%** | **Industrials 16.3%** | **Industrials 16.3%** |
| AMETEK, Inc. | 414 | 77744 |
| Caterpillar Inc. | 115 | 54872 |
| CSX Corporation | 231 | 8191 |
| Deere & Company | 224 | 102524 |
| Equifax Inc. | 94 | 24037 |
| General Electric Company | 178 | 53486 |
| L3Harris Technologies, Inc. | 53 | 16093 |
| Norfolk Southern Corporation | 141 | 42415 |
| Northrop Grumman Corporation | 59 | 35829 |
| Old Dominion Freight Line, Inc. | 248 | 34967 |
| Owens Corning | 134 | 19022 |
| Parker-Hannifin Corporation | 89 | 67247 |
| Pentair Public Limited Company | 209 | 23193 |
| Republic Services, Inc. | 245 | 56254 |
| W.W. Grainger, Inc. | 23 | 21728 |
| Westinghouse Air Brake Technologies Corporation | 364 | 73003 |
|  |  | 710605 |
| **Health Care 11.4%** | **Health Care 11.4%** | **Health Care 11.4%** |
| Abbott Laboratories | 342 | 45793 |
| Alcon AG (b) | 577 | 43000 |
| AstraZeneca PLC - ADR | 319 | 24455 |
| Cencora, Inc. | 204 | 63747 |
| Cigna Group, The | 140 | 40311 |
| Danaher Corporation | 76 | 15053 |
| Elevance Health, Inc. | 100 | 32244 |
| Gilead Sciences, Inc. | 492 | 54646 |
| Molina Healthcare, Inc. (a) | 56 | 10754 |
| Quest Diagnostics Incorporated | 133 | 25383 |
| Revvity, Inc. | 432 | 37893 |
| Tenet Healthcare Corporation (a) | 286 | 58003 |
| UnitedHealth Group Incorporated | 137 | 47125 |
|  |  | 498407 |
| **Information Technology 8.1%** | **Information Technology 8.1%** | **Information Technology 8.1%** |
| Analog Devices, Inc. | 185 | 45569 |
| Intel Corporation (a) | 866 | 29052 |
| Keysight Technologies, Inc. (a) | 583 | 101902 |
| KLA Corporation | 26 | 28346 |
| Microsoft Corporation | 85 | 44129 |
| TE Connectivity Public Limited Company | 132 | 29081 |
| Texas Instruments Incorporated | 421 | 77319 |
|  |  | 355398 |
| **Energy 7.9%** | **Energy 7.9%** | **Energy 7.9%** |
| Chevron Corporation | 424 | 65771 |
| ConocoPhillips | 825 | 78081 |
| Exxon Mobil Corporation | 259 | 29202 |
| Range Resources Corporation | 1367 | 51455 |
| Schlumberger Limited | 1103 | 37917 |
| TechnipFMC PLC | 839 | 33086 |
| Valero Energy Corporation | 302 | 51390 |
|  |  | 346902 |
| **Consumer Staples 6.5%** | **Consumer Staples 6.5%** | **Consumer Staples 6.5%** |
| Colgate-Palmolive Company | 434 | 34722 |
| Dollar Tree, Inc. (a) | 388 | 36598 |
| Kenvue Inc. | 2437 | 39552 |
| Mondelez International, Inc. - Class A | 997 | 62301 |
| Procter & Gamble Company, The | 460 | 70653 |
| Walmart Inc. | 387 | 39929 |
|  |  | 283755 |
| **Materials 6.2%** | **Materials 6.2%** | **Materials 6.2%** |
| Ball Corporation | 514 | 25926 |
| Franco-Nevada Corporation | 39 | 8692 |
| International Paper Company | 1767 | 81989 |
| Linde Public Limited Company | 123 | 58574 |
| PPG Industries, Inc. | 182 | 19093 |
| Sherwin-Williams Company, The | 224 | 77533 |
|  |  | 271807 |
| **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** |
| Amazon.com, Inc. (a) | 334 | 73334 |
| AutoZone, Inc. (a) | 17 | 72977 |
| Home Depot, Inc., The | 155 | 62692 |
| McDonald's Corporation | 206 | 62649 |
|  |  | 271652 |
| **Communication Services 5.3%** | **Communication Services 5.3%** | **Communication Services 5.3%** |
| Alphabet Inc. - Class A | 325 | 79080 |
| Alphabet Inc. - Class C | 272 | 66311 |
| Comcast Corporation - Class A | 199 | 6249 |
| Meta Platforms, Inc. - Class A | 30 | 21811 |
| Pinterest, Inc. - Class A (a) | 562 | 18088 |
| T-Mobile US, Inc. | 166 | 39784 |
|  |  | 231323 |
| **Utilities 5.2%** | **Utilities 5.2%** | **Utilities 5.2%** |
| Ameren Corporation | 522 | 54489 |
| American Water Works Company, Inc. | 150 | 20852 |
| Atmos Energy Corporation | 166 | 28270 |
| The Southern Company | 526 | 49840 |
| XCEL Energy Inc. | 891 | 71873 |
|  |  | 225324 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Essex Property Trust, Inc. | 111 | 29678 |
| Public Storage Operating Company | 74 | 21459 |
| VICI Properties Inc. | 679 | 22129 |
| Welltower Inc. | 238 | 42396 |
|  |  | 115662 |
| Total Common Stocks (cost $3,641,589) | Total Common Stocks (cost $3,641,589) | 4355505 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 17839 | 17839 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 3546 | 3546 |
| T. Rowe Price Government Reserve Fund - Class I, 4.09% (c) (d) | 8903 | 8903 |
|  |  | 12449 |
| Total Short Term Investments (cost $30,288) | Total Short Term Investments (cost $30,288) | 30288 |
| **Total Investments 100.4% (cost $3,671,877)** | **Total Investments 100.4% (cost $3,671,877)** | **4385793** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(19278)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4366515** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

581

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 3882 | 265278 | 265614 | 113 |  |  | 3546 | 0.1 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 153392 | 135553 | 111 |  |  | 17839 | 0.4 |
| T. Rowe Price Government Reserve Fund, 4.09% - Class I | 18285 | 374116 | 383498 | 233 |  |  | 8903 | 0.2 |
|  | 22167 | 792786 | 784665 | 457 |  |  | 30288 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4355505 |  |  | 4355505 |
| &nbsp;&nbsp;Short Term Investments | 30288 |  |  | 30288 |
|  | 4385793 |  |  | 4385793 |

---

582

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 94.8%** | **COMMON STOCKS 94.8%** | **COMMON STOCKS 94.8%** |
| **China 80.9%** | **China 80.9%** | **China 80.9%** |
| Alibaba Group Holding Limited (a) | 30 | 663 |
| Alibaba Group Holding Limited - ADR | 1 | 223 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (a) (b) |  |  |
| BYD Company Limited - Class H | 8 | 106 |
| China Merchants Bank Co., Ltd. - Class H | 76 | 452 |
| Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 57 | 210 |
| Contemporary Amperex Technology Co., Limited - Class A | 14 | 785 |
| DiDi Global Inc. - Class A - ADR (c) | 131 | 816 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 39 | 509 |
| Guangzhou Yatsen Global Co., Ltd. - Class A - ADR (c) | 10 | 87 |
| Kanzhun Limited - ADR | 12 | 287 |
| Kingsoft Cloud Holdings Limited (a) (b) (c) | 232 | 246 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 284 |
| Meituan - Class B (a) (c) | 12 | 164 |
| NetEase Cloud Music Inc. (c) | 5 | 156 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (c) | 4 | 513 |
| Shengyi Technology Co., Ltd. - Class A | 48 | 367 |
| Shenzhen Inovance Technology Co., Ltd. - Class A | 35 | 415 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 8 | 276 |
| Sieyuan Electric Co., Ltd. - Class A | 16 | 251 |
| Tencent Holdings Limited | 18 | 1512 |
| Trip.com Group Limited - ADR | 3 | 188 |
| Xiamen Meitu Technology Co., Ltd. | 472 | 568 |
| Xiaomi Corporation (a) (c) | 75 | 523 |
|  |  | 9601 |
| **Hong Kong 5.7%** | **Hong Kong 5.7%** | **Hong Kong 5.7%** |
| Futu Holdings Limited - ADR | 1 | 173 |
| Melco Resorts & Entertainment Limited - ADR (c) | 24 | 218 |
| Wasion Holdings Limited | 178 | 290 |
|  |  | 681 |
| **Netherlands 5.3%** | **Netherlands 5.3%** | **Netherlands 5.3%** |
| Prosus N.V. - ADR | 45 | 632 |
| **Japan 2.9%** | **Japan 2.9%** | **Japan 2.9%** |
| MARUWA Co., Ltd. | 1 | 338 |
| Total Common Stocks (cost $9,603) | Total Common Stocks (cost $9,603) | 11252 |
| **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 550 | 550 |
| **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 260 | 260 |
| Total Short Term Investments (cost $810) | Total Short Term Investments (cost $810) | 810 |
| **Total Investments 101.6% (cost $10,413)** | **Total Investments 101.6% (cost $10,413)** | **12062** |
| **Other Assets and Liabilities, Net (1.6)%** | **Other Assets and Liabilities, Net (1.6)%** | (191) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **11871** |

---

(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 September 30, 2025.

(c) Non-income producing security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 157 | 11819 | 11426 | 14 |  |  | 550 | 4.6 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 1144 | 884 | 1 |  |  | 260 | 2.2 |
|  | 157 | 12963 | 12310 | 15 |  |  | 810 | 6.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Alibaba Group Holding Limited | 02/11/25 | 491 | 663 | 5.6 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 04/03/24 |  |  |  |
| Kingsoft Cloud Holdings Limited | 09/10/25 | 248 | 246 | 2.0 |
| Meituan - Class B | 07/12/24 | 254 | 164 | 1.4 |
| Xiaomi Corporation | 03/20/25 | 525 | 523 | 4.4 |
|  |  | 1518 | 1596 | 13.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Forward Foreign Currency Contracts** | **JNL/WCM China Quality Growth Fund — Forward Foreign Currency Contracts** | **JNL/WCM China Quality Growth Fund — Forward Foreign Currency Contracts** | **JNL/WCM China Quality Growth Fund — Forward Foreign Currency Contracts** | **JNL/WCM China Quality Growth Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD<br> BBH | 10/02/25<br> HKD | 123 | 16 |  |
| HKD/USD<br> BBH | 10/03/25<br> HKD | 129 | 16 |  |
|  |  |  | 32 |  |

---

583

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3646 | 7606 |  | 11252 |
| &nbsp;&nbsp;Short Term Investments | 810 |  |  | 810 |
|  | 4456 | 7606 |  | 12062 |
| **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.

584

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 95.7%** | **COMMON STOCKS 95.7%** | **COMMON STOCKS 95.7%** |
| **United Kingdom 17.9%** | **United Kingdom 17.9%** | **United Kingdom 17.9%** |
| 3i Group PLC | 1192 | 65712 |
| AstraZeneca PLC | 272 | 41655 |
| BAE Systems PLC | 3770 | 104754 |
| Compass Group PLC | 1101 | 37514 |
| Experian PLC | 672 | 33631 |
| Rolls-Royce Holdings PLC | 7603 | 122088 |
|  |  | 405354 |
| **United States of America 12.5%** | **United States of America 12.5%** | **United States of America 12.5%** |
| AON Public Limited Company - Class A | 81 | 28993 |
| Arch Capital Group Ltd. | 525 | 47667 |
| Linde Public Limited Company | 80 | 38189 |
| Philip Morris International Inc. | 475 | 77096 |
| Seagate Technology Holdings Public Limited Company | 210 | 49572 |
| Steris Public Limited Company | 47 | 11494 |
| Waste Connections, Inc. | 165 | 28928 |
|  |  | 281939 |
| **Germany 12.3%** | **Germany 12.3%** | **Germany 12.3%** |
| Deutsche Borse Aktiengesellschaft - Class N | 121 | 32461 |
| Rheinmetall Aktiengesellschaft | 17 | 40607 |
| SAP SE | 274 | 73371 |
| Siemens Energy AG (a) | 1116 | 131336 |
|  |  | 277775 |
| **Netherlands 7.0%** | **Netherlands 7.0%** | **Netherlands 7.0%** |
| Adyen N.V. (a) (b) | 30 | 48150 |
| ASM International N.V. | 60 | 36485 |
| ASML Holding N.V. - ADR | 76 | 73650 |
|  |  | 158285 |
| **Japan 6.3%** | **Japan 6.3%** | **Japan 6.3%** |
| Mitsubishi Heavy Industries, Ltd. | 3186 | 83434 |
| Nintendo Co., Ltd. | 675 | 58362 |
|  |  | 141796 |
| **Taiwan 5.7%** | **Taiwan 5.7%** | **Taiwan 5.7%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 461 | 128680 |
| **Singapore 5.1%** | **Singapore 5.1%** | **Singapore 5.1%** |
| Sea Limited - Class A - ADR (a) | 651 | 116265 |
| **Sweden 4.0%** | **Sweden 4.0%** | **Sweden 4.0%** |
| Spotify Technology S.A. (a) | 130 | 90461 |
| **Canada 3.5%** | **Canada 3.5%** | **Canada 3.5%** |
| Canadian Natural Resources Limited | 926 | 29606 |
| Canadian Pacific Kansas City Limited (c) | 670 | 49865 |
|  |  | 79471 |
| **France 3.4%** | **France 3.4%** | **France 3.4%** |
| Safran | 218 | 77122 |
| **China 2.9%** | **China 2.9%** | **China 2.9%** |
| Tencent Holdings Limited | 757 | 64486 |
| **South Korea 2.7%** | **South Korea 2.7%** | **South Korea 2.7%** |
| Coupang, Inc. - Class A (a) | 1909 | 61482 |
| **Argentina 2.1%** | **Argentina 2.1%** | **Argentina 2.1%** |
| MercadoLibre, Inc. (a) | 20 | 47601 |
| **Switzerland 2.1%** | **Switzerland 2.1%** | **Switzerland 2.1%** |
| UBS Group AG | 1138 | 46983 |
| **Brazil 2.0%** | **Brazil 2.0%** | **Brazil 2.0%** |
| NU Holdings Ltd. - Class A (a) | 2829 | 45290 |
| **India 1.8%** | **India 1.8%** | **India 1.8%** |
| ICICI Bank Limited - ADR | 1368 | 41346 |
| **Italy 1.8%** | **Italy 1.8%** | **Italy 1.8%** |
| Ferrari N.V. | 83 | 40406 |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| Novo Nordisk A/S - Class B | 548 | 30251 |
| **Israel 1.3%** | **Israel 1.3%** | **Israel 1.3%** |
| Monday.Com Ltd. (a) | 151 | 29314 |
| Total Common Stocks (cost $1,475,757) | Total Common Stocks (cost $1,475,757) | 2164307 |
| **SHORT TERM INVESTMENTS 6.5%** | **SHORT TERM INVESTMENTS 6.5%** | **SHORT TERM INVESTMENTS 6.5%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Class I, 4.04% (d) (e) | 97490 | 97490 |
| **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** |
| JNL Government Money Market Fund - Class SL, 4.14% (d) (e) | 50140 | 50140 |
| Total Short Term Investments (cost $147,630) | Total Short Term Investments (cost $147,630) | 147630 |
| **Total Investments 102.2% (cost $1,623,387)** | **Total Investments 102.2% (cost $1,623,387)** | **2311937** |
| **Other Assets and Liabilities, Net (2.2)%** | **Other Assets and Liabilities, Net (2.2)%** | **(49379)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2262558** |

---

(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 September 30, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 32385 | 572625 | 507520 | 2022 |  |  | 97490 | 4.3 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 82370 | 32230 | 41 |  |  | 50140 | 2.2 |
|  | 32385 | 654995 | 539750 | 2063 |  |  | 147630 | 6.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 N.V. | 06/24/22 | 35555 | 48150 | 2.1 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

585

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 405354 |  | 405354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 281939 |  |  | 281939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 277775 |  | 277775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 73650 | 84635 |  | 158285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 141796 |  | 141796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 128680 |  |  | 128680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 116265 |  |  | 116265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 90461 |  |  | 90461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 79471 |  |  | 79471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 77122 |  | 77122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 64486 |  | 64486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 61482 |  |  | 61482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | 47601 |  |  | 47601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 46983 |  | 46983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 45290 |  |  | 45290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 41346 |  |  | 41346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 40406 |  | 40406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 30251 |  | 30251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 29314 |  |  | 29314 |
| &nbsp;&nbsp;Short Term Investments | 147630 |  |  | 147630 |
|  | 1143129 | 1168808 |  | 2311937 |

---

586

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 58.3%** | **COMMON STOCKS 58.3%** | **COMMON STOCKS 58.3%** |
| **Financials 23.8%** | **Financials 23.8%** | **Financials 23.8%** |
| 1RT Acquisition Corp. (a) | 1 | 6 |
| A Paradise Acquisition Corp. (a) | 2 | 16 |
| A Paradise Acquisition Corp. - Class A (a) | 14 | 141 |
| AA Mission Acquisition Corp. - Class A (a) | 8 | 88 |
| AmpliTech Group, Inc. - Class A (a) | 3 | 32 |
| Andretti Acquisition Corp. II - Class A (a) | 9 | 97 |
| Archimedes Tech Spac Partners II Co. (a) | 9 | 96 |
| Armada Acquisition Corp. II (a) | 6 | 67 |
| Armada Acquisition Corp. II - Class A (a) | 10 | 109 |
| Axiom Intelligence Acquisition Corp 1 (a) | 3 | 29 |
| Axiom Intelligence Acquisition Corp 1 - Class A (a) | 8 | 81 |
| Bain Capital GSS Investment Corp. (a) |  | 4 |
| Berto Acquisition Corp. (a) | 1 | 13 |
| BEST SPAC I Acquisition Corp. (a) | 1 | 8 |
| Blue Acquisition Corp (a) | 3 | 33 |
| Blue Water Acquisition Corp. III (a) | 8 | 83 |
| Blue Water Acquisition Corp. III - Class A (a) | 8 | 77 |
| BTC Development Corp. (a) | 1 | 8 |
| Cal Redwood Acquisition Corp. (a) | 3 | 25 |
| Cal Redwood Acquisition Corp. - Class A (a) | 8 | 82 |
| Cantaloupe, Inc. (a) | 5 | 55 |
| Cantor Equity Partners I, Inc. - Class A (a) | 2 | 22 |
| Cantor Equity Partners III, Inc. - Class A (a) | 1 | 8 |
| Cantor Equity Partners IV Inc. - Class A (a) | 3 | 33 |
| Cartesian Growth Corp III (a) | 2 | 17 |
| Cartesian Growth Corp III - Class A (a) | 11 | 112 |
| Cayson Acquisition Corp. (a) | 3 | 32 |
| ChampionsGate Acquisition Corp. (a) | 1 | 10 |
| Chenghe Acquisition III Co. (a) | 4 | 44 |
| CO2 Energy Transition Corp. (a) | 36 | 370 |
| Cohen Circle Acquisition Corp. II (a) | 3 | 36 |
| Columbus Circle Capital Corp I - Class A (a) | 2 | 25 |
| Copley Acquisition Corp. (a) | 4 | 39 |
| CSLM Digital Asset Acquisition Corp III Ltd. (a) | 6 | 65 |
| D. Boral Arc Acquisition I Corp. - Class A (a) | 20 | 197 |
| Drugs Made In America Acquisition II Corp. (a) | 3 | 32 |
| Dune Acquisition Corp. II (a) | 6 | 62 |
| EGH Acquisition Corp. (a) | 1 | 12 |
| EGH Acquisition Corp. - Class A (a) | 4 | 41 |
| Emmis Acquisition Corp. (a) | 3 | 28 |
| EQV Ventures Acquisition Corp. (a) | 13 | 125 |
| Eureka Acquisition Corp - Class A (a) | 1 | 9 |
| FG Merger II Corp. (a) | 23 | 231 |
| Fifth Era Acquisition Corp I - Class A (a) | 1 | 14 |
| FIGX Capital Acquisition Corp. (a) | 1 | 14 |
| FIGX Capital Acquisition Corp. - Class A (a) | 2 | 20 |
| Flagship Acquisition Corporation (a) | 1 | 9 |
| Future Vision II Acquisition Corp (a) | 7 | 68 |
| FutureCrest Acquisition Corp. (a) |  | 2 |
| Galata Acquisition Corp. II (a) | 3 | 28 |
| Gesher Acquisition Corp. II - Class A (a) | 4 | 42 |
| GigCapital7 Corp. - Class A (a) | 3 | 33 |
| Globa Terra Acquisition Corp - Class A (a) | 22 | 221 |
| Gores Holdings X, Inc. (a) | 9 | 87 |
| Graf Global Corp. - Class A (a) | 4 | 42 |
| GSR III Acquisition Corp. (a) | 12 | 121 |
| GSR IV Acquisition Corp. (a) | 11 | 111 |
| Guild Holdings Company - Class A | 12 | 244 |
| Haymaker Acquisition Corp. IV - Class A (a) | 12 | 139 |
| HCM III Acquisition Corp. (a) |  | 4 |
| Jackson Acquisition Co II - Class A (a) | 4 | 37 |
| Jena Acquisition Corp II (a) | 7 | 69 |
| Jena Acquisition Corp II - Class A (a) | 8 | 84 |
| K&F Growth Acquisition Corp. II - Class A (a) | 4 | 46 |
| Kochav Defense Acquisition Corp. - Class A (a) | 5 | 48 |
| Lakeshore Acquisition III Corp. (a) | 11 | 114 |
| LightWave Acquisition Corp. (a) | 8 | 81 |
| Lionheart Holdings - Class A (a) | 5 | 51 |
| Live Oak Acquisition Corp V - Class A (a) | 9 | 92 |
| M3-Brigade Acquisition VI Corp. (a) | 1 | 8 |
| Maywood Acquisition Corp. - Class A (a) | 1 | 11 |
| Mckinley Acquisition Corp. (a) | 2 | 16 |
| Mountain Lake Acquisition Corp. - Class A (a) | 15 | 153 |
| Mr. Cooper Group Inc. | 14 | 2904 |
| Nabors Energy Transition Corp. - Class A (a) | 11 | 128 |
| New Providence Acquisition Corp. III (a) | 20 | 207 |
| Newbury Street Acquisition Corporation - Class A (a) | 13 | 139 |
| NewHold Investment Corp. III - Class A (a) | 4 | 39 |
| NMP Acquisition Corp. - Class A (a) | 8 | 81 |
| Origin Investment Corp I (a) | 4 | 40 |
| Otg Acquisition Corp. I (a) | 2 | 20 |
| Oxley Bridge Acquisition Ltd. (a) | 3 | 33 |
| Oxley Bridge Acquisition Ltd. - Class A (a) | 7 | 71 |
| Oyster Enterprises II Acquisition Corp (a) | 4 | 41 |
| Oyster Enterprises II Acquisition Corp - Class A (a) | 7 | 68 |
| Perimeter Acquisition Corp. I (a) | 3 | 26 |
| Pioneer Acquisition I Corp (a) | 12 | 124 |
| ProAssurance Corporation (a) (b) | 36 | 852 |
| ProCap Acquisition Corp (a) | 1 | 12 |
| ProCap Acquisition Corp - Class A (a) | 4 | 41 |
| Quantumsphere Acquisition Corporation (a) | 2 | 16 |
| Quartzsea Acquisition Corporation (a) | 12 | 120 |
| Real Asset Acquisition Corp. - Class A (a) | 4 | 42 |
| Republic Digital Acquisition Co. (a) | 1 | 13 |
| Roman DBDR Acquisition Corp. II (a) | 5 | 51 |
| Siddhi Acquisition Corp. - Class A (a) | 11 | 114 |
| Silver Pegasus Acquisition Corp. (a) | 2 | 21 |
| Silver Pegasus Acquisition Corp. - Class A (a) | 4 | 40 |
| SilverBox Corp IV - Class A (a) | 5 | 49 |
| SIM Acquisition Corp. I - Class A (a) | 8 | 85 |
| Sizzle Acquisition Corp II - Class A (a) | 14 | 137 |
| Solarius Capital Acquisition Corp. - Class A (a) | 5 | 48 |
| Soulpower Acquisition Corp - Class A (a) | 9 | 90 |
| Spring Valley Acquisition Corp. III (a) | 3 | 34 |
| Stellar V Capital Corp. - Class A (a) | 4 | 37 |
| Thayer Ventures Acquisition Corporation II (a) | 5 | 47 |
| Thayer Ventures Acquisition Corporation II - Class A (a) | 4 | 41 |
| Titan Acquisition Corp - Class A (a) | 9 | 90 |
| Translational Development Acquisition Corp. (a) | 3 | 33 |
| UY Scuti Acquisition Corp. (a) | 2 | 18 |
| Vendome Acquisition Corp I - Class A (a) | 8 | 83 |
| Veritex Holdings, Inc. | 7 | 222 |
| Vine Hill Capital Investment Corp. - Class A (a) | 4 | 47 |
| Voyager Acquisition Corp. - Class A (a) | 10 | 102 |
| Wen Acquisition Corp. (a) | 6 | 66 |
| Wen Acquisition Corp. - Class A (a) | 1 | 9 |
| Wintergreen Acquisition Corp. (a) |  | 1 |
| Wintergreen Acquisition Corp. (a) | 4 | 41 |
|  |  | 11232 |
| **Communication Services 16.7%** | **Communication Services 16.7%** | **Communication Services 16.7%** |
| Comcast Corporation - Class A (c) | 21 | 647 |
| Electronic Arts Inc. (c) | 2 | 329 |
| Endeavor Group Holdings, Inc. - Class A (d) | 110 | 3017 |
| Frontier Communications Parent, Inc. (a) |  | 14 |
| IAC Inc. (a) (c) | 7 | 235 |
| Liberty Broadband Corporation - Series A (a) (b) | 14 | 867 |
| TEGNA Inc. (c) | 3 | 57 |
| The Interpublic Group of Companies, Inc. (b) | 44 | 1229 |
| Warner Bros. Discovery, Inc. - Series A (a) (b) (c) | 74 | 1449 |
|  |  | 7844 |
| **Industrials 5.5%** | **Industrials 5.5%** | **Industrials 5.5%** |
| Air Lease Corporation - Class A (c) | 3 | 163 |
| Chart Industries, Inc. (a) |  | 7 |
| CSX Corporation (b) (c) | 35 | 1237 |
| Norfolk Southern Corporation (b) | 2 | 735 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 9 | 351 |
| Taskus, Inc. - Class A (a) | 7 | 118 |
|  |  | 2611 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| DuPont de Nemours, Inc. (c) | 6 | 475 |
| Teck Resources Limited - Class B (c) | 19 | 837 |
|  |  | 1312 |

---

587

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Keurig Dr Pepper Inc. (b) (c) | 35 | 894 |
| Kraft Heinz Company, The (c) | 9 | 234 |
|  |  | 1128 |
| **Information Technology 2.2%** | **Information Technology 2.2%** | **Information Technology 2.2%** |
| CyberArk Software Ltd. (a) (b) | 2 | 1034 |
| **Health Care 2.2%** | **Health Care 2.2%** | **Health Care 2.2%** |
| Merus N.V. (a) | 2 | 178 |
| Verona Pharma PLC. - ADR (a) | 8 | 853 |
|  |  | 1031 |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| Aptiv PLC (a) | 6 | 517 |
| Hanesbrands Inc. (a) | 44 | 290 |
|  |  | 807 |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| Aris Water Solutions, Inc. - Class A | 6 | 146 |
| Parkland Corporation | 8 | 232 |
|  |  | 378 |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| ALLETE, Inc. | 1 | 95 |
| Total Common Stocks (cost $26,250) | Total Common Stocks (cost $26,250) | 27472 |
| **CORPORATE BONDS AND NOTES 16.5%** | **CORPORATE BONDS AND NOTES 16.5%** | **CORPORATE BONDS AND NOTES 16.5%** |
| **Communication Services 4.3%** | **Communication Services 4.3%** | **Communication Services 4.3%** |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 355 | 391 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 197 | 199 |
| 6.00%, 01/15/30 (e) | 276 | 279 |
| Getty Images, Inc. |  |  |
| 9.75%, 03/01/27 (e) | 629 | 598 |
| 11.25%, 02/21/30 (e) | 600 | 573 |
|  |  | 2040 |
| **Information Technology 3.6%** | **Information Technology 3.6%** | **Information Technology 3.6%** |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (f) (g) | 1300 | 1456 |
| Dye & Durham Limited |  |  |
| 3.75%, 03/01/26, CAD (f) (g) | 354 | 252 |
|  |  | 1708 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (e) | 201 | 201 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (e) | 746 | 751 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (e) | 195 | 198 |
| Shelf Drilling Management Services DMCC |  |  |
| 9.63%, 04/15/29 (e) | 477 | 500 |
|  |  | 1650 |
| **Industrials 2.8%** | **Industrials 2.8%** | **Industrials 2.8%** |
| Mauser Packaging Solutions Holding Company |  |  |
| 9.25%, 04/15/27 (b) (e) | 1304 | 1306 |
| **Financials 1.2%** | **Financials 1.2%** | **Financials 1.2%** |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (e) | 188 | 159 |
| SBL Holdings, Inc. |  |  |
| 6.50%, (100, 11/13/26) (e) (h) | 416 | 405 |
|  |  | 564 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (e) | 517 | 519 |
| Total Corporate Bonds And Notes (cost $7,717) | Total Corporate Bonds And Notes (cost $7,717) | 7787 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.2%** | **SENIOR FLOATING RATE INSTRUMENTS 6.2%** | **SENIOR FLOATING RATE INSTRUMENTS 6.2%** |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| CommScope Holding Company, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (i) (j) | 700 | 708 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/29 (i) | 214 | 212 |
| 2024 Extended Term Loan B2, 6.78%, (1 Month Term SOFR + 2.35%), 04/15/30 (i) | 966 | 958 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.30%, (3 Month Term SOFR + 7.00%), 05/06/27 (i) | 1067 | 1035 |
| Total Senior Floating Rate Instruments (cost $2,943) | Total Senior Floating Rate Instruments (cost $2,943) | 2913 |
| **INVESTMENT COMPANIES 2.9%** | **INVESTMENT COMPANIES 2.9%** | **INVESTMENT COMPANIES 2.9%** |
| BlackRock Municipal Income Quality Trust | 21 | 230 |
| BlackRock Municipal Income Trust | 12 | 122 |
| BlackRock Municipal Income Trust II | 12 | 126 |
| BlackRock MuniHoldings Fund Inc | 8 | 92 |
| BlackRock MuniHoldings Quality Fund II Inc | 8 | 79 |
| BlackRock MuniYield Quality Fund | 12 | 139 |
| BlackRock MuniYield Quality Fund III, Inc. | 10 | 110 |
| Eaton Vance Floating-Rate Income Trust | 5 | 56 |
| Franklin Universal Trust | 34 | 274 |
| Nuveen Amt-Free Municipal Credit Income Fund | 11 | 139 |
| Saba Capital Income & Opportunities Fund | 2 | 17 |
| Total Investment Companies (cost $1,373) | Total Investment Companies (cost $1,373) | 1384 |
| **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** |
| Altaba Inc. (a) (k) (l) | 839 | 1070 |
| Pershing Square Tontine Holdings, Ltd. (a) (k) (l) | 16 |  |
| Total Other Equity Interests (cost $1,124) | Total Other Equity Interests (cost $1,124) | 1070 |
| **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| City Office REIT, Inc., 6.63%, (25, 11/08/25) (h) | 19 | 486 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Federal Home Loan Mortgage Corporation, 0.00%, (25, 12/31/27) (a) (h) (m) | 6 | 89 |
| Federal National Mortgage Association, Inc. - Series S, 0.00%, (25, 12/31/25) (a) (h) (m) | 5 | 81 |
| Federal National Mortgage Association, Inc., 8.25%, (25, 11/08/25) (a) (h) | 2 | 36 |
|  |  | 206 |
| Total Preferred Stocks (cost $643) | Total Preferred Stocks (cost $643) | 692 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** |
| Hercules Capital Funding Trust 2019-1 |  |  |
| Series 2016-B-2, 3.65%, 10/07/25 | 226 | 226 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $226) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $226) | 226 |
| **RIGHTS 0.5%** | **RIGHTS 0.5%** | **RIGHTS 0.5%** |
| Akouos, Inc. (a) (k) | 11 | 5 |
| Bristol-Myers Squibb Company (a) (k) | 92 | 46 |
| Cayson Acquisition Corp. (a) | 3 | 1 |
| ESH Acquisition Corp. (a) | 11 | 2 |
| Inhibrx, Inc. (a) (k) | 4 | 3 |
| K&F Growth Acquisition Corp. II (a) | 4 | 1 |
| Lakeshore Acquisition III Corp. (a) | 7 | 1 |
| Mountain Lake Acquisition Corp. (a) | 7 | 1 |
| Pan American Silver Corp. (a) | 446 | 156 |
| Pershing Square SPARC Holdings, Ltd. (a) (k) | 4 | 1 |
| Sizzle Acquisition Corp II (a) | 4 | 1 |
| Soulpower Acquisition Corp (a) | 8 | 2 |
| Spring Valley Acquisition Corp. II (a) | 2 | 1 |
| UY Scuti Acquisition Corp. (a) | 2 |  |
| Total Rights (cost $619) | Total Rights (cost $619) | 221 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Alchemy Investments Acquisition Corp 1 (a) | 6 | 1 |
| Aldel Financial II Inc. (a) | 3 | 1 |
| Allurion Technologies, Inc. (a) | 6 |  |
| Altenergy Acquisition Corp. (a) (k) | 2 |  |
| Andretti Acquisition Corp. II (a) | 5 | 1 |
| Archimedes Tech Spac Partners II Co. (a) | 3 | 1 |
| Bridger Aerospace Group Holdings, Inc. (a) | 12 | 1 |
| Buzzfeed, Inc. (a) | 7 |  |
| Capri Listco (a) (k) | 14 |  |
| Cartesian Growth Corporation II (a) | 2 |  |
| Cero Therapeutics Holdings, Inc. (a) | 2 |  |
| Copley Acquisition Corp. (a) | 1 |  |
| Corner Growth Acquisition Corp. (a) (k) | 4 |  |
| ECARX Holdings Inc. (a) | 12 | 1 |
| EVe Mobility Acquisition Corp (a) (k) | 3 |  |

---

588

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Foxo Technologies Inc. (a) | 11 |  |
| Gesher Acquisition Corp. II (a) | 2 | 1 |
| Getaround Operating, Inc. (a) (k) | 5 |  |
| GIBO Holdings Ltd. (a) | 2 |  |
| Goal Acquisitions Corp. (a) (k) | 119 | 1 |
| Graf Global Corp. (a) | 2 | 1 |
| Grove Collaborative Holdings, Inc. (a) | 5 |  |
| iLearningEngines, Inc. (a) (k) | 16 |  |
| Jaws Mustang Acquisition Corp. (a) | 8 |  |
| LeddarTech Holdings Inc. (a) | 37 |  |
| Live Oak Acquisition Corp V (a) | 2 | 1 |
| Movella Holdings Inc. (a) (k) | 5 |  |
| Newbury Street Acquisition Corporation (a) | 4 | 1 |
| Newbury Street Acquisition Corporation (a) (k) | 13 |  |
| NewHold Investment Corp. III (a) | 2 | 1 |
| Roman DBDR Acquisition Corp. II (a) | 3 | 1 |
| Slam Corp. (a) | 10 |  |
| Stellar V Capital Corp. (a) | 2 | 1 |
| Target Global Acquisition I Corp. (a) (k) | 4 |  |
| Tevogen Bio Holdings Inc. (a) | 3 |  |
| Titan Acquisition Corp (a) | 4 | 1 |
| Veea Inc. (a) | 5 |  |
| Volato Group, Inc. (a) | 5 |  |
| Voyager Acquisition Corp. (a) | 4 | 1 |
| XBP Global Holdings, Inc. (a) | 6 |  |
| Zapp Electric Vehicles Group Limited (a) | 5 |  |
| Zeo Energy Corp. (a) | 2 |  |
| Total Warrants (cost $184) | Total Warrants (cost $184) | 16 |
| **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** |
| **Investment Companies 7.0%** | **Investment Companies 7.0%** | **Investment Companies 7.0%** |
| JNL Government Money Market Fund - Class I, 4.04% (n) (o) | 3289 | 3289 |
| Total Short Term Investments (cost $3,289) | Total Short Term Investments (cost $3,289) | 3289 |
| **Total Investments 95.6% (cost $44,368)** | **Total Investments 95.6% (cost $44,368)** | **45070** |
| **Total Securities Sold Short (12.2)% (proceeds $4,793)** | **Total Securities Sold Short (12.2)% (proceeds $4,793)** | **(5748)** |
| **Total Purchased Options 0.2% (cost $162)** | **Total Purchased Options 0.2% (cost $162)** | **96** |
| **Other Derivative Instruments (2.1)%** | **Other Derivative Instruments (2.1)%** | (973) |
| **Other Assets and Liabilities, Net 18.5%** | **Other Assets and Liabilities, Net 18.5%** | **8684** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **47129** |

---

(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 is subject to a written call option.

(d) 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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2025, the value and the percentage of net assets of these securities was $5,489 and 11.6% of the Fund.

(f) Convertible 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) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2025. 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.

(j) This senior floating rate interest will settle after September 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(l) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(m) As of September 30, 2025, 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) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (12.2%)** | **SECURITIES SOLD SHORT (12.2%)** | **SECURITIES SOLD SHORT (12.2%)** |
| **COMMON STOCKS (12.2%)** | **COMMON STOCKS (12.2%)** | **COMMON STOCKS (12.2%)** |
| **Financials (6.0%)** | **Financials (6.0%)** | **Financials (6.0%)** |
| Huntington Bancshares Incorporated |  | (3) |
| Rocket Companies, Inc. - Class A | (146) | (2836) |
|  |  | (2839) |
| **Information Technology (5.2%)** | **Information Technology (5.2%)** | **Information Technology (5.2%)** |
| Palo Alto Networks, Inc. | (12) | (2465) |
| **Communication Services (0.7%)** | **Communication Services (0.7%)** | **Communication Services (0.7%)** |
| Former Charter Communications Parent, Inc. - Class A | (1) | (308) |
| **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
| Western Midstream Partners, LP | (1) | (54) |
| **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** |
| Les Vetements de Sport Gildan Inc. - Class A | (1) | (44) |
| **Industrials (0.1%)** | **Industrials (0.1%)** | **Industrials (0.1%)** |
| Union Pacific Corporation |  | (38) |
| Total Common Stocks (proceeds $4,793) | Total Common Stocks (proceeds $4,793) | (5748) |
| **Total Securities Sold Short (12.2%) (proceeds $4,793)** | **Total Securities Sold Short (12.2%) (proceeds $4,793)** | **(5748)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 4653 | 49193 | 50557 | 108 |  |  | 3289 | 7.0 |

---

589

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AMS-Osram AG, 2.13%, 11/03/27 | 05/19/25 | 1369 | 1456 | 3.1 |
| Dye & Durham Limited, 3.75%, 03/01/26 | 11/06/24 | 251 | 252 | 0.5 |
|  |  | 1620 | 1708 | 3.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Aptiv PLC | Put | 70.00 | 10/17/25 | 60 | 420 |  |
| Boeing Company, The | Put | 150.00 | 10/17/25 | 8 | 120 |  |
| Comcast Corporation | Put | 30.00 | 10/17/25 | 206 | 618 | 6 |
| CSX Corporation | Put | 30.00 | 11/21/25 | 348 | 1044 | 4 |
| DuPont de Nemours, Inc. | Put | 65.00 | 10/17/25 | 61 | 397 |  |
| DuPont de Nemours, Inc. | Put | 70.00 | 12/19/25 | 61 | 427 | 10 |
| Honeywell International Inc. | Put | 200.00 | 12/19/25 | 85 | 1700 | 37 |
| IAC Inc. | Put | 30.00 | 10/17/25 | 131 | 393 | 1 |
| IAC Inc. | Put | 30.00 | 12/19/25 | 201 | 603 | 18 |
| Keurig Dr Pepper Inc. | Put | 24.00 | 10/17/25 | 351 | 842 | 4 |
| Kraft Heinz Company, The | Put | 20.00 | 11/21/25 | 340 | 680 | 2 |
| SPDR S&P 500 ETF Trust | Put | 625.00 | 10/17/25 | 35 | 2188 | 4 |
| Teck Resources Limited | Put | 35.00 | 10/17/25 | 379 | 1327 |  |
| Warner Bros. Discovery, Inc. | Put | 14.00 | 11/21/25 | 131 | 183 | 4 |
| Warner Bros. Discovery, Inc. | Put | 10.00 | 11/21/25 | 350 | 350 | 3 |
| Warner Bros. Discovery, Inc. | Put | 12.00 | 12/19/25 | 131 | 157 | 3 |
|  |  |  |  |  |  | 96 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Air Lease Corporation | Call | 65.00 | 02/20/26 | 17 | 111 | (1) |
| Aptiv PLC | Call | 75.00 | 10/17/25 | 60 | 450 | (69) |
| Boeing Company, The | Call | 205.00 | 10/17/25 | 6 | 123 | (8) |
| Comcast Corporation | Call | 35.00 | 10/17/25 | 206 | 721 | (1) |
| CSX Corporation | Call | 35.00 | 11/21/25 | 348 | 1218 | (60) |
| DuPont de Nemours, Inc. | Call | 82.50 | 12/19/25 | 61 | 503 | (16) |
| Electronic Arts Inc. | Call | 210.00 | 11/21/25 | 5 | 105 |  |
| Electronic Arts Inc. | Call | 210.00 | 03/20/26 | 5 | 105 |  |
| Honeywell International Inc. | Call | 220.00 | 12/19/25 | 85 | 1870 | (46) |
| IAC Inc. | Call | 35.00 | 10/17/25 | 131 | 459 | (8) |
| IAC Inc. | Call | 35.00 | 12/19/25 | 201 | 704 | (42) |
| Keurig Dr Pepper Inc. | Call | 27.00 | 10/17/25 | 351 | 948 | (7) |
| Kraft Heinz Company, The | Call | 25.00 | 11/21/25 | 340 | 850 | (61) |
| SPDR S&P 500 ETF Trust | Call | 655.00 | 10/17/25 | 13 | 852 | (20) |
| SPDR S&P 500 ETF Trust | Put | 600.00 | 10/17/25 | 22 | 1320 | (1) |
| Teck Resources Limited | Call | 39.00 | 10/17/25 | 171 | 667 | (88) |
| Teck Resources Limited | Call | 38.00 | 10/17/25 | 208 | 790 | (126) |
| TEGNA Inc. | Call | 22.00 | 12/19/25 | 29 | 64 | (1) |
| Warner Bros. Discovery, Inc. | Call | 12.00 | 11/21/25 | 350 | 420 | (249) |
| Warner Bros. Discovery, Inc. | Call | 17.00 | 12/19/25 | 261 | 444 | (95) |
| Warner Bros. Discovery, Inc. | Call | 15.00 | 12/19/25 | 131 | 197 | (67) |
| Western Midstream Partners, LP | Call | 40.00 | 10/17/25 | 1 | 4 |  |
| Western Midstream Partners, LP | Call | 40.00 | 11/21/25 | 5 | 20 |  |
|  |  |  |  |  |  | (966) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | GSC | 10/15/25 | JPY | 41778 | 283 |  |
| USD/CAD | JPM | 11/14/25 | CAD | (336) | (242) | 2 |
| USD/CAD | JPM | 12/18/25 | CAD | (354) | (255) | 3 |
| USD/EUR | GSC | 10/20/25 | EUR | (445) | (523) | (8) |
| USD/EUR | GSC | 10/20/25 | EUR | (42) | (49) |  |
| USD/EUR | GSC | 11/05/25 | EUR | (548) | (647) | (21) |
| USD/EUR | GSC | 11/05/25 | EUR | (357) | (416) | 1 |
| USD/EUR | GSC | 12/15/25 | EUR | (248) | (292) | (2) |
| USD/EUR | GSC | 12/15/25 | EUR | (8) | (10) |  |

---

590

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven 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/EUR | JPM | 12/15/25 | EUR | (16) | (19) |  |
| USD/EUR | GSC | 12/16/25 | EUR | (193) | (228) | (3) |
| USD/EUR | GSC | 12/16/25 | EUR | (126) | (148) |  |
| USD/EUR | JPM | 12/17/25 | EUR | (1235) | (1456) | (38) |
| USD/GBP | GSC | 12/17/25 | GBP | (230) | (310) | (4) |
| USD/GBP | GSC | 12/17/25 | GBP | (97) | (131) |  |
| USD/GBP | GSC | 12/18/25 | GBP | (772) | (1040) | 7 |
| USD/JPY | GSC | 10/15/25 | JPY | (41778) | (283) | 3 |
|  |  |  |  |  | (5766) | (60) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **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** |
| ABIOMED, Inc.‡ (MT) | OBFR +0.00% (M) | BOA | 01/03/26 †† |  |  | 2 |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (Q) | BOA | 12/27/25 †† |  |  | 19 |
| Chart Industries, Inc. (MT) | OBFR +0.61% (Q) | GSC | 08/11/26 †† | 1449 |  | 9 |
| Covestro AG (MT) | OBFR +0.61% (Q) | GSC | 12/02/25 †† | 851 |  | 36 |
| CyberArk Software Ltd. (MT) | OBFR +0.61% (M) | GSC | 08/11/26 †† | 1391 |  | 284 |
| Frontier Communications Parent, Inc. (MT) | OBFR +0.61% (Q) | GSC | 06/06/26 †† | 2199 |  | 43 |
| Honeywell International Inc. (MT) | OBFR +0.61% (Q) | GSC | 02/10/26 †† | 1211 |  | 8 |
| IAC Inc. (MT) | OBFR +0.61% (Q) | GSC | 03/11/26 †† | 929 |  | (34) |
| Just Eat Takeaway.Com N.V. (MT) | OBFR +0.61% (Q) | GSC | 04/07/26 †† | 991 |  | 66 |
| Just Group PLC (MT) | OBFR +0.85% (Q) | GSC | 08/01/26 †† | 419 |  | 6 |
| Kellanova (MT) | OBFR +0.61% (M) | GSC | 09/22/26 †† | 2868 |  | 34 |
| Kraft Heinz Company, The (MT) | OBFR +0.61% (Q) | GSC | 09/12/26 †† | 663 |  | (13) |
| Mr. Cooper Group Inc. (MT) | OBFR +0.61% (Q) | GSC | 07/08/26 †† | 64 |  | 30 |
| Saba Capital Income & Opportunities Fund (MT) | OBFR +1.21% (M) | GSC | 05/20/26 †† | 38 |  | 2 |
| Spectris PLC (MT) | OBFR +0.61% (Q) | GSC | 07/01/26 †† | 1019 |  | 2 |
| TEGNA Inc. (MT) | OBFR +0.61% (Q) | GSC | 09/12/26 †† | 383 |  | (13) |
| Vivendi SE (MT) | OBFR +0.61% (Q) | GSC | 06/23/26 †† | 522 |  | 4 |
| Cantaloupe, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/16/26 †† | 247 |  | (6) |
| Chart Industries, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/17/26 †† | 530 |  | 1 |
| Honeywell International Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/17/26 †† | 570 |  | (2) |
| Teck Resources Limited (MT) | OBFR +0.38% (Q) | JPM | 09/16/26 †† | 973 |  | 43 |
| Vivendi SE (MT) | OBFR +0.55% (Q) | JPM | 12/30/25 †† | 14 |  | 5 |
|  |  |  |  |  |  | 526 |
| **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** |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | GSC | 09/25/26 †† | (54) |  | (3) |
| Boeing Company, The (MT) | OBFR -0.35% (Q) | GSC | 07/30/26 †† | (226) |  | 10 |
| Huntington Bancshares Incorporated (MT) | OBFR -0.35% (Q) | GSC | 07/30/26 †† | (149) |  | (6) |
| Les Vetements de Sport Gildan Inc. (MT) | OBFR -0.35% (Q) | GSC | 08/19/26 †† | (208) |  | (6) |
| Omnicom Group Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/03/26 †† | (1196) |  | (44) |
| Pan American Silver Corp. (MT) | OBFR -0.35% (Q) | GSC | 10/30/25 †† | (532) |  | (293) |
| Rocket Companies, Inc. (MT) | OBFR -10.97% (Q) | GSC | 07/08/26 †† | (66) |  | (29) |
| Universal Music Group N.V. (MT) | OBFR -0.27% (Q) | GSC | 08/01/26 †† | (260) |  | (9) |
| Western Midstream Partners, LP (MT) | OBFR -2.24% (Q) | GSC | 08/22/26 †† | (48) |  | (1) |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | JPM | 09/26/26 †† | (154) |  | (8) |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 †† | (555) |  | (24) |
| Huntington Bancshares Incorporated (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 †† | (66) |  | 1 |
| Palo Alto Networks, Inc. (MT) | OBFR -0.25% (Q) | JPM | 08/20/26 †† | (43) |  | (5) |
| Rocket Companies, Inc. (MT) | OBFR -9.88% (Q) | JPM | 07/23/26 †† | (80) |  | (20) |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/25/26 †† | (508) |  | (36) |
| Western Midstream Partners, LP (MT) | OBFR -3.84% (Q) | JPM | 08/14/26 †† | (15) |  |  |
|  |  |  |  |  |  | (473) |

---

‡Total Return Swap 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 "Fair Value Measurements" in the Notes to Schedules of Investments.

††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.

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

591

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 24455 | 3017 |  | 27472 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 7787 |  | 7787 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 2913 |  | 2913 |
| &nbsp;&nbsp;Investment Companies | 1384 |  |  | 1384 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 1070 | 1070 |
| &nbsp;&nbsp;Preferred Stocks | 692 |  |  | 692 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 226 |  | 226 |
| &nbsp;&nbsp;Rights | 166 |  | 55 | 221 |
| &nbsp;&nbsp;Warrants | 15 |  | 1 | 16 |
| &nbsp;&nbsp;Short Term Investments | 3289 |  |  | 3289 |
|  | 30001 | 13943 | 1126 | 45070 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (5748) |  |  | (5748) |
|  | (5748) |  |  | (5748) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 96 |  |  | 96 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 16 |  | 16 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 584 | 21 | 605 |
|  | 96 | 600 | 21 | 717 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (966) |  |  | (966) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (76) |  | (76) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (552) |  | (552) |
|  | (966) | (628) |  | (1594) |

---

<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.

592

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **United Kingdom 11.4%** | **United Kingdom 11.4%** | **United Kingdom 11.4%** |
| 3i Group PLC | 402 | 22141 |
| BAE Systems PLC | 631 | 17544 |
| Compass Group PLC | 314 | 10697 |
| Diploma PLC | 103 | 7332 |
| Experian PLC | 285 | 14265 |
| Halma Public Limited Company | 337 | 15684 |
| London Stock Exchange Group PLC | 100 | 11456 |
| Unilever PLC | 243 | 14383 |
|  |  | 113502 |
| **Taiwan 9.5%** | **Taiwan 9.5%** | **Taiwan 9.5%** |
| Accton Technology Corporation | 487 | 16783 |
| Hon Hai Precision Industry Co., Ltd. | 3998 | 28423 |
| Taiwan Semiconductor Manufacturing Company Limited | 1159 | 50078 |
|  |  | 95284 |
| **China 8.2%** | **China 8.2%** | **China 8.2%** |
| BYD Company Limited - Class H | 722 | 10237 |
| NetEase, Inc. | 325 | 9847 |
| Tencent Holdings Limited | 425 | 36174 |
| Trip.com Group Limited | 225 | 16993 |
| Xiaomi Corporation (a) (b) | 1299 | 9008 |
|  |  | 82259 |
| **Japan 7.8%** | **Japan 7.8%** | **Japan 7.8%** |
| ASICS Corporation | 584 | 15293 |
| Hitachi, Ltd. | 408 | 10790 |
| IHI Corporation | 844 | 15738 |
| Pan Pacific International Holdings Corporation | 1412 | 9304 |
| Sumitomo Mitsui Financial Group, Inc. | 573 | 16108 |
| Tokio Marine Holdings, Inc. | 247 | 10463 |
|  |  | 77696 |
| **Italy 7.2%** | **Italy 7.2%** | **Italy 7.2%** |
| ENEL - SPA | 2101 | 19948 |
| Ferrari N.V. | 25 | 12121 |
| Prysmian S.p.A. | 208 | 20726 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 249 | 18959 |
|  |  | 71754 |
| **Canada 5.5%** | **Canada 5.5%** | **Canada 5.5%** |
| Constellation Software Inc. | 3 | 8766 |
| Dollarama Inc. | 124 | 16388 |
| Intact Financial Corporation | 71 | 13836 |
| Royal Bank of Canada | 108 | 15911 |
|  |  | 54901 |
| **France 5.4%** | **France 5.4%** | **France 5.4%** |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 86 | 17845 |
| Safran | 57 | 20282 |
| VINCI | 114 | 15900 |
|  |  | 54027 |
| **Switzerland 5.4%** | **Switzerland 5.4%** | **Switzerland 5.4%** |
| ABB Ltd - Class N | 235 | 16961 |
| Lonza Group AG | 22 | 14742 |
| Sandoz Group AG | 368 | 21891 |
|  |  | 53594 |
| **Germany 5.2%** | **Germany 5.2%** | **Germany 5.2%** |
| Heidelberg Materials AG | 97 | 21974 |
| Rheinmetall Aktiengesellschaft | 8 | 17989 |
| SAP SE | 44 | 11742 |
|  |  | 51705 |
| **South Korea 5.1%** | **South Korea 5.1%** | **South Korea 5.1%** |
| Samsung Electronics Co., Ltd. | 251 | 15073 |
| SK Hynix Inc. | 143 | 35609 |
|  |  | 50682 |
| **Spain 4.0%** | **Spain 4.0%** | **Spain 4.0%** |
| Banco Bilbao Vizcaya Argentaria, S.A. | 1120 | 21588 |
| Iberdrola, Sociedad Anonima | 983 | 18630 |
|  |  | 40218 |
| **Hong Kong 3.7%** | **Hong Kong 3.7%** | **Hong Kong 3.7%** |
| AIA Group Limited | 2018 | 19280 |
| Hong Kong Exchanges and Clearing Limited | 308 | 17513 |
|  |  | 36793 |
| **India 3.5%** | **India 3.5%** | **India 3.5%** |
| Bharat Electronics Limited | 2778 | 12697 |
| Bharti Airtel Limited | 437 | 9265 |
| ICICI Bank Limited | 863 | 13096 |
|  |  | 35058 |
| **Netherlands 2.4%** | **Netherlands 2.4%** | **Netherlands 2.4%** |
| ASML Holding N.V. | 21 | 20490 |
| Euronext N.V. (b) | 22 | 3292 |
|  |  | 23782 |
| **Singapore 2.3%** | **Singapore 2.3%** | **Singapore 2.3%** |
| Sea Limited - Class A - ADR (a) | 129 | 22983 |
| **United States of America 1.9%** | **United States of America 1.9%** | **United States of America 1.9%** |
| Brookfield Asset Management Ltd. - Class A | 235 | 13394 |
| Flutter Entertainment Public Limited Company (a) | 22 | 5476 |
|  |  | 18870 |
| **Argentina 1.8%** | **Argentina 1.8%** | **Argentina 1.8%** |
| MercadoLibre, Inc. (a) | 8 | 18151 |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| NU Holdings Ltd. - Class A (a) | 1019 | 16317 |
| **Belgium 1.5%** | **Belgium 1.5%** | **Belgium 1.5%** |
| UCB | 52 | 14449 |
| **Australia 1.4%** | **Australia 1.4%** | **Australia 1.4%** |
| Aristocrat Leisure Limited | 174 | 8085 |
| Pro Medicus Limited | 28 | 5664 |
|  |  | 13749 |
| **Sweden 1.3%** | **Sweden 1.3%** | **Sweden 1.3%** |
| Spotify Technology S.A. (a) | 18 | 12783 |
| **Peru 1.0%** | **Peru 1.0%** | **Peru 1.0%** |
| Credicorp Ltd. | 38 | 10199 |
| **Austria 0.9%** | **Austria 0.9%** | **Austria 0.9%** |
| Erste Group Bank AG | 96 | 9417 |
| Total Common Stocks (cost $803,726) | Total Common Stocks (cost $803,726) | 978173 |
| **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** |
| **Switzerland 0.8%** | **Switzerland 0.8%** | **Switzerland 0.8%** |
| Chocoladefabriken Lindt & Sprungli AG | 1 | 8219 |
| Total Preferred Stocks (cost $7,495) | Total Preferred Stocks (cost $7,495) | 8219 |
| **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 - Class I, 4.04% (c) (d) | 7708 | 7708 |
| Total Short Term Investments (cost $7,708) | Total Short Term Investments (cost $7,708) | 7708 |
| **Total Investments 99.6% (cost $818,929)** | **Total Investments 99.6% (cost $818,929)** | **994100** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **4099** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **998199** |

---

(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 September 30, 2025.

593

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 7245 | 256651 | 256188 | 358 |  |  | 7708 | 0.8 |
| JNL Government Money Market Fund, 4.14% - Class SL | 4177 | 100718 | 104895 | 107 |  |  |  |  |
|  | 11422 | 357369 | 361083 | 465 |  |  | 7708 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Euronext N.V. | 04/23/25 | 3563 | 3292 | 0.3 |
| Xiaomi Corporation | 06/25/25 | 9423 | 9008 | 0.9 |
|  |  | 12986 | 12300 | 1.2 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 166325 | 811848 |  | 978173 |
| &nbsp;&nbsp;Preferred Stocks |  | 8219 |  | 8219 |
| &nbsp;&nbsp;Short Term Investments | 7708 |  |  | 7708 |
|  | 174033 | 820067 |  | 994100 |

---

594

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **COMMON STOCKS 65.8%** | **COMMON STOCKS 65.8%** | **COMMON STOCKS 65.8%** |
| **Information Technology 22.6%** | **Information Technology 22.6%** | **Information Technology 22.6%** |
| Amphenol Corporation - Class A | 438 | 54149 |
| Apple Inc. | 1672 | 425645 |
| Broadcom Inc. | 514 | 169741 |
| Corning Incorporated | 767 | 62929 |
| Figma, Inc. - Class A (a) (b) | 16 | 830 |
| Intuit Inc. | 65 | 44201 |
| Jabil Inc. | 159 | 34438 |
| Micron Technology, Inc. | 271 | 45338 |
| Microsoft Corporation | 927 | 480189 |
| NVIDIA Corporation | 2848 | 531316 |
| Oracle Corporation | 175 | 49346 |
| Palantir Technologies Inc. - Class A (a) | 129 | 23519 |
| ServiceNow, Inc. (a) | 61 | 56175 |
| Snowflake Inc. - Class A (a) | 159 | 35923 |
| Teradyne, Inc. | 143 | 19738 |
| Texas Instruments Incorporated | 353 | 64909 |
| Unity Software Inc. (a) | 143 | 5714 |
| Via Transportation, Inc. - Class A (a) | 136 | 6534 |
|  |  | 2110634 |
| **Financials 9.9%** | **Financials 9.9%** | **Financials 9.9%** |
| American Express Company | 210 | 69620 |
| Arthur J. Gallagher & Co. | 142 | 43873 |
| Bank of America Corporation | 720 | 37158 |
| Charles Schwab Corporation, The | 520 | 49665 |
| Goldman Sachs Group, Inc., The | 67 | 53048 |
| Intercontinental Exchange, Inc. | 52 | 8837 |
| JPMorgan Chase & Co. | 261 | 82408 |
| KKR & Co. Inc. - Class A | 320 | 41606 |
| MasterCard Incorporated - Class A | 154 | 87453 |
| Morgan Stanley | 236 | 37481 |
| Nasdaq, Inc. | 1256 | 111122 |
| S&P Global Inc. | 97 | 47229 |
| UBS Group AG | 1771 | 73141 |
| Wells Fargo & Company | 2228 | 186749 |
|  |  | 929390 |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| Amazon.com, Inc. (a) | 1244 | 273054 |
| Home Depot, Inc., The | 82 | 33179 |
| Marriott International, Inc. - Class A | 242 | 62981 |
| McDonald's Corporation | 123 | 37506 |
| MercadoLibre, Inc. (a) | 5 | 12047 |
| O'Reilly Automotive, Inc. (a) | 418 | 45106 |
| Tesla Inc. (a) | 164 | 72854 |
| TJX Companies, Inc., The | 397 | 57353 |
| Tractor Supply Company | 734 | 41726 |
|  |  | 635806 |
| **Communication Services 6.5%** | **Communication Services 6.5%** | **Communication Services 6.5%** |
| Alphabet Inc. - Class A | 1381 | 335747 |
| Meta Platforms, Inc. - Class A | 237 | 174324 |
| Netflix, Inc. (a) | 33 | 39007 |
| T-Mobile US, Inc. | 231 | 55258 |
|  |  | 604336 |
| **Health Care 5.8%** | **Health Care 5.8%** | **Health Care 5.8%** |
| Abbott Laboratories | 464 | 62083 |
| AbbVie Inc. | 211 | 48913 |
| AstraZeneca PLC - ADR | 711 | 54517 |
| Eli Lilly and Company | 128 | 97714 |
| Gilead Sciences, Inc. | 371 | 41192 |
| GSK PLC - ADR | 172 | 7425 |
| Haleon PLC | 13739 | 61385 |
| HCA Healthcare, Inc. | 108 | 45968 |
| Merck & Co., Inc. | 518 | 43500 |
| Thermo Fisher Scientific Inc. | 75 | 36560 |
| UnitedHealth Group Incorporated | 127 | 43920 |
|  |  | 543177 |
| **Consumer Staples 3.5%** | **Consumer Staples 3.5%** | **Consumer Staples 3.5%** |
| British American Tobacco P.L.C. | 1232 | 65452 |
| Coca-Cola Company, The | 883 | 58548 |
| Kroger Co., The | 1017 | 68523 |
| Performance Food Group Company (a) | 167 | 17357 |
| Philip Morris International Inc. | 286 | 46343 |
| Unilever PLC | 930 | 54974 |
| US Foods Holding Corp. (a) | 242 | 18513 |
|  |  | 329710 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| Boeing Company, The (a) | 277 | 59732 |
| Caterpillar Inc. | 168 | 80072 |
| Johnson Controls International Public Limited Company | 313 | 34444 |
| PACCAR Inc | 272 | 26757 |
| Parker-Hannifin Corporation | 52 | 39770 |
| Republic Services, Inc. | 228 | 52224 |
|  |  | 292999 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| Exxon Mobil Corporation | 553 | 62366 |
| Marathon Petroleum Corporation | 196 | 37715 |
| Targa Resources Corp. | 375 | 62831 |
| Williams Companies, Inc., The | 1203 | 76220 |
|  |  | 239132 |
| **Utilities 1.8%** | **Utilities 1.8%** | **Utilities 1.8%** |
| Duke Energy Corporation | 438 | 54190 |
| NextEra Energy, Inc. | 497 | 37503 |
| Sempra | 892 | 80307 |
|  |  | 172000 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Anglo American PLC | 1155 | 43445 |
| Freeport-McMoRan Inc. | 955 | 37453 |
| Linde Public Limited Company | 126 | 59830 |
| Teck Resources Limited - Class B | 188 | 8253 |
|  |  | 148981 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| Simon Property Group, Inc. | 398 | 74701 |
| Welltower Inc. | 414 | 73666 |
|  |  | 148367 |
| Total Common Stocks (cost $4,442,151) | Total Common Stocks (cost $4,442,151) | 6154532 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 25.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.3%** |
| **U.S. Treasury Note 10.7%** | **U.S. Treasury Note 10.7%** | **U.S. Treasury Note 10.7%** |
| Treasury, United States Department of |  |  |
| 4.13%, 10/31/26 - 05/31/32 | 125866 | 127266 |
| 4.63%, 11/15/26 - 02/15/35 | 49116 | 50849 |
| 1.25%, 11/30/26 - 06/30/28 | 26142 | 25353 |
| 4.25%, 11/30/26 - 05/15/35 | 140166 | 142142 |
| 4.38%, 12/15/26 - 01/31/32 | 17805 | 18050 |
| 4.00%, 01/15/27 - 07/31/32 | 106921 | 107915 |
| 3.88%, 03/31/27 - 08/31/32 | 150392 | 150980 |
| 3.75%, 04/30/27 - 08/31/31 | 142306 | 142620 |
| 2.63%, 05/31/27 | 2390 | 2350 |
| 3.63%, 08/31/27 - 09/30/31 | 127341 | 127029 |
| 3.50%, 01/31/28 - 09/30/29 | 28122 | 27957 |
| 2.88%, 08/15/28 | 625 | 612 |
| 3.38%, 09/15/28 | 14850 | 14749 |
| 4.50%, 05/31/29 - 12/31/31 | 24128 | 24839 |
| 4.25%, 08/15/35 (b) | 37040 | 37342 |
|  |  | 1000053 |
| **Mortgage-Backed Securities 9.2%** | **Mortgage-Backed Securities 9.2%** | **Mortgage-Backed Securities 9.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/26 - 07/01/49 | 1205 | 1170 |
| 7.00%, 11/01/30 - 06/01/31 | 6 | 6 |
| 2.50%, 12/01/31 - 04/01/52 | 54447 | 46954 |
| 4.50%, 01/01/38 - 08/01/52 | 15362 | 15072 |
| 6.00%, 12/01/39 - 11/01/53 | 15056 | 15422 |
| 5.50%, 06/01/40 - 09/01/53 | 46905 | 47645 |
| 2.00%, 11/01/41 - 04/01/52 | 68714 | 56336 |
| 3.00%, 11/01/46 - 12/01/46 | 9145 | 8308 |
| 5.00%, 08/01/52 - 11/01/53 | 29627 | 29581 |
| 6.50%, 11/01/53 | 12775 | 13244 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 03/01/26 - 06/01/52 | 21743 | 20127 |
| 4.00%, 09/01/26 - 10/01/52 | 24499 | 23285 |
| 4.50%, 01/01/27 - 11/01/52 | 23966 | 23771 |
| 3.00%, 05/01/27 - 10/01/51 | 29901 | 26881 |

---

595

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.50%, 09/01/29 | 1 | 1 |
| 4.60%, 04/01/30 | 15263 | 15541 |
| 2.50%, 05/01/30 - 03/01/52 | 46744 | 40227 |
| 4.47%, 05/01/30 | 12759 | 12917 |
| 4.22%, 08/01/30 - 09/01/30 | 26226 | 26325 |
| 4.34%, 08/01/30 | 12538 | 12651 |
| 4.42%, 08/01/30 | 14427 | 14609 |
| 4.24%, 09/01/30 | 14759 | 14813 |
| 4.83%, 10/01/30 | 14900 | 15330 |
| 7.00%, 10/01/33 | 8 | 9 |
| 5.50%, 03/01/38 - 08/01/53 | 24838 | 25349 |
| 6.50%, 10/01/38 - 10/01/39 | 36 | 38 |
| 5.00%, 07/01/40 - 04/01/55 | 9907 | 9872 |
| TBA, 5.00%, 10/15/40 (c) | 41579 | 42018 |
| 2.00%, 04/01/41 - 09/01/51 | 75253 | 62229 |
| 1.50%, 11/01/41 | 6675 | 5595 |
| 6.00%, 09/01/53 - 07/01/54 | 39025 | 40011 |
| TBA, 2.50%, 10/15/55 (c) | 9951 | 8383 |
| TBA, 3.00%, 10/15/55 (c) | 12437 | 10924 |
| TBA, 5.50%, 10/15/55 - 11/15/55 (c) | 15785 | 15911 |
| Government National Mortgage Association |  |  |
| 6.50%, 04/15/26 |  |  |
| 6.00%, 01/15/33 - 04/15/40 | 1166 | 1221 |
| 7.00%, 01/15/33 - 05/15/33 | 2 | 2 |
| 5.50%, 05/20/33 | 6 | 6 |
| 5.00%, 06/20/33 - 06/15/39 | 663 | 674 |
| 4.50%, 06/15/40 - 06/20/52 | 6205 | 6066 |
| 4.00%, 01/15/41 - 08/20/52 | 21438 | 20366 |
| 2.00%, 12/20/50 - 02/20/51 | 22141 | 18325 |
| 2.50%, 03/20/51 - 12/20/52 | 32606 | 28107 |
| 3.00%, 07/20/51 - 03/20/52 | 14083 | 12593 |
| 3.50%, 01/20/52 - 03/20/52 | 27543 | 25276 |
| TBA, 2.00%, 10/15/55 (c) | 9350 | 7733 |
| TBA, 2.50%, 10/15/55 (c) | 24494 | 21084 |
| TBA, 3.00%, 10/15/55 (c) | 7982 | 7129 |
| TBA, 5.50%, 10/15/55 (c) | 10704 | 10783 |
| | | 859920 |
| **U.S. Treasury Bond 4.1%** | **U.S. Treasury Bond 4.1%** | **U.S. Treasury Bond 4.1%** |
| Treasury, United States Department of |  |  |
| 1.75%, 08/15/41 | 2495 | 1692 |
| 3.25%, 05/15/42 | 1826 | 1534 |
| 3.38%, 08/15/42 | 18040 | 15363 |
| 4.00%, 11/15/42 - 11/15/52 | 29387 | 26492 |
| 3.88%, 02/15/43 - 05/15/43 | 23408 | 21220 |
| 4.38%, 08/15/43 | 12287 | 11857 |
| 4.75%, 11/15/43 - 08/15/55 | 84672 | 85096 |
| 4.50%, 02/15/44 - 11/15/54 | 15199 | 14699 |
| 4.63%, 05/15/44 - 02/15/55 | 37052 | 36534 |
| 4.63%, 11/15/44 (d) | 12022 | 11912 |
| 2.50%, 02/15/45 | 25397 | 18183 |
| 5.00%, 05/15/45 | 27820 | 28895 |
| 2.88%, 08/15/45 - 05/15/52 | 29354 | 21441 |
| 4.88%, 08/15/45 | 3028 | 3095 |
| 2.50%, 05/15/46 (d) | 28515 | 20033 |
| 3.00%, 05/15/47 | 5470 | 4162 |
| 2.75%, 08/15/47 - 11/15/47 | 21494 | 15543 |
| 2.38%, 05/15/51 | 8510 | 5473 |
| 3.63%, 02/15/53 - 05/15/53 | 28786 | 23782 |
| 4.13%, 08/15/53 | 7940 | 7176 |
| 4.25%, 02/15/54 | 6464 | 5966 |
|  |  | 380148 |
| **Collateralized Mortgage Obligations 0.4%** | **Collateralized Mortgage Obligations 0.4%** | **Collateralized Mortgage Obligations 0.4%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1M2-R01, REMIC, 5.91%, (SOFR 30-Day Average + 1.55%), 10/25/41 (e) | 828 | 831 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-MA-3, REMIC, 3.50%, 07/25/26 | 1271 | 1221 |
| Series JM-4165, REMIC, 3.50%, 09/15/41 | 304 | 301 |
| Series ZP-3967, REMIC, 4.00%, 09/15/41 | 3640 | 3510 |
| Series AH-4143, REMIC, 1.75%, 09/15/42 | 2547 | 2413 |
| Series DJ-4322, REMIC, 3.00%, 05/15/43 | 246 | 242 |
| Series CZ-4809, REMIC, 4.00%, 07/15/48 | 3853 | 3602 |
| Series DP-5170, REMIC, 2.00%, 07/25/50 | 7076 | 6238 |
| Series 2021-MTU-1, REMIC, 2.50%, 09/25/60 | 9942 | 8212 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-2M2-C03, 10.37%, (SOFR 30-Day Average + 6.01%), 10/25/28 (e) | 197 | 202 |
| Series 2015-HP-28, REMIC, 3.50%, 06/25/44 | 506 | 500 |
| Series 2014-ZC-95, REMIC, 3.00%, 01/25/45 | 2912 | 2679 |
| Series 2020-HC-27, REMIC, 1.50%, 10/25/49 | 3629 | 2856 |
| Government National Mortgage Association |  |  |
| Series 2005-HC-74, REMIC, 7.50%, 09/16/35 | 1 | 1 |
| Series 2021-KA-215, REMIC, 2.50%, 10/20/49 | 9505 | 8391 |
|  |  | 41199 |
| **Municipal 0.4%** | **Municipal 0.4%** | **Municipal 0.4%** |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 615 | 687 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 4.09%, 11/01/51 | 300 | 250 |
| Golden State Tobacco Securitization Corporation |  |  |
| 3.00%, 06/01/46 | 590 | 528 |
| Grand Parkway Transportation Corporation |  |  |
| 5.18%, 10/01/42 | 220 | 221 |
| Illinois Municipal Electric Agency |  |  |
| 6.83%, 02/01/35 | 1315 | 1358 |
| Illinois, State of |  |  |
| 5.10%, 06/01/33 | 18241 | 18556 |
| Metropolitan Transportation Authority |  |  |
| 6.20%, 11/15/26 | 75 | 76 |
| 6.81%, 11/15/40 | 2350 | 2608 |
| 5.18%, 11/15/49 | 100 | 92 |
| Municipal Electric Authority of Georgia |  |  |
| 6.64%, 04/01/57 | 4777 | 5235 |
| Oregon School Boards Association |  |  |
| 4.76%, 06/30/28 | 173 | 175 |
| Philadelphia, City of |  |  |
| 6.55%, 10/15/28 | 5225 | 5548 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 4193 | 4320 |
| 5.17%, 04/01/41 | 1250 | 1273 |
|  |  | 40927 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 6.75%, 09/27/34 | 7788 | 8529 |
| Government of Saudi Arabia |  |  |
| 5.38%, 01/13/31 (f) | 11210 | 11706 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 | 8850 | 9078 |
|  |  | 29313 |
| **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-K758, REMIC, 4.68%, 10/25/31 (e) | 4300 | 4402 |
| Series A2-K142, REMIC, 2.40%, 03/25/32 | 8300 | 7479 |
| Series A2-K157, REMIC, 3.99%, 05/25/33 (e) | 4775 | 4724 |
|  |  | 16605 |
| Total Government And Agency Obligations (cost $2,416,560) | Total Government And Agency Obligations (cost $2,416,560) | 2368165 |
| **CORPORATE BONDS AND NOTES 7.8%** | **CORPORATE BONDS AND NOTES 7.8%** | **CORPORATE BONDS AND NOTES 7.8%** |
| **Financials 3.3%** | **Financials 3.3%** | **Financials 3.3%** |
| ACE Capital Trust II |  |  |
| 9.70%, 04/01/30 | 525 | 632 |
| American Express Company |  |  |
| 4.92%, 07/20/33 | 7330 | 7462 |
| 5.67%, 04/25/36 | 4785 | 5055 |
| Athene Global Funding |  |  |
| 5.58%, 01/09/29 (f) | 11485 | 11869 |
| 5.38%, 01/07/30 (f) | 15711 | 16197 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 1510 | 1616 |
| Bank of America Corporation |  |  |
| 4.95%, 07/22/28 | 7648 | 7758 |
| 5.82%, 09/15/29 | 3858 | 4034 |
| 3.19%, 07/23/30 | 2210 | 2128 |
| 5.16%, 01/24/31 | 6833 | 7052 |
| 5.02%, 07/22/33 | 2522 | 2579 |

---

596

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.51%, 01/24/36 | 5706 | 5965 |
| BPCE |  |  |
| 6.61%, 10/19/27 (f) | 2803 | 2866 |
| 5.88%, 01/14/31 (f) | 8045 | 8407 |
| 5.39%, 05/28/31 (f) | 6120 | 6277 |
| Brighthouse Financial, Inc. |  |  |
| 5.65%, 06/10/29 (f) | 10728 | 11017 |
| Citigroup Inc. |  |  |
| 4.95%, 05/07/31 | 6534 | 6656 |
| 4.50%, 09/11/31 | 3520 | 3521 |
| 5.17%, 09/11/36 | 2205 | 2228 |
| Commonwealth Bank of Australia |  |  |
| 5.07%, 09/14/28 (f) | 13220 | 13654 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (f) | 2940 | 2933 |
| 5.00%, 09/30/35 (f) | 2635 | 2596 |
| Equitable Financial Life Global Funding |  |  |
| 3.95%, 09/15/27 (f) | 2225 | 2221 |
| 4.70%, 09/15/32 (f) | 1245 | 1239 |
| F&G Global Funding |  |  |
| 5.88%, 06/10/27 (f) | 1640 | 1683 |
| 4.65%, 09/08/28 (f) | 1445 | 1450 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.25%, 09/01/30 (g) | 14655 | 14653 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/28 (f) | 5565 | 5569 |
| GA Global Funding Trust |  |  |
| 5.90%, 01/13/35 (f) | 8943 | 9285 |
| HSBC Holdings PLC |  |  |
| 4.90%, 03/03/29 (h) | 4020 | 4070 |
| 5.24%, 05/13/31 (h) | 5065 | 5214 |
| 5.74%, 09/10/36 | 4090 | 4160 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 7675 | 7762 |
| 5.14%, 01/24/31 | 5180 | 5351 |
| 5.10%, 04/22/31 (b) | 7381 | 7624 |
| 4.91%, 07/25/33 | 5055 | 5161 |
| 5.57%, 04/22/36 (b) | 4785 | 5049 |
| Liberty Mutual Group Inc. |  |  |
| 4.57%, 02/01/29 (f) | 4478 | 4504 |
| Liberty Mutual Insurance Company |  |  |
| 7.88%, 10/15/26 (f) | 475 | 492 |
| Morgan Stanley |  |  |
| 4.65%, 10/18/30 | 7095 | 7172 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 5035 | 5108 |
| NLG Global Funding |  |  |
| 4.35%, 09/15/30 (f) | 5395 | 5344 |
| Omnis Funding Trust |  |  |
| 6.72%, 05/15/55 (f) | 5489 | 5922 |
| Pricoa Global Funding I |  |  |
| 5.35%, 05/28/35 (f) | 2205 | 2286 |
| Protective Life Global Funding |  |  |
| 4.80%, 06/05/30 (f) | 2785 | 2836 |
| 5.43%, 01/14/32 (f) | 7640 | 7954 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (f) | 9075 | 9084 |
| 5.00%, 08/25/32 (f) | 2045 | 2059 |
| Sammons Financial Group, Inc. |  |  |
| 4.95%, 06/12/30 (f) | 18890 | 19165 |
| Synchrony Financial |  |  |
| 5.02%, 07/29/29 | 1650 | 1664 |
| 6.00%, 07/29/36 | 1125 | 1148 |
| Wells Fargo & Company |  |  |
| 5.71%, 04/22/28 | 7471 | 7645 |
| 6.30%, 10/23/29 | 8770 | 9287 |
| 5.24%, 01/24/31 | 7430 | 7687 |
| | | 312350 |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.04%, 08/15/28 (f) | 7084 | 7393 |
| 5.10%, 10/01/31 (f) | 3375 | 3427 |
| 5.68%, 01/15/34 (f) | 1635 | 1686 |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (f) | 1975 | 2090 |
| 6.50%, 08/15/43 (f) | 3557 | 3792 |
| Energy Transfer LP |  |  |
| 6.20%, 04/01/55 | 2354 | 2366 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/36 | 5375 | 5467 |
| Gray Oak Pipeline, LLC |  |  |
| 2.60%, 10/15/25 (f) | 2861 | 2859 |
| 3.45%, 10/15/27 (f) | 465 | 458 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (f) | 5145 | 5404 |
| 6.10%, 08/23/42 (f) | 8390 | 8834 |
| ONEOK, Inc. |  |  |
| 5.63%, 01/15/28 (f) | 7569 | 7734 |
| Saudi Arabian Oil Company |  |  |
| 5.38%, 06/02/35 (f) | 10380 | 10733 |
| 6.38%, 06/02/55 (f) | 5910 | 6297 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (f) | 7826 | 8060 |
| 5.70%, 09/30/31 (f) | 5415 | 5633 |
|  |  | 82233 |
| **Utilities 0.8%** | **Utilities 0.8%** | **Utilities 0.8%** |
| Alabama Power Company |  |  |
| 5.10%, 04/02/35 | 990 | 1012 |
| Arizona Public Service Company |  |  |
| 3.75%, 05/15/46 | 2750 | 2126 |
| 5.90%, 08/15/55 | 2975 | 3045 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 1890 | 1878 |
| 5.70%, 09/15/55 | 2370 | 2355 |
| FirstEnergy Corp. |  |  |
| 4.85%, 07/15/47 (i) (j) | 1525 | 1350 |
| Georgia Power Company |  |  |
| 4.75%, 09/01/40 | 1085 | 1034 |
| 5.13%, 05/15/52 | 3871 | 3690 |
| Metropolitan Edison Company |  |  |
| 5.20%, 04/01/28 (f) | 390 | 399 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (f) | 885 | 905 |
| Pennsylvania Electric Company |  |  |
| 5.15%, 03/30/26 (f) | 305 | 307 |
| PG&E Corporation |  |  |
| 4.75%, 02/15/44 | 2565 | 2199 |
| 4.95%, 07/01/50 | 8685 | 7472 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 7605 | 7771 |
| Sempra |  |  |
| 4.13%, 04/01/52 | 6298 | 6148 |
| Southern California Edison Company |  |  |
| 4.65%, 10/01/43 | 5325 | 4535 |
| 4.00%, 04/01/47 | 6103 | 4610 |
| 6.20%, 09/15/55 | 320 | 323 |
| Southern Company Gas Capital Corporation |  |  |
| 5.10%, 09/15/35 | 2505 | 2512 |
| Texas Electric Market Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 (f) | 6375 | 6358 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (f) | 9400 | 9225 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (f) | 900 | 923 |
| Virginia Electric and Power Company |  |  |
| 4.90%, 09/15/35 | 1640 | 1632 |
| 5.60%, 09/15/55 | 1440 | 1436 |
|  |  | 73245 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Crown Castle Inc. |  |  |
| 5.00%, 01/11/28 | 7635 | 7743 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 1825 | 1836 |
| 5.40%, 06/15/35 | 12777 | 13036 |
| GLP Financing, LLC |  |  |
| 3.25%, 01/15/32 | 12225 | 10992 |
| 5.25%, 02/15/33 | 4370 | 4377 |

---

597

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Healthpeak OP, LLC |  |  |
| 4.75%, 01/15/33 | 8785 | 8729 |
| Kilroy Realty, L.P. |  |  |
| 5.88%, 10/15/35 | 3525 | 3570 |
| Kite Realty Group, L.P. |  |  |
| 5.20%, 08/15/32 | 1055 | 1088 |
| | | 51371 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (f) | 4350 | 4381 |
| 4.50%, 03/15/28 (f) | 3266 | 3285 |
| 2.63%, 09/10/30 (f) | 13808 | 12666 |
| Glencore Funding LLC |  |  |
| 5.37%, 04/04/29 (f) | 4385 | 4519 |
| 6.38%, 10/06/30 (f) | 18674 | 20167 |
| 5.89%, 04/04/54 (f) | 2456 | 2485 |
| 6.14%, 04/01/55 (f) | 1415 | 1483 |
|  |  | 48986 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Broadcom Inc. |  |  |
| 4.60%, 07/15/30 | 7805 | 7921 |
| Constellation Software Inc. |  |  |
| 5.46%, 02/16/34 (f) | 6185 | 6317 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 - 01/25/33 (f) | 4313 | 4550 |
| 6.20%, 01/25/37 (f) | 8619 | 9220 |
| Intel Corporation |  |  |
| 4.60%, 03/25/40 | 10760 | 9783 |
| 5.60%, 02/21/54 (b) | 1731 | 1663 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 6630 | 6778 |
|  |  | 46232 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| B.A.T Capital Corporation |  |  |
| 4.63%, 03/22/33 | 3910 | 3868 |
| JBS USA Food Company |  |  |
| 3.00%, 05/15/32 | 1885 | 1686 |
| 5.75%, 04/01/33 | 12269 | 12817 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 (f) | 1594 | 1676 |
| 6.25%, 03/01/56 (f) | 4425 | 4536 |
| 6.38%, 04/15/66 (f) | 3310 | 3406 |
| JBS USA Lux S.A. |  |  |
| 6.75%, 03/15/34 | 13790 | 15249 |
|  |  | 43238 |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| AT&T Inc. |  |  |
| 4.55%, 11/01/32 | 7160 | 7128 |
| 5.55%, 11/01/45 | 7285 | 7219 |
| Charter Communications Operating, LLC |  |  |
| 5.05%, 03/30/29 | 7442 | 7537 |
| 5.85%, 12/01/35 | 445 | 449 |
| 3.50%, 03/01/42 | 5800 | 4180 |
| 4.80%, 03/01/50 | 3100 | 2455 |
| 3.90%, 06/01/52 | 7980 | 5390 |
| 5.25%, 04/01/53 | 5172 | 4320 |
|  |  | 38678 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (f) | 2010 | 2043 |
| 5.70%, 05/01/55 (f) | 6167 | 6247 |
| Providence St. Joseph Health |  |  |
| 5.40%, 10/01/33 | 4785 | 4926 |
| Sutter Health |  |  |
| 2.29%, 08/15/30 | 820 | 750 |
| Toledo Hospital, The |  |  |
| 5.75%, 11/15/38 | 710 | 718 |
|  |  | 14684 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| Boeing Company, The |  |  |
| 5.71%, 05/01/40 (j) | 3850 | 3931 |
| 5.81%, 05/01/50 (j) | 605 | 604 |
| 6.86%, 05/01/54 (j) | 8576 | 9784 |
|  |  | 14319 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 435 | 452 |
| 7.30%, 07/01/38 | 285 | 311 |
| 6.75%, 06/15/39 | 285 | 298 |
|  |  | 1061 |
| Total Corporate Bonds And Notes (cost $711,639) | Total Corporate Bonds And Notes (cost $711,639) | 726397 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.3%** |
| American Tower Trust #1 |  |  |
| Series 2023-A-1, 5.49%, 03/15/28 | 12460 | 12666 |
| Angel Oak Mortgage Trust 2019-6 |  |  |
| Series 2019-A1-6, REMIC, 2.62%, 11/25/59 (e) | 105 | 104 |
| Bank of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7 |  |  |
| Series 2015-A4-UBS7, REMIC, 3.71%, 09/17/48 | 73 | 73 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-B-ARIA, REMIC, 5.56%, (1 Month Term SOFR + 1.41%), 10/15/36 (e) | 7510 | 7505 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (i) | 749 | 719 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (i) | 94 | 92 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2022-A1-1A, 5.97%, 02/15/27 | 2462 | 2377 |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 2448 | 2028 |
| CFMT 2021-AL1 Trust |  |  |
| Series 2021-B-AL1, REMIC, 1.39%, 09/22/31 | 633 | 629 |
| DURST Commercial Mortgage Trust 2025-151 |  |  |
| Series 2025-A-151, REMIC, 5.32%, 08/12/30 (e) | 1820 | 1851 |
| Enterprise Fleet Financing 2023-3, LLC |  |  |
| Series 2023-A2-3, 6.40%, 02/22/27 | 5176 | 5255 |
| Flagstar Mortgage Trust 2018-3 |  |  |
| Series 2018-A3-3INV, REMIC, 4.00%, 05/25/38 | 1138 | 1055 |
| Flagstar Mortgage Trust 2021-9INV |  |  |
| Series 2021-A2-9INV, REMIC, 2.00%, 01/25/36 (e) | 2473 | 2175 |
| Home Partners of America 2021-2 Trust |  |  |
| Series 2021-B-2, 2.30%, 12/17/26 | 6716 | 6544 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/25 (i) | 89 | 87 |
| Horizon Aircraft Finance II Limited |  |  |
| Series 2019-A-1, 3.72%, 07/15/26 (i) | 243 | 237 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (f) (i) | 803 | 765 |
| Kubota Credit Owner Trust 2023-2 |  |  |
| Series 2023-A3-2A, 5.28%, 05/17/27 | 5801 | 5850 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (f) (i) | 176 | 172 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (e) | 433 | 417 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2023-A-A, 5.51%, 09/15/71 | 5691 | 5839 |
| PRET 2025-RPL2 Trust |  |  |
| Series 2025-A1-RPL2, REMIC, 4.00%, 08/25/64 (i) | 10423 | 10124 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-A-SGRM, REMIC, 5.56%, 03/13/29 (e) | 17394 | 17775 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 1520 | 1509 |
| Series 2021-C-211, 1.63%, 05/15/51 | 2570 | 2488 |
| SCE Recovery Funding LLC |  |  |
| Series 2021-A-1-A, 0.86%, 11/15/31 | 1551 | 1391 |
| Series 2021-A-2-A, 1.94%, 05/15/38 | 1050 | 808 |
| Series 2021-A-3-A, 2.51%, 11/15/43 | 605 | 415 |
| Start II Ltd |  |  |
| Series 2019-A-1, 4.09%, 03/15/26 | 528 | 523 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (e) | 450 | 442 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (e) | 101 | 100 |

---

598

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Toyota Lease Owner Trust 2025-B |  |  |
| Series 2025-A3-B, 3.96%, 11/20/28 | 6720 | 6709 |
| United Airlines Class B Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-B-1, 4.60%, 03/01/26 | 215 | 214 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A3-A, 5.21%, 10/20/26 | 5090 | 5136 |
| Volkswagen Auto Lease Trust 2025-B |  |  |
| Series 2025-A3-B, 4.01%, 12/20/27 | 8640 | 8652 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2023-A-2A, 6.46%, 01/19/27 | 3312 | 3359 |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 6128 | 6189 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $122,849) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $122,849) | 122274 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (k) (l) | 53125 | 53125 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.14% (k) (l) | 12984 | 12984 |
| Total Short Term Investments (cost $66,109) | Total Short Term Investments (cost $66,109) | 66109 |
| **Total Investments 100.9% (cost $7,759,308)** | **Total Investments 100.9% (cost $7,759,308)** | **9437477** |
| **Total Forward Sales Commitments (1.4)% (proceeds $131,398)** | **Total Forward Sales Commitments (1.4)% (proceeds $131,398)** | **(131152)** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (2) |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **48335** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9354658** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2025, the total payable for investments purchased on a delayed delivery basis was $124,339.

(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 September 30, 2025. 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 September 30, 2025, the value and the percentage of net assets of these securities was $349,050 and 3.7% of the Fund.

(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 based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(h) Convertible security.

(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 September 30, 2025.

(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 September 30, 2025.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (1.4%)** | **FORWARD SALES COMMITMENTS (1.4%)** | **FORWARD SALES COMMITMENTS (1.4%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.4%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.4%)** |
| **Mortgage-Backed Securities (1.4%)** | **Mortgage-Backed Securities (1.4%)** | **Mortgage-Backed Securities (1.4%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 4.50%, 10/15/40 (a) | (12759) | (12747) |
| TBA, 2.00%, 10/15/55 (a) | (26145) | (21088) |
| TBA, 3.50%, 10/15/55 (a) | (2580) | (2359) |
| TBA, 4.00%, 10/15/55 (a) | (5041) | (4753) |
| TBA, 4.50%, 10/15/55 (a) | (7957) | (7723) |
| TBA, 6.00%, 10/15/55 (a) | (21707) | (22180) |
| TBA, 4.00%, 11/15/55 (a) | (5040) | (4751) |
| TBA, 4.50%, 11/15/55 (a) | (7950) | (7713) |
| TBA, 5.00%, 11/15/55 (a) | (34626) | (34330) |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 10/15/55 (a) | (14356) | (13508) |
| Total Government And Agency Obligations (proceeds $131,398) | Total Government And Agency Obligations (proceeds $131,398) | (131152) |
| **Total Forward Sales Commitments (1.4%) (proceeds $131,398)** | **Total Forward Sales Commitments (1.4%) (proceeds $131,398)** | **(131152)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $131,398.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 146648 | 1429755 | 1523278 | 3561 |  |  | 53125 | 0.6 |
| JNL Government Money Market Fund, 4.14% - Class SL | 4290 | 124000 | 115306 | 177 |  |  | 12984 | 0.1 |
|  | 150938 | 1553755 | 1638584 | 3738 |  |  | 66109 | 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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

599

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 5856135 | 298397 |  | 6154532 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2368165 |  | 2368165 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 711744 | 14653 | 726397 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 122274 |  | 122274 |
| &nbsp;&nbsp;Short Term Investments | 66109 |  |  | 66109 |
|  | 5922244 | 3500580 | 14653 | 9437477 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (131152) |  | (131152) |
|  |  | (131152) |  | (131152) |

---

600

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **COMMON STOCKS 96.8%** | **COMMON STOCKS 96.8%** | **COMMON STOCKS 96.8%** |
| **Financials 20.4%** | **Financials 20.4%** | **Financials 20.4%** |
| American International Group, Inc. | 207 | 16286 |
| Ares Management Corporation - Class A | 36 | 5832 |
| Bank of America Corporation | 624 | 32171 |
| Intercontinental Exchange, Inc. | 59 | 9900 |
| JPMorgan Chase & Co. | 83 | 26067 |
| M&T Bank Corporation | 74 | 14569 |
| Marsh & Mclennan Companies, Inc. | 58 | 11630 |
| MetLife, Inc. | 113 | 9286 |
| Morgan Stanley | 100 | 15924 |
| Nasdaq, Inc. | 99 | 8749 |
| Progressive Corporation, The | 12 | 2840 |
| Raymond James Financial, Inc. | 67 | 11491 |
| Regions Financial Corporation | 485 | 12780 |
| The PNC Financial Services Group, Inc. | 43 | 8657 |
|  |  | 186182 |
| **Health Care 16.2%** | **Health Care 16.2%** | **Health Care 16.2%** |
| AstraZeneca PLC - ADR | 127 | 9772 |
| Becton, Dickinson and Company | 47 | 8766 |
| Cardinal Health, Inc. | 16 | 2558 |
| CVS Health Corporation | 62 | 4645 |
| Elevance Health, Inc. | 38 | 12395 |
| Eli Lilly and Company | 13 | 9564 |
| Gilead Sciences, Inc. | 130 | 14415 |
| Johnson & Johnson | 142 | 26368 |
| Merck & Co., Inc. | 287 | 24056 |
| Pfizer Inc. | 482 | 12279 |
| UnitedHealth Group Incorporated | 66 | 22898 |
|  |  | 147716 |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| Accenture Public Limited Company - Class A | 35 | 8534 |
| Broadcom Inc. | 122 | 40305 |
| Cisco Systems, Inc. | 257 | 17554 |
| NetApp, Inc. | 81 | 9585 |
| NXP Semiconductors N.V. | 58 | 13214 |
| TE Connectivity Public Limited Company | 55 | 12157 |
|  |  | 101349 |
| **Industrials 10.9%** | **Industrials 10.9%** | **Industrials 10.9%** |
| Automatic Data Processing, Inc. | 25 | 7339 |
| Emerson Electric Co. | 100 | 13156 |
| Ferguson Enterprises Inc. | 42 | 9350 |
| Honeywell International Inc. | 63 | 13211 |
| IDEX Corporation | 56 | 9160 |
| Johnson Controls International Public Limited Company | 81 | 8920 |
| L3Harris Technologies, Inc. | 47 | 14359 |
| Northrop Grumman Corporation | 15 | 9247 |
| PACCAR Inc | 150 | 14786 |
|  |  | 99528 |
| **Utilities 8.6%** | **Utilities 8.6%** | **Utilities 8.6%** |
| American Electric Power Company, Inc. | 122 | 13754 |
| Atmos Energy Corporation | 62 | 10640 |
| Dominion Energy, Inc. | 247 | 15118 |
| PPL Corporation | 378 | 14056 |
| Sempra | 171 | 15400 |
| WEC Energy Group Inc. | 80 | 9184 |
|  |  | 78152 |
| **Consumer Staples 8.3%** | **Consumer Staples 8.3%** | **Consumer Staples 8.3%** |
| Archer-Daniels-Midland Company | 245 | 14631 |
| Constellation Brands, Inc. - Class A | 54 | 7289 |
| Kenvue Inc. | 388 | 6300 |
| Keurig Dr Pepper Inc. | 366 | 9335 |
| Pernod Ricard | 88 | 8691 |
| Philip Morris International Inc. | 82 | 13314 |
| Unilever PLC - ADR | 270 | 16031 |
|  |  | 75591 |
| **Energy 8.0%** | **Energy 8.0%** | **Energy 8.0%** |
| ConocoPhillips | 231 | 21805 |
| Coterra Energy Inc. | 534 | 12620 |
| EQT Corporation | 334 | 18184 |
| Marathon Petroleum Corporation | 47 | 9126 |
| Targa Resources Corp. | 71 | 11837 |
|  |  | 73572 |
| **Consumer Discretionary 4.5%** | **Consumer Discretionary 4.5%** | **Consumer Discretionary 4.5%** |
| Darden Restaurants, Inc. | 51 | 9747 |
| Dick's Sporting Goods, Inc. | 41 | 9060 |
| Industria de Diseno Textil, S.A. | 187 | 10309 |
| Industria de Diseno Textil, S.A. - ADR | 165 | 2284 |
| Tractor Supply Company | 169 | 9589 |
|  |  | 40989 |
| **Materials 4.0%** | **Materials 4.0%** | **Materials 4.0%** |
| Anglo American PLC | 351 | 13223 |
| Avery Dennison Corporation | 69 | 11240 |
| Barrick Mining Corporation | 5 | 176 |
| PPG Industries, Inc. | 113 | 11906 |
|  |  | 36545 |
| **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** |
| Crown Castle Inc. | 144 | 13862 |
| Sun Communities, Inc. | 70 | 9094 |
| Weyerhaeuser Company | 365 | 9043 |
|  |  | 31999 |
| **Communication Services 1.3%** | **Communication Services 1.3%** | **Communication Services 1.3%** |
| T-Mobile US, Inc. | 51 | 12164 |
| Total Common Stocks (cost $792,678) | Total Common Stocks (cost $792,678) | 883787 |
| **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 | 27 | 8882 |
| Total Preferred Stocks (cost $7,240) | Total Preferred Stocks (cost $7,240) | 8882 |
| **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 - Class I, 4.04% (a) (b) | 20349 | 20349 |
| Total Short Term Investments (cost $20,349) | Total Short Term Investments (cost $20,349) | 20349 |
| **Total Investments 100.0% (cost $820,267)** | **Total Investments 100.0% (cost $820,267)** | **913018** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **180** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **913198** |

---

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 6020 | 239550 | 225221 | 277 |  |  | 20349 | 2.2 |
| JNL Government Money Market Fund, 4.14% - Class SL |  | 42643 | 42643 | 35 |  |  |  |  |
|  | 6020 | 282193 | 267864 | 312 |  |  | 20349 | 2.2 |

---

601

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 851564 | 32223 |  | 883787 |
| &nbsp;&nbsp;Preferred Stocks |  | 8882 |  | 8882 |
| &nbsp;&nbsp;Short Term Investments | 20349 |  |  | 20349 |
|  | 871913 | 41105 |  | 913018 |

---

602

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **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 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **United States of America 57.6%** | **United States of America 57.6%** | **United States of America 57.6%** |
| American Healthcare REIT, Inc. (a) | 346 | 14552 |
| AvalonBay Communities, Inc. | 36 | 6945 |
| Brookdale Senior Living Inc. (b) | 1108 | 9382 |
| Caretrust REIT, Inc. | 258 | 8957 |
| CBRE Group, Inc. - Class A (b) | 18 | 2887 |
| Digital Realty Trust, Inc. | 115 | 19845 |
| EastGroup Properties, Inc. | 34 | 5716 |
| EPR Properties | 50 | 2880 |
| Equinix, Inc. | 16 | 12288 |
| Essential Properties Realty Trust, Inc. | 237 | 7044 |
| Essex Property Trust, Inc. | 74 | 19899 |
| Hilton Worldwide Holdings Inc. | 21 | 5438 |
| Hyatt Hotels Corporation - Class A | 40 | 5654 |
| Iron Mountain Incorporated | 57 | 5769 |
| JBG Smith Properties (a) | 179 | 3990 |
| Jones Lang LaSalle Incorporated (b) | 10 | 2840 |
| Kilroy Realty Corporation (a) | 162 | 6829 |
| Mid-America Apartment Communities, Inc. | 19 | 2709 |
| Millrose Properties, Inc. - Class A | 206 | 6917 |
| Paramount Group, Inc. (b) | 783 | 5123 |
| ProLogis Inc. | 262 | 29950 |
| Public Storage Operating Company | 28 | 8037 |
| Regency Centers Corporation | 187 | 13660 |
| Simon Property Group, Inc. | 120 | 22481 |
| SL Green Realty Corp. (a) | 134 | 8018 |
| SmartStop Self Storage REIT, Inc. | 241 | 9060 |
| Tanger Inc. | 200 | 6768 |
| Urban Edge Properties | 412 | 8438 |
| W.P. Carey Inc. | 245 | 16579 |
| Welltower Inc. | 246 | 43812 |
|  |  | 322467 |
| **Japan 11.4%** | **Japan 11.4%** | **Japan 11.4%** |
| Arealink Co., Ltd. | 244 | 3679 |
| Japan Real Estate Investment Corporation | 8 | 6971 |
| Kajima Corporation | 156 | 4563 |
| Mitsubishi Estate Co., Ltd. | 572 | 13176 |
| Mitsui Fudosan Co., Ltd. | 1015 | 11081 |
| ORIX JREIT Inc. | 10 | 7045 |
| Resorttrust, Inc. | 318 | 4028 |
| Sumitomo Realty & Development Co., Ltd. | 297 | 13123 |
|  |  | 63666 |
| **Australia 8.9%** | **Australia 8.9%** | **Australia 8.9%** |
| Charter Hall Limited | 918 | 13867 |
| NEXTDC Limited (b) | 501 | 5641 |
| Scentre Group Limited | 5387 | 14565 |
| Stockland Corporation Ltd | 3909 | 15870 |
|  |  | 49943 |
| **Hong Kong 4.1%** | **Hong Kong 4.1%** | **Hong Kong 4.1%** |
| Hongkong Land Holdings Limited | 2437 | 15421 |
| Swire Properties Limited | 2579 | 7322 |
|  |  | 22743 |
| **France 3.9%** | **France 3.9%** | **France 3.9%** |
| Accor | 117 | 5542 |
| Clariane (a) (b) | 631 | 3515 |
| Klepierre | 322 | 12582 |
|  |  | 21639 |
| **Canada 2.2%** | **Canada 2.2%** | **Canada 2.2%** |
| Brookfield Corporation - Class A | 178 | 12234 |
| **Singapore 2.0%** | **Singapore 2.0%** | **Singapore 2.0%** |
| Capitaland Group Pte. Ltd. | 3869 | 6876 |
| Keppel Ltd. | 608 | 4205 |
|  |  | 11081 |
| **Netherlands 2.0%** | **Netherlands 2.0%** | **Netherlands 2.0%** |
| CTP N.V. | 493 | 11015 |
| **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** |
| Emaar Properties PJSC | 2900 | 10323 |
| **Switzerland 1.7%** | **Switzerland 1.7%** | **Switzerland 1.7%** |
| Swiss Prime Site AG - Class N | 68 | 9480 |
| **United Kingdom 1.3%** | **United Kingdom 1.3%** | **United Kingdom 1.3%** |
| Hammerson PLC (a) | 1862 | 7271 |
| **Germany 1.0%** | **Germany 1.0%** | **Germany 1.0%** |
| TAG Immobilien AG | 338 | 5840 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| Cibus Nordic Real Estate AB (publ) (a) | 296 | 5335 |
| **Belgium 0.7%** | **Belgium 0.7%** | **Belgium 0.7%** |
| Aedifica | 57 | 4250 |
| Total Common Stocks (cost $495,739) | Total Common Stocks (cost $495,739) | 557287 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** |
| JNL Government Money Market Fund - Class SL, 4.14% (c) (d) | 10598 | 10598 |
| Total Short Term Investments (cost $10,598) | Total Short Term Investments (cost $10,598) | 10598 |
| **Total Investments 101.4% (cost $506,337)** | **Total Investments 101.4% (cost $506,337)** | **567885** |
| **Other Assets and Liabilities, Net (1.4)%** | **Other Assets and Liabilities, Net (1.4)%** | **(7967)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **559918** |

---

(a) All or a portion of the security was on loan as of September 30, 2025.

(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 September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 8695 | 108541 | 117236 | 80 |  |  |  |  |
| JNL Government Money Market Fund, 4.14% - Class SL | 5890 | 57033 | 52325 | 73 |  |  | 10598 | 1.9 |
|  | 14585 | 165574 | 169561 | 153 |  |  | 10598 | 1.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | SSB | 10/03/25<br> HKD | 2004 | 257 |  |

---

603

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 322467 |  |  | 322467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 63666 |  | 63666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 49943 |  | 49943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 22743 |  | 22743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 21639 |  | 21639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 12234 |  |  | 12234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 11081 |  | 11081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 11015 |  | 11015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 10323 |  | 10323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 9480 |  | 9480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 7271 |  | 7271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 5840 |  | 5840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 5335 |  | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 4250 |  | 4250 |
| &nbsp;&nbsp;Short Term Investments | 10598 |  |  | 10598 |
|  | 345299 | 222586 |  | 567885 |
| **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.

604

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** |
| **Financials 24.2%** | **Financials 24.2%** | **Financials 24.2%** |
| American International Group, Inc. | 238 | 18668 |
| Ares Management Corporation - Class A | 58 | 9232 |
| Chubb Limited | 56 | 15829 |
| JPMorgan Chase & Co. | 139 | 43833 |
| KKR & Co. Inc. - Class A | 111 | 14478 |
| LPL Financial Holdings Inc. | 46 | 15291 |
| M&T Bank Corporation | 82 | 16156 |
| Marsh & Mclennan Companies, Inc. | 82 | 16470 |
| MetLife, Inc. | 225 | 18512 |
| Morgan Stanley | 109 | 17282 |
| Nasdaq, Inc. | 153 | 13498 |
| Progressive Corporation, The | 20 | 4914 |
| Raymond James Financial, Inc. | 97 | 16824 |
| Regions Financial Corporation | 583 | 15381 |
| The PNC Financial Services Group, Inc. | 85 | 17086 |
|  |  | 253454 |
| **Health Care 15.2%** | **Health Care 15.2%** | **Health Care 15.2%** |
| AstraZeneca PLC - ADR | 134 | 10301 |
| Elevance Health, Inc. | 56 | 17992 |
| Eli Lilly and Company | 17 | 13233 |
| Gilead Sciences, Inc. | 150 | 16601 |
| Johnson & Johnson | 162 | 30107 |
| Merck & Co., Inc. | 294 | 24638 |
| Pfizer Inc. | 777 | 19812 |
| UnitedHealth Group Incorporated | 76 | 26231 |
|  |  | 158915 |
| **Industrials 9.9%** | **Industrials 9.9%** | **Industrials 9.9%** |
| 3M Company | 85 | 13270 |
| Emerson Electric Co. | 116 | 15221 |
| Johnson Controls International Public Limited Company | 144 | 15853 |
| Knight-Swift Transportation Holdings Inc. - Class A | 260 | 10264 |
| L3Harris Technologies, Inc. | 66 | 20203 |
| Middleby Corporation, The (a) | 89 | 11832 |
| PACCAR Inc | 177 | 17365 |
|  |  | 104008 |
| **Information Technology 9.8%** | **Information Technology 9.8%** | **Information Technology 9.8%** |
| Amdocs Limited | 200 | 16381 |
| Broadcom Inc. | 29 | 9558 |
| Cisco Systems, Inc. | 323 | 22116 |
| Corning Incorporated | 157 | 12922 |
| F5, Inc. (a) | 35 | 11414 |
| NetApp, Inc. | 115 | 13628 |
| NXP Semiconductors N.V. | 72 | 16325 |
|  |  | 102344 |
| **Energy 7.8%** | **Energy 7.8%** | **Energy 7.8%** |
| Antero Resources Corporation (a) | 489 | 16417 |
| ConocoPhillips | 188 | 17792 |
| Coterra Energy Inc. | 624 | 14752 |
| Marathon Petroleum Corporation | 85 | 16327 |
| Targa Resources Corp. | 96 | 16039 |
|  |  | 81327 |
| **Consumer Discretionary 6.6%** | **Consumer Discretionary 6.6%** | **Consumer Discretionary 6.6%** |
| Dick's Sporting Goods, Inc. | 69 | 15246 |
| Gentex Corporation | 553 | 15664 |
| H & R Block, Inc. (b) | 269 | 13628 |
| Industria de Diseno Textil, S.A. - ADR | 1150 | 15876 |
| Starbucks Corporation | 105 | 8853 |
|  |  | 69267 |
| **Utilities 6.2%** | **Utilities 6.2%** | **Utilities 6.2%** |
| American Electric Power Company, Inc. | 132 | 14883 |
| Atmos Energy Corporation | 93 | 15931 |
| Sempra | 226 | 20338 |
| WEC Energy Group Inc. | 123 | 14108 |
|  |  | 65260 |
| **Communication Services 5.9%** | **Communication Services 5.9%** | **Communication Services 5.9%** |
| Alphabet Inc. - Class C | 194 | 47202 |
| T-Mobile US, Inc. | 61 | 14499 |
|  |  | 61701 |
| **Consumer Staples 5.5%** | **Consumer Staples 5.5%** | **Consumer Staples 5.5%** |
| Archer-Daniels-Midland Company | 304 | 18136 |
| Keurig Dr Pepper Inc. | 435 | 11110 |
| Unilever PLC - ADR (b) | 220 | 13056 |
| US Foods Holding Corp. (a) | 202 | 15452 |
|  |  | 57754 |
| **Real Estate 3.1%** | **Real Estate 3.1%** | **Real Estate 3.1%** |
| Crown Castle Inc. | 183 | 17675 |
| Gaming and Leisure Properties, Inc. | 312 | 14525 |
|  |  | 32200 |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Axalta Coating Systems Ltd. (a) | 355 | 10154 |
| Freeport-McMoRan Inc. | 354 | 13890 |
|  |  | 24044 |
| Total Common Stocks (cost $838,960) | Total Common Stocks (cost $838,960) | 1010274 |
| **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 | 30 | 10111 |
| Total Preferred Stocks (cost $9,041) | Total Preferred Stocks (cost $9,041) | 10111 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 4.04% (c) (d) | 27794 | 27794 |
| Total Short Term Investments (cost $27,794) | Total Short Term Investments (cost $27,794) | 27794 |
| **Total Investments 100.1% (cost $875,795)** | **Total Investments 100.1% (cost $875,795)** | **1048179** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (996) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1047183** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of September 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.04% - Class I | 13197 | 179826 | 165229 | 331 |  |  | 27794 | 2.7 |
| JNL Government Money Market Fund, 4.14% - Class SL | 920 | 7204 | 8124 | 17 |  |  |  |  |
|  | 14117 | 187030 | 173353 | 348 |  |  | 27794 | 2.7 |

---

**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 FASB ASC Topic 820 in the Notes to Schedules of Investments. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2025.

605

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1010274 |  |  | 1010274 |
| &nbsp;&nbsp;Preferred Stocks |  | 10111 |  | 10111 |
| &nbsp;&nbsp;Short Term Investments | 27794 |  |  | 27794 |
|  | 1038068 | 10111 |  | 1048179 |

---

606

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
September 30, 2025

#### Currency Abbreviations:

---

| | | | |
|:---|:---|:---|:---|
| ARS - Argentine Peso | COP - Colombian Peso | ILS - Israeli New Shekel | PHP - Philippine Peso |
| AUD - Australian Dollar | CZK - Czech Republic Korunas | INR - Indian Rupee | PLN - Polish Zloty |
| BRL - Brazilian Real | DKK - Danish Krone  | JPY - Japanese Yen | SEK - Swedish Krona |
| CAD - Canadian Dollar | EUR - European Currency Unit (Euro) | KRW - South Korean Won | SGD - Singapore Dollar |
| CHF - Swiss Franc | GBP - British Pound | MXN - Mexican Peso | TRY - Turkish Lira  |
| CLP - Chilean Peso | HKD - Hong Kong Dollar | NOK - Norwegian Krone | TWD - New Taiwan Dollar |
| CNH - Chinese Offshore Yuan | HUF - Hungarian Forint | NZD - New Zealand Dollar | USD - United States Dollar |
| CNY - Chinese Yuan | IDR - Indonesian Rupiah | PEN - Peruvian Nuevo Sol | ZAR - South African Rand |

---

#### Abbreviations :

---

| | |
|:---|:---|
| ADR - American Depositary Receipt | ITRAXX - Group of international credit derivative indices monitored by the |
| ASX - Australian Securities Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Index Company |
| BRAZIBOR - Brazil Interbank Offered Rate | JIBAR - Johannesburg Interbank Average Rate |
| BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years | LIBOR - London Interbank Offered Rate |
| BUBOR - Budapest Interbank Offered Rate | LLC/L.L.C. - Limited Liability Companies |
| CAPE - Cyclically Adjusted Price Earnings  | MBS - Mortgage-Backed Security |
| CDX.EM - Credit Default Swap Index - Emerging Markets | MEXIBOR - Mexico Interbank Offered Rate  |
| CDX.NA.HY - Credit Default Swap Index - North American - High Yield | MICEX - Moscow Interbank Offered Rate |
| CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade | MSCI - Morgan Stanley Capital International |
| CHESS - Clearing House Electronic Subregister System | NASDAQ - National Association of Securities Dealers Automated Quotations |
| CLO - Collateralized Loan Obligation  | NVDR - Non-Voting Depository Receipt  |
| CMBX.NA - Commercial Mortgage-backed Securities Index North America | OAT - Obligations Assimilables du Tresor |
| CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted | OBFR - Overnight Bank Funding Rate  |
| DIP - Debtor-in-possession | PJSC - Private Joint Stock Company |
| DUTCHCERT - Dutch Certificate | PLC/P.L.C./Plc - Public Limited Company |
| EAFE - Europe, Asia and Far East | RBOB - Reformulated Blendstock for Oxygenate Blending  |
| ESTR - Euro Short-Term Rate  | REIT - Real Estate Investment Trust |
| ETF - Exchange Traded Fund | REMIC - Real Estate Mortgage Investment Conduit  |
| EURIBOR - Europe Interbank Offered Rate | RTS - Russian Trading System |
| Euro BOBL - debt instrument issued by the Federal Republic of Germany with a | S&P - Standard & Poor's |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 4.5 to 5.5 years | SDR - Swedish Depositary Receipt |
| Euro Bund - debt instrument issued by the Federal Republic of Germany with a | SOFR - Secured Overnight Financing Rates  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | SONIA - Sterling Overnight Index Average |
| Euro Buxl - debt instrument issued by the Federal Republic of Germany with a | SPDR - Standard & Poor's Depositary Receipt |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 24 to 35 years | TBA - To be Announced (Securities purchased on a delayed delivery basis) |
| Euro OAT - debt instrument issued by the Republic of Italy with a | TBD - To Be Determined  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | TIPS - Treasury Inflation-Protected Securities  |
| Euro Schatz - debt instrument issued by the Federal Republic of Germany with a | TONAR - Tokyo Overnight Average Rate |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 1.75 to 2.25 years | TOPIX - Tokyo Stock Price Index |
| FTSE - Financial Times Stock Exchange  | TSX - Toronto Stock Exchange |
| GDR - Global Depositary Receipt | ULSD - Ultra Low Sulfur Diesel |
| HICP - Harmonized Index of Consumer Prices | US - United States |
| IBOR – Interbank Offered Rate | WIBOR - Warsaw Interbank Offered Rate |

---

#### Counterparty Abbreviations:

---

| | | |
|:---|:---|:---|
| BBH - Brown Brothers Harriman & Co. | CTC - Creditag Corp | MSC - Morgan Stanley & Co. Inc. |
| BCL - Barclays Capital Inc. | DUB - Deutsche Bank AG. | RBC - Royal Bank of Canada |
| BNP - BNP Paribas Securities  | DWA - Daiwa Capital Markets America Inc. | SBI - Sanford C.Bernstein & CO., INC |
| BNS - Bank of Nova Scotia/Scotiabank | FICC - Fixed Income Clearing Corporation | SCB - Standard Chartered Bank  |
| BOA - Bancamerica Securities/Bank of America NA | GSC - Goldman Sachs & Co. | SSB - State Street Brokerage Services  |
| BPC - BroadPoint Capital, Inc.  | HSB - HSBC Securities Inc. | TDB - Toronto - Dominion Bank |
| CIB - Canadian Imperial Bank of Commerce | JPM - J.P. Morgan Securities Inc. | UBS - UBS Securities, LLC |
| CIT - Citibank, Inc | MLP - Merrill Lynch Professional Clearing Corp. |  |

---

<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)/(AN) - Annually; (E) - Expiration Date; (M) - Monthly; (MT) - Maturity; (Q) - Quarterly; (S) - Semi-Annually.

"-" Amount rounds to less than one thousand or 0.05%.

607

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
September 30, 2025

**Securities Lending and Securities Lending Collateral.** All Funds, except JNL Multi-Manager Floating Rate Income Fund and JNL/Dreyfus Government Money Market Fund, 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. 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 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. The Fund also bears the market risk with respect to the collateral received and securities loaned. 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 Government Money Market Fund – Class SL, a registered government money market fund under the 1940 Act and series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. The JNL Government Money Market Fund is offered to the Funds and their affiliates and is not available for direct purchase by members of the public. The JNL Government Money Market Fund pays JNAM annual fees, accrued daily and payable monthly, for investment advisory and administrative services. In addition to investing cash collateral in the JNL Government Money Market Fund - Class SL, 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 the Funds 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.

**Security Valuation.** Under the JNL Series Trust ("Trust") 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' financial statements, 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 financial statements, which are 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. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. 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. 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/Dreyfus Government Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940

608

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
September 30, 2025

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.

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. A market-based approach may be utilized whereby related or comparable assets or liabilities, recent transactions, market multiples, book values and other inputs may be considered in determining fair value. An income-based valuation approach may also be used in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Inputs 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.

**Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurement".** FASB ASC Topic 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund's investments under this guidance. The inputs are summarized into three broad categories:

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

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

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

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

The following table is a rollforward of asset types with significant Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the period ended September 30, 2025:

609

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at Beginning of Period ($)** | **Transfers into Level 3 During the Period<sup>1</sup>** | **Transfers out of Level 3 During the Period<sup>1</sup>** | **Realized Gain/(Loss)** | **Amortization/Accretion** | **Purchases** | (Sales) | **Balance at End of Period ($)** | **Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period<sup>2</sup> ($)** |

---

**JNL/PIMCO Income Fund**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Floating Rate Instruments | 23287 |  | 11 | 7 | 8547 | (354) | 31954 | 478 |
| Common Stocks | 11384 | 3 | 6736 |  | 801 |  | 5316 | (136) |
| Credit Default Swap Agreements |  |  |  |  |  |  | (23) | (23) |
| Rights |  |  |  |  | 1456 |  | 1475 | 19 |
| Preferred Stocks |  |  |  |  | 832 |  | 832 |  |
| Warrants | 933 |  | 933 |  | 155 |  | 143 | (12) |
| Government And Agency Obligations |  | 2633 |  |  |  |  |  | (2633) |
| Corporate Bonds And Notes | 1650 |  | 1650 |  |  |  |  |  |
|  | 37254 | 2636 | 9330 | 7 | 11791 | (354) | 39697 | (2307) |

---

**JNL/Westchester Capital Event Driven Fund**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Other Equity Interests | 1179 |  | (168) | 1070 | 59 |
| Rights | 78 |  |  | 55 | (23) |
| Warrants | 1 | 1 |  | 1 | (1) |
| Total Return Swap Agreements | 32 |  |  | 21 | (11) |
|  | 1290 | 1 | (168) | 1147 | 24 |

---

<br> <sup>1</sup> There were no significant transfers between Level 3 and Level 2 during the Period except for those noted. <br> <sup>2</sup> Reflects the change in unrealized appreciation/(depreciation) for Level 3 investments held September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (In Thousands $)** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average†)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| Senior Floating Rate Instruments | 18773 | Merger Terms | Merger Indicated Value | 100.00 - 103.00 (102.59) |
| Senior Floating Rate Instruments | 7823 | Recent Transaction | NA‡ | 100.27 - 100.78 (100.57) |
| Senior Floating Rate Instruments | 3687 | Par Value | Par Value | 100.00 (N/A) |
| Senior Floating Rate Instruments | 1418 | Market Approach | Broker Quote | 39.00 - 100.00 (99.61) |
| Senior Floating Rate Instruments | 253 | Discounted Cash Flow Model | Discount Rate | 40% (N/A) |
|  | 31954 |  |  |  |
| Common Stocks | 4580 | Merger Terms | Merger Indicated Value | $3.9B (N/A) |
| Common Stocks | 734 | Black Scholes Model | Volatility | 63% (N/A) |
| Common Stocks | 2 | Market Approach | Broker Quote | 0.63 (N/A) |
|  | 5316 |  |  |  |
| Credit Default Swap Agreements | (23) | Market Approach | Broker Quote | 0.94 - 0.98 (0.95) |
| Rights | 1475 | Hybrid Model | Discount Rate and Broker Quote | 7.93% - 7.98% (7.93%) |
| Preferred Stocks | 832 | Liquidation Preference | Liquidation Value | $575M (N/A) |
| Warrants | 143 | Market Approach | Discount Rate | 8% (N/A) |
| **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** |
| Other Equity Interests | 1070 | Market Approach | Broker Quote | 1.28 - 1.30 (1.28) |
| Rights | 55 | Market Approach | Broker Quote | 0.30 - 0.75 (0.51) |
| Warrants | 1 | Market Approach | Current Trade Price | 0.00 - 0.03 (0.01) |
| Total Return Swap Agreements | 21 | Market Approach | Broker Quote | 0.50 - 1.60 (0.60) |

---

† Unobservable inputs were weighted by the relative fair value of the instruments.

‡ The valuations within this category are based on recent transactions. There were no quantitative unobservable inputs significant to the valuation technique.

The following table summarizes Funds with significant exposure to Russian securities with Level 3 valuations (in thousands) at September 30, 2025. 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 | (20149) |
| **JNL/BlackRock Global Natural Resources Fund** |  |
| Common Stocks | (40428) |
| **JNL/GQG Emerging Markets Equity Fund** |  |
| Common Stocks | (57255) |
| **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.

610

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
September 30, 2025

**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.

**Sub-Adviser Affiliates.** PPM America, Inc., an affiliate of JNAM, serves as Sub-Adviser for JNL Multi-Manager Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund and JNL/PPM America Total Return Fund.

For additional information on the Funds' policies regarding valuation of investments and other significant accounting matters, please refer to the Funds' most recent annual or semi-annual financial statements.

611

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JNL Series Trust

- **b. Investment Company Act file number:** 811-8894

- **c. CIK number of Registrant:** 0000933691

- **d. LEI of Registrant:** 549300T5WIPN6IWM0D45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1 Corporate Way

  - **City:** Lansing

  - **State:** MI

  - **Foreign country:** US

  - **Zip / Postal Code:** 48951

  - **Telephone number:** 517-367-4336

**Item A.2. Information about the Series.**

- **a. Name of Series:** JNL Conservative Allocation Fund

- **b. EDGAR series identifier (if any):** S000068120

- **c. LEI of Series:** 54930038RM77FI8H6T34

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $570128585.72

**Total Liabilities:** $550732.07

**Net Assets:** $569577853.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218198 | 0.00%                | 1.45%                | 1.23%                |
| Class ID C000218199 | 0.06%                | 1.48%                | 1.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3097300.79              | $-2782662.59                               |
| Month 2  | $419903.95               | $7647950.23                                |
| Month 3  | $2456718.47              | $4833040.38                                |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                       | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Jackson Credit Opportunities Fund                           | Jackson Credit Opportunities Fund                           | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |   2700123 | NS      | $28567300.06  | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Real Assets Fund                                    | Jackson Real Assets Fund                                    | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |   1181747 | NS      | $12833767.70  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager Emerging Markets Equity Fund              | JNL Multi-Manager Emerging Markets Equity Fund              | CUSIP: 46644W187<br>LEI: N/A | Long             | EC               | RF                | US        |   1087100 | NS      | $11610226.34  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager Small Cap Value Fund                      | JNL Multi-Manager Small Cap Value Fund                      | CUSIP: 46644W443<br>LEI: N/A | Long             | EC               | RF                | US        |    254154 | NS      | $5685434.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager Mid Cap Fund                              | JNL Multi-Manager Mid Cap Fund                              | CUSIP: 46644W484<br>LEI: N/A | Long             | EC               | RF                | US        |    403366 | NS      | $8502951.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager Alternative Fund                          | JNL Multi-Manager Alternative Fund                          | CUSIP: 46644W492<br>LEI: N/A | Long             | EC               | RF                | US        |   1984082 | NS      | $28471580.53  | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PPM America Total Return Fund                           | JNL/PPM America Total Return Fund                           | CUSIP: 46644W617<br>LEI: N/A | Long             | EC               | RF                | US        |   3876822 | NS      | $53965366.57  | 9.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/DoubleLine Emerging Markets Fixed Income Fund           | JNL/DoubleLine Emerging Markets Fixed Income Fund           | CUSIP: 46644W658<br>LEI: N/A | Long             | EC               | RF                | US        |   1714463 | NS      | $22768067.47  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/T. Rowe Price U.S. High Yield Fund                      | JNL/T. Rowe Price U.S. High Yield Fund                      | CUSIP: 46644W674<br>LEI: N/A | Long             | EC               | RF                | US        |    841375 | NS      | $11316499.04  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/DoubleLine Core Fixed Income Fund                       | JNL/DoubleLine Core Fixed Income Fund                       | CUSIP: 46648L146<br>LEI: N/A | Long             | EC               | RF                | US        |   3866889 | NS      | $58467360.03  | 10.27%            |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PIMCO Real Return Fund                                  | JNL/PIMCO Real Return Fund                                  | CUSIP: 46648L161<br>LEI: N/A | Long             | EC               | RF                | US        |   1226180 | NS      | $15670578.82  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PIMCO Income Fund                                       | JNL/PIMCO Income Fund                                       | CUSIP: 46648L187<br>LEI: N/A | Long             | EC               | RF                | US        |   3487227 | NS      | $45473441.74  | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/T. Rowe Price Growth Stock Fund                         | JNL/T. Rowe Price Growth Stock Fund                         | CUSIP: 46648L609<br>LEI: N/A | Long             | EC               | RF                | US        |     40324 | NS      | $4476315.07   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/T. Rowe Price Value Fund                                | JNL/T. Rowe Price Value Fund                                | CUSIP: 46648L856<br>LEI: N/A | Long             | EC               | RF                | US        |    220349 | NS      | $7306765.54   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Causeway International Value Select Fund                | JNL/Causeway International Value Select Fund                | CUSIP: 46648M136<br>LEI: N/A | Long             | EC               | RF                | US        |    581368 | NS      | $14528388.54  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PPM America High Yield Bond Fund                        | JNL/PPM America High Yield Bond Fund                        | CUSIP: 46648M201<br>LEI: N/A | Long             | EC               | RF                | US        |    133923 | NS      | $2847210.42   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | CUSIP: 46648M334<br>LEI: N/A | Long             | EC               | RF                | US        |   4247737 | NS      | $56919674.39  | 9.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PPM America Investment Grade Credit Fund                | JNL/PPM America Investment Grade Credit Fund                | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |    381253 | NS      | $4247159.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager U.S. Select Equity Fund                   | JNL Multi-Manager U.S. Select Equity Fund                   | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |   1235893 | NS      | $23407811.62  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/WCM Focused International Equity Fund                   | JNL/WCM Focused International Equity Fund                   | CUSIP: 46649U632<br>LEI: N/A | Long             | EC               | RF                | US        |    769072 | NS      | $14481625.35  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/T. Rowe Price Capital Appreciation Fund                 | JNL/T. Rowe Price Capital Appreciation Fund                 | CUSIP: 46649U657<br>LEI: N/A | Long             | EC               | RF                | US        |   1092021 | NS      | $34409578.37  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PIMCO Investment Grade Credit Bond Fund                 | JNL/PIMCO Investment Grade Credit Bond Fund                 | CUSIP: 46649U673<br>LEI: N/A | Long             | EC               | RF                | US        |    849852 | NS      | $11439009.35  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Newton Equity Income Fund                               | JNL/Newton Equity Income Fund                               | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |    216819 | NS      | $8436428.46   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Lord Abbett Short Duration Income Fund                  | JNL/Lord Abbett Short Duration Income Fund                  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               | RF                | US        |   1895519 | NS      | $19921902.01  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/DoubleLine Total Return Fund                            | JNL/DoubleLine Total Return Fund                            | CUSIP: 46649U780<br>LEI: N/A | Long             | EC               | RF                | US        |   5481733 | NS      | $64191088.62  | 11.27%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** JNL Series Trust

**Signature:** Andrew Tedeschi

**Name of Signer:** Andrew Tedeschi

**Title:** Principal Financial Officer